I had a hard investing lesson back in 2017. Though it was a zero-risk bet, I YOLO hodled around 15 - 18 different types of altcoins. It was literally zero risk! How? Bounties! I got substantial amount of coins because of being an OG.
Anyway, I knew the risk. I heard of it before; “99% of coins will fail,” way back in 2015. Some of you may never heard of Auroracoin, Tak, Urocoin, Zetacoin, Libertycoin, Viacoin, Archcoin, etc (so many, this is a long list). HOWEVER, some gems do survive and thrive. The ones you regret selling too soon - Ethereum, Decred, Syscoin, Stellar, etc. I WAS BETTING SOME OF MY ALTCOIN HOLDS WERE GEMS. YOLO. Why not? Zero risk, right?
And it is hard to figure out which will thrive. I had low opinion on Syscoin and Decred. But they still exists today!
Anyway, I believed at that time, my altcoin holds show some promise in the future, based on dev team, resources and vision - an educated guess if you will. But alas, many of them are just flashy and believable. And so the old adage rings true again, out of a 1,000 coins, probably only 10 survives.
The tweet below hurts but it is a reminder that angel investing is sometimes gambling.
This is true. People tend to buy back into the previous cycle's hype coins when things pick back up. All while some new shiny coin that just came out last month gives much higher returns usually.— Daan Crypto Trades (@DaanCrypto) July 11, 2022
Just check back on the 2017 hype coins and how many of those never recovered. https://t.co/vesZpigQms