Quote:
Originally Posted by aggo
Someone I know whose been in wallstreet for a long time told me last week:
you know that there were stocks in the 90s, who would say, "we're releasing a website now!" and then boom, the next day the stock goes +30%.
That is really analogous to me with what's happening in altcoins right now.
It's almost identical imo. The whole "this is a revolution/new paridgm" line of thinking leads to these gains in crappy coins that are unsupported by anything fundamental.
I have no doubt that cryptos are basically the internet mk 2 and this is going to change everything. You would be foolish not to hold a crypto portfolio. I also have no doubt the vast majority of alts are basically get rich quick schemes that will be gone soon enough.
Wasn't there a coin where the developer/creater died, the whole thing shut down, this was announced on twitter yet somehow it continued to go up in price vs usd?
Whenever the huge correction comes, and nobody can predict when, the good cryptos will be bargains for those with the nerves to buy/hold. The crappy coins will send ppl busto, just like pets.com et all. Could happen tomorrow or the market could 40x from here before it corrects.
It's also telling that most alts seem to underperform vs btc.