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Originally Posted by tonupkid
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Agreed. Rather than gamble, trying to make profit from the price fluctuations, it's generally a better strategy to do some research first, investing a little in the most promising cryptocurrencies, those that have very active development and unique features. Don't try to make a 'quick buck'; just buy and hold.
Prices can be very volatile but if you zoom out and take a look at the longer period, almost all cryptocurrencies have been continuously rising for the last few years and, with growing adoption of cryptocurrencies in most countries, it's unlikely that trend will change any time soon.
The reported "crash" is nothing unusual. Plummets (aka "corrections") in price are a frequent event in cryptocurrencies, caused by panic selling and speculators looking to take a quick profit. If you look at the 7-day graphs to the right of the list of cryptocurrencies
here, you can see most of them have already hit the 'support' level and begun rebounding. A few have already fully recovered.
You can of course make a lot of money by spontaneously buying and selling cryptocurrencies if you're lucky or very good at predicting the market. I've made some small amounts that way, but it can take a lot of time and effort and it's still really just gambling. Get it wrong and you could just as easily lose a lot of money. I prefer to buy and hold, investing in the most interesting cryptocurrency projects. While some of those have occasionally plummeted in value, every single one is worth more than I paid for it, in some cases a lot more. My entire portfolio of cryptocurrencies has been increasing exponentially and is now about 25 times the value of my original investments. When any of my investments increases 10-fold or more, I usually guard against losses by taking back my original investment amount, reinvesting just my gains.
Incidentally, for anyone who is interested to know why there's been such an explosion in cryptocurrencies when none existed a decade ago, it's because the release of
this Bitcoin whitepaper made it possible. What that paper disclosed was staggering; it proposed a solution to the age-old
Byzantine General's Problem and a way to make an incorrigible, distributed database that opened up enormous possibilities and applications (a store of value/money being just one of those). Many of the applications and possibilities are still being realised. To get some idea of enormity of it all and see examples of the possible applications, read about what some of the more innovative projects have to offer, like
Ethereum,
LBRY,
Siacoin or
Stratis (to name but a few).