Last year around this time we briefly touched upon the basics regarding crypto and all the pitfalls regarding exchanges, decentralization, supplies etc. but I just met someone who only recently got aboard the Bitcoin-train, and I was somewhat shocked that the mentality he had regarding Bitcoin and altcoins still existed.
He basically rationalized his portfolio of +90% altcoins based upon the historic prices, a mistake which back in the day was actually quite common. You remember how in 2017/8 many people lost money on the many, many altcoins that crashed like a 100 times worse than Bitcoin did when the bear market started? A lot of people back then rationalized the Bitcoin/altcoin ratio in their portfolio as "if EOS or TRON ever reach all time highs again, that will be massive profits, but when Bitcoin reaches ATH again, that will just triple my money, so of course I am loading up on alts."
Spoiler; Tron, Eos and a billion other alts never broke ATHs again, while Bitcoin broke past it's ATH in threefold.
But you know, if you weren't focused on greed and took a moment to listen to yourself, you could have known this would happen even if you were in crypto in 2017, let alone still make this mistake in 2023. Why? just think about it for a second, you are yourself acknowledging that the investment you are opting for, has lost value significantly more compared to another option. Yet you still chose to throw your money in it on the off chance it will repeat it's past success and the disaster crash was some unfortunate fluke that will never ever happen again.🤨 How is this mentality different than that Dogecoin millionaire guy who didn't even take a single cent in profits from his investment in Doge and held it long past it's ATH waiting for some miracle number he had in his mind? I remember when someone tried to talk sense into him by saying something along the line of "What happened to you with a coin like Doge, is like you getting extremely lucky and hitting the jackpot, but instead of taking the winnings, you are repeating the same bet but this time with all your winnings". I agree, making huge profits with a meme coin that started out as a bad joke is sheer luck, so why push it?
Now for the record, that's not to say no other coin besides Bitcoin ever broke it's past ATH. There are plenty of successful and useful blockchains and tokens out there that are still in the race and their progress and achievements are leading their price movement to new ATHs. So no one really knows what the future holds. In 2023, EOS could shock everyone and finally deliver, Doge could manage to reel in a whole new generation of investors who like doggos and that Dogecoin guy will have the last laugh while saying "Hahaaa, I told y'all I should hodl". But do you think it is a wise decision to risk 90% of your investment on "should've, could've"?
