Resisting the Siren Song of Altcoins. Bitcoin Tech Talk #239
Everyone has that friend that brags about their altcoin gains. Sure, they’re currently called DeFi tokens and NFTs instead of ICOs and IEOs, but the dynamic is the same. Such people are enthused because some coin they bought a few months ago has made them a lot of money, at least on paper. They talk about their massive gains on their trades and don’t really care to tell you about anything else. It’s annoying, vapid and… tempting.
Every alt season repeats the same pattern. There’s a celebration among the altcoiners not because they’ve endured through the bear market as Bitcoiners have, but because they’ve made money trading something new. Despite the complete lack of technical understanding, market incentives or even what the coin or product is supposed to do, they seem to make money hand over fist. There’s a huge temptation to start trading and make some extra Bitcoin and glory in your riches.