After I started my Bitcoin holding journey a few months ago,
At that time, my close friend Sam! also have some capital he want to put away in cryptocurrency, and I advised him to buy Bitcoin instead of an altcoin. But instead of him to have a long-term potential mentality, he was looking for a quick profit so he filled up his portfolio with shitcoin, while I went in on a single portfolio of Bitcoin and when the unexpected of FTX hack happen the whole market in shamble and his altcoin portfolio have dropped above %800+ but my bitcoin holding still maintains some level of stability.
This gives me more confidence in Bitcoin and newbie who are looking for long-term holding should hold more bitcoin, in their private wallet to avoid exchange, but your knowledge to always have a good entry price.
His altcoin portfolio has dropped above %800+, don't you think you are exaggerating a little bit his loss actually? That would mean for $100 invested, he lost $800. I know that crypto market can be hard but it's not possible in reality. You can only lose 100% of your investment actually, when all your cryptos go to 0. Cryptos can't below 0, you will never have to pay someone to accept them, because you will always be able to send them to a random address without asking anything to anyone.