Hey, I am glad someone else mentioned ethereum, will you or anyone else reading this buy the ether coins when they come out? 1 btc/1000 eth I think. Would this be a smart investment?
I have about 5-10% of my crypto investment spread across some of the major altcoins -- mostly litecoin, but a few others as well. If you're in the mood to gamble, you might want to convert some bitcoin into some cheap-o alts before the next parabolic rise in bitcoin, then convert back into bitcoin after the parabolic rise. But I consider this to be "speculation" (trying to predict what the market will do based on psychology rather than fundamentals) which is less worthy of respect than investing, which is based on one's understanding of market fundamentals.
As for ether, I'll probably buy a little bit, but I plan to reassess when it comes out. I read something recently by Vitalik about bitcoin sidechains in which he said that Ethereum would probably not work as a sidechain, bc it's too different, but he also indicated that Ethereum could work *with* bitcoin and other alts as opposed to being a competitor that might replace bitcoin. As a long term bitcoin investor, I am encouraged by that.
Why would you get out of bitcoin BEFORE it's parabolic rise? I must be missing something.
Yea I found that a little strange. Maybe he made an error?
No he did not. Take a look at LTC/BTC https://bitcoinwisdom.com/markets/btce/ltcbtc for example. The peaks in LTC/BTC tend to coincide with the peaks in BTC/USD and vice versa with the lows. I sold my NMC for BTC close to the December 2013 peak for this reason at around 0.012. Today I would get less than half the amount of BTC.
If one wants to panic sell out of BTC at the bottom of a bear market running to one of the "senior" alt coins such as LTC or NMC may actually make a lot of sense.