I do agree that knowing what you are investing into is the most important part of investment and even if you are going to take a huge risk, taking that risk with what you know is a lot more important. For example, if you offered me some token that is not even in the top 1000 to invest into, or just 100x leverage on bitcoin pair, then I would pick the leverage one.
In both cases, there is a chance that you could end up with zero, and that is why people take those risks, but at least I know bitcoin and which direction it may go, I could very well be wrong as well but at the very least I will try my best to do better. Whereas, these tokens do not have that and I believe that it is not going to be all that successful, it will always end up with a trouble on the long run instead.
that's right, I like the example you gave. In accordance with the OP's title which says "No risk no gain" of course you don't necessarily choose an altcoin whose fundamentals are still unclear.
Indeed, no one can know what the price of Bitcoin will be in the future, because crypto prices are very volatile. that is why investing in crypto has very high risks. But it would be more careless if we didn't know what coins we were buying and hoped that one day they could become a tool to multiply our money and get rich instantly. or as people now say it is better known as looking for gold in a pile of shitcoins.