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I sometimes feel that everyone who hears something about cryptocurrencies will search for the next thing that he or she believes will explode 10000x. It is the feeling that they missed the train and now find themselves hunting that one coin nobody else knows about. In other words, probably 90% of new investors decide against going down the solid route and DCA into Bitcoin overtime right from the start.
The worst is when you get into hopping from Bitcoin into shit coins and try to do that repeatedly, hoping to double your money. In the very, very beginning I have given some shit coins a shot and while it is exciting to see some of them go up, the markets for them very quickly dry out or some of the "dev wallets" get flash dumped and you are screwed.
Yes, I quite understand it, and of course you have explained it well.
There are several common reasons why some new investors own altcoin compared to bitcoin, one of which is that the price of bitcoin is very expensive compared to altcoin price.
that is a dumb idea, and not even worth repeating here.
I really don't see any reason why people still consider altcoin diversification as a thign, what is the need for doing that when supposedly all the altcoin are just an inferior idea of what bitcoin is, and worse of all its lame thinking that they is any safety net in putting money there just incase something goes wrong with bitcoin, IMO If something were to happen to bitcoin that would definitely affect every other altcoin in the same time.
Yeah we can't drag people off their will to invest in shitcoins, but that shouldn't be the main portfolio, bitcoin price is an excuse with DCA anyone can own bitcoin and still get rich out of it, I think shitcoins is an excuse to gamble and shows how short term an investor really is .