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RE: Is it wise to diversify your cryptocurrency portfolio?
For the most part, everyone in crypto is here for the profit. Don't kid yourself. If you talk to any seasoned investor about getting rich in this field, the plan is simple. Buy equal shares of the top 25 coins, 50 if you can afford it. One of them will hit and you'll be flush.
Going all in on one coin is financial suicide. Just imagine you went all in with ETH at $300. Then missed the top side.
We spread things out pretty well in the top 100 coins. We lose some, we gain some and every so often we get a hit like ETH at $400. Don't be greedy. Play within your means. And be prepared to be wiped out at any moment.
Crypto is not a game for the faint of heart. You need nerves of steel for this. Play long, play safe and enjoy.
I'm with ya. In regards to profiting what I meant was if the price of a specific crypto never went up and stayed stagnant I would be just fine with that. Profits are a secondary objective.
You're right though. It's not for the faint of heart. A friend of mine refuses to buy any crypto ever. He has the means but is self aware. He knows waking up to a 30% loss would crush him and he would panic sell. On the other hand I'm a bit more risk tolerant and have gotten more accustomed to the swings.
Thanks for the response :)
Those are the exact kind of guys that should stay away until there's more safety nets put in. Early adoption is often painful.
Happy to help!