I agree with the majority of your post. The only thing I would add is that you NEVER EVER HOLD THE BAG. Which means you sell your coins rather than holding on to them because apart from Bitcoin nothing has been able to survive with a high market cap.I just read my post of the first page saying it wasn't going anywhere. After I made that post (in feb) I started buying a lot of litecoins and made around $600, I then got into other alt coins (I bought around 10 different kinds) and built my radeon mining rig which was making around $15 a day (i didn't leave it on too much) I was buying and selling like crazy and the market for altcoins was just going up and up and no matter how bad I invested I made money. After all that I made another $600 roughly so nothing too crazy.
I was predicting a bubble burst and it happened slowly and clearly, all altcoins dived in price as did litecoin, bitcoin and more. With every new altcoin added the price of the other coins decreased slightly. It's currently at a point where you've got a 1 in 10 chance of quadrupling your money, so it's not really worth it.
As for mining, that has died monumentally, dedicated mining rigs (which I don't own) mean using a normal computer to mine will only net you about a dollar a day (well that's how it's been for me). So I pulled apart my rig and use it as a netflix streamer now, which is the best website ever.
I rode the bubble and had so much fun playing the market but I really think it's over now unless you have 5-6 hours per day to inform yourself then buy and sell altcoins, but the market is dissolving.
At the height of the mining boom (which for me was maxcoin) I was making about $500 a day using 4 280x's. So despite having spent around $2000 on components I more than made that back and thats not even factoring in resale of parts.
The problem with altcoins I feel is that there are far too many of them to support a large market cap as the money is constantly flowing from one coin to the next. I really don't think it would 5-6 hours a day research. You just need to look at the newly launched coins (especially those with IPO's/ICO's) and 'ride the wave'. Move your money back into BTC when everyone is pumping the coin as it can and will crash overnight.
Its the same principal as the stock market. Be fearful while others are greedy and greedy while others are fearful. With the right buys and sells you could easily double your money overnight but you could just as easily go bust. Never invest what you can't afford to loose.
P.S Glad you got out of litecoin because I assume you bought in around $20? It is now just above $4.
I've also 'cashed out' a fair amount of BTC since Janurary which isn't including what I currently hold. I must say that coinjar make it extremely easy to turn BTC into AUD and I would recommend them for anyone who has an intrest in either accepting BTC as a digital currency for their products or for anyone looking to buy BTC.
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