Proven again. Bitcoin jumps and alt-coins turn red
Or in other words, they hold their value.
I wrote about this factoid some time ago in this post, showing two charts mirroring each other, bitcoin and steem. Strangely enough, you cannot find the A-to-Z price drop in alt-coins when you price them in XMR or USDT.
Unless you look at your crypto priced in bitcoins, you will find that your holdings are not reacting much, if at all, based on the latest bitcoin price move. But my trading strategy looks to dump charts, dump emotions, and use one figure to dictate buying and selling. If under one-bitcoin-total-value, buy. If above one bitcoin, sell some.
It's difficult to remove emotion from trading decisions, but that is precisely what I have been doing.
What's been happening?
I started with a few bitcoins, selected three coins and invested ฿1 in each one. That was five weeks ago. I have expanded my holdings since then and even withdrawn a couple bitcoins.
After several weeks, I was able to nearly double up, and I made a post when I was holding ฿7 worth , moving up to ฿8 (total value) last week, then one coin dropped off - went near worthless.
I woke one day and my list of coins were all hovering at or above ฿1.000 but NSR (NewShares) was at ฿0.310 having lost 70% overnight. When I clicked to take a look at the chart, there was a notice saying the coin would be delisted.
That reminded me of a question I had received from 
Well, this coin certainly qualifies as dead. So what did I do? If I had sold it, I would have locked in my 70% loss. By keeping it, I lock in a 90% loss at its current price with little, if any, hope it will ever be revived. Likewise, I also held bitcoin when it went to $40 and then fell to near nothing. I also held bitcoin when it went to $1300 followed by many months near $200
A loss on paper is not a loss until you sell!
When your system allows you to shrug off an entire bitcoin falling off, it's a good system.
Yes, I still have 2.5 million worthless NSRs in a wallet. DGB is in the same prices range, but active still.
I woke up this morning and saw a coin drain
I am still using the same system. When I opened Poloniex, I saw that everything needed to be topped off. Yesterday, they were all prices in less valuable bitcoin. Tomorrow? They will likely snap back.
Note that the ฿1.59 shown above is profit. If these coins had not fallen, I would be looking to either add another coin or withdraw a full bitcoin in order to keep my online wallet from bulging. (gox anyone?)
It's really hard to "spend" ฿0.7 to get my levels back up to ฿1 for each coin I hold. So I go in quick, grab what I need to put them back up to ฿1 and then I leave. No emotion. Not so much as a glance at charts.
One goal - Make a column of 1's
Now I am back to maintaining ฿1 levels
As long as you can avoid lower level coins that get delisted, this system works and builds wealth.
Let me say again that holding coins on any website is the same as putting them in a stranger's pocket. Poloniex has never been hacked (that I know of) but that doesn't mean they won't be.
Cover image source: Stairs
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