How to trade cryptocurrencies now as the "buy and hold" seems to be over for a long time?

I have a lot of questions about these cryptocurrencies:
  • There are already more than 700 different cryptocurrencies. Is it so profitable to start your own currency? Why we need so many? In future it might become clear why there were so many.
  • Not a single shop will accept payment in all these cryptocurrencies as they should open over 700 different wallets.
  • From these +700 cryptocurrencies a lot will disappear again in future. What should you do if you still have these currency in your wallet and the currency stops? A complete loss? Against what can you change your currency then? Nobody will still accept it anymore as it will be worthless.
  • In Europe big efforts were made to create the Euro. Before we had a different currency in each country. So if you wanted to go on holiday and had to cross 4 countries you needed money in 4 different currencies. A lot of extra expenses, 4 wallets and a lot of coins when you came back home, just good to throw in the garbage. With +700 cryptocurrencies they create a chaos that will be like the pre-Euro period in Europe. It will be a huge setback.
I hope it will not become corruptocurrencies.
 
Mtrader said:
I have a lot of questions about these cryptocurrencies:
  • There are already more than 700 different cryptocurrencies. Is it so profitable to start your own currency? Why we need so many? In future it might become clear why there were so many.
  • Not a single shop will accept payment in all these cryptocurrencies as they should open over 700 different wallets.
  • From these +700 cryptocurrencies a lot will disappear again in future. What should you do if you still have these currency in your wallet and the currency stops? A complete loss? Against what can you change your currency then? Nobody will still accept it anymore as it will be worthless.
  • In Europe big efforts were made to create the Euro. Before we had a different currency in each country. So if you wanted to go on holiday and had to cross 4 countries you needed money in 4 different currencies. A lot of extra expenses, 4 wallets and a lot of coins when you came back home, just good to throw in the garbage. With +700 cryptocurrencies they create a chaos that will be like the pre-Euro period in Europe. It will be a huge setback.
I hope it will not become corruptocurrencies.
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anyway to arbitrage them?
 
Mtrader said:
Everything you do is dangerous if you have no clue what you are doing. And thinking you know what you do is not enough. The proof is in the pudding.
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This statement is disturbing. You are saying we could hurt ourselves with pudding. And just when I thought pudding was the least-dangerous thing in the universe. It is softer than even Jell-O™-brand gelatin.
 
zdreg said:
anyway to arbitrage them?
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Last night, Ethereum (regarded by many as the most "legitimate" crypto) had a flash crash where it lost 99.9% of it's value in one minute due to a single $30M sell order hitting the market.

Still way too early to start thinking about arbing these things.
 
WOW! but don't tell the Bitcoin zombies about this, cause they will give reasons that could never happen to BTC !!! what a joke, a little $30M order craters the whole thing, that should be no big deal, just $30M.
 
Jdesey said:
WOW! but don't tell the Bitcoin zombies about this, cause they will give reasons that could never happen to BTC !!! what a joke, a little $30M order craters the whole thing, that should be no big deal, just $30M.
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How bad was the loss you incurred when trading btc? I can only imagine it was a doosey based on your posts about how awful it is.
 
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