I'm Done Trying to Make Money Trading Shitcoin

With over 1,000 different altcoins out there and at least a new one popping up each day, it's pretty obvious that there's a ton of shitcoin on the market. And I've read stories - and actually saw - people making decent money speculating shitcoin and I decided to do the same.

I decided to join Yobit.net - a place that I consider respectable generally, but one where a ton of shitcoins are available. I started buying and playing with the coins a bit, hoping to make a profit.

It's doable, but the market is so unpredictable, so insane, so much based on luck than any other thing that it's really not worth it in my books. But it was a nice experience - however, it's something that I will stop doing and something I recommend everybody to stay away from?

What's the deal with trading shitcoin?

You probably never heard about tokens like HPC, GCC, SIGT, PRM, XMG, WOK or ZOOM. There are tons of similar coins that nobody has heard about available to trade on Yobit. And some people make nice money with it using bots and taking advantage of newcomers like myself.

Basically, on many occasion, one such shitcoin is picked by a bot who starts trading like crazy: buys and sells small quantities, driving the price up slowly and increasing the trade volume. People who don't know what it's all about start buying when the prices are high, then the same bots drive the prices down.

This can last a day or just several hours only (in which case you're most likely to lose money) or a few days (in which case you're most likely to make some money if you buy at the right time).

I was very lucky with some coins and made over 15% returns: ONX, ZET and NLC2 are two of these. So it's definitely doable, but picking up the next shitcoin that's about to be boosted, buying at the right time and selling at the right time... that requires a ton of dedication and hard work. And guessing.

Here are some of the lesser known altcoins on Yobit (and you can find them on other platforms as well, maybe more so on others):

Which is not something I am willing to do. As a result, I saw huge drops (sometimes of 50% or more) on some of my coins, and some dropped so fast that I decided to wait and hope for a new boost in a month or two. If it's ever going to come.

I only invested small amounts of money (my entire account value is 0.04 BTC on Yobit and I started with 0.05) and I am sure that I could still turn it into something profitable.

But is it worth it?

No! Why spend time trying to take advantage of the next scam and get in at the right time than actually put my money in actual coins that I like and have faith in?

That is what I am planning to do and that's what I am encouraging everybody to do - invest in coins you trust, coins you have researched and you have faith in. Otherwise things might be pretty much useless in the long run.

Yes, money can be made and I am sure that even I could establish a scheme for making profits from the coins that get pumped on that platform or others - but it's not really worth it. Too much work for the small short term gains when the potential of long term investment in some coins out there has a massive potential.

Do you agree with that? Would you prefer investing in strong tokens and waiting or you like spending time buying and selling often these smaller, sometimes useless coins?

PS: I am not trying to bash Yobit here. I love their platform and there are a ton of genuine investors and great coins to invest in there. I have money there and I am actively investing in the good coins, so don't think that the platform itself is a scam or a poor platform overall. Just my recommendation - stay away from the shitcoin! :)