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RE: All you need to know...
It is a smart play. I am hoping for the bitcoin suck to play out in full effect, where bitcoin runs and pulls value from all the altcoins. Then after a time, bitcoin slows down and you can move profits from btc over into depressed altcoin prices.
No guarantees it actually works out like this but that is my hope. Either way though there is a very good chance many alts outperform bitcoin even if bitcoin goes up 10x from here.
As I already mentioned earlier, I did actually buy some Bitcoin, but I did also buy some Ethereum and ERC20 tokens... When I have extra money to spend again, I will also buy more Litecoin and few other more common cryptocurrencies.