The Argentine president mentioned in an interview that the losses from Libra are mostly suffered by Chinese and American people. He just shares without promoting; gains and losses are self-responsible. What? Is Chinese money not money? Compared to that, what Trump says is too reliable; at least they openly issue and generously admit to issuing their own coins. Old Wolf didn't buy Libra. Seeing him get angry while talking, let alone those who bought Libra, losing money and being ridiculed.
A couple of days ago, Old Wolf said that 99% of altcoins will go to zero. A friend asked which altcoins to buy if one really wants to. Old Wolf understands that newcomers want to take a shot at a 1% chance. Bitcoin is too expensive, and trading on trends and memes requires constant monitoring. If you want to buy and hold, you can only buy altcoins. Old Wolf believes the key to buying altcoins is: understand people and be quick.
There’s a TV series called 'The Great Era,' which is highly praised by many big shots. In it, the master leaves the main character with the last words: behind stocks, it’s people operating them. Livermore also said that in the end, playing stocks is about understanding people. Many friends are willing to look at lines and charts. They think prices reflect all information, which comes from Elliott Wave Theory. But he emphasized more that the premise is good liquidity and a mature market.
Old Wolf can boldly say that 90% of altcoins' short-term trends can be manipulated. Many teachers who hear this are unconvinced because they earn money from analysis, but they definitely haven't been market makers or even come into contact with market making. The fact is that the vast majority of project parties, after making money, will first exchange their coins for BTC. The reason is that they know how to manipulate trends and naturally don't believe in any altcoin concepts.
Is drawing lines useful? Absolutely, it's very useful. Market makers will find ways to create various trends to attract liquidity. As long as you place an order here, they will call over saying how much money they have on the other side, directly blowing up your order. For small funds, standing on the market maker's side allows you to sip some soup. So you think the lines are useful; it's the market maker who wants to make money, not your money, and you just happen to be next to him.
The essence of making big profits in altcoins is to know people. A couple of days ago, CZ's coin plummeted, and everyone criticized CZ. In fact, the reason why people play with BN is that CZ is relatively reliable. Old Wolf remembers back in 2017 during the 94 incident, many coins and platforms went bankrupt, but only CZ announced full compensation for BNB. At that time, BNB was worth one dollar, and BN was set to lose millions. Now it doesn't seem like much money, but back then, it was all very shaky. Not going bankrupt was considered a good conscience, and very few really compensated. Even later when BN was hacked and CZ was arrested, it didn't affect the users. CZ's credit was built little by little. This is also why everyone is so disappointed with CZ; only old fans know that CZ seems to have changed after being released.
Then there’s the explosive-haired SBF. Many people criticize him, but when he was around, he was genuinely using European and American capital to trade altcoins. Although he didn't trade wisely and ended up hurting himself and the institutions, his approach was that of a geek. Those who followed SBF and CZ to buy BNB and SOL were able to achieve results and make big money.
Conversely, if you buy Old Xue's coins, whatever platform you buy from and trade with these people, you will eventually run into big trouble. Old Wolf invested a large amount a few years ago, directly transferring hundreds of thousands. Back then, there were no on-chain transactions; it was just a personal transfer. If the person receiving the money doesn't know how to handle it, they could run away, and you wouldn't even be able to find them. If you don't invest, there are many people who will, but the fact is that none of the transfers Old Wolf made ran away. In this circle, credit is more important than money. If someone runs once, there won't be a next time. If you earn a high proportion and get full, why would you run?
In the past two years, it has been about eliminating newcomers and those who don't know how to read people. If you know that Old Xue is a harvester and you still buy from him, it's like what the Argentine president said, they can all bear the risk. On the other hand, following relatively reliable people, no matter how you buy, it won't count as a loss. When is BNB a loss to buy? If one day Li Lin and the team from HB directly issue memes with their own credit guarantee, Old Wolf would directly buy hundreds of thousands of US dollars in real transactions, without even needing to go on-chain. They give me the account, and I would dare to transfer money because they had the ability to harvest back then, but they didn't do it, so Old Wolf trusts them.
If you don't know who is reliable, there's a brilliant method: just go work at a platform. Old Wolf has never heard of OK or BN. Which platform has people trading altcoins and losing money? Every time I hear someone from OK's BN say they buy their own platform tokens and lose a lot, I start buying because their entry points are definitely low, and they must have some action to buy.
Old Wolf remembers that back then at a gathering, someone from OK said their wallet needed to add some functionality. He suggested buying, so he bought it, only to suffer massive losses. That was just before the inscription came out and also the starting point for OK's rise. It’s said that many people switched BSC wallets due to internal information leaks. In short, if you want to make more money in altcoins, you need to stay as close to the platform as possible, even closer.
If you want to lose less, try to stay as far away as possible from people like the Argentine president who want coins but don't want to take responsibility. The further away, the better. I’ve chatted a lot without realizing it; time to go have lunch.