Ok so what you're telling me then - is when looking at trading between BTC and alt-coins, it more or less translates into dollar equivalents.Buggy166 wrote: ↑Sep 11th, 2017 6:57 pmthats not how that works. if BTC collapses, the shitcoins will be 1st to go. there's a reason every trade is made in BTC but stuff like altcoins arent even listed in some exchange houses.
if BTC takes a beating, altcoins are gonna take it up the arse 1st. People will be pulling crypto into fiat. They'll start subtracting their crypto from the most insecure altcoins first, then the top 5 coins (eth, dash, ltc, etc), and lastly bitcoin. Alternatively when bitcoin goes up, altcoins follow on a multi-day delay.
BTC is the moon that the altcoin ocean dances to.
So if you buy $ worth of BTC and if you wanted to buy an alt coin, it pretty much trades at what BTC is worth in $ and the alt coin is worth in $ right?
So it doesn't matter if I trade in BTC or ETH, for my $ amount, i should be able to buy the same $ amount of alt coin regardless of whether i trade with BTC or ETH right?
So generally if the market crashes, they all pretty much crash together.
My reasoning was that in case BTC goes down and an alt coin goes up - you're saying that pretty much doesn't happen?
My main issue with buying alt coins right now, is that I look at their value on coinmarketcap - which tells you how much it's worth in USD.
But when you trade on bittrex, you're trading a BTC/ETH for an alt coin and I don't think it really tells you what price in USD you are buying at - it tells you what price in BTC you are buying at. So how do you keep track of whether or not you're getting a good price lol.