The most dangerous game of all, then, in my opinion, is day trading in altcoins that one doesn’t believe in long term. This is basically combining every ‘mistake’ I mention above: trading in something because of short term price movements, not holding it long term, day trading, and speculating in highly risky small cap altcoins. If you manage to survive doing this over any long period of time (5 years+, let’s say) and end up net profitable (particularly if you end up more profitable than just buying and holding over that same period of time), please do let me know, as I’d be extremely curious to hear just how you pulled it off.
While futures products still carry unique and often significant risks, they can potentially provide a more regulated and stable environment to provide some exposure to bitcoin as a commodity as well. You should carefully consider whether trading in bitcoin futures is appropriate for you in light of your experience, objectives, financial resources, and other relevant circumstances.
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