This is a HODLer's Game
Can't get rekt unless you sell.
This only works if you invest less than you can afford to lose.
I know you've all noticed the market taking a beating today, with BTC diving all the way down to $30k only to bounce back and hit the $40k mark 4 hours later. Let's be honest, nobody was expecting that, and pretty much everyone got a little bit scared to an extent. I believe that experienced folks found it easier to just hold and remain calm, while crypto newbies kept panic-selling in an effort to save what could be saved.
Only to regret it a few hours later.
I can understand where some of these users come from, but I think that their problems stem from the fact that they have invested way more than they can afford to lose. People tend to believe that crypto is the easiest way to become a millionaire overnight, but there's no such thing. The people who actually made it had a lot of patience, and in most cases, not much to lose and zero expectations. That's how you hold when there's blood in the streets.
After BTC went berzerk for the first time ever and created all those fresh millionaires, people started noticing and thinking they had found the way to get rich quickly. BTC wasn't very popular back then, but after blowing up a few more times and creating the first crypto billionaires, BTC started attracting major attention and being talked about on Twitter.
As a result, more and more people got interested, and having heard of all those stories about crypto-lambos and such, more people thought they had found the way to achieve abundance.
The road to easy riches.
This may or may not be true, and nobody has a crystal ball, but the point I'm trying to make is that the vast majority of panic sellers are gamblers risking too much in the pursuit of a quick buck. If you're worth $15,000 and decide to invest $14,000 in a volatile asset, of course you're going to panic sell when you see a 20% decline taking away such a large part of your entire life savings. BTC in particular may be the best performing asset of all time, but this is still a bad move to make regardless.
In my humble opinion, the market just got rid of paper hands expecting to do a 1,000x in two months time, and then bounced back in spectacular fashion only to teach all the freshmen a valuable lesson. We are still 20% down compared to yesterday, but at the same time 300% up compared to 365 days ago. As I've said multiple times, nobody really knows what's next and anything is possible.
However, what I do know is that the crypto game has a long way to go, and in order to play it right you need to invest money you don't really need. Get them, forget them and enjoy the ride.
I appreciate your attention.
Alright guys, that's it for now. Thank you for taking the time to read these lines.
Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.
Stay safe and have a good one,
@lordneroo
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I was expecting it for months now!!! Finally hit the 30k again, next stop 12k or 100k!
Let's see! I prefer the $100k scenario, but whatever the weather :D
Same here, I want everything going up. Just being realistic, we were at 60k and dropped tp 30K, would not be too far out of the realm of possibility if it dropped another big leg down! I guess it would be wise to put a little savings aside just in case that scenario plays out, who knows which way the weather is gonna blow btc! Haha
That's a problem many newbies face. I have never invested a dime I cared about. Now I only re-invest my profits and what I earn from my projects.
Keeping emotions out of this game works great for me.
Looking at the charts every hour won't change a thing.
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This is the best approach by far if you ask me. Play it safe and you'll be able to HODL through the tough times. We all know they're only going up with time.
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That's right my lord. 😎
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despite my post from noise the other day stating i didn't think we'd drop below $42k for a while longer, i was still ruminating on a retrace to Tesla buy-in levels around $29k and whaddya know....
and when you're expecting it, it's not that scary.
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Agreed, and it's more than obvious that they've been trying to manipulate the market.
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Today was a FUN day...
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Right, that slow side ways progression for the last month was BORING!
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I know, right? Give me some more action!
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Agreed, I managed to add some cheap RUNE to my stack. I'd take another opportunity to do it again any day.
(NFA - DYOR)
!LUV 1
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Hi @onealfa.leo, you were just shared some LUV thanks to @lordneroo. Holding 10 LUV in your wallet enables you to give up to 3 LUV per day, for free. See the LUV in your wallet at https://hive-engine.com or learn about LUV at https://peakd.com/@luvshares
Can I get a HODL gang up in the comments 🙌
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Sir, yessir!
!LUV 1
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Hi @bitcoinflood, you were just shared some LUV thanks to @lordneroo. Holding 10 LUV in your wallet enables you to give up to 3 LUV per day, for free. See the LUV in your wallet at https://hive-engine.com or learn about LUV at https://peakd.com/@luvshares
I don't expect anything, but I do have a vague hope that big things may happen. My profit is in the fun I have blogging. And, I appreciate the fact that there are some people in the world who need the small rewards to come our way with blogging. This money makes a difference in a very basic sense for some of them. I'm very motivated to help Hive (my corner of the crypto universe) succeed because of the fun I have and because it is important to some people. I don't personally suffer at all when the price dips.
Same here, just doing my part and moving one step at a time. I'm in full accumulation mode, so I'm happy with whatever these days. Just enjoying the ride and watching my earnings snowball.
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It's certainly frustrating, but also fun. I had just about recovered from Elon Musk's Tweet (10% market dip) and then this 20% China dip comes along.
During Musk's dip, I moved some hodl'd fiat into my trading account and was able to make back the drop.
Unfortunately work is a bit busier at the moment, so I don't have time to try and micromanage a recovery due to China. Instead I am just going to hodl the tokens I now have (even though they are 20% less than they were yesterday).
I am confident that at some point the market will recover (days, weeks, months, or years).
And it is only what I can afford to lose (or hodl long term) so there is no major harm done.
I hope the rest of you out there are philosophical about it too, and are not caught in too tight a spot. Stay safe, and have fun with Crypto! :-)
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Well played.
Investing less than you can afford to lose makes it easier to remain calm during the tough times. Sums up the way I've been playing this game since the very start.
Have a good one!
!LUV 1
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Hi @sbenbow, you were just shared some LUV thanks to @lordneroo. Holding 10 LUV in your wallet enables you to give up to 3 LUV per day, for free. See the LUV in your wallet at https://hive-engine.com or learn about LUV at https://peakd.com/@luvshares
Thanks for this article! Really liked the comprehensive way you stated your opinion!
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Thanks for reading :)
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When I finally understood this lesson on cryptocurrency investment I was able to understand more about it.
I have seen how many people want to be millionaires in the blink of an eye, simply because they give in to FOMO, but when yesterday's events happen they are the first to accuse cryptocurrencies of fraud.
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