My first thought was that I wasn't logged into my crypto coin webpage...the balance was too low to be my portfolio...it had to be one of the example ones that display before one is logged in....Unfortunately...that wasn't the case...
What the hell happened overnight? I immediately switched over to my crypto coin analysis page and saw the bombshell article..."China bans ICO's pending furthur investigations"....
Granted...I knew owning a coin known as the "Ethereum of China" had its risks...anytime China sneezes...the coin market dramatically reacts...afterall...its meteroic rise was for the same reason...but...despite all that...one never wants to think the worse...
Reality is this...the coin markets have exploded based on wild speculation...money inflows and little if any regulation. Most of us trade on exchanges we have no idea who runs them and whether their doors will be open tomorrow...in the back of our minds we all know its been a bit insane and too easy to make a buck...at least on paper...
Less than a week ago my coin portfolio was at a all time high...this morning...its far from it and the inner fear that this crypto thing is all an illusion...creeps into my thoughts. However...while I considered selling off a bit when things were at their high...I didn't...I'm not in this to be a trader...I don't try and time the tops and find the right buy back points...I'm chasing the dream...
Sometimes dreams become nightmares...but...like this morning...once I wake and shake off the nightmare....I let things settle... re assess and hope to find reasons to keep the dream alive.
And once again remind myself...I'd be a lot more upset if I jumped out each time I see new lows rather than hanging in there to experience the higher highs...Afterall...isn't that what a dream is?
I love crypto...no going back to sleep this morning.
Riding that crypto wave !
Trying to stay on the board.
well I'm no day trader or such, I have a little amount in different coins and tend to HODL...but I check my portfolio like every hour or so... I really need to just settle it and forget about them for a week or so.
Thx for sharing.
Good luck...I keep telling myself the same thing...was up at 4 this morning making a trade...
You certainly not the only one who woke up to a huge surprise. It 's the shock to wake up and see the value of your portfolio decrease by 40 percent in a matter of days and it makes you think whether or not the entire system has been set up to fleece the sheep.
But were all learning. This is going to happen again and again. Had I managed to trade out my cryptos at the top, I would have pocketed $1500 with which I could have reinvested to buy those same currencies when they hit their lows and then take another ride to the top and trade out at the top. The next time I will be ready and I will be prepared mentally to take advantage of the opportunity when it comes.
The next time I'm not going to be licking my wounds like the dog that just lost the fight. I'm going to come out on top. You start feeling smug and comfortable that a bright and prosperous future awaits you... and then bam' .... your blindsided.
And you know what... all the indicators were there. You just weren't prepared to take advantage of the opportunity when it was at it's crest
True...but it gets tiresome trying to predict tops and bottoms especially in such a volatile market.
I think if you are a long-term evangelist of crypto you have to expect and be prepared for enormous swings. And while i'm bearish on the future of bitcoin and all of it's brothers and sisters and think ultimately the sky is the limit. I wouldn't be remotely surprised to see it drop back to $2500 at some point.
We need to be prepared both intellectually and emotionally for a long ride. If we just expect it to always go up we will occasionally be highly disappointed and potentially extremely stressed out. Bitcoin is one of the most volatile investments and technologies I have ever seen. We, as users, early-adopters, and investors, above all else need to always remain calm and not panic and further harm the market.
Just my thoughts.
I agree.
What type of structures/regulations do you think will come into place? What type of structures/regulations do you think are needed?
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At least you learnt something! Nothing ventured, nothing gained. I think that's the saying ha
That I did...
Right and Nice...!!
Thanks.
just remember when something like that happens to check all the exchanges, not just the one you are trading on... and learn about stop-loss orders!
Thank you.
Nice
join the eastcoastcrypto group on Discord and learn from the pros
https://discord.gg/f7bY3Y
I love crypto too :) More power to crypto!!! Wooohh!! =D
Lol.
I love crypto too! Stay frosty!
there is more to come.
Good decision... keep them safe, trade less and wait more :-)
Trying...
Follow my blog for crypto news!
Thank you.
Nice article, thanks for sharing
Thank you.
I am in the same train :)
However, I was, am desperate that that I can not get my fiat soon enough to by more crypto right now :(
It can be a frustrating process...
I think it's a good thing. Consumers/investers should be protected, it will weed out the weaker and fake currencies, and it should lead to better structures for cryptocurrencies.
Yes...it was always just a matter of time...
Bitcoin has nearly gained all of its market cap it lost over the weekend.
I though I had miss my chance to invest.
Thank you China!
That's the key...pay attention to the news...let others panic...pick your spots to buy...
crypto next wave upward
Sounds good to me...