I've decided to update my earlier post since I find doing so therapeutic during such turbulent times....
Things have gone full panic mode as my portfolio has "dipped" a mere 42% over two weeks time...If this was the stock market...I think banks would be closing down...
But it isn't the stock market...Its "Crypto World"...
And as such...each of us had to look deep to decide how we handle these insane times...Me? I have decided to hold since most of the exchanges I am in will only trade out to bitcoin....then I have to transfer over to Coinbase and am allowed to cash out certain limits on top of that...while I could have done that over time...I want to stay in the game...I still believe something will survive long term having some value...and to give up now...just makes my tax bill more ridiculous...however...at this pace...may not have a tax problem for long!
I do admit I am not willing to commit anything more to this market even with prices at points I find very attractive....I just don't know enough about this new world to have any true confidence on where it all heads...
Finally I am very tired of all the TA posts with the waves...fibs and candles...seriously...this current market shows that when big news hits...good or bad...all the charts go out the window...and until things settle down...all bets are off.
I wish you all well in your investment decisions...
EVERYTHING BELOW THIS LINE IS MY ORIGINAL POST....
As hurricane Irma makes its crushing blow into southern Florida...USA...I can't help but see parallels with current China news and the crypto markets...
Face it...China has always been a wild card...its ironic that based on my understanding...they do a great deal of the bitcoin mining...yet...here we are with "facts" they are shutting down ICO's and strong rumors they may be shutting down exchanges...needless to say...it has forced many of us to consider evacuating...
However...as the original path predicted for hurricane Irma was supposed to dramatically impact the southeastern portion of Florida...specifically the Miami area...therefore hundreds of thousands of people evacuated from those areas to safer ground...ironically...Irma has "wobbled" to the west and now the damage is predicted to affect more the south western part of Florida heading into Tampa...sadly...those folks have less time to evacuate while misplaced Miami-ans are wondering...why did we panic and leave?
Such it is with hurricane China...do I evacuate all my coins? Some of my coins? Will China wobble and cause less damage than originally anticipated? Or wobble and cause a whole different damage in unknown ways?
I have no answers...I am the type who probably would have stayed in my home unless I was right on the water at sea level...so for now...I find the uncertainty too great to put any more money into the crypto world...and in meantime...haven't sold anything off either...just holding as firm as I can...seeing my portfolio get crushed with some wind damage...but hoping its just a roof to replace or similar type damage and not a total loss as the howling winds of Hurricane China blow by deciding which way to wobble....
Its really hard right now... However, I bought in again just now - or refilled you can say.
Good luck to both of us.
Regards
Jimmy
Always worth a chance...the anxiety helps you to know you are alive!
Best to you as well...
I have to think about:
"The lesson from the internet is, anything that China bans, invest in it" Fred Wilson.
So It would be a great opportunity to buying dips
I'm bought out...all I can do to hold on based on all the uncertainty...
Just wish i had more money to buy the dips!
Love that Fred Wilson quote, might be true :D
I come from a stock market background, and honestly... it's so refreshing to see how a "free market" is SUPPOSED to react! No CB manipulation, no PPT.
buy and hold and forget them until five or ten years....this is my idea
Can't do it...too addicting...
or until the next halving which will be 2020
Or until Ethereum is phased out in favour of the next best blockchain tech? I wouldn't guarantee anyone that Ethereum is here to stay forever. Browsers wars flashbacks
Every thing in crypto´s world still too new and so many variables and changes to compare it only to a hurricane but to earthquakes, wars, newly born babies, enlightened chosen ones and whatever metaphor may be appealing at the moment.
Good luck with your trading to you all.
And to you, i personally prefer holding , not trading
I see this as a huge opportunity for others. Imagine if China stops mining, imagine if other countries step in and facilitate the spending and earning of Bitcoins there... there's always an opportunity in any type of disaster.
Good points, I am very new to crypo-currency, and want to buy some when it has dipped significantly. So still there are new people are coming despite the ChinaTsunami. As long as people have beliefs in Bitcoin, it would emerge strong no matter what the government say or do anything. People are stronger than the goverment.
Good point...one country wouldn't stop a revolution...just dramatically shake it as happening currently until things further evolve...
follow me please and vote my post please
https://steemit.com/bitcoin/@vox00/bitcoin-miami-hurricane-irma
Different point of view :)
Buy and hold them for five or ten years and forget it .... I think it is
I'm a bit old to wait that long...how about a couple?
probably wait only 1 year
I think you have to look beyond that too, let's say it really does sink....the bottom line of investing should be don't invest more than you are prepared to lose, or at the very least have sink under water for a long time.
I agree...just hard to know when to cash out a bit before something tanks entirely...have learned hard lessons in stock market holding on too long...with the crypto world...its not just any one coin...the whole reality is still developing and very uncertain...
Interesting take on the stormy weather! Methinks it's a great time to embrace new horizons...
Sail on we will through the turbulent seas...
Indeed!
I used bitcoin to buy gold, silver and some other coins. I started buying bitcoin at $850 so I had a lot of upside and wanted to leave the casino before my luck changed. Don't get greedy and don't underestimate the central banks' power to shut it down. Also, try to sell a small amount to see if your bank will even accept the funds from your exchange.
So far Coinbase has been where I go to cash out...yes coins could be the long term option if the sh_t hits the fan...thanks for input.
Silver prices are way too low. Should be more like 15-1 vs gold which is also way too low. Central banks are hoarding it.
I still hold my bag of silver coins from the 1980's bubble...
I think China scared people even more than this hurricane! How come you spend so much on promotion?
Not if you lived in Florida...
follow me and vote my post please
I think like hurricane Irma this too will blow over may take a bit to recover but recover it will
That is my hope as well...although like Irma...may have destruction to clean up!
Storms, and hurricanes are storms, always pass, and after the storm comes calm.
Amen...
Thanks
YOU DON'T HAVE TO MAKE EVERY TITLE IN ALL-CAPS!
Great tips about China. It's a fascinating topic. Your recommendations may thicken your commissions.
Thank you.
@bobreedo very interesting post keep up the good work best wishes thankyou
Thank you kindly.
Didn't see this previously...love it...thanks.
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STOPGreat post.
Thank you.
If you think BTC will stop at $10,000 maybe you sell now and buy dip? If you think Bitcoin is going to $100,000 or more? Buy and hold, repeat.
Ps: who is the "null" account you transfer to? They have 0 posts.
Thanks for your thoughts...I think the null account is where the steem dollars go when I spend money to promote my articles.
Holding for sure Chinas market scare in crypto is so small anymore its prob why they are throwing a big hissy fit lol
Lol.
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STOPNice one i love your courage
Appreciate the kind thought.
The awesome thing about crypto is that many would will want to control it.. but it won't happen, not today. Gotta love the de-centralization.
Btw I think you might find this interesting.
https://steemit.com/hurricaneharvey/@splendorhub/the-beginning-of-weather-modification-and-hurricane-harvey-part-1
Best wishes!
Thanks for thoughts and link.
I remember when Gold was $20 dollars an oz.I was young and did't buy. Bitcoin is the New Gold. History in some ways repeats itself.
I hope it exceeds golds ability to regularly go up in value...gold seems to have periods of frantic upticks followed by years of flat...
Even Hurricane China cant stop the crypto train. Time is on our side
That's my hope as well...
dig the metaphor. great timing.
Thanks.
As the cliche goes, "buy low and sell high." Right now is a good opportunity to buy more for potential gains.
I understand...but not being a trader...I have built a nice value just by getting in at good times...and hanging in there through all the panic cycles...this one is hard to ride out...portfolio has declined 36% form its high...have decided not to commit more funds since when all said and done...who can really say if this survives as set up currently? Meanwhile I will hold onto what I have as still am a believer in the concept and not a believer in dollar based assets long term...
I do understand. Personally, my portfolio went down by about the same percentage as yours. It's hard to put in your hard-earned money after all...
Thanks for input...
I would say just hold, if China is so afraid of the crypto, it must be good!
Its a thought...but just a matter of time till all governments including USA take a harder regulatory stance...and China is a major market...
did u hear btc is temporally banned in china soon??
now is the chance to earn btc...
i found a great miner i earn 5000doge a day with just 50$
anyway here is the link, im happy to help :)
https://victorymine.com/?ref=stiffywalsh
Thanks for the insights...
its not time to panic its time to find cash - lol i need to buy this dip now haha!
Liquidity is king right now...
Hey bobreedo.....have you looked at it this way? .......Your crypto is not discovering its own value in a market. It is discovering the value of the other market. That other market is no longer a market at all......it used to be, but no more. It is now a digital price control system.....full blown and charging. This means that the other market cannot discover value thru price. Its prices are a digital illusion. How can the real market work in such an environment? Simple.....it discovers a new money and a market for that new money in order to re-value the fraud. Have you ever looked at it that way? That is the way I see it. And it is crystal clear to me. But I engineer digital control systems for a living, so all I see are digital numbers anyway.
Interesting way to look at it...thanks.
All this negativity for crypto currencies when I was about to buy 10 bitcoins and use them online. I cancelled my order from the exchanger when the news came. I wonder why china would take such steps.
Who knows for sure...guess has to do with control...don't give up on getting on board...look at it as a better purchase price...things should stabilize...
Wonderful Post. Thanks for sharing this post.
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Wonderful Post. Thanks for sharing this post.
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