If you've followed my blog for a while, you'll recognise the title and image used here. That is because I posted this during similar circumstances last September. It was actually just a few days before China announced it was ending the world and we saw a fairly rough time for at least a month.
Many people sold lots of NEO for $23 each - ouch! (An older [NEO] post from August 2017 you may find strange in today's world HERE.
Some people sold their Bitcoin for $3,200 - that must have really hurt!
Some of us just watched TV, read up on the latest Web 56.0 super crypto that "tackles the pressing issues of scalability" blah, blah, blah...and BTFD! (BTFD is a term for when one purchases lots of cryptocurrencies while they are down 50% on normal values)
The future
Is the bubble about to burst? No one knows. It can be scary to watch your portfolio drop 50% in value, but it was just as scary last September and I believe late November (or was it October?).... I probably mentally block them out a bit these days. I do sometimes check in on the latest count of Bitcoin Obituaries to see if the story has changed much.
Either way, your options are this:
Sell everything to cut your losses now
Not do a thing and wait until a an elderly relative tells you the price of Bitcoin and asks you to buy them some on the "interwebs" (probably the highest ranked of all bullish trader signals!)
Carefully analyse the prices of cryptocurrencies you previously thought were too expensive and see if you can catch 'em all
I can't tell you which option is right for you, but do take it easy and think before you make any serious moves.
Take a look at my recent articles HERE and HERE to see if they might offer insight as to why I decided to prepare to hold rather than take profits and cash out. As I say in my post about understanding markets, you should never follow anyone blindly and should do your own homework, but hopefully in this case, insight and information will be helpful.
I'm also still happy to stand by This analysis and hypothesis on Ark. There are minor caveats however, that I didn't realise the world was going to be ending today and that I don't recommend this as a trading opportunity. It is for those that are 100% confident in the long-term future of Ark and looking for an entry point only.
Let me know your thoughts or if you have any questions in the comments below. Be safe and be lucky everyone!
This is post only contains my personal views and opinions and is not financial advice. You should always do your own research and only invest what you can lose to afford.
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Whales threaten new bees and take away the bitcoins. This is happening from past few years. No fear !!! Bitcoin is only for brave hearts !!!! Keep Holding and you will make money !!!
So true! Bitcoin always tends to boomerang back to pre-surge prices before the next run up. Memory is a good thing in this game!
Yes this is what is happening since few years !!! Bitcoin is all set to hit ATH again !!!
Right on brother!
I am, as always, simply hodling through the dip. BTFD indeed, I actually just bought some more crypto! Monero! I was still lacking some of that in my portfolio, and I feared I would not be able to buy before it would go to $1000. Now I got it cheap!
Also, the picture at the top of your article is perfect for days like this! :)
Thanks @pandorasbox ! I'm actually going to make it a thing now ha! It'll be good to demonstrate the many deaths of crypto.
Great news on your Monero purchase! I too have had my eye on many different cryptos so have been holding back for days like this (I'm now a crypto doomsday prepper). First thing I did when I got chance today was review my portfolio and see where I could buy decent amounts of other cryptos to the scales of my top holdings. Haven't quite got them all where I'd like them yet, but I believe January sales could run for a while longer yet.
Did you see my post on OmiseGo? I can't say any direction I think it'll take for sure, but all things are pointing the right direction and with news on Plasma due "soon", I'm happy to get involved a little more.
Oh yes I have a pretty good amount of OMG already and I plan to hold it for quite a long time still. Very promising project indeed! Not just plasma, but also the 'huge multinational partner' that is currently developing a wallet based on the OmiseGO SDK.
I am actually getting the Monero as a 'sort of prepping' way too!!
I have a bunch of crypto already and the more it becomes worth, the more I realize..... what if 10% of this were to remain.. you know, hidden. Can't hurt to have some secret stash of a few thousand that nobody knows about. Not intending to do anything illegal with it, but well... kind of like prepping! 'cause Monero is the most untraceable out there, and I think rich people have these thoughts probably way more than I am with my small amount of crypto...
So I think they will be buying Monero too. Seems like a very solid long term bet - as long as Bitcoin survives so will Monero I think. Perhaps it could even thrive despite Bitcoin? Who knows..
Since I have no privacy coins yet, figured I should get some Monero. Didn't much like the others... Monero is 'the one' when it comes to privacy, as much as Ethereum is 'the one' in platforms, or Bitcoin is 'the one' in simple payments.
Yeah, I've heard that even the FBI can't trace Monero! They've been saying that they can cope with most over time, but Monero simply cannot be cracked.
Totally agree on OMG. There's a lot more to it than we've really seen to date. Sure, it's just an ERC20 promissory note right now, but that will certainly change when they get the products rolling out. I particularly like their "unbank the banked" phrase. Takes a second look to get it, but a really strong statement for what many of us really want to see going forward.
Yup, OMG as the premiere plasma/Ethereum product... I see a bright future ahead. Palm Beach Confidential called OMG at $700 each in two years time. So let's see! Wish I could stake it, but probably have too little to do so.
By the way, I noticed that you are Steeming hard, but having some difficulty getting some good upvotes. I wanted to point out a super awesome 'trick' I discovered that may help you out significantly.
I recently joined @Qurator. It's pretty simple: You set up Discord, join the channel. Ask them to review your posts (for quality, plagiarism, etc.) and you pay a one-time fee of 2 SBD to join. After that, you are a member and get one free upvote a day worth not that much. But... that is 'level 0'.
After this, you go to steemvoter.com and set up steemvoter to auto-vote all the @Qurator's posts. This amounts to about 7-8 posts a week. This makes you eligible for tier 2 membership. This will make your daily upvote go up to about $1 a day, for as long as this project survives.
It has made a huge difference for me to have a $1 vote come in every day, at no cost other than the one time sign-up fee. Especially at your level when you're making $0.30 a post at times, perhaps even paying upvote bots for part of it too... it could be worth it to check it out. You'll find all the details on the @Qurator posts too.
One thing.. not sure how strict quality control is. But they don't like copy/paste jobs, and also look at image hosting. So instead of linking images from other sources, just download them and re-upload them. This avoids any abuse calls and all that. I personally also improved my formatting a little bit, to ensure I would qualify. But I do not know if it were necessary. Regardless, I got in without a hitch.
This got a bit long, hehe. But I thought I would help another minnow out :D
@pandorasbox - that's great advice. Thanks! I will definitely check that out! I try to make all content original, so hopefully should have no issues getting involved.
You're welcome!
Definitely do check it out! Well worth the small time and sbd investment!
To survive these storm we need a strong hand to hodl.
Very true!
I like to always remind myself that new all-time-highs and market rallies are great, but we're always looking for a healthy correction of 50%. If we've picked them right up till now, hopefully that's what we'll see if not less.
Nice write up here
Thanks @geyzee !
Too many people try to judge by traditional market indicators for long term potential. Crypto isn't the traditional market even though it uses many of the same indicators(fibs, ema's, bollingers). The decentralized nature makes it not as suseptible to the same bubble manipulations you see in traditional markets because the spread of who is holding and trading is much more diversified. Yes there are whales that can manipulate some(not all) coins but the difference in crash and consolidation is in the crypto realm cconsolidation just shakes out the bubble types without damaging holder(hodlers if you prefer). A crash in traditional markets affects real products that do things like make people lose their houses.
Short, entertaining and informative. That's all I look for in a post to get my vote. Well put and obviously very relevant.
Thanks man! I really appreciate the kind words! I hope you're faring well!
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