The million dollar question
Today I got a text from a friend who, like me, has found himself heavily invested in cryptocurrency. He was (understandably) a bit shook up about the sudden dip in the market that is wiping off thousands of dollars from the value in his portfolio each hour. We went back and forth a little bit on text and he asked me the question that prompted this post,
What do you do in times like this?
Before I answer his question I think it's important to understand where my mind is at. Even though you and I may encounter the same challenges or opportunities, the likelihood is that we'll view them with completely different lenses.
May I go back to June?
When I look at the 'value' leaking out of my portfolio in the last few days, I am reminded vividly of events at the beginning of June. On the first of June I had a meeting with my boss. I remember at one point, ahead of the meeting, glancing at the value of my crypto-portfolio on my phone. I remember this because exactly a week later, in another meeting with my boss, I glanced at my portfolio again. It had doubled in a week. In one week, 100% gains. It was the highest value my portfolio had ever been.
I didn't do anything special that week for my investments to reach such lofty heights. Hell, the Crypto market didn't do anything special. For no reason other than speculation the value of crypto holdings doubled. I was sitting on a pretty penny.
No quid pro quo
While it's a fantastic feeling to see an asset go up in value, I find it very difficult to become emotional invested into something to which I've provided very little effort or value in return. Don't get me wrong. I LOVE gains. It is fun to see investments move in the right direction. I also like to think I try as diligently as possible to protect my investments. That I had done something intellectual to deserve my returns. However emotionally, I'm not wedded to the value of my assets. Particularly crypto assets. Because by their very nature, cryptocurrencies are volatile. They swing wildly up and swing just as wildly down.
No stranger to mood swings
I'm used to volatile. As a child I was forced to deal with volatility, real volatility on an almost daily basis. Paper asset volatility is child's play to be honest. My natural response to volatility, is calmness. If I see a volatile person, I'll keep a watching brief while they go on their ride and respond according. Under no circumstances will I be taken along with them. I try to take the same approach to crypto. Watch it move, act accordingly however I try not to internalise the 'gains' or the 'losses'. They are very fickle.
Fun first
I guess part of the reason is that relaxed either way about market volatility is, I'm very clear on why I'm into cryptocurrency. First and foremost, I'm into cryptocurrency because it is fun. A geeky kind of fun. But fun nevertheless. If I can make money while having fun, that's perfect.
However what I don't want to do, is make cryptocurrency 'work'. Stressing over losses feels like work. And I have worked my fair share of jobs for a long time now. I don't want cryptocurrency to be a second job. I want to change that paradigm with cryptocurrency, not re-create it.
Go big or go home
The second reason is... to the extent that I'm into cryptocurrency for the money, I'm in it for life-changing money. Everyone's goal is different. I'm not looking to earn enough for a deposit on a house, then cash out, leave crypto and spend 25 years working to pay off a mortgage.
Whilst I may take small profits, I'm only interested in cashing out substantial amounts of money, if those sums will radically change my life. Else, I'll stick with investing and re-investing in a technology that could revolutionise the way we live. Because when it comes to crypto, it's all or nothing for me. I want it all... and if I don't get it all I'm already reconciled with the fact I could blow half of it in return for nothing should the volatile crypto-market implode.
Pick your poison
So back to my friend's question,
What do you do in times like this?
My answer is simple. I wait.
I either wait for the market to crash low enough for me to buy more. Or wait for it to rise high enough for me to continue taking small profits or cash out a life-changing amount.
Meanwhile... Play hard!
In the meantime, I eat, drink and be merry... enjoy life! And with these little three to keep me on my toes - it's hard not to!
Go big or go home. I like this one. Great post.
Thank you @nanzo-scoop for your interesting point of view on the crypto market. I personally ejoyed how you related the volatility of the markets to a volatile person in your life and just as they tried to bring you emotions on the same rollercoaster you stood back and watched. That is some very powerful information and I am happy you were and hopefully still are able to do this. As most of us, including myself st times, can get swept up in others emotional rides. I also feel very similar with the all in or nothing mentality. I am here to change the world and how I operate within it, not just continue this way with a bit more stuff. Keep dreaming, keep pushing, keep working and the universe will manifest it for you! Great post again. Looking forward for more
Agreed! Keep pushing!
in 2017-03-12 the value of my account, all of which I got from posting, voting and commenting (no buy in)
was $753
Today it is $11,911
but wait...there's more.
I recently bought a boat, paid the rent, bought some tools, bought cigars, beer, booze, went out to eat at nice places ..twice...with friends and relatives (I paid for it from my earnings on steem)...and I still have a nice chunk of change in savings($$)...
...
so why do I feel down?
...
the reason?
at the peak...my account was at $30 grand.
...
my ROI (return on investment) is infinity.
I've invested NOTHING but my time.
which if I hadn't been on Steem...
I'd have been doing the
SAME EXACT THING
on Facebook
...
odd isn't it?
You are living a great life. You gain a valuble asset from your thought process and canhave fun w it ! Yay you!
Ha, God Bless TEXAS
Well congrats on a major success really.
No need to feel down,
when i do
i remind myself
;)
best of luck!
good point.
thank you.
I hope to be dropping some cash like that some day.
That's awesome!
High five sir, high five! :)
That's just some boss stuff right there 💪🏼🙌🏼💯
@stackin I agree! :D
In the time like this I try to do something with my hands to keep them busy, just like playing the guitar or crocheting, so I wouldn't be able to accidentally sell all my cryptos lol
Lol... good move. Hence the reason I have my hands full with the three kids!
Wow this is one of the best posts I've read about investing in the crypto market. I totally understand your perspective on this stuff. My entry into this world started at the peak after the first week in June, so I'm kinda hoping it crashes and creates a great buying opportunity for me to put in a good chunk to hold long term. No interest in day trading this and dealing with that stress. Thank you for sharing your thought process.
My Mannnn @nanzo-scoop... you couldn't of broken it down any better! Play Hard!
UPVOTED and Resteemed!
There's been a lot of posts about the recent market correction, but I really appreciate your perspective. Your words convey wisdom. Old Ben Graham said, “In the short run, the market is a voting machine, but in the long run it is a weighing machine.” Those who can stay the course and not let emotion govern their investing decisions will reap the rewards. Most traders have a rather short life span, but investors grow old with their holdings.
While I'm still fairly new to crypto, I do relate to your feelings of it being enjoyable. That's admirable. I get much more joy from the small amount of money I've invested in crypto than my more traditional holdings. They're on autopilot. I visit them twice per year and makes adjustments as needed, which is usually only in the tech sector. Not much fun. Crypto has an organic feel to it and it's newness requires much learning, which is fun to do.
The smile in the picture says it all though, b/c you're holding in your arms all you need to be the happiest man on earth! As a father of 3 beautiful girls myself, I can definitely relate. Great post my friend! Cheers and Re-Steemed
Thanks an uplifting and proactive post at a time its tempting to feel disappointed - with a great family photo showing what's really important in life. UPVOTED YOU.
What, there's a collapse?! Am I seeing you in Steemfest this year? :D
I hope so! Still trying to free up my calendar.
@naanzo-scoop, cute girls you have there. This is the best post I've seen in regards to what's happening to cryptos now. All the people I introduced to steemit have been asking me what's happening to their accounts.
Thanks for this well though out update.
Without a doubt. I am waiting for more of a dip so I can make my first substantial buy. Ive never invested in crypto but after a few months i understand why you and others see this as a long term investment. You will see gain and losses but the trend is upward. I'm going to buy in and HLOD as they say.
@nanzo-scoop
I can't to tell you how refreshing that is to hear someone say. Especially in today's world where everyone seems to think they've accomplished something by being lucky enough to actually buy low and HODL.
You earned my follow with that.
Something I hear many entrepreneurs say in terms of dealing with stress is somewhat similar to something you said in terms of volatility you faced as a child kind of puts into focus it's only money and technically you don't lose anything until you sell.
Something I often hear entrepreneurs say is they either tell themselves they are going to die some day or as morbid as it sounds they imagine that their wife or child just died.
That kind of puts into focus that while money is important in the grand scheme of things it doesn't mean shit.
Ride the wave, I'm like you I didn't get into this to make $500, I got into this believing in the the long term future capabilities of this technology. I got into this to make fuck you money, not trip to Wisconsin Dells money. I'm holding.
It's days like this that i WISH i had a time machine..
Of course i DONT! So the only thing that we can really do if we miss the drop is HOLD HOLD HOLD! I wanted to panic but i was brave and held and now already the markets are coming back a bit.
The next question is do i continue to hold before the Bitcoin Segwit drama unfolds!!! OR do i sell everything (except my steem power!) just before.
Any opinions?
It's very difficult to try to second guess what the market will do as a consequence of events like Segwit. So generally I don't try do. I have a plan for either alternative (a pump or a crash) and will execute accordingly. Until then, I'll wait and see.
"I want to change that paradigm with cryptocurrency, not re-create it."
This is a succinct, wonderful way of putting it. Crypto isn't a "better" system of what we already have - it's a brand new one. In some ways it's like the last 100 years have just been a practice round, so we'd be ready to use Blockchain when it showed up.
Dreaming of a better world... thanks for sharing @nanzo-scoop, I got a lot out of reading this.
"If I can make money while having fun, that's perfect." - I love this. Agree to every sentence in this post. keep it up and thanks for the reminder. :)
Bravo @nanzo-scoop! My answer is simple.
"I wait. I either wait for the market to crash low enough for me to buy more. Or wait for it to rise high enough for me to continue taking small profits or cash out a life-changing amount."
Hear, hear. Well put!
Peace and love.
I love your attitude. All or nothing. So many people are jumping ship right now, but the wise ones see this as part of the game. Patience will be how we make life changing money and you, my friend seem to have that. You have to have it, because you have 3 beautiful daughters. I have one daughter and know how much patience it takes. lol. It is so important to remember to play hard if you work hard. It brings it all into balance.
Thank you for these wise words and I hope people who are on the fence decide to stay because of this post. nice work.
I also appreciate the ongoing support for my blog. Your support is amazing and it really helps me out. I appreciate you.
Well nanzo, I just became your ultimate fan., especially after seeing the human behind your steemian in this photo. Yes, I get you totally when you talk life-changing. It is for those 3 cuties. I have those 3 too but they are three sisters and if Manila airport let's me visit dubai tomorrow, I will be seeing them 3 for the first time in 5 years. I am 31, first and only bro to these 3 girls but life and hardship has kept us all so apart nonstop. We became awesome humans but we have stay apart. In this past 5 years, the next 6 days in Dubai will be my first 6 days of whole breathes of fresh air. Cos of only wanting to do life changing stuff or nothing, I have been buried deep in so much focus and brainstorming that my body has deterioted into extreme stiffness, so much so that it has forgotten how to breathe but what is the essence of all this suffering if it all turns out not-life-changing. According to me, from pauperism to ceoism is as easy has converting full blown poop into tiny fart trinkets. Bottmline? "It is not that hard!" Henceforth, it will be life-changing testimonies non-stop. I see you bro!
I'm glad I haven't started investing yet. I think once I do I'm going to invest in Steemit because I'm active in this platform now and I feel like by contributing I have some impact in it's success. Everyday even if it is just by pennies my initial investment of zero dollars is growing.
Awwww such a cute family you have!!!! <3
I remember when I fell in love with cryptos!
I had bought Ripple at $0.02 and got a 400% return on my money and i was thinking holy smokes! I bought this and let it sit for a month and this is what happened?! Where the hell has this been all my life!? hahaha @nanzo-scoop
Lol... well I'm here now... so you're good! ;)
Wow man. I knew I liked you but you and I are on the exact same page lol. This place should be fun! We shouldn't worry about short term stress. This could be a life changing boon for MANY people who had faith, stayed positive and were patient.
And that is a great picture Super Dad!
Love your attitude, is as it should be. When you stress, you create more stress. It's alll about showing and feeling gratitude for what is most important to you. Everything else seems to just simply work itself out. Always choose Joy and you can't fail. Great post..Resteemin!!
Calmness in volatility, I like that. Crypto is a fun ride, and the possibility for life changing wealth is there.
You have a beautiful family. Hopefully that life changing wealth is there for you and them.
Great picture, blessings.
Go on a holiday and just forget about it!
My thoughts exactly. Course here on The big Island, everyday feels like a vacation.
Your kids are adorable!
Great advice. I think like anything in life, there is no point in freaking out. If you look around you and the people around you are alive and well, then all is well in life. :) I love your attitude about life.
I really enjoyed reading your viewpoint on the current situation, and I have to agree with what you said about being invested in cryptocurrency in an all or nothing manner, and putting emphasis on being involved in it because it could revolutionize the world we live in, and not to make a quick buck. Thanks for your insights :)
Brilliant. Love your perspective - it's very similar to my own. It's about life-changing, not the small gains. You have a lovely family too! Best wishes - Andy
wrong! you assumed risk. You provided liquidity to sellers when you bought. You had belief in bitcoin. You participated in a market that otherwise wouldn't exist if not for people like you, so don't sell yourself short. Just because you didn't dig a ditch or clean a toilet doesn't mean you didn't do work. You just worked smarter, not harder.
Love the picture with your girls - you look at peace with the world - hold onto it my friend @nanzo-scoop
The buy and hold tactic has never lost a crypto investor money!
I love your message my dog! I think we are all sitting on mini fortunes, so in times like these I just be happy, have fun, and keep on Steeming!
Always nice seeing another brotha do well on here!
Three lovely children accompanied by a very useful and positive article. I share your view on needing to input more than faith and patience to be happy with my earnings.
The crypto skybis falling once a month nowadays so in that sense I am getting used to it.
Otherwise one could try a specialised crypto currency therapy for people who get to stressed. No kidding :-)
You are very wealthy in children, my friend. Very wealthy. Congratulations and blessings! :D
😄😇😄
Tony Montana “Me, I want what’s coming to me…. The world, chico, and everything in it.”
Good stuff, pretty new to crypto, but I think I got the volatility part early on, luckily. I joined steem just before HF 18 and I'm still here, learning. Only just getting into using bittrex and the other cryptos. It's scary tossing money around like that, but it's so invigorating too xD. Just like you, I want to strike it big, but hey, baby steps. your pic put a smile on my face, good luck to you ;)
Stick and stay, it gets greater later!!!
Beautiful Family
Blessings to you!!
The market is constantly moving in a cycle, up down up down. Controlling your emotions is crucial if you want to be successful.
Amen to this. Love your take on trading and life. Be patient. Think long term. I had been shaken out of so much business-wise earlier in my career that I learned patience, calmness, clarity and confidence in all I do. Only way I built a prospering blog and online businesses.
Timing beats speed, precision beats power ^_^ just wait it out or load up at the weakest point. I think things will tank on the run up to Aug 1st uasf segwit for btc
Thanks Nanzo, in crypto trading emotions are set aside rather you re strategize how to move on and that is exactly what you have exhibited.Is a play of win or you lose game having considered you can't invest more than you can afford to lose...well spelt out!
The way I see it.. Some people are scared that they are loosing money, but for me I see it as a opportunity to make money.
Wow my bro @nanzo-scoop what a beautiful family!!!! I agree with your view point and as a new member of steemit, my long term strategy is to buy steem and power up untill I have enough to get power in the system. Power leads to more success and influence in a society and if used to do good, will actually make a positive change. Thanks for your advise @nanzo-scoop and I am glad that am following you and will stay in touch.
Great post! I like your perspective. This technology will change the world, hold on!
I just HODL in times like this.
Thank you for a very good and reassuring post.
SYNX is going INSANE! big uptime! 2$ next morning! don't be too late ;-)
SYNDICATE HODL
http://coinmarketcap.com/currencies/syndicate/
https://bittrex.com/Market/Index?MarketName=BTC-SYNX
https://synxhodl.slack.com
Beautiful photo and great post. I totally agree. It is great that you keep your head when others are loosing theirs. Buy when the price is low - sell when the price is life changing. Love that!! Followed and upvoted