Hey, did you hear the one about the crypto market crashing and how you should be taking profits immediately?
How about the one about Vitalik Buterin totally being dead? Or, why you shouldn't buy Bitcoin when it is floundering below $200 a few years back and it is all gloom and doom.
Is there an opposite to FOMO? Because we sure are there.
With prices continuing to go down on the current big two, ETH and BTC, It's FUD season again. And, grab your umbrellas because we are experiencing a severe accumulation of negativity towards crypto and a 100% chance of misinformation.
Look, I'm not a soothsayer, nor am I a day trader or even a Vitalik Buterin. But, in four years in crypto I do know one incontrovertible fact for me to date.
I have exceedingly regretted times where I have not held my coins.
Timing the market is amazing when you can do it. But sucks so much when you can't. I don't have the heart for it.
Oh, or that time I just spent my ETC because it was worthless. Or that time I just forgot about Litecoin and had a few on an old computer I destroyed. I'm sure I don't have to say this to veterans of crypto, but infinitely worse than being in a bear market is losing your coins.
...but @team-leibniz ... everyone is saying this bear market is ridiculous and I want to lock in my profits. I want to sell!!!!!
Great! It's your money. Do just that.
But, just give the decision the due diligence it deserves and think long term. Don't base your decision emotionally on what you are reading on Steemit from trending. Take the time to read the positions of bulls and bears and make your most educated decision possible. Crypto, just like any endeavor of skill, will probably favor those that have the most experience and have put in the most time preparing to win.
So how am I planning to win?
Grabbing a pint at the Winchester and hodling until this whole thing just blows over.
That's the spirit! I did buy a lot of shitcoins when I first got in to crypto, but I did my research, and I looked for coins and projects where I truly could believe in and bought these with the profits of selling those "bad coins"... Big companies with great leaders and motivated people and a community behind them will succeed in the long term, they can survive multiple bubbles! But I got to admit, even I bought for the long term, I can't stop looking at these charts daily!
It's so hard not to, I agree! Just have to try and stay as rational as possible when seeing the dips.
It is important to understand that crypto currencies are a new paradigm of money. I knew, a long time ago (in 2012) that bitcoin had the potential to completely change the game. Due to various reasons I didn't invest heavily into it, although at one time I had 100 bitcoins.
With various governments possibly switching to bitcoin, and more and more awareness and media coverage, the best strategy is always to hold for a very long time. Don't watch the ticker prices from day to day. Hold for the long term, in 5-10 years you will be rich, just like I could have been had I followed my own feelings about bitcoin when I first heard about it.
I agree completely. So many I am running into in this space have stories like you or I. Losing coins for lack of respect for their security or just sheer indifference to spending or losing them. I think the smart long run strategy is to buy, hold, and only sell what you are willing to part with.
Hodor
Came here for this, was not disappointed.
Agreed...Just hold.
The problem is that there is a lot of new money in crypto and a lot of it hasn't taken the ride yet.
It can be scary.
All things worth doing are ;)
Same thing here man, several times I got stopped out and lost a bit of bitcoin and then the next day or in a few days the price would be higher and I could slap myself against the face
That's exactly how I feel about it. Just Hodl and in the end it will pay out.
If you look at most of the weekly or daily charts, they are negative but if you look at the montly charts, they are positive.
Hodl for life!
Amazing post..
Honestly we are all unique and we all have much to show and much to strive for.
Cheers for the good post and much love from me..
You know people never listen to reason, this is why we have panic sellers!
Yes, great article! It's just what I'm saying! It will go back up! Just relax and don't worry 😉
You only make substantial gains from holding and keeping your money in so its compounding. That is how these stories of people who invested small amounts of money into a fortune. When you sell, you have to do it all over again.
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Hell, i was broke when I started this....so if I'm broke when I finish....well at least I had some fun:) Love this post!
I am not in a financial position to buy but I would if I could and so I will just keep sharing and collecting...
That's a very good advice there, I've actually thought of selling before but i had a change of mind as i know it would soon come to an end. Investors should endeavor to be patient to do the bull and bear comparison very carefully