I have planned for today to create a post about "My Hive Story", but I have watched a bit of disturbing video on a YT where a guy has literally broken under the pressure from crypto (but probably some other stuff too)... After just a couple of minutes, I had a short chat with one good friend who has just started with GPU mining and crypto in general... Between his lines, I have recognized that he is under stress and not "in the right place"... The Universe was pointing out that there is a more important topic to talk about today, so I have changed my plan and created this video (and post) sharing my experience when I had my "bad days" and how I have "survived" them... Maybe it will help someone...
At this point, you are probably aware that this post isn't about your favorite TV show and that the title is actually connected with the current moment in crypto, and with more similar things that life brings... The biggest difference between stock markets and crypto is in PEOPLE who are the participants... On the one side, you have professional traders (or they should be) and on the other side you have ordinary, everyday people involved in the markets... Professional traders are mostly trained to do their WORK without emotions as that's their JOB... An everyday guy does crypto from a hobby and isn't trained to work in a high-stress environment and it can't "disable emotions"...
That's the moment when people snap... When the pressure is too big to be controlled and everything looks like it will crumble and disappear... For those who are a bit longer in crypto (more than 2-3 years), things that are happening aren't that "doomed"... We have seen much worse things happening in the past, but some of us have forgotten them... That's why we have to stop and do that corny phrase... Stop freak out and zoom out... Just like a comparison, if we take a look at the Bitcoin price we will notice that the price is going down for the last 30 days... After hitting the peak of 67K, it went down to 47-48K where it is in the moment of writing these lines... So, the price dropped by around 30% and that's not a good thing... But... We can't forget that Bitcoin did the same just 2 months before, but in the opposite direction, going from 40K to 67K...
Also, I want to underline that the drop that the 2018 bear market lasted for a WHOLE year and the price went from 19K to 3K, which is a drop in value of almost 85%!!! So, if you survived that, these 30% is nothing for you... It can be down more, but still, we shouldn't freak out especially if we zoom out even more, and check the global economy, outside the crypto... We are doing great there?
I understand that it's not easy to see how your crypto portfolio is valued less and less USD... I have my bad days too and I'm not immune to everything that I have said in the video or written, but one thing is for sure... Crypto is here, it's a choice that we didn't have, and it's here to stay... We are here for the long term and these daily oscillations mean nothing in the big picture...
Just a final question... Even with this price drop in crypto, do you see some better assets that will help you in preserving the value of your wealth? Maybe exchange your crypto to FIAT and watch how it's depreciated by infinite money printing that's happening... Or maybe to buy a car and see how it losses 50% of its value in a year or two... Or maybe the real estate market which is at the edge of the next bubble collapse (my personal opinion)?
Check out the video for more different views...
Thank you for your valuable time,
~ph~
Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
Creative Commons — Attribution 3.0 Unported — CC BY 3.0
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▶️ 3Speak
It's hard because there is a financial aspect to all of us and I am not surprised people are so fixated on price. This is why people need to do their research so they feel safe even when price drops. Of course you shouldn't invest more than you can afford to lose. The obvious indicator is whether or not you are worried about it and losing sleep over it. In that case, you should lower your investment in that token.
Posted Using LeoFinance Beta
Exactly! If you stress too much about your investment, that's a good sign that you should lower your "stake" for the sake of your health! That's awesome advice!
!PIZZA
I think for these people, this is high time to hold patience and stay positive. I know its frustrating when people invest a big amount or their capital. So we should invest in crypto as much we can afford. Here no risk, no gain. Thanks for sharing your opinion and experiences. Sounds its a beautiful sunny day there in PH. You are already fair and handsome and looking cool in this video.
Posted Using LeoFinance Beta
Well, gains are connected with the risk, that's for sure... But investing more time in research can lower the risk a lot and it's possible to earn even with a smaller investment...
!LUV
Yup absolutely, investing time in research is indeed best idea. I prefer it too. Thank you 🙂
@ph1102(1/4) gave you
!PIZZA
!BEER
Thanks for the support and tokens!
!PIZZA
It was just great to see some sunshine! Thanks for the encouragement.
You are welcome! It was gorgeous weather indeed!
!LUV
@ph1102(2/4) gave you
I'm hijacking your topic, because of an expression you used. What does it really mean "living like a millionaire"?
I had a conversation a few days ago with someone, and he was of the opinion that the more money you have the more exclusivist your lifestyle should be. "If someone is a millionaire and goes on vacation in the same places as I am, than he lives for nothing." he said. And he isn't poor either - middle-top management, well paid.
I ended up wondering if "I'd live for nothing" if I'll ever become a millionaire from crypto, because I don't believe my lifestyle would change significantly. I don't feel the desire to show off my status, but probably many would.
Usually, money changes people a lot... If we take a look at all these famous celebrities who weren't rich before, their lifestyle changes a lot... But, it's true that among them there are not a few who can't bear the pressure... Then we see suicides, drug problems, etc...
I did think about those things, changing a lifestyle... You are earning more, you sell your Dacia and buy a Porsche... But, the main thing is if you do that, you should have enough money to maintain that Porsche in the future... I saw numerous examples in my surroundings that have done that mistake... Bought a huge house on mortgage, counting on their ONE source of income for the next 30 years... Or, again, buying a car and after a first problem, can't pay for a repair, leaving the car in a garage for years...
I think the same, but it's easy to say when you are NOT there... :) We think that we are STRONG that the money wouldn't change us, but we can't know that... I hope we will be tempted to test it... hehehehe
!PIZZA
Maybe if I were be in my 20s, the risk would be higher to get a big ego and start throwing money left and right. You are right, we can't know until we are tempted. But we are usually tempted in bull markets, and so far I haven't seen any sign...
if you count buying an apartment as a temptation, then I was tempted to do it a month ago... Somehow, I have calculated that it's better to keep crypto and wait a bit more... Maybe I was wrong... :)
In that way I was tempted too. And I chose the same way. But I see this more like industry hedging, at some point.
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