I remember very well the day the DAO got hacked (on the Ethereum blockchain) and the price of ETH went from around $20 all the way to $7-8 over some weeks. Now that's panic.
I was watching the markets at the time and couldn't believe the plunge it took. I didn't realize it was the DAO.
I quickly bought another 50 ETH for $14 ($700). I was convinced I just bought a steal!
When the price started to go down more and more I got this nasty feeling in my stomach. The one you get when you see your investment go to shit. I never had a lot of Fiat to invest in the first place.
I held.
Not long ago I sold 30 ETH for $365. More than $10K. All I had to do for it is wait.
That whole experience makes me feel less bad about downtrends nowadays. Especially when you know you invested in something solid.
The markets don't make any sense to me. They go up and down like waves in a ocean. Daytraders ride the waves. Long term holders sit on the beach and chill.
Only solid projects make sense to me. That's why I like STEEM.
Fastest Blockchain, No fees on transactions, Social Media platform, solid user growth, active app and different frontend development, awesome community.
All you have to do is wait.
Follow Me @exyle
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Your words carry much truth. The markets are an enigma. They always have been and always will be. My grandfather told me long ago, that any financial decision backed by emotion, is a foolish one. Yet markets ride the waves of emotion up and down. In short, doing the opposite of what the mob is doing is almost always the best solution. Patience, like you stated, is always the best approach. It can be quite difficult at times, but this is not a sprint, it's a marathon.
A quote from Warren Buffet comes to mind, “If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.” I think most of us are in it for the long haul, so the bi-polar actions of the market today should not sway us, for we know where we'll be in the future. Steem is simply on sale today. Have a great day!
Great reply. Thank you! You talk about your grandfather often. He must have been a wise man.
Your welcome! He was a wise man indeed.
thanks for sharing. these are tough times - im down a lot , until ethereum comes back
Don't be like Vitalik, he sold 25% of his ETH at 7.43 $ :D
This is why he isn't a "crypto billionaire" yet hah but I think he'll be fine
I totally agree with you on this. The market prices will always rise and fall and sometimes you may not understand and be scared but the truth is nothing stays down or up forever.it eventually changes so when your investments go down, i suggest you should buy more at cheaper rates and wait even if it takes ten years, it will eventually rise again only if its a solid investment.
oh that was nothing.... best was when btc was in free fall from 240 to 60 or 50 :)
I wasn't in crypto back then! I bought my first BTC at around 250$ in 2013. (just before the rise to $1200).
great times... when look back holy malony that was risky - haha :)
Hello @exyle. Thank you for sharing your story with us all on this wonderful platform. Pressing the panic button, as soon as we see the markets slide down a little is the crux of the problem. One needs to really invest in the project, it's values and their fundamentals. If your investments are only based on those core principles, and not on speculations, then things can't go wrong. Of course! Markets will swing upwards and downwards but the true champion makes his way through any situation.
I believe in STEEM and truly feel its a dark horse with humongous untapped potential till now. Peace ✌️
This is the great time invest in your favorite coins and hold with patience.
Nice post, just hold it. It will get better.
holding has been by far my most profitable strategy. (so far :) )
Waiting and buy... wait some more... then buy some more... then do it all over it again. :)
Yes, that's how I always done it :)
Man, thank you for telling us your experience. I love to hear from you. That is what I'm hoping for all the coins I hold. I believe one day the patient person will be compensated.
I think you will be.
Good article..i say keep buying more while price is low...it will rise again eventually and probly to new highs
What I have done in downtrends is just buy in gradually.
Yes. That's a perfect piece of wisdom. This is perfect opportunity to invest in crypto's. But if someone had already bought crypto sometime earlier then holding is the best option fro him instead of selling and taking some huge losses. Crypto's market has always been so volatile and specially now because of this Segwit hype. Everyone is selling their shares that;s why market is falling down. Now a wise investor will definitely purchase new investment while a fool keeps on shorting his shares.
But because of your advice, most of the investors who follows you, thankfully would hold thier shares. You have given a great insight about this whole crypto fall. Thanks a lot @exyle
How long do I have to wait to be you bro? I could easily live on half of your payout ;-)
It's ok, I'm used to waiting X-D
I first read about Eth in the WSJ back in 2015. Bought a few thousand around $2 but didn't hold and sold that same year to replenish my college drinking fund. Had a feeling I'd regret it. Put some money into the Augur ico though so I still walked away with something.
Holding isn't always easy, kudos.
That is so true. Patience is the key with this cryptocurrency thing. During times of red I don't panic anymore nowadays I just treat red days like a huge bargain sale on all the coins I've had my eye on. You never can truly predict how the market the direction of the market but you can ride the wave in the process. Congrats on staying humble and waiting out the red storm. I agree that Steem is doing major things to stick around for decades to come. I'm exited to be apart of the community. 👍🏾✌🏾
Right piece of article at the right time. I started day trading a couple of days ago, and was in panic to find out all the coins I'd invested were just falling down. I however know that these daily ups and downs doesn't matter much in the long run, but was still sad to see my money go down. But this post has assured me again that it's not time to panic but instead invest more at these low rates.
This is very true, when I woke up this morning my first thought was "buy more Steem!" but after think a while longer I've decided it's best to wait because the price will probably fall lower. I may buy some today but just a tiny bit.
I'm waiting as well.
Seeing as I don't have lots of cash to burn. I'm one if those lying on the beach. Buying small quantities in the hope that one day the prices explode. So I don't really care that my bought steemit is halved, or any if my other small amounts of crypto for that matter. What I have I can stand to lose (it's peanut anyways). And that gives me piece of mind in a turbulent market.
Wait this is the right decision, but only for those who follow the main law of trade: don't invest 100% of funds. I think the people who did it, feel some shock now. And, unfortunately, not all of them have the opportunity to wait.
I know one such person, my friend, I was trying to persuade him don't invest a large sum in trading, but he got greedy... now he's one step away from crying :(
Sorry for your friend man.
Well, today he feels little better with green market :)
I thought ETH was a steal yesterday and got it for:
Today I see my investment go down almost 20%:
Well, I indeed considered the scenario of ETH going way lower as a very possible one,because come on, we have all heard about it's scalability issue, possible move to proof of stake and etc.
Indeed, many people are pulling their money out of it. But for the mid term the ETH is not going anywhere. Once the issues are sorted and once the Bitcoin is stabel as well, we'll see all go up. Especially concerning how much media coverage cryptos are getting today, more and more people will invest their Fiat money into them.
The markets will definitely recover.
We all have to be patient.
It will get better as the time goes on.
Keep grinding as usual! :)
Sure thing man!
Persevere, eh? I hope you are right. I invested all in altcoins :( Erm... shitcoins now :D
I like to sit in the beach most weekends, reminds me that there are more important things in life than charts and money. That said, it's nice to be able to finance time spent on the beach, which hopefully will be done by timing and 'time in' the market :)
Well said :)
You look like a movie star just before removing glasses and saying some badass speech, like "winter is coming" lol.
o wow, lol. Bianca took the pic. I'll thank her :)
I rememebr the DAO incident.... it was like the worst feeling ever back then
whatever panic has taken over the market, it too will pass
ripple and steem are so low right now i cant help myself to not buy more
it was hear breaking incident
It's still a pretty new world really and nobody knows where it could go. We just have to ride out the storms like this.
I definitely agree with a lot of your points. I believe that eventually the price on the good cryptocurrencies will rise. It's best not to panic right now as that might lead to people having large losses.
Panic always leads to losses for the people that panic :)
Oh Damn, Craig-grant also just recently made a post on this. This is what I had replied to his post:
"This is only an opportunity for smaller guys like me to buy more.
No Fear, Just Keep Buying!"
I'm excited to buy and HODL this summer, irrespective of what people say.
waiting is the only option. No panic People, it will definetly be over
If there's true value in something, it'll be realized eventually
It's actually a good time to invest a bit if you have some free cash. I think a lot of these cryptocurrencies will rise if you are willing to wait.
I remember Bitcoin going from $1200 to $200. Investing is also psychological game. Best think for long term investor is to invest in something they believe and not care about price that much on a day to day basis.
I'm the guy that sold at $200
At least you are not the guy who sold 10000 Bitcoins for two pizzas. You should invest when people are most fearful and sell when they are most greedy. That is Warren Buffet advice. But that is hard. It requires a lot of emotional control.
Holding is Solid ;)
so excited to be part of this community although I get in pretty late. good things must wait. :)
Agreed. Long term investment is more profitable, productive. People tend to day wave out of poverty and also greed. Thank you. Upvoted. Resteemed.
Technical Analysis is key to predict financial market trend
Nice posting..
I like your post..
Nice re-assuring post from someone who knows what they're talking about, thanks. I wish I could buy some while it's low like this. Lol.
Nice post, I agree, sit on the beach and chill! 🌴 upvoted and resteemed.
Probably now it's the right time for daytraders to buy and diversify. Everything is red and hopefully we'll see some positive hike. Storm in the ocean definitely will pass or well, We all could be doomed :D
crypto summer sale get up to 75% on all cryptos!
if people believe in crypto they will buy more or hodl what they currently have, if they have a bad feeling they should rethink what they are looking for.
both strategies are fine, I will probably look for some bargain.
Sage advice. If you're investing you're HODLing, simple as that
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"Daytraders ride the waves. Long term holders sit on the beach and chill". haha brilliant way to put it! I'll keep this quote in mind at times like these. Long-term investing definitely makes it easier to sleep at night than the latter.
Red days is the day of test. Unfortunately, a lot of people commit suicide (I mean literally)
Long term hodling is the only way to stay same in the crazy world of crypto!
Nice
Love the waiting game! Some people are so impatient :)
yes. i agree with your advice. and i focus on other thing.
thank you for sharing. exyle
That's just the advice most people need hey. Simple, yet powerful. I also make content a lot about mindset and how to truly attract success.
My question is, why are the crypto's crashing right now? What's the reason?