If you follow my blog you know that I have been diversifying my crypto holdings into fiat for around 2 months now. I wrote about it here.
I wrote this back then:
My current investment strategy is to diversify some of my crypto holdings (not STEEM) back into fiat gradually.
My crypto holdings went 10x while my Fiat has stood still.
Crypto tends to go up and down as a whole. (If there is a correction there is nowhere to hide fast.)
I need some Fiat in case there is a big dip to buy back in.
If I'm wrong my holding will just go up and I make a little less profit.
Which is fine. I prefer the feeling risk aversion over maximum profits.
We are in a downtrend at the moment and it's not too pretty. Double digits red across the board for most coins.
It's not low enough for me to start buying again but it's approaching that point.
The B's from the Weiss report have most of my interest.
I'm impressed with STEEM. It's still way up compared to the beginning of the year and I'm very happy to see how strong it's behaving in this trend.
I talk about it more in my vlog.
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Totally agree! Except I've been diversifying out of crypto and into precious metals, namely SILVER. While cryptos have shot up to all time highs, silver's price has been manipulated to artificially low prices and it's ripe for a moonshot rise itself....IMHO.
Anyway, since I'm playing with "house money", I will wait out this current downtrend to see if it's just a gully or a total collapse. Either way, I've already won.
Take a look at stacking silver. Check us out over at @steemsilvergold.
Yes and always patience is the key
One should try to improve himself in all ways
Staying in the same place is declining
Thank you for your initiative.
Patience pays.
agree with this opinion
Can you stop self-voting. At the very least, join a minnow.
I agree @exyle patience is key here. This is nothing new to us. I think the floor is around the $7500-7600 range for BTC. My prediction is things will begin to turn around in the market on or before February 15th. The media here is bi-polar and highly manipulative. There are many people I know who bought into BTC in November - December for the first time and are asking if they should dump now just based on what the media is reporting.
The Dutch Media is already reporting the 'crash', like they always do when there is a correction. I'm glad I can just tune it out and keep a straight head. Panic rarely leads to good decisions.
When I saw the crypto market cap move from $800B to $400B in a matter of days following the questions surrounding Tether, "crash" was the word I characterized it with.
While I saw no cause for panic myself, this "crash" tells us something about the overall composition of the crypto economy.
For one, it seems that convergence on something like a crypto-Federal Reserve is being tested and that we may be talking about fractional reserves soon. IMHO, we need to come down against tether coins. I understand the need for a stable coin, but I'd ultimately like to see something like an index coin solve the "...nowhere to hide fast" problem. I feel like reducing the impetus to dump crypto this way is important.
And two, what does it say about crypto-culture? Ideally, we want to build a broad perception of value in cryptocurrency and blockchain technology as a whole. This is the future we want, yes?
Are we treating it with that regard, or is it just another investment vehicle?
An index would be nice. I think people would feel more secure investing in an index.
invest in it as opposed to day trade
Please don't talk about it.
I can't even watch the local news, without people talking about the 'crashing bubble'.
NOS/RTL talking about BTC becomes increasingly cringeworthy
Yeah, I hear people saying that crypto is dead. It's crazy considering how many partnerships there are and how entrenched the tech is becoming. No one seems to be interested in reporting on that.
The media are always looking for something to say. They don't really care what as long as they get views – and of course money.
Yep, everything is made as dramatic as possible in the news.
And never forget that media also uses their influence to control the market and to take their own profits out of it...
Yup. The funny thing is that what the media say about Bitcoin's price determines the price...
I couldn't agree more. All media outlets are setting the panic in. Keep cool and with a diversified portfolio this will even out in the long run.
I'm hoping I can find fiat by then. I've been really looking at re-investing at these prices, but I can't break my dedication to the "only invest what you can afford to lose" rule.
And honestly, my background is in Forex.. Not Cryptos, however I was looking at the charts and it looks like we are finally entering into oversold territory with some sharp jolts up from the bulls. For example LTC dropped to sub $100 levels but shot back up to around $130 rapidly.
This kind of behavior paired with being oversold indicates a strong possibility of the bulls gaining control and we are seeing this across the board.
What is Forex?
That is the same as crypto exchange but for currencies.
It may not turn around until the summer. But it is good to buy now before it goes up again whenever it does. So, people should probably jump in now before it is too late.
Yea. I'm new to this and happy to patiently let my investments grow. I bought in November. Stumbled in right after BTC crashed 25 percent and caught all of that big upswing, mostly from returns on alts. Then I didn't have any more money to buy more coins until BTC had dropped to $12k USD. So, I'm way up on my first investment, down on my second investment, and about even overall. Am I lucky or is that normal?
I fully agree @reidlist
Good prediction lowest it has gotten is $7,796.49, of course nobody knows if that was the lowest it might go down further, but anyway right now it is above 9k.
This is it.
I am learning more about ICO.
At the end, steem is the coin to look in a different way.
This is great to see steem handling itself very well compare to the coinmarketcap.
Keep on steemin'
@exyle,
I can remember you said it few time back! It was a wise idea and I also did the same! HODL is something different. Make moves with market price is something different too! After all we HODL and as you said patience is the key!
Cheers~
Mark you played this last UP move like a Violin......Sweet Music when you took Profits off the Table near the Highs. Now that we are looking like Blood in the Streets you are getting Hungry to get back in again. Rare like a nice piece of BEEF. You will have such a FUN ride when we turn back UP. @exyle
I totally should have pulled out. I'm not too upset, because I was always dedicated to leave everything in for 1 year for tax purposes, but if I would have pulled out early January, taxes or no, I would have been very happy.
@exyle Most coins are certainly looking ugly at the moment but that is apart of the crypto world. It is a constant adventure with plenty of bumps. Thank you for everything you do for the Steemit community. I invite you and all who read this to stop by and join my contest called "Together We Build 4" Winner gets 10 SBD it is a great way to interact with others and help build our Steemit community. Thank you.
All bitcoin sold and waiting for it to fall of the clife.
Are you going to buy back in?
you hit the nail on the head, good post, get ready to buy the dip i follow parabolic trev on twitter and he calls the dips and highs very well
Nick
Certified Bitcoin Professional
This downtrend was definitely due. Hoping it weeds out the bad coins and the good stuff (Steem) takes off soon.
It's pretty brutal right now but I think it just has to be with an immature market. People are inexperienced and allowing this downtrend will show how much these coins are really worth according to the value it provides, as opposed to hype and speculative investing.
That's why I have put a lot into Steem (even though the prices goes down shortly after buying). I do hope things settle down and go back up, but I don't think I can control it. For me, the best thing I can do is just focus on my Steem account and improve my writing. I don't want the crypto market to stress me out. Just focus on yourself and your skills.
The FUD is real. I'm seeing news articles that are spreading news that has been debunked for weeks. This is such an opportunity to buy, and I wish I could. When price is tanking because you have bad news coming out, but you know that news is fake? That's a golden opportunity.
This is a good mindset.
"It's pretty brutal right now but I think it just has to be with an immature market. People are inexperienced and allowing this downtrend will show how much these coins are really worth according to the value it provides, as opposed to hype and speculative investing."
very good comments and we shall wait and see, crypto is very new and only dec 2017 saw some mainstream adoption
Just a friendly tip @nickwalshblog...
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Best regards.
Peace.
Good work done ...am actually impressed about the steemit notification app, this show how broad steemit is becoming
Glad you like the app!
Will be amazing when the Android version gets released haha.
Is there a Busy app?
No idea haha. This app on iOS is called Steemify 😸
Unfortunately Busy doesn't have an app yet, so I just saved their website as an icon on my home screen.
Please what's this steemit notification app he is talking about??? Really interested in knowing .
It's called Steemify for iPhone.
It isn't pretty, that's for sure. I am watching keenly for the right time to buy in as well.
The good thing is the long term trend is still way up!
There are plenty of humans dont worry about that! :O)
This article was super eye opening. It makes so much sense to hold it as fiat and then buy once it goes down again. I wish I would have done that in the first place. Especially when BTC bubbles to over 19k. I'm hoping it reaches up there again. For now I'll just hold what I have and then take your advice.
that post i still remembered wow your words were 100 % gold still nice :)
i am holding and diversified everything
Executing that plan perfectly here too no more FOMO only HODL :D
While BTC is going down, nobody will be fearing missing out of losses.
Like the movement of cryptocurrencies we should move and shake our portfolio regularly and I think it will help on volatility to stand out and avoid sticking on some old investments.
Thank you for making it awesome.
you shared this way back and your experience is really amazing with crypto that's why always tune in first to check out your vlogs
Congratulations on timing your moves so well, I could see the possibility of what was going to happen but didn't have enough certainty and I've already decided my plan of which price I'm going to hodl to
My favorite quote - "The time to buy is when there's blood in the streets." (Baron Rothschild after the Battle of Waterloo) What will be interesting is to see whether any cryptocurrencies (like Steem) manage to de-couple and provide refuge in the storm. Right now, it seems like a downtrend for 1 cryptocurrency is a downtrend for all cryptocurrencies. That seems to be more a sign of market immaturity than any ironclad rule.
It's a very famous quote. But this is not blood in the streets yet. This is just a hefty correction.
We are against Rothschild and we are in money storms now as the dollar dies.
Patience is key.
I've always said that if anyone wants to invest in cryptocurrencies, Bitcoin is still a standard item of every portfolio – but it is no longer the onliest asset.
In every well-balanced crypto-portfolio today you find other coins, like: A good starting point to put together your portfolio should be the website coinmarketcap.
Thanks to steemit. It could be a good place get some fiat indirectly without pinching your pocket. The best thing I can advice crypto investors is just get a steem account and learn to write and more importantly, improve in writing.
May I ask @exyle, how long are you going to be patient?
I bought Cardano today. Gradually like I always do.
Awesome notification app! Been needing this for a little while now!!
Glad you enjoy it!
steem even at this time holding strongly in this bearish market this is good news for many of us :)
Yeah, it has held up surprisingly well. Ethereum was doing great too, but it ended up taking a hit later.
Excellent video friend and i agree with your thoughts, i also like to mentioned that such dumps are part of crypto space and we don't need to feel panic in such dips in fact we need to hodl and buy more if possible in such dips and we surely see great results in near future, wish you all the best in all of your future endeavors! friend Stay blessed
Yes, I would love to be working full time right now and putting money in weekly.
So far this downtrend is new for me. I only saw things are going up. The last days it is not that good into crypto world.... But I trust it will defenitely be better soon. Spring is coming and then we will have STEEM summer.
Downtrends are part of crypto as much as uptrends. A Steem summer sounds nice :)
Sitting on one's hands is difficult for most. Chasing price is easier for most. I share your strategy, but lack your experience. Nevertheless, I sit. Though it makes it hard to type.
LOL!
That was very well explained for someone who has even less knowledge than myself ,a very well explained reason why you want money back in fiat (regular currency ) so as to buy more in the dip cycle .Thanks you may have given me inspiration for a future post similar to this .
Thanx for sharing. Well this is a bumpy and painful ride but have to hold our emotions. Fellow steemians just be careful before you guys sell anything. Exyle is right. Patience is the key.
i don't think that right now is a good time to sell anything at all, actually ....
I agree. Unfortunately ppl are selling right now and thats why I wrote please be careful. I am actually slowly buying right now and I wish I had more money.
great
Not fun stuff on the market. Especially for people who entered when BTC was at 20,000 marks.
But It's nearing the point to invest more. I saved some fiat for this moment.
I started buying back already... might have jumped the gun slightly, but rather early than late. Great call moving to fiat when you did. I was probably late not early on that end.
My plan is a little diferent since I'm still building my portfolio on crypto! I will hold all my crypto and continue to buy small amounts every week to average the price!
nice strategy...it is good to cash out when market goes parabolic and buy back when it crashes...
I Think steem is more stable than any other crypto. And I think that the steem community can be proud af such... It gives more meaning to "Power to the people"...
Totally agree with you, now we all need to gain maximum patience, that would wait for a convenient moment. Of course, when you see the reddening of courses on the stock exchanges, there may be a desire for ill-considered actions, but now it is better to wait, although the Steem demonstrates better stability compared to other currencies and it pleases! Thank you Mark.
I think converting to Fiat is really a smart move and I must say that the conversion is gonna be huge from what you just said about your crypto holdings growing 10x
You know I never thought about this until now...Gosh ,what have I been thinking. I think it's time I convert to Fiat as well.
I wouldn't say this is scary coz I have nothing to fear when it has to do with steem. Indeed steem has shown some level of doggedness which makes us all more confident in it.
Yes , steem is still way up , and I think that steem will be stronger in this trend.
I'm just watching and singing a little song: "HODL, HODL, HODL!
I'm impressed with steem too. Its growing every day making it a very good buy! Good post!
You are really awesome @exyle
Great blog Well done @exyle
very nice
excellant writing @exyle thanks for shareing this
Patience is really the key here. Like you said
I've made this mistake all my time in crypto, failing to plan for the dip. But lesson learnt
https://steemit.com/nsc/@mirzasteemit/vote-suggestions
wow nice
I'm trying to take this downward trend as a chance to re-evaluate my crypto investments on two aspects: (1) is it easy to see the actual, real-world use case? and (2) what problem can the currency/network/blockchain solve? If I take an honest look at some of my coins, and I don't like the answer for those 2 questions, I'm holding out hope that they go on a bull run before too long, and I sell them off to re-consolidate into the ones I'm most confident in.
Wow excellent post at wonderful platform. Your @ exyle blogs are beneficial for the steemians and your writing style and explanation are amazing. Thanks for sharing nice post. Keep it up and stay blessed.
The fall is going more than we expected, but selling at this point will be great lose to many, I think Feb end will be much better
Every time shenanigans like this happen, I just close my eyes, and remember 20 years ago, when first webshops appeared, all the banks were screaming that every payment made online is a scam and that they, the banks, will never accept that as a payment method. Then I open my eyes and pay something with my crypto, because online banking is getting old now. The market will get at least 3 more zeroes after the banks decide enough commoners went out of crypto! Keep calm and HODL! :D
Just be PATIENT...Myspace ist comming back. I PROMISE!!! :D
Nice post beautiful presented and explained. detail oriented with nice information. thank you for sharing