Major crypto crash today, all my holdings are way down, and SBD is way down...but I've decided to ignore it and actually accumulate larger positions in all the cryptos I hold.
I am no better at predicting specific price movements than anyone else, and I have no predictions. However, at this point i still believe in the "concept" of what's going on here, and so I am considering this an opportunity to buy more at lower prices. If you take this approach, the view is that "everything is on sale" right now, and there will be even bigger gains to have in the future.
I AM NOT randomly and possibly irrationally saying "prices will go up forever!" I don't know that and don't have the technical knowledge to make that case from a technical perspective. However, at this PARTICULAR time, I am going to buy more and HODL.
Thoughts from others?
Good for you. Given how much they went to, right now is a good buy.
Right strategy...
Your response to the crash reminded me of this video.
As a political comrade, I’m wondering if you feel as weird as I do even using all of this trading language? This is all so new, weird, and exciting to me. In any case, I’m doing the same. HODL, as they/we say!
Not really, my background is business, I have an MBA! Feels normal, just new in the context of crypto.
umm bt risky
How do you think people earned their wealth? They bought when the prices were down, and then sold when they went up. The only risk is buying in at too high a price.
However I find something very funny. People on one hand have a faith in a bright orange & pink future for the bitcoin, but on the other hand they hope and do their best to succeed in getting rich in DOLLARS. So who reigns supreme, the Dollar or the Bitcoin? If all people are into bitcoin just because they are high on the dream of cashing it out at the right moment in dollars? More specifically, its not the desire of "making a better word" through eliminating cash and redistributing wealth in a more honest fashion, but rather its a speculative effort, by no means different than any other speculative efforts such as the TULIP Bubble in Netherlands in the 1600's.
All it takes for dollars to become worthless to crypto buyers are two small things, that are in development by multiple companies as we speak. The first, gateway/escrow/merchant services as widely adopted as Stripe and Square. And two, stable crypto currencies to trade against. Once those are met, the dollar's value will drop fast, as the fed keeps printing money, and less people keep using it. In the meantime, the money invested in crypto is simply betting on this future.
Everyone bringing up the tulip bubble fails to understand a simple thing about tulips, they are perennials which multiply once planted. So it was only a matter of time until all those planted tulips multiplied exponentially and created mass inflation and over supply. Cryptos on the other hand are not being inflated exponentially, and most have a cap on the max supply.
With that said, there are a flood of new shitcoins being dumped on the market and the ICOs are getting out of hand. But if you do your research and have a good sense of where the future is heading with the internet, blockchain and cryptos, you should be safe.
The best comparison is the dot com boom, most of these cryptos will fail, but a few will rise beyond anyone's expectations. We live in a world owned by what the dot com boom started. That world is going to erode and blockchain and crypto will replace the companies that don't move with it.
quite nice answer @theferalone ..we will see...for the moment there is no stability in bitcoin trading, its just another speculative asset that's being traded. More than that, paper contracts (futures) are being issued and played- should I say - gambled on Comex. The "club", "boys", wolves of wall street or whatever you wanna call them, are with their dirty hands up their sleeves into this affair. Don't get me wrong. All my respect for creators/inventors of this mathematically delicious concept of crypto. But when it comes to translating it into practice, creating a better world where the tiger dances with the deer --well, lot of water is still gonna flow down the Mississippi till then...ho, ho, ho, Merry Christmas! (in a related news) :)
I agree, bitcoin itself is very dangerous right now. And unfortunately, it's price dictates the rest of the crypto market. I'm not a fan of wall street and institutional investors coming over to bitcoin. We'll see how this plays out. Never invest your rent and grocery money :D
HODL that shit, but I wouldn't invest all my chips today. This downtrend may last for some time.
certainly not making any massive moves one way or the other
Hold everything you have David. This correction was needed after the huge bullrun. 2018 will be a great year for cryptos.
I hope you are correct!
That's what the crashes are for! Don't be a newbie and panic. Instead BUY. The cryptocurrency market is here to stay. It is the future.
Even if you can't/don't want to buy more, certainly not selling is a good idea
Yours is logical thinking... I am snapping up Ethereum.
Agreed!! I said this a few days ago when it was rising, HODL!!! Buy some more!!! lol remember to invest what you can afford to use!!!! Steem on !!!!!!!!!
Onward we go
Hell yea!!!!
Hey David. I'm holding too. I believe in the project and will only be buying more when the price dips. This is a healthy market correction (imo) which will lead to more growth long term. I wouldn't be here if I thought it was a bad investment. Happy Holidays.
Pre Christmas buy one - get one free sale. Hurry, this offer won't last long
Hahaha.
You've got the right idea! A lot of people are selling right now, but for what? Things are bouncing back as we speak.
The Top 100 will go back up.
Corrections happen.
You might want to hold off another hour or so to make sure the bottom has really been reached for the best deals.
I'm in the same boat. Glad I did cash out when it was high, but taking it as opportunity as well. The markets are so young.
I see you also learned from School House Rock:
Buy low, sell high
Take your piece of the pie
That's walkin' on Wall Street!
I agree with you sir that You are not selling now the SBD it's the point I think it will be grow up from the next year it's my opinion but anotherhand it is true that it will grow the high price obviously.Thanks for your buying crypto and Wish you best of luck.Thanks for sharing your valuable opinion for all steemians.Again thanks@davidpakman.I am waiting for your next informative content.
Good post information brother...
U're the best... ✌
I cashed a little bit of steem out a couple of days ago to pay an overdue phone bill. In the process I had about $100 of litecoin left over. That's my first non-steem crypto holding. Of course, I ended up getting it at its peak, but I'm not even considering selling it. Wild swings are standard in crypto, as far as I can tell. I fully expect it to go back up fairly soon. And if it doesn't, I'm not too worried, as it was all 'free' money from blogging/curating here on the steem blockchain.
Oh David! I'm so happy to see you dealing with this like a seasoned pro... im getting messages and phone calls of friends freaking out... this is normal, we started the month with a 10k btc, people forget that.
Im going to buy the dip as they say.. and HODL!!!
I think it's pure luck, pure gambling. No one can know about it. Anyway, I am in. HODLing for at least three years :) What goes into my Ledger Nano S, stays there :)
when I entered in the crypto world, it's all or nothing.
The best course of action was to sell the cryptos for USDT and then buy again when cryptos were down.. i missed that window. Now i have to hodl them all.. cant sell them. Dont have fiat to buy more now when they are down.. i am like a rat in a trap now..
But good on you that you can buy more..
If I had any more fiat @davidpakman, I would be right there with you.
As Buffett says, when things go on sale, buy.
Cryptocurrencies are 30%-40% off today. It might only be a one day sale so better get in while you can is the motto.
I think you will be well rewarded for it.
I am buying more as well... looking at this as a sweet holiday sale to take advantage of!!
Capitalist pig! Exploiting weak hands.
Jk, I'm buying as well. :D
Frankly I would watch for the rebound before the bottom falls out. A lot of people convince themselves they are smart on the way up in a bubble, and find out the hard way they weren't.
I'm still really skeptical on the fundamentals of BTC to value it like it is. STEEM, Musiccoin, etc. Coins that have real use and value attached to the concept on the other hand, I'm still really excited about.
I think you are right to be buying while all these are dropping. All the big fish are going to start buying again to re-inflate the price soon. Many traders get caught thinking small when they should be thinking like the big boys. Traders find themselves scared to take profits and scared to risk a lose. In a constant revolving door of opportunity costs. If traders understand that people are taking profits and that those same people are going to start buying again to start the "buy low, sell high" cycle again they might be able to trade like them. I don't think that there was a crash, that this was more of a correction. We also need to understand that these markets function like regular marks but at hyperspeed and are further influence by the social-economic aspect of our society.
It seems like an obvious position to me. If only I had something I could invest right now ... :-/
BTW I went to re-check you out now that you are on steemit. Watched a video on political correctness, very impressive.
Excellent moment for buying as FUD is hitting msm.
Volatility is king (or queen)! Ah yes, never a dull moment in crypto-land.
I would agree with you on this. I'm holding as well and not selling. I'm still building up my SP because I still believe in the platform and will continue to do so. More power to you man 👍
HODL HODL HODL!
I'm glad to see your optimism.
You're a smart guy, and I view membership/patreon/etc. as a way of paying you to think for me. Saves me a load of time.
Investing on sbd is a clever work when your a clever man coz It ups and down rate is so fast like hell.. damn... Love you steem....
As they say, buy low, sell high. Emotions like fear are only going to cloud intuition and good judgement.
There is still a lot of space down the green line, if not the lower red line:
I will buy only at 8000 to 5000.
I have nothing for you but only good luck.Good luck.
Having seen a need for some other cryptos during this, I've taken your direct financial advice to heart and invested further. Question: Can I convert to Cultural Judaism?
Yes! Vote & Follow! ;)
I don't understand why no one thinks there is stability. The market just tanked, the alt coins recovered, and bitcoin climbs back up. Those are some big signs of stability. In 2014 when everything fizzled out, the alt coin were the first to go and bitcoin slowly faded away. That does not appear to be happening...
Good for you!! My husband and I were watching the whole thing and reading the meltdowns on Reddit :D ...I don't get it! If you believe in the tech, you know the dip is temporary. I do love a good sale ;)
Buy or to sell - the hardest decisions when participating in markets. Right now it's a buyers market.
In btc there are no crashes anymore.
There are only people deciding to become millionaires.
My sentiments exactly and exactly what I did.