Anyone tired of this downslide yet? I am - it is far more exciting when things are going up because people are more excited - but, it is the way it goes and there is not much to be done about it.
One of the interesting things I have seen in the media of late is how much influence Elon Musk has over the crypto prices, able to make things moon or dump on a Tweet. What I wonder is, who is actually influenced by Twitter? I think the answer to this question indicates the kinds of people who are getting into crypto now. Those who do not care much about crypto, they are just bored and want some easy gains with no work.
Maybe the bull market is done for this cycle, maybe not - but what actually changes? I was thinking about this in the morning and trying to imagine the scenario where we are back to the bear market and how I would cope with that.
While I would far prefer the bull to continue and to see Bitcoin at 300K and HIVE at 10 dollars, if that is going to be four years or ten years away, I am essentially in the same position I have always been in, as I don't live off crypto. Yeah, some of the things I have planned would be put on hiatus, but I will still have to live within my earning means as I have been doing. I haven't spent money in the hope of a crypto market upswing and the debt I have is manageable with the work I do mining fiat.
What would change however is likely my activity in some way, as since I am getting a fair bit older and greyer, I have other aspects of my life that I will have to focus on at some point, like my health. These things have suffered a bit over the last years, as there are only so many hours in a day and a lot of mine are spent living in the digital crypto space in one way or another.
But, this doesn't mean I have to go dormant either, I don't have to go into hibernation. One of the great things about crypto is that it is possible to choose the level of activity one is willing to put into the game, something that is much harder to do in the world of fiat mining. The amount of attention I put into it might shift for example from writing to trading, or vice versa, or I could look for various yield vehicles where I can act weekly, rather than daily. There are many ways to go and of course, I can do all of them if I choose.
The other thing is and perhaps this is more salient at the moment, I am not tied to a location to do anything, other than needing an internet connection. I can work from home, I can trade on the weekends, I can interact with the industry when and from where I choose. This is going to be increasingly important for many people moving forward, who will look to add additional income streams to supplement their more traditional incomes.
Even small amounts can matter in this regard, especially for those who don't earn enough to have financial investment availability. For me, this will hopefully come through various DeFi pool options, where I will be able to park my capital for some earnings, that I will then use to diversify into other tokens and projects. I am looking forward to being able to use DeFi pools to get percentage stake in business models that are more than just DeFi pools - What those will look like is still in the making.
Multiple streams, some passive, some more active, some very labor intensive - but the more the merrier. Hive for me is very labor intensive and has been from the start, but it has also been rewarding in many ways also, not just in the amount of HIVE earned. However, when people do look at the amount one of my posts get, they don't see the real work put into it, nor the risk.
Perhaps an analogy for it is a young actor looking to get into movies in Hollywood, where they are in drama school, singing lessons and waiting tables, while auditioning for whatever parts they can, hoping to get cast. Most don't make it, but for those that do, they no longer have to wait tables or go to casting calls, because casting directors come to them and for the elite, movies are built around them as actors, with parts written with them in mind. Not every movie they make will be a blockbuster success or even good, but the audience goes to see them because they enjoy the actor.
I used to teach English to a well-known local actor, as she was hoping to get more parts in English, rather than the Finnish parts she was getting. From what she said, it is a pretty difficult profession getting rejection after rejection in the hope for a yes, but the unknowing audience only looks at those who succeed, not at all of the failures.
When it comes to specialization in any paid field, there are always going to be more failures than successes. However on Hive, there are many professions and pathways to take and it isn't a winner takes all platform, as literally, almost every account is monetized on Hive. The level of financial return is going to vary due to a host of aspects, but anyone can earn something.
Of course, earning is guaranteed for those who invest, as powering up any amount of Hive will give access to earning from the rewards pool on curation to the tune of about 15-20% a year. That is a very high amount if looking at it in comparison to most investments, but a lot of people are too scared by the risk of investing into an asset that can go down, so keep their money in the bank so they get the sense that they are holding it, while it is slowly bled by inflation. For those who take the risk and buy at the bottoms, earn the curation percentage and look to a point that the token value is higher, they can do very well. Hive is the original yield farm, it is just that most people haven't see it in this way, until DeFi normalized yield farming.
It is interesting in crypto though, as people are quite greedy and want massive results on minimal investment very fast. But as I have said before, what were people doing before crypto and Hive? How were they making ends meet, if they are now relying on income from a volatile asset class? As said, this is a supplementary income stream and for most of us, it is unlikely going to be enough to be our sole income stream. So, rather than looking to sell at a peak, I reckon it is better to build a personal income model that is sustainable, with crypto, and without crypto.
If crypto disappeared today, I would be in an identical position I currently am tomorrow. I would be super annoyed of course, but my current living standards will not change at all. However, my future living standard "expectations" would adjust significantly, as I see crypto as the economic potential that I don't have access to with my current conditions and capabilities. But at the end of the day, even my future will be the same as it would have been, if I had never known about crypto.
The thing is, I do know something and once it is known, it becomes part of my considerations and actions, giving me more options. Knowledge is power in how that knowledge is used, but most people aren't interested in the information that actually affects them and instead spend their time entertaining themselves by avoiding work and life. Crypto has helped many people wake up, but a lot of people have stayed asleep, seeing crypto as "just another form of money" without recognizing that it is a vastly different animal and has far greater ramifications than just as a currency for trade.
There is a long way to go for the industry to mature and the cryptoverse has to grow in many directions in order to realize its potential. The market ups and downs are tiring and can create a lot of uncertainty and fear, but the markets aren't connected to the capabilities of blockchains and crypto, they are directed by the treatment of them as currency alone, like forex markets, with a great deal more volatility. Once the projects themselves start to matter in the valuation of a token, the entire industry shifts in a different direction, one where business value matters.
It might be this year, it might be ten years from now. When it does happen, where will you be, in fiat or crypto?
In for a penny...
Taraz
[ Gen1: Hive ]
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Thoughtful, as usual. I enjoy anything that gets me more possibilities than I had yesterday. Then every day I consider the possibilities and decide which pursuit makes the most sense that day. Investing in my own brain is part of the plan daily, because that is where most of my possibilities lie.
Investing into ourselves has to be the most valuable pursuit, as that gives us the ability to invest into everything else. Seems people are more intent on investing into nothing much.
!ENGAGE 20
This is so right. But remember it's human nature looking for solutions and happiness outside of ourselves
ENGAGEtokens.In ten years I hope to be around the 20,000 Hive mark, doable, as the length of time I spend voting commenting and posting varies, but with time the rewards do grow. It is pretty slow on obtaining Hive right now, but it still accumulates.
Will Hive still be here in ten years? Who knows, I thought I would be posting for 5 years on Steem, but that changed. One nice thing about the crypto world is just how flexible it is.
with 10K HP and getting about 15% curation return a year, you would end up with over 40,000 HP in ten years. Compound interest :)
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That will be a nice number and there is always the chance of greater curation returns, but I'll settle for the 7-9% I currently get, it is still better than a bank rate. It looks like I might just might make it to 10,000 Hive by the end of the year.
I think people need to forget about the 50% BTC drop before they re-invest.
That could take some time, about four years maybe>?
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It was interesting that iron ore prices dropped 20% in a week at the same time... Hardly a word about it. That is a massive industry and has global ramifications and involves geopolitical events.
Let's see if it dips into the 20s.
BTW I was actually JOKING when I said '10 posts a day on Hive'.
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I am going to go with 15, just to make sure.
I am tired of it. I try to ignore it but it does pervade into life a tad and when you Hive its harder to ignore!
It is definitely hard to ignore here. There are the benefits of the early information, the drawbacks of the continual FUD.
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I recently had a similar conversation with someone. We talked about the possibility of the internet crashing and all our crypto being inaccessible. This person and I depend on our crypto earning to a certain degree so this conversation seemed necessary. Even though the possibility of that happening is low, it was just good imagining.
We concluded in that conversation that as much as we trust the industry, we still have to have a physical business structure in our locale since jobs are not exactly forthcoming.
This is an excellent thing to think about.
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It has to be considered. I know lots of people who use their earnings in various ways, but I don't think anyone should rely on it and if they are now, they should be actively trying to find ways not to.
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great post, my thought process is very similar when it comes to the market cycle
indeed! good thinking
I am still looking for the real bull to start. There hasn't been enough hype for this one to end already.
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Same here but I can add a blurred vision to that. Did had to buy reading glasses. Strange how clear things become on Hive when I do wear them 😁
I still see crypto sort of retirement plan. Financially there is no need for a daily doubling up, but just like I wouldn’t mind this at all.
Getting older indeed means that automatically the priorities/needS/worries do shift. The oldest son here is turning 13 this year, so I can tell that these kind of thing do have a major impact on life. So be prepared. Suddenly, while this idea will last for ever, your daughter won’t be a little princess anymore but she will turn step by step into a woman. Just make sure that she and the wife are and stay priority number 1. I an always careful to make sure that I do see my kids growing up, even if this means that I need to sacrifice some of my career goals. Don’t want to be in a situation where I do regret not spending enough time with then!
Cheers
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!BBH
Because this is such an awesome post, here is a BBH Tip for you.
. Keep up the fantastic work
There are many good benefits to crypto yet I feel soon it will be regulated manipulated and controlled by the banks, elites and who ever else has power. Sad as that kills the real ideological aspect of it. As for me I welcome the downturn and hope it goes low as that presents opportunity to buy on the cheap at bargain prices.
It does - and it is all because of us as participants.
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Very thought-provoking. I've spread my risk out between cryptocurrency and more traditional investments so I don't feel the anxiety that I once did when the crypto market slides. It's been very interesting to be in the space as long as I have (2016) and to watch how it's changed as we've gotten closer to mainstream adoption. Although I'm happy it's gaining more adoption, I miss some aspects of it when crypto was younger and it was flying "under radar".
During the last bull run (2017-18) being involved in crypto seemed revolutionary, we thought it would kill legacy finance and free the world from tyranny. That is happening, in a sense, but just not how we thought it would. Each bull market creates new waves of people who are financially free. My only hope is these people who were liberated by crypto don't fall into the trappings of wealth but rather go on to do things that make this world a better place for our children and grandchildren.
A good read as usual, thoughtful and thought provoking. I am happy to report, if crypto falls flat, I will be in the same position I am now. Maybe with a little less excitement I expect. It has been a crazy year for bitcoin, it was a blast when it hit over 60k, jaw droping for me, never thought I would see it, yet in 2017?, I think it was, when it hit 20k I was just as excited then. For me, I am just glad that we got in early, thanks to my son. Our investment was nominal really. So I just like to watch it and I am enjoying the ride. It's nice to know it won't break me, yet the possibility is still there to become very wealthy.
But ya know what, even if I were to become really wealthy, I am not sure it would make all that much difference in my life style. I love where I am now, but it would be nice to be able to help streamline my kids and grandkids future.
Thanks for sharing your thoughts.
If it falls flat, I will be right in the same position. I don't and never had depended on it to live. I invested early and, of course, when it is up, it is exciting, but, I still look at it as Monopoly Money, otherwise, I would have quit work. :))
It is fun to watch it, but, it has always been so volatile, so unless I sell it, I will be riding this train.
I don't know enough about these. Can you point me in a direction to get more educated about them?
Thanks as always and have a great weekend!
Yeah I just wrote something about this. I mentioned you (you know I usually don't) cause I want you to check it out and give feedback.
My thoughts exactly, excellent post my friend
I’ve done my best to not rely on crypto for anything up until now, though I do plan on using it to make some life changing purchases or investments (starting an investment, buying a house, traveling the world). Anything I earn from crypto will enhance my life, not keep me fed, simply because it still is too volatile and I want to have multiple income streams. This has been a challenge over the past year but it’s certainly made me a different person, and for the better.
The Doge hot air gave the manipulators a juicy bubble to pop so they could buy in lower and boy did they pop it. I just wish it didn’t happen at the time when I was hungriest to take profits. Oh well. I’ll still be here for the rest of the cycle and next cycle presumably.
Same. No way I'm pulling anything out any time soon. Always want the opposite of what the TV tells you to want.
Hey there Taraz it would be devastating if the bull market was over as it would collapse all the theory around the halving cycles and the price predictions and trajectory. I hope your health is stable and like you I also don't ever really spend or cash out any crypto to survive...yet.
But at some point any crypto is only worth something when we can spend it on good and services. We will have to part with it like a collector of antiques or art who loves the item for itself, although in our case the item is only lovable because of the potential value it holds I presume. We feel "potentially" rich by hodling our crypto, even if we never actually spend it, and that in itself is a virtual opulence.
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