Hey everyone. So a lot of us lost A LOT of money overnight and I'm here to say that that's okay! That's part of the fun! It's a roller coaster ride on a monetary revolution that WE get to be a part of! That's amazing!
I can't help but notice how many people panic sell. We need to be patient. Panic selling is about the same thing as having a bunch of money, seeing its value go down slightly, so you throw it all into a lake out of fear. You may as well burn money.
Bitcoin is NOT going to zero.
Remember, Bitcoin went from 2k down to 1k. From 3k down to 1.8k. From 5k down to 3.2k. From 6k down to 5k. Fom 11k down to 9.2k. From 19k down to 13k. Now we see it go from 20k to 12k and we freak out and sell? Hell no!
We're far from the finish line. We've seen this pattern before. Let's all take a chill pill and be happy for the discount prices we're getting.
I personally think this drop was a result of a big banker selloff which caused some panic in the markets. But that's fine. We continue to build and the demand gets bigger by the day.
On top of that, the options with altcoins gets more and more amazing all the time!
This game has just begun!
Now there are some serious problems with Bitcoin lately that need to be solved by the Lightening Network as soon as possible. A few months in the cryptoworld is an eternity as the market's infrastructure grows all the time, leaving that which is antiquated in the dust. So in a market based on competing currencies, application, demand, scarcity and you name it, the transaction fee and wait time issues need to be solved. Seriously. This it a MUST.
So I hope Bitcoin Core gets on with it and shows us this apparent fantastic network they've been telling us about for too long already.
I have hope for it, it's just a little annoying when businesses across the board have stopped using Bitcoin and are looking to things like Bitcoin Cash. Kind of hard to explain to a newbie why Bitcoin is so amazing only to tell them to cash out and into something else. Or convince a business owner to take Bitcoin only for them to have countless issues and then have to convince the same business owner to get into Bitcoin Cash or Dash or EOS all over again. It's frustrating, but we're well on our way regardless. These problems will appear very futile and tiny further down the line. We will laugh at these issues one day, just like we laugh at the notion of dial up internet today.
So hold on to your boots. We've got a long way up the mountain and I don't see the top!
People buy the tops and then sell the bottoms. Classic.
I know, it's hilarious. I'm watching the market history and there are people selling 10 bitcoins low. What are they thinking? XD Oh right, they aren't.
Lots of newbies. It is a learning process. But I won't be missing any more 5x 3 day periods ever again!!!
I believe what most people assume to be panic-selling is just big margin traders getting liquidated on large exchanges like Bitfinex. The only investors panic-selling are the ones that took out second mortgages and CC loans to fomo-buy during the hype cycle.
This is just a buying opportunity! Beep beep beep loadin up the truck! Up voted and resteemed!
True. Shame I have no free $ ((
I hope the prolonged calm in the price has given you a chance.
Haha exactly. Thanks!
Thanks @joshsigurdson
I see this a gold opportunity for people to strengthen their position in cryptocurrencies. People who're here for the long term will realize this.
I absolutely agree. I was actually a bit concerned that we weren't seeing any massive corrections. This is all healthy. :)
By the way, I joined steemit 4 days ago because a video I found on YouTube for you during my research on cryptocurrency.... I mentioned your name in my introductory first post :) So, Thanks for letting me know about it.
Looking forward to checking out my hodl portfolio on 12/31/2018 and 12/31/2019 as we go mainstream and the coins become more useful. Particularly litecoin. Big big future and so so undervalued.
Christmas sale on all your favorite cryptos. Grab now before they go back up.
Hi ,
Nice work sir
Surprised you mentioned BCH over LTC as the first alternative. LTC is already set up for lightning and atomic swaps too. Definitely was a scary morning but have to remember this stuff is the future. Resteemed.
Why only LTC over BCH?
Dash and Monero are also better for the role of petty cash than both BCH and BTC.
I really don't get why the fuss over BCH. Can't see the advantage on that coin.
BCH is a joke. LTC is waaay waaay waaaay cheaper. Why not buy the cheaper better coin? Give me a break. See you at $4000. HODL Litecoin.
Not in any order, just mentioning what the market seems to be showing. I personally like EOS over all the other altcoins.
I'm loving this dip. We've only seen it a million times before at the same percentage rate, it's just bigger numbers now so it freaks people out more. This is great for newbies to get in and see a substantial opportunity.
yeah I think this has happened 6 times in 2017 ALONE!!! Amazing! The next surge is going to be ridiculous. HODL HODL HODL. Would be crazy to even try to trade at this point it is going to get so insane.
Everything is popping back up before anyone can even move their cash to coinbase. I had another $50k to invest but only got $500 in at the firesale prices. Once everyone moves their cash everything will be above old highs and people will just say WTF and buy in anyway. LOL! These dips are getting to be more and more of a joke on the way up to x100 gains.
Nice article. I would also be interested to know how this affects miners?
I have never mined BTC, but other coins.. thx.
Well the difficulty is just getting worse and worse... so fewer and fewer coins. Less inflation means ever greater spikes. These things are basically a reverse pyramid scheme.
Thanks for the solid advice.
Dollar cost averaging is one of the tried and true ways to make money on long term investments. Buy low and buy high, then sell later when its even higher!
Honestly I would just say plow the cash in as fast as you can or you will miss the rocketship in 2018 and 2019. At least this was an obvious time to buy in unlike the last few weeks.
Some people just sold some of their BTC before Christmas for fast cash. Gifts still need to be bought by old currency. As said by a few here, it 's a great opportunity buy more of it.
Yo joshsigurdso, very interesting read, thanks you for sharing it!
Good post Josh - but I think most have already bailed only ones left are us diehard fans )))
It is that December holiday pump and dump. All month with the pump. And now everyone sells to do last minute christmas shopping. It will be okay. Just gotta get through the weekend and it will soar again.
Hopefully bitcoin to the moon
😀
The one that controls his emotions, wins.
As market cap increases it will make it harder to cause massive waves like this but it's going to be a wild ride in the mean time but your not seeing 3000% price movements like we did in the old days
Best advice is to buy in small amounts over a few weeks and hold as you can't really time the market.
like your post.thx for bro
I love this post just got informed now abt bitcoin price wish i have money i would have bought some and hold
thanks for the encouragement...
one more point - a lot of marketers just fix their profit before the end of financial year
Nice simple run-down of the bear moves we have had in bitcoin so far. Knowing a financial instrument's history and its price action characteristics certainly helps with making future decisions. Taking into account the price action history of bitcoin I would not be surprised if it goes back up to $20,000 and beyond.
Nice article Josh, just getting into bitcoin and cryptos I'm having a hard time deciding when to buy, will it go up, will it go down? who knows, not me haha. Knew I should've bought this morning when it dipped below 11k!
Nice write up, it helps for newbies like me
The way I see it...
If you were planning on making QUICK profit off cryptos, your panicking right now.
If you were planning on making profit years from now, your enjoying the sale right now.
If you were investing in the technology because you believe in it and don't care about the fiat price, your laughing right now.
So the question is, which category do you fall in?
I this is what I also thinking aboout. Should you are a real investor for cryptos, there is nothing to worry about, just like what the author said.
Bitcoin, Litecoin, Dash, Ethereum, and Monero, that's all we need.
Oh, and USDT (I saved a lot of money last night thanks to Tether).
Some great perspective as usual @joshsigurdson, thank you. In a way I panicked yesterday. How that? Well I didn't sell, I actually bought, but I bought on a small scale. I was scared to dip more that what I did into the pond.
I really should have been confident in the dip as a gift as you so eloquently say and backed up the truck but I did the "panic sell" version of buying. Perhaps there are others who relate to this scenario.
I guess I shouldn't bee to hard on myself. I lost a lot on a leveraged trade on EOS which I held on top of my core position and perhaps that salted my water a bit. Perhaps I should still be proud of myself for buying at all. In fact, yes, let's look at it that way!
Thanks again for the constant stream of useful and relatable information.
I bought Litecoin at 180 today, now it's back between 270-290
At least with this dip, some of my friends who were waiting for a dip can jump in at a lower value before it goes up again. This way they can benefit, and hopefully newcomers to crypto can see that there is no need to panic. Some will opt out and jump back in. But I hope for everyone that they won't panic sell and lose out, that would suck.
I was soooooooooooo close to panic selling. I don't think I have what it takes for speculation. Articles like this helped me calm down, thanks!
Hey @joshsigurdson,
this is a nice christmas gift to everyone. We should celebreate this and buy some ICX ;)
Thanks for sharing your thoughts.