My name is Matt and I'm here to help with some humble advice as someone who's been around for a while.
There is no need mock Steemians on their platforms right now. Treat others with respect and class. We don't need enemies or our reputation tarnished from this arrogance. Ok, with that out of the way...
Resist the urge to capitalize with jubilant posts about price or volume. Hiveans NEED to make rational decisions now and won't benefit from an outpouring of euphoric content about exponential activity. Not everyone here is a crypto expert, and they can unfortunately be influenced. Add value, not redundant hype.
If you have any intentions outside of holding HP forever, don't be afraid to sell or trade. Greed often comes in the form of holding too long. It's ok to protect your investment and/or diversify. Less than 1,000 HIVE can get you .1 BTC or 4 ETH right now. That's astronomically more than 4.5 days ago. Don't let greed blind you from golden opportunity. If/when Hive corrects, you can even increase your holdings to feel good about taking advantage of the situation.
Panic buying often leads to a worse kind of panic when sellers take over (typically right after you caved in to buy). We all had those moments and they can linger. Please weigh out the benefits of being rational and patient vs emotional. If you didn't buy before when the price was $0.08-$0.12, why would you buy now? Hive should be around for a while. You'll have other chances.
What goes up, must come down. Hive didn't just cure cancer here. There's a new Asian exchange listing with a buy-Hive contest. We all want more wealth and value, and nobody knows were the top will be, but don't be surprised if there's a big drop when the contest is over...
I tried find a smaller and less dramatic version of this gif.
Plan a stop loss. Don't panic sell. You only incur a loss IF you sell your HIVE. It's simple and obvious, but people routinely forget when under stress. I still remember panicking in early 2017 when typing in the volume to rebuy when I tried my first short on a huge dip, and the price skyrocketed right by me. My mind and fingers would not function. I then made 2 more embarrassingly dumb moves to try to save myself and it cost me a ton.
Crypto is chaotic. This IS chaos. Narratives and theories to rationalize why this may be a fair correction from years of suppression are best on the back burner during these times. Keep it simple and stick to the facts. Your gut may tell you that Hive will be the next coming of Christ, but this recent price tidal wave is way B.C..
I tried find a bigger and more dramatic version of this gif. Haha.
Maintain business as usual. Create quality content and engagement to show our value. If a fraction of the Huobi crowd actually powers up with new accounts, they'll be looking for people to follow. Hype posts have always turned me off, and could turn away investors who are likely fearing a pump and dump right now.
It's noble to keep all your Hive powered up, but it's also wise to keep a liquid reserve for rare situations like this. You'll rarely hit the top or bottom, but you'll have flexibility to gain more than if you had it all staked. Paper profit means nothing. That's how we get credit bubbles.
PLAN. Adjust your plan as you get more information, but stick to it as best practice. Sometimes you can loosen up a bit, but good planning and execution often wins in the long run.
Stay grounded. Hive was just launched and was a near clone of Steem, which struggled for many years. If we're finally on the right track, it'll take time to build a stable base, price, and attract hundreds of necessary devs to bring this more mainstream. If you gained 500% this week in account value, pretend you didn't because it's just a snapshot. Remember where we were less than a week ago. Also, don't blame and resent staking for restricting you from realizing any of those gains if you're feeling stuck. Most people chose to power it all up to maximize curation rewards. Simply plan ahead for the next time or be at peace with the nature of this "beest."
I'm trying to help anyone who may connect with this. I've made my mistakes, and will make more, but we should help each other when we can.
Have any other idea or suggestions? Share your wisdom!!
Thanks,
Matt
Tell em Matt!!!
Steady hands are all we need. And just keep producing till the real next wave(100K BTC) comes, we'd all be rewarded for the patience and work we put in.
Wise words! A listing/air drop is great and all, but we need to be honest about how little it does for the fundamentals that really matter, such as new accounts, new stakers, and adoption in general. I would expect some bump from an accessible liquidity standpoint from a new exchange, but the rampant speculation built atop an airdrop. FOMO
It's fun to see an Aston Martin sized hive balance in USD, but for now it's just an illusion.
Huge props for the reblog!! You're right on point with what's actually important here once the dust settles. t
Any plans on what your AM's license plate would say??
What about FOMOHIVE?
Josh - you are wise and have a backbone. Please calm me down...
https://hive.blog/manipulation/@steemmatt/huobi-s-unethical-hive-tweet-endorsed-with-hivean-moon-talk-is-very-upsetting
I would just shrug it off. It's not happening in a jurisdiction that I care about (US customers aren't eligible). From what I've seen, this kind of gimmicky thing is normal in the Asian markets. Hive should be resilient enough that some exchange off in the corner doing some weird shit with some tokens shouldn't faze me. This could also be cover for some Steem holders we know to dump some tokens with some exchange help. In any case, it will settle back down soon, and the longer it stays inflated, the more chartists will look at it to determine what is possible.
Just going to sit on my hands. My cost basis for Hive is zero, the minute I sold some, I'd be paying short term capital gains on the entire sale price. Sure I could possibly trade in and out and pay my taxes with fiat, but I'd rather just stick more fiat into crypto and not worry about it.
I'm actually going to sell and hold the usdt until the price corrects. I'm no expert, nor have I experienced anything like this, so I don't even have an idea about how long this price spike will last, do you?
Also, how are you doing?
On the whole, pretty sage advice, I'd say.
The main message I'm giving myself is that I am in this for the long haul... meaning that I view my investment in Hive as a long term savings account not as a way to make next Tuesday's pizza money. I think a lot of folks around here would do well to take a long term perspective...
Thanks. I was always for the long haul and never powered down until the Steem takeover. No regrets.
I lost a lot of faith in DPOS and some of the key leaders, so I do have short-term goals to top off my main holdings to my target levels.
My mindset was forced to shift, but it'll return to a longer-haul hold over time once I reach those goals through fiat and some run-off here while the ratios are so lopsided.
I have the same feeling when the contest is going to be over! But who knows, maybe we will assist in something really incredible!
Cheers for the info, Hive was my first investment ever. I put 500 australian in when it first started at 22 cents a Hive, I never considered something like this would happen.
You provide good advice. I will stick to the content, the entire reason I'm here. The crypto and the possibility of making some money is an added bonus in a fantastic close-knit decentralized community.
lol just after making a comment to @ausbitbank on Steem saying take your profits while they are on the table I see your post re-posted by @joshman
I am glad that at least one person agrees with me : )