On days like this fear and anxiety would have pervaded my entire being. Seeing one's portfolio drop by 20% or more isn't any joke and the thought that this is just the beginning of a downward trend would only send more shivers down my spine. However, now I am a bit indifferent.
Everyone who has been active in this sphere for more than 4 years would have seen through the nonsense that happened during the bull-run. We all knew it was not sustainable. A lot of what was happening did not make sense. I had an opportunity to cash out and I did. Got enough capital to start another side hustle, but that wasn't enough considering we are currently experiencing a global financial crisis. Nevertheless I am glad I made that move.
Crypto like many other things in life is risky. Earlier this year we had the LUNA saga, now FTX, who is next? Solana? There is no surprise. I will say it is expected even. It is the aftermath of the bear market, and global financial crisis. Even bitcoin isn't immune to its impact sadly.
Profit seeking at this point is not only dangerous but also stupid. Your major goal as an investor of any kind is to stay afloat. Resist the urge to dabble into any new or risky ventures. Save as much as you can in assets you believe in for the long run and avoid losing your current wealth.
Even though 2022 has been a terrible year (so far) financially, I am glad of some of the decisions I made in 2021 during the boom. Yes, my business plunged me into debt but that was my doing and I am managing the situation. I don't know what my faith would have been if I stuck to what I was doing for the past 3-4 years. Maybe I would have been forced to believe that this financial crisis would be over soon.
I am still waiting for things (coins) to become really cheap. Hopefully I will be stable enough to start filling my bags. There is no rush. I have the next 3-5 years to get things right. As much as this whole situation with the global economy and crypto is worrisome, it is still a huge opportunity for many people like myself.
Crypto is going to go through some restructuring. Certainly more regulations are coming to this space, no one can tell me otherwise. It will no longer be a play thing for pseudo-entrepreneurs and technocrats.
There are so many things crypto/bitcoin has promised and has failed to deliver and won't deliver in the future (sadly). So my advice to any young person like myself is to make do of the opportunities this space provides and better their lives. Many of these institutions and individuals can afford losing millions, you don't have that luxury. In fact, a couple thousand losses can put you in a really bad place. You have families and a future to secure.
I don't believe in whatever the world is trying to sell to me at this point. My primary goal is to solve and secure all my physiological needs in the long and short run and invest in things around that because after all is said and done people only really need things that keep them alive.
There are a lot of risks and benefits in investing in things that are not tangible. However, it is quite counterintuitive making it a core part of your life, because in times like this you get burnt by other people's bad decisions. We aren't all playing on the same level. Understand where you stand in the grand scene of things. Don't be a puppet in ther hands of the puppeteer.
Image Source: Twitter
Sound advice I hope everyone takes heed.
Glad to read you again Chief
Thanks mate. I know I should be around more often but being on the road isn't easy
Hustle go pay bro.
I had some Solana that was down 70% at some point. Gave some Terra Luna vibes. So much fear and panic everywhere. Hopefully blows over soon so we can continue the very slow recovery.
Lol what if tether happens along the line too. just imagine the chaos.
2023 will be interesting. Total doom and gloom predicted. Like you said, staying afloat is the goal. When the tide inevitably rises again, all boats will rise too.