Hey, remember when I said prices are gonna crash soon? ;)

in #crypto3 years ago

"But it's the new normal everyone screams!" as we go from 2.6 T market cap to 1.3 T....

"BTC IS GONNA HIT 200K BY END OF THE YEAR!!" SAYS TWITTER USERS WITH 200K FOLLOWERS!

"This time it's different, people buying at 60k bitcoin ARE early adopters!"

"But muh 200 MA"

"TA shows we have huge support at 35k!" At 32k next day...

On and on

The only tried and true method is selling on the way up and taking profits. Only 10 to 20 percent of people can profit during bull runs.... Did you profit? Or did you sit around hodling because of your religious belief of number must go up? ;)

A lot of you got wrecked, no doubt. Its human greed and gambling addiction that is crypto prices that keep us from taking profits when we should.

I can buy 3 ETH now, sold 1.2 at a higher price and have enough for 3 now. Soon I'll have enough for 4! We had a huge run up of FOMO not supported by fundamentals and we will have a huge crash due to not having support by fundamentals.

https://hive.blog/cryptocurrency/@truthforce/doge-42-cents-reminder-we-are-in-a-huge-fomo-crypto-bubble-everyone-cannot-profit-from-these-prices-a-lot-of-people-have-to-lose

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B T F D !

oh im buying

They don't call you "TRUTHforge" for nothing... lol

Very true, but cryptos are a religious cult

buy my fucking coin!

We had a huge run up of FOMO not supported by fundamentals

I will admit that I am a lazy investor and only play the long game. I don't even understand the fundamentals to be honest and I am one of the HODLers who got burned by this but since I never had any intention of selling in the short term, i'm not really fussed by this.

You got any thoughts about the long-term? You seem to be MUCH more educated as far as all of this is concerned than I am.

The key thing to take note of is that when something goes up in price in a short time period it will likely go down faster and harder in a shorter time period

Gains in value brought on by speculation are quickly wiped out by the other side of speculation.

We can observe that companies or valuables that have fundamental value or use do not have this same issue generally. There is of course supply and demand issues as with everything(toilet paper shortage due to covid) but those types of situations are also speculation. People speculated toilet paper would run out this creating a shortage based on speculation due to fear. If everyone just normally bought toilet paper like usual there would not have been a shortage.

When you see others FOMOing and buying crypto(fear of missing out on profits) they are speculating. It isnt fundamentals driving them to buy. Amazon has a service where u order something and within 2 days you get it, that's fundamental value. Crypto mooning due to speculation is rich whales making extreme profits.