Definition of HODL:
https://www.urbandictionary.com/define.php?term=hodl
An "on purpose, kinda" misspelling of "hold" - first coined in the altcoin sphere in 2013 & later said to imply "Hold On for Dear Life". It reinforces the financial concept that you don't sell in a Bear Market. You ride it until the bitter end, or the price comes back up. (Hint: Crypto prices usually comes back up.)
My fellow Steemians,
There is a lot of volatility in the market nowadays with cryptos crashing.However, this isn’t the first time this has happened, and the market has always recovered. Why are cryptos declining rapidly?
There are some fear driven headlines out there, but they are insignificant and best to ignore:
-Some regulators want a global regulatory environment. This is very unlikely, because most countries don’t seem to agree on anything and probably never will.
-In South Korea they wanted to prohibit currency trading, but finally allowed trading. The government decided that there could be no anonymous accounts. So, the Koreans must register their ID when they open a crypto account, like they do for so many other things. This is not a big issue.
-It is also not new that China is trying to prohibit crypto trading. The segment they are trying to ban is less than 20 million usd per day. Which is peanuts compared to other asset classes. If the Chinese are not allowed to trade in China, they will transfer their business to other countries.
The bottom line is that we are still very early in this new asset class; most people still aren’t buying! The market of this new asset class is still minuscule compared to other asset classes.
Be patient, keep an eye on the big picturen and HODL on !
Thank you for reading!
Thanks for the reassurance. Scary times out there but I'm definitely HODLING and keeping an eye out for bargains...which is pretty much everything at this exact moment haha.
There have been several declines like this before. The market has a habit of shaking the weak hands out. I am sure a lot of bargains will come your way ;-)
HODL Onto your Crypto folks ! This Storm Will Pass !!
Great explanation @chinchilla ! upped and resteemed !💲💲💲👍
Thank you, much appreciated!
lmao Hilarious! And true...i've actually been a buyer. I'm still looking for BTC to test $8k though.
Glad you liked it ! lol! I have never bought , And dont own any bitcoin !! but i have traded a lot of steem , and am anxiously waiting to sell more so i can pay bills !! 👍👍👍😀
I see that every year in January Cryptos usually lose 30% of value and if you look at the chart if BTC had not gone parabolic to $20k it would be around $10k right now so with all the FUD this week we are still in GREAT SHAPE!!! Except Bitconnect...Bitconnect is dead hahahaaa
It's the January effect for Cryptos, the crash effect!
bitconnect!
Cryptocurrencies are not crashing there just on sale at a discount. It's a great time to buy. Indeed Buy Low sell High
You have the right mindset :-)
We shall all get out of this soon.....