So I wrote this yesterday after work, and then I had to run home and forgot to hit the POST button, please forgive me, steemies!@# I will write another one today. And it'll be kinda funny to see 24 hours of Tales from the Crypto Keeper. Stay tuned for today's rebuttal!
So the market is leaking red minuses everywhere while ETH went up as high as $420 (hehe). I don't know about you guys, but I sure am glad to see Ethereum dropping today. When your main coin shoots up to the moon like this, and you have serious FONHE (Fear Of Not Hodling Enough), you don't necessarily like seeing the price rise before you dump a large sum into it. At least, I sure don't.
So I made myself a promise: all my money is going to ETH for the next month, I will be investing at a rate of 75/25 into ETH/Alts. I got into this to hold ETH and I got unexpectedly enamored with the alt coin market by mistake, although I don't regret that one bit. I think it's inevitable for people to move into alt coins once they get in with the big boys, ETH and BTC.
That being said, I am not holding enough ETH to be happy with myself. It's now gone to the same levels I started eyeing BTC and thought it was too expensive for me, so time to start dumping as much as I can because this baby is going off to the moon and fast. I woke up this morning to $544 ETH. It's back down to $460 now, and I really hope it keeps correcting because I sure would love to load up by the end of the week and max out my investments.
Survived one panic event, failed the next one
So I was super emotional because of the DGB fluctuations. And I was so proud of myself, because I held on tight, I just rode the wave and everything was relatively fine at the end of the huge DGB sell off on Thursday and Friday. My profit is still above 40% so I really am fine.
And then I made the exact same mistake but this time I couldn't stop myself:** I sold my Stratis when it plummeted, and bought into Swarm City Token**. I'm not sure this is necessarily a bad move, though. Not yet. I mean, sure, I'm losing about 8% on it right now, but it'll bounce back. I'm sure of it.
I think Stratis is going to be great in the long run, but it really wasn't doing much for me since I had bought in pretty high already, then it went up and now it's back down. I will most likely re-invest in Stratis, but for that, I need the price to stay <300k satoshis. Frankly, I shouldn't be buying at anything above 200k, but I am unsure it will ever go back there? Here's to hoping it happens when I get money again!
Swarm City Token has a lot of good things behind it, touting itself as a currency that could be used with e-commerce specifically. I was super stoned and emotional, so I jumped in, but now I wonder if this is worth anything in the long run. Only time will tell. And more (sober) research.
So ... lesson learned? Please?
I am not going to be selling anything unless I am hitting more than a 50% loss on my investment, provided it's under $500. When we look at $1k+ investments, not selling unless it's lost more than 30% AND I truly believe it's over for this coin. I probably won't be putting a grand into many things. Not many things I am not 100% sure about, anyway. Like, I'll buy ETH and BTC any day for $1000, any day. But I'm not that frivolous with my alt coins. At least not for all of them.
And even, then, it'll be amatter of whether or not I truly want to sell at that moment. But I need to figure out a way that doesn't make me hyperventilate and sell at the drop of a percentage. Maybe I haven't learned anything. Maybe I'm still figuring this out. I'll let you know.
Blockfolio Updates: The Red Sea
Well I am legit afraid of my blockfolio right now. Some coins I was making tons of money on are now pretty flat for profits or losing me money. Most my coins, actually, not gonna lie. This is relative, though, considering most of my alt investment are from ETH profits.
- Ethereum is doing amazing, duh! This just keeps getting better and better
- ReddCoin - I bought a lot at the current price, I'm most likely going to sell that huge buy, and buy it back later. Or have I learned nothing? I mean, Id just like to have more under 65k satoshis... It's super under-valued as far as I'm concerned. It's my sleeping giant.
- Ark is still okay... I mean, I'm certainly not raking in dollars with this one, but I will definitely buy more of it now that it's returned to my initial buying levels. It would be nice to get more, cheaper, but I'll take what I can get. I don't think this is going to stay this low much longer.
- DigiByte, still a high profit, not selling any. If anything, I will buy more
- STEEM - still a good buy for me, I didn't buy a whole lot, though, so I'm keeping this one long-term
- PIVX - close to hitting that point where I want to give up on it... I don't know, someone convince not to sell at a loss?
- BAT - Ouch ouch ouch, I feel so butthurt right now. I don't even wanna talk about it. Lesson Learned: watch ICOs for a while, don't buy right in unless you are super cool with waiting years for the coin to rise.
- FirstBlood, Rise, Shift... idem.
- Still in the losing bin, Burst and XEM
What to do when the market bleeds red?
The market cap has gone down like $7B in just a few days so you can bet a lot of people are just taking their profits. It's to be expected. I'm really not surprised. I mean, this market multiplied itself 4-fold in 2 months. It is normal to watch this correction happen.
The last blood bath was Memorial Day weekend in the US: market hit $80B, dropped $15B over the course of one weekend! Guess what happened? Within 3 days, the market hit $100B, promptly recovering from the mass exodus of funds. What this does is let in more people, more money, and makes all of our coins a little better. I am gonna go with a cray cray prediction and say this market cap will be $120B by the end of June.
So don't freak out, don't listen to the "I told you so" and "bla bla bubble" nonsense. Do you, listen to your heart. I'm not getting outta here anytime soon.
In fact, I'm going to do some more coin research: Ubiq is on my watch list, along with Storj, Golem, Factom and Iconomi.
And this, my friends, is the time to multiply your hodling, and get rid of the nasty FOHNE.
xoxo
Use my Genesis Mining code to get more hashing power: 61Qx0o