I spend a lot of time on 9-gag and there seems to be a war of words going on in there with two sides: People that are very much on the side of crypto and the side that is laughing at the crypto drop and calling the entire concept a Ponzi scheme.
Now I tend to think that the people that are laughing at / applauding / making fun of this dip are probably for the most part people that are jealous because they never got involved back when things were truly lucrative to those that HODL'd and this is how they deal with that internal struggle. At the end of the day it is 9-gag so you really shouldn't take anything that anyone says in there too seriously.
src
I like this graph because for once, someone in the main stream media is actually showing the full picture. That little red box is the only part that most news is focusing on whereas I would say that most people that are on this platform likely got involved somewhere far on the left of this graph. Me, I got involved after the "crash" of 2017 and we all know how that recovery worked out.
I will readily admit that when I see the "candle" view on charts I don't even know what it means for the most part and I haven't put any effort into learning it either (if someone out there wants to give me a quick tutorial on that it would be appreciated.) My strategy as far as all crypto is concerned has been one of a long-term strategy and I will not panic sell during what is going on now. Am I disappointed that we have seen up to a 40% drop per coin in the past month? Of course I am! But at the same time despite not really understanding the markets I realized that the meteoric rise we have seen in the past 4-6 months was unsustainable. I keep hearing words like "market correction" and power players transitioning to stablecoins etc, but mostly I just HODL, I always have.
I do not know what is causing all of this nor do I feel like having that information would really benefit me in any way. I DO KNOW that because I got involved years ago my investments for the most part are still looking very very healthy. Also, while I am pessimistic about most things, I believe the market will rebound and the media will return to not talking about it once that happens. The traditional banking industry and the MSM work together, so they are always going to showcase the shortcomings just like when they tried to convince the masses that crypto is ONLY used for buying AK-47s and heroin.
src
On a quick side note, the above image is taken from a blog that breaks down the origin of the word HODL... Here's a hint, it does NOT come from "hold on for dear life" as many people claim.
My strategy going forward is to do nothing. When I talk to my friends who are not at all involved in crypto they seem worried for me (the nice ones do) and there are some not-so-great friends that I know back in the states that message me to make fun of the fact that things are "crashing." I normally just respond with a 2 year chart of BTC or other assets and say something snarky like "yeah, I'm totally suffering over here."
I have no reason to cash out and honestly guys and girls, we have seen this before. The sky was falling and "crypto was dead!" back in 2017 already now wasn't it?
I personally know someone that panic sold a LOT of BTC back when the "crash" of 2017 was going on, and he is still kicking himself to this day over that selloff even though he made a tremendous amount of money when he sold at 18 to 20 thousand. He is one of the people that actually could have bought a Lambo.
So what is your strategy? Are you worried? Maybe I am just being overly optimistic but I have zero intention of selling, even if BTC and others drop to half of what they are currently sitting at. I didn't get involved in this just to bail once there is a tiny bleep of red in an otherwise consistently upward trajectory far outpacing inflation.
Thoughts?
Dot is a decent hedge against something going wrong with ETH. It is also possible that they might be able to exist together with some projects aiming to be bridge parachains. The Plo testing is going to start on the kusama testnet relatively soon, will be a nice way to try it out before mainnet.
Candles aren't too tricky. Here is an education post from Binance Academy.
https://academy.binance.com/en/articles/a-beginners-guide-to-candlestick-charts
Thanks for the link. Nice. The rest of what you wrote made my head hurt. You are clearly far more educated about all of this than I am.
Haha... DOT is a good balance against ETH falling!
If the market continues going dip,its a good time to buy more coins that one had wish to buy during the bull run. The dip phase will pass and only the diamond hands will smile at the long run
I believe this as well. One thing that concerns me a bit though and of course I have no proof of this is that the already existing whales are just swallowing up more of the overall market and consolidating it and I don't think that would be a good thing. Who knows?
Those that are new and doesn't understand the game tend to panic sell especially if they are in for short term, I have been in that boat and I didn't like the turn out but I have come to understand that crypto investment is more profitable for the long term and if there is more spare cash, you buy more in bear market than in bull market.
Whales will always be around but they can only buy with what they have which is some percentage of the coin
Same same
Just HODL
Maybe it helps not to understand candles hehe
I'm right there with you!
I may try to buy some new stuff while it's low...er.
(No idea how to read candle charts either.)
Got lucky on a quick trade with binance coin but most of my investments are for long term. Thinking of buying some hive. Another thing is not to diversity too much of my investments. What tokens are you holding if you won't mind sharing?
AVA, a bit of XRP (don't remember why), I bought some Doge as a joke, and them mostly just the big 5. I don't really even bother to look at how much of them I have. Like i said, i'm in this for the long-term and have no intention of doing any sort of get rich scheme. I don't have a strategy really.
It's kind of hard to have a strategy when big names get in and manipulate the market.
I really believe that bitcoin and over coins was way over price and now the market is having a correction and maybe this is just a small correction, who knows if this will keep going but I'll hold coz I am not in a hurry. I do some trading risks once in a while just because it's kind of fun and trying to check my luck.
Where you able to sold hive the first few months the coin was created?
Nah, I didn't try to. I actually don't often sell any of my holdings and therefore the dips don't really bother me. Perhaps it is wishful thinking on my part but I don't think crypto is going anywhere and that all of them are going to be worth more in the long run.
Right, crypto is not going anywhere. I just speculated that the hive price was gonna go up once it's listed on Binance and luckily and powdered down some and bought Bitcoin with it.
Btw, what do you do for living? Are you an entrepreneur?
I'm an international man of mystery! haha. I do a lot of different things for work and all of them are online. Id rather not discuss the particulars on a public forum tho :)
I understand and privacy is very crucial. Am just always curious, am always on a look out for people with who I can get advice when it comes to finance and their personal stories about success.
Oh, I have another question. What is the best asset that you have right now?
My personal strategy forward is quite simple:
HODl my existing assets
Grow my Hive account by being more active and maybe buying the dip
Say lalalalala whenever I come across anyone who says crypto is a Ponzi scheme
Indeed. People who say that crypto is a Ponzi scheme, or a pyramid scheme either don't know how crypto works, don't know what a Ponzi scheme or a pyramid scheme actually is or perhaps all three.
I've been hearing a lot of people talking about 20k as being the next point we could get down to. It seems unfortunate, but I don't really feel like it is that big of a deal when you look at the overall picture. I agree with you. I am just going to keep hodling and stacking until things recover because I am certain they will recover. I already took out my small win and eliminated my real world burdens, so everything past this point is just icing on the cake. It does make me a bit sad to see the price of AVA now and to know that I bought most of mine at $5! :P