I don't even know how many crashes I've been in before, but I always had small amounts in the game. Now though, I've got a sizeable amount and seeing it go down by 30k in the last 3 weeks is not pleasant, to say the least. But hey, all my current holdings came from a 3k investment just before the DAO, I haven't put any fiat in since; I didn't sell then when I got wiped out, I'm ok with riding this one through.
I do believe that in one year the market will be much bigger and it my holdings will bounce back but I'm fine with being proven wrong and lose it all. The only problem is that I do not have fiat atm to go in during this beautiful moment, heh.
If you are in btc, ltc, eth you will probably ride out most crashes long term. i would be cautious on the new alt coins and icos
That's a hectic story. Moral of the story, be patient and you over come any draw-back period :) Sure, you lost 30k, but on the next high, you will be 50k up :)
You're not winning or loosing money before it's on your bank account/you have purchased something with it. Before, it's all just play money.
That's my mindset :)
And it's true. besides, nowadays it's not even a matter of whether the money enters your bank account at all. Due to major tax benefits, I would rather use the latest example for that concept as to when the money enters your crypto wallet.
An even further addition to that concept is when your profits from your investment have succeeded your initial principle amount. Then it is 100% play money :)
Awesome stuff! Keep it up. I like that way you all are thinking. A large portion of the content I am producing is related in many ways to this :) Let me know your thoughts.
Talk soon :)
Heh, lets hope so. I haven't lost anything really, I'm still up by a huge margin overall; all I lost on is potential value I could have had had I sold the highs, but I'm crap at that and I usually end up losing so I'll just have to weather it out and wait for the market to bounce back; I'm thinking in years about this anyway (trying to emulate my father in law who's cashing out steadily now on small investments he made over the last 30 years).
I think it is a lot easier when in the predicament you are in. The guy that just put 50K in 3 weeks ago almost being down 50% or more, those are tough to not panic sell. Well, take care and we are going to be in for one bumpy ride forever!
Of course it is easier, as I said at the start, this isn't the first crash I've been through. I've lost it all before and just to give you an idea, if I would have stopped right after my first crypto purchase and wouldn't have touched it until today, I would be able to retire comfortably. But, in reality, a young entrepreneur from SilkMarket got it in exchange for some goodies. I just hope they hung on to them, heh.
I did get back in though and it's tough for someone to hold on if they bought a month ago and the value went down so much, I've been there and lost in the past. It is a bit silly though for someone who's never done this before to enter this market with $50k, which is a rather large investment, and do so right on top of the biggest highs ever.
Your talking to someone who lost 4 million doge at cryptsy,lol. Been through a bunch of shit, but also some good! I was just throwing out a scenario. Don't put it past people to do stupid shit, I am sure someone new out their lost their ass the last couple weeks! Take Care
Heh, bummer, hope those sort of things will happen less and less. I got burned at Cryptsy as well and at intersango before that.
Exactly :) Patience is powerful! I actually cover a lot of these concepts in my content. Not sure if you have, but I have a feeling you might a few good reads seeing by the way you think :) I have only been here for about 13 days now, but let me know what you think :P Talk soon.