What to do when your cryptos PLUNGE - An autotherapeutic post!
A sorrow shared is a sorrow halved!
Dear friends and fellow sufferers!
Today's post is nothing like my usual photography and travel blog entries. I hesitated to write this, but in the end I just had to do it.
I am fairly new in the crypto currency sphere. Me and my best friend set up a (tiny) mining operation and also invested some money in various coins. In the beginning all went up and we couldn't believe it. Now everything is plunging and we can't believe it either.
What now?
So what now? Invest more because you believe in the value of the coins in the long run, Warren Buffet - style? Sell everything before it goes down even further?
I am basically the opposite of a crypto-expert, so I am not trying to make a point in favor of either of the two options. However, I guess the second one is bullshit, you don't sell when everyone does. The first option obviously depends on how much money you want to risk and we already risked enough.
So we will just keep collecting Ethereum and stay calm. Just wait.
My heart
For me, the bigger problem than the actual decision what to do in a situation like this is how to cope with the possible anger and fear. Where can I get hope from?
So what I want to do in this post for everyone who is invested in crypto - including me - is draw a comparison to some stock market cases that give me confidence. I know crypto coins and stocks are two different things, so don't take this too serious, it is just a way to cheer us all up a little bit...
- 20th October 1987
The Dow Jones goes down 23 percent on one single day and closes at 1.738 points. Today it is traded above 21.000 points.
- April-September 2002
The price of one share in Bayer, Germany's biggest chemical, pharmaceutical and life sciences company drops from about 38EUR to about 12EUR. Today it is traded at 110EUR.
- September-December 2008
The stocks of a small fruit company called Apple go down from about 25USD to around 12USD. Today they are traded at 150USD.
As far fetched as it may be, these cases are mysteriously cheering me up. I hope they do the same to you! So stay calm, keep your coins and wait till they rise like a phoenix from the ashes!
Keep your coolness like this little boy from the Philippines who looked at me like this when I dropped my expensive lens right in front of him ;-)
keep wandering and wondering,
Love,
mr.wonderlust
I guess waiting is all we can do until the market recovers. time to buy
I agree!
Seconded. 😎
Great work here! You caught the wave everyone is feeling ;)
I have upped and resteemed your last three.
Awesome to meet you the other day.
You are welcome back any time :)
thanks a lot Sam, yeah it was awesome and your place is incredible. Definitely gonna be back for some more "let's shape the future"-talks in a month!
Great post :)
I will just keep collecting steem power, and staying calm!
me too my friend! thanks for all the love!
What goes down must come up hey ;)
I hope so, too bro!
it usually goes the other way around - what goes up must come down....
that is nice to think about for us hodlers.
yeah, it helped me as well :-D thanks for the support!
Hell yes, that's the spirit...just hang in there!
I will, you too, one day we will be paid of (hopefully ;-))
It's simple, Dollar Cost Averaging. 👈That's what I wrote about the concept :)
When you create a profitable long-term edge, you can overcome any market condition.
There are three actions you can do: buy, sell, and do nothing. Which of the choices will you choose?
do nothing or buy some more, depends haha
Good post. thanks
thank you, you are very welcome!
you're welcome
crayptos are on summer sale with up to 80%
haha nice comparison!