Support Group For Those Who HELD Their BTC Today
I'm a long term investor/holder, but today really freaking tested that commitment. I'm sure a lot of people can relate that today was one of the craziest days in recent memory. I watched so many live streams and charts I can't see straight.
If it wasn't for the network being so slow and all of my BTC being off of exchanges, I might've cut some loose to make some quick easy money on the Bitcoin Cash run, but I resisted. Aside from the added security, keeping coins off exchanges is a great way to delay impulse moves as a lesson to any new holders.
My overall goal was to hold all of my core Bitcoin position until I reached a certain sum from my daily mining and interest payments, and then trade whatever I accumulate on top of that. I'm almost there, but not yet.
I reluctantly stuck to my game plan and have peace of mind for it now... I think, as Bitcoin Cash starts to rally again. There's just too much volatility to change my long term plan right now. Having free BCC from the initial split also helped me not have as much FOMO as newer investors.
My biggest victory was convincing my friend to not sell his 23 BTC at $5,500. He trusts me and I put my foot down to zoom out on the chart and be happy to have that sum for the long run. I forced him to go to bed and was thrilled to text him that BTC rebounded up to almost $6,500 a few hours later.
We're not out of the woods yet for this tug of war, but it's great to see some relief in the charts via monster BTC support to make it easier to get some rest. I'd imaging that the initial BCC selloff went right into the BTC bounce. Were these quick moves for day-trading profit or a show of true loyalty after riding BCC to the current top?
Almost all of my plans for the day were destroyed as I saw most of my tokens tumble down, except my BCC sort of holding some of the losses up. I don't mind as I'm confident in my holdings for the long run since I'm riding mostly profit all around, but it wasn't easy to get through a historic day in the crypto space today. I suppose that's why we diversify!
I even missed the Steemit Poker Tournament, which I'd never think was possible.
Tomorrow we'll get to introduce Bitcoin Gold drama. Can't wait... Who knows what the charts will bring in the AM, but that's why I view my tokens as UNITS, and don't really consider their fiat value much anymore.
How did our fellow Steemians do? Did you weather the storm or did you make some big moves?
Image Source: @jezykowaty
Thank God Kraken is broken! Yesterday, I was so frustrated with them that i closed all my leveraged long positions - at a profit but only a small one, and withdrew my bitcoins in total.
Now with the bitcoin price crashing below $6000 at one point (it’s $6133 at the moment), I managed to avoid any margin call or automatic sell-out at the bottom. Saved by Kraken’s broken website!
As a newbie and a hodler, i held on to my BTC. I tried to get on the BCH craze today and got burnt as it suddenly moved southwards.
By the time i sold i was down with a few hundred dollars. Still learning.
In this crazy world of 30% daily price changes, it’s easy to be at the wrong end. Some get lucky, and some unlucky. I’ve been investing and trading for 40 years, and I am sure there is no easy way of being mostly right. Buy and hold seems to be the most reliable of all strategies. Trading seems to be the sure fire way to lose money. However everybody loves to try trading - we all think we somehow will get it right next time.
After going through ETH's massive world's highest roller coaster swings in June, I sort of became immune to these moves on the sell side. I still don't like dips, but I'm fine holding "units" vs its fiat value, because, like you said, it's easy to be on the wrong end.
In hindsight, I wish I didn't take profits on ETH in June, but it taught me a valuable lesson for holding long term based on vision/faith since. I've been on a mission to gain that chunk of ETH I sold back, and it's actually helped me diversify a lot more and try out new things, where I'd have probably just been sitting on only a nice stack of ETH if I didn't sell then. On the bright side, almost all of my crypto is profit, with the gap closing with 2 mining contracts, so I guess that also factors in to my comfort level in handling the crypto dips (admittedly a little biased by design).
Your friend is very fortunate to have you on his side. He's probably feeling pretty good to be holding his 14.7 BTC today.
It was actually 23! Even better.
Tested my faith too. Kinda messed up my Sunday tbh :/ Damn those pump n' dumping whales!
I actually was looking to buy under 6k and was able to pick up some around 5800 which I was happy about.
I don't trade much at this point. I'm more about accumulation, but sometimes when I see really good deals I'll borrow from my BTC stash to grab them and then look for low BTC points to pay myself back.
It's nice to be your own bank :)
A man can only admit when he is wrong. Yesterday from your comments I was sure you were a cash shiller. I guess I am wrong, here is an upvote.
Here Just hold It . I'm gonna print that slogan and put it on the wall :) sometimes we have to stick to our commitments. But it is still a bit worrisome . Seems like bitcoincash is dealing better with a lot of problems that bitcoin don't get around to ...
I purposely didn't split my wallets on my ledger nano s a while back to give me a little hurdle to not be able to send my BCC instantly. I decided to undo that small obstacle today, but by the time I researched how and executed, it cooled me off from the impulse to sell. HOLD HOLD HOLD. Could've made good money today but hindsight is always 20/20. Not a good time to chase anything that everyone is looking to collapse at any second.
Yea chasing is indeed dangerous. That was a good move from your side !
What scared me the most wast the Bitcoin faling but the miners moving from Bitcoin to BCH!!!
Because if that happens Bitcoin difficulty won't ajust and bitcoin transfers won't go through. Ad that makes people mad and they sell their bitcoin...