My emotions on cryptocurrency
Today I spent most of my time playing egg scavenger hunt with my kids. Plesantly suprised that it is still very easy to make the 6 year old happy just by tossing a few plastic eggs in the backyard.
Wish I could say the same to my emotions towards cryptocurrency. To reflect on where I bought most of my crypto and to see where prices are today this has been a very poor 1st quarter of 2018 performance for me. The only coin green for me is bitcoin. Ironically I traded most of it away for altcoins. No one altcoin is above where I started investing in.
Steem
Smartcash
Kucoin
Neo
Ethlend
They are all struggling just like most of the other altcoins. While although bitcoin is way below its all time highs at the very least it is still above where it was August of last year.
Not sure what I should be doing besides rambling on steemit. Currently I am not motivated to looking for other crypto investments as I do not want to catch another falling knife. I have no other goal now than to retain my sanity when it comes to investing cryptocurrency. We were over $800 billion in market cap just a few months ago, but now we are barely above $250 billion.
Thanks for reading.
Date of Post: 4/01/2018
I think people should be asking themselves why they've invested in 'crypto' in particular ?
If you'd invested in almost anything else, wheat, coffee, gold, forex, equities, bonds etc you probably would have doubled your money by now.
I know from reading your other posts that you're pretty switched on when it comes to investing and your own particular reasons which are sound, but I think the majority of people just invest in crypto because it 'sounds cool' lol :-)
As the expression goes, don't try to catch a falling knife, wait until it hits the floor and stops quivering, and then slowly walk over and pick it up...
Everyone is always trying to 'buy the dip' but the problem with dips is you can only see them in hindsight, never in advance. That's why most traders lose money, trying to guess reversals.
Sometimes even though I feel I am investing it just does not bold well when I continuously see it go less and less. The fact that everything else besides crypto is rising is very odd to me.
I personally think the drop in value is because people are actually using it as currency. The whales, or aka big players, are earning their cryptos takes almost no effort and just live off the interest. So they start selling what they hold to accumulate coins they prefer and in turn pulling the entire market down. When volume dwindles to nothing crypto will blast off. I think....
I watched a video recently and for once I actually agreed 100% with what the guy was saying about crypto.
Get rich quick monkeys have completely ruined crypto. It was designed as a means of peer to peer transactions without government or institutional interference, a currency by the people for the people.
But no-one uses it for that now, it's all about trying to become millionaires on shoddy speculation, which completely ruined the purpose of it.
If it had carried on being used as intended, it would have had a long steady growth, more mainstream adoption and we'd probably all be using it in every day transactions by now. But oh no, all the greedy assholes just thought of it as 'investment' and forgot what it was for.
Because the speculator boom and busts, no-one is even bothered with it now, apart from a few die-hards who still think it's suddenly going to rocket off and make them millionaires.
I think you have the best logic I've seen so far, find a coin that actually does something useful in the real world, as that is the one likely to increase in value. As for the other 1500+ shitcoin bandwagon jumpers...
Sorry, I have strong opinions :-)
I agree with you totally. I am just waiting until those wannabe get rich people are done selling than to the moon we go ;)
Everything has a boom and bust, but if there is really a future for it such as crypto it will be here for many years to come. I just hope I do not have to be old to see that ;)
I think this natural selection process is going to wipe most people out, all the get richers who bought shitcoins that are obviously going to end up at zero. Good !
I love crypto, I love the technology, I love the idea, the moral, I just can't stand to see it ruined by people who don't even understand it. Not that I do, but I understand the theory.
I guarantee the vast majority of people who've bought crypto have never traded in their life, never read a whitepaper, have no idea how the blockchain works... Just wanted to jump on the bandwagon and make their millions...
I want it to go so low that everyone abandons it, leaving only the good coins, and the good people invested in it for the right reasons. That's why I'm so bearish on crypto despite liking it so much.
Ever since I understood the concepts of blockchain I have been hooked. There are too many applications for its use that it can never be totally abandoned.
This is going to be revolutionary when the mass understand what blockchain potential really is. I doubt we will ever go back down to fractions of a penny on many of the big market cap cryptos. But been in crypto investment for almost a year and I seen weird things happening. Thanks.
I always remember that 'internet things' don't last forever. Look at social media, does anyone remember Myspace or Bebo ? Even Facebook and Twitter are on the decline, as people move to alt media. YouTube will just become a memory at some point.
Perhaps the same thing will happen with cryptocurrency. Most people think Bitcoin will be around forever just because it's the first, but history of everything else says different. It may be superceded by something else more useful, Bitcoin Cash for example ? Only time will tell, it's impossible to know what's just around the corner...
True with technology upgrades nothing last forever. One can so that too natural resources. Sooner rather than later mankind will have to rely less on fossil fuels and more on other sources of energy. The point is foreseeing something with great potential before everyone else so that he or she can sell it at higher premium. That is how crypto holders got rich. Bitcoin and Ethereum were pennies not a decade ago. Imagine holding 1,000 of either of them now at back then prices would more or less set a person financially free even now. This just amazes me to think if someone invested $1k ten years ago they would amass a fortune at today's evaluation. Good reminder to hold long ;) Thanks.
Good thing about NEO being down is that you can buy more...if you had liquid money to buy....but since all my other cryptos are down, I don't. :(
I am in the same boat. Not going to add anymore liquidity as I have no sense how far down this can still go. Thanks.
Luckily, the vast majority of my investment has been turning STEEM/SBD into other cryptos. So, it doesn't hurt too much to see the prices down, since I've only put in about the same amount I used to drink on a Friday night.
I know what you mean. Most of mine investment is in steem. Going to plan on diversifying a bit ;)