A quick reminder for those panicking about prices

in #crypto4 years ago (edited)

Hey everyone!

Been reading a lot of posts about "omg we are doomed" and "omg I should have sold/sell now", etc. As someone who's been around crypto for a long time and witnessed all these swings I can assure you that this will just be a short-term drop and that most of the coins should resume to going back up again soon. Here is a post I wrote on the 17th July when Bitcoin and all other currencies saw a similar drop which also coincidentally happened during a weekend.

I don't really have too much else to add to that since it remains true time after time again.

Here is when I posted my post about not panicking during the last big decline in price. This is what the chart looked like.

That dump happened at a pretty inconvenient time also, just that weekend I was off to a highschool reunion where blockchain became a big conversation and showing them the charts of coins made them even more skeptic to it. :P

Should you have sold at the top to buy back more now? Sure, that would've been nice. Hindsight is 20/20 though and who knows how deep the dump would have gone. If you didn't sell and aren't eagerly awaiting to press that buy button to get back into your favorite cryptocurrencies, I know a lot of regret may be filling you up right now.

I personally didn't get to trade most of my Steem for tether either but that's cause Steem is one of my favorite coins and I don't dare being parted from it for too long. :)

I did buy a little Steem at a cheap price from some of the profits the other coins had made me so it wasn't all in vain watching the Steem price drop.

I've also managed to increase my holdings in the other currencies I'm actively trading with recently, although I haven't bought back 100% of them yet. If you want to know more about which ones they are, check out my Alt-News posts. The recent one has an overview of all of them so it makes it easier for you to check them out and I would highly recommend to get in on some of them on days like these where most markets are bleeding.

This is what bitcoin is looking like right now, down from $5000.

I don't think it might drop a lot more over the weekend, maybe to a max of $4200 but I doubt it will get that low.

Since most coins are also following it, this is what Steem is looking like right now and I highly doubt it will go under $1.

Try and keep an eye on it and find a good time to re-enter if you are actively trading. If you didn't get to sell before it dropped another good way to increase your holding would be to power it up, post and curate while waiting for the next increase in price. ;)

Stay safe out there and remember that these swings are common in this volatile market. :)

Have a great weekend everyone!

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Thanks for sharing this reminder.
Its so easy for people to freak out when it looks like money is being lost. Even experienced crypto folk get scared sometimes when shit tanks.

Crypto is a volatile world but to be successful you have to look at the long term picture not just the short term.

You are a pillar of positive stability in this community . Keeping it real with intelligence and confidence.

reSTEEMed

BitUSD or Hero would be a superior option to Tether.

Tether could legally collapse or not be accountable at any given moment.

be greedy when others are fearful ;-)

Nice post, although I was never panicking or anything. Buy and hold keeps all the stress away xD

But what bugs me out a bit is the fact that the prices are so closely linked. It seems like investors don't see coins as complety seperate products that just happen to share a similar platform but rather perceive it as "crypto". I would really like it when the prices weren't linked so much, so if one coin crashes, it doesn't take them all with it because investors freak out.

Actually it is very interesting to see that Bitcoin is still dominating the market. If Bitcoin is going down, everything else does. I cannot wait until coins like Ether will decouple and rise.

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I did feel bad about the swing, as i had just brought some cryptos before the downward trend, if i had waited a day before buying i would have had more coins with same money, better luck next time ;)

This happens to me wayyyy too often :D

It will not matter in the long run. Even if you bought right at ATH, you would still make a lot of money in a few months.

Yeah, this kind of annoys me. It's like, really people? Bitcoin falls and you get out of everything? It makes it look like altcoins are nothing without Bitcoin. We all know most of them are valued in BTC, but still... I hope next year will be different from now.

Great article @acidyo I'm not worried and never have been. Btc will still go up and I plan on holding my steem and Never giving it up! Steem is my baby and like my son I like to watch steem grow right before my eyes. I'm in for the long term.

@road2wisdom, I am a newbie to steemit, do you always hold your steam power, is it the most valuable asset on steemit? Thanks a lot!

Wondering the same thing in the same position. Steemin only since yesterday!

If you power up, i.e. converting normal steem to steem power you get more upvoting power, as the name says. The only downside being once you want to use steem you need to power down and that takes some time (every week a couple of %). I am sure there is more in the FAQs.

You have my full UV; great that you're spreading this information in times of fear, it's important.

What makes you think it won't drop under 4200 USD?

Thanks @Acidyo for sharing the experience. I was lokking at coinmarketcap and wondering why this red signals and what should I do :O Hope investors and traders will find this information helpful.

Haha not panicking at all. It happens so often. :

how do you get all this automatic upvotes?

I commented with eSteem, and occasionally you will get votes from the creator of the app.

I called Colonel Stryker and got me some adamantium implants for my nerves.

Cool! I get some advice from this guy!

If I do that, will he fall off the cliff?

You're one of my favorite steemians acidyo but you can't assure anybody anything, a bear market for a few months is a good thing for crypto. It will lower the barrier of entry and fees. I want whats good for this ecosystem, not concerned so much with the price, wer'e building wealth not getting rich quick!

People tend to forget that the dollar value they see is based on the price in satoshi (Bitcoin). If Bitcoin drops, you can expect to see the dollar representation of an altcoin to drop as well.

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Nice article @acidyo I think this panic comes from a mentality of jumping from altcoin to altcoin that started at least three or four years ago. While in the past there were a LOT of pump and dump coins, things are now somewhat different. There are plenty of great coins, including STEEM. I do not panic. People should not panic.

Currently, I am holding a variety of coins. I even hold some 808 coins and TekCoins: They are fast proof of stake coins, and they help me grow my Steemit venture. :)


Steem On!


pocketsend:[email protected]

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who knows what the next months or years will bring us to compare with current prices.

It might look insignificant in 2-3 years.

the prices will always correct and then go their way. Lets go up

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People get panic at the first price drop and rush to sell, and it does most new members in the crypto world. They don't know there is no place for emotions and panic in cryptocurrency.
Today's low price may already change tomorrow...

Thanks for advices dear @acidyo! Have a geat weekend!

Well written :) Crypto world is more volatile than traditional stock markets. I've seen a lot of panic too in the last weeks. Speculative transactions can get you in trouble, but they can also bring a lot of money. Steem looks pretty ok,as you mention, I do not think it will drop below 1 either.
Have a nice week-end!

I think lot of people are used to the fact that crypto is highly volatile.but that volatility is possibly its downfall as well.. not sure how long this correction last !!!i wish btc test 2000

Many of the points you make in this posts are 100% spot on! Im personally glad Steem is kinda falling in price as well...these are simply good opportunities to BUY more and improve our overall holdings.

Great article and so true, i just made a post about whether we are in a bubble, because I saw yesterday a lot of people panicking. I don't think we are in a bubble at all.

There are 3 eras of currency: commodity based, politically based, and now, math based...math haven't failed me yet! 😉

Amazing @acindyo when you voting something that i got some knowlaged thanks..
Please follow me @mukliss

good post.
I want, I need $

It's just like every other stock on the market - up's and down's.
But BitCoin is diferent it will continue to grow for a very long time!
And probably it will still grow because it's limited.

@acidyo correct ! it is inconceivable to think cryptocurrencies will not make FIAT obsolete in the future. If that is the case then you are to a winner here. The more mainstream it becomes the more people trading it!

It will take a time for cryptocurrencies to replace traditional money / FIAT. Many people, especially older people, struggle understanding how this stuff works. There are exceptions of course, but still...

Aye, for sure. I see FIAT dying within 20 years. what do you reckon?

Bitcoin will be at the top in the coming time.

Probably true. But for many of us, Steem is a way of earning bitcoins and money too. Steem gives us a good opportunity in the cryptoworld.

What makes you say that?

Sir, I own one wallet. In which has put some money in it. Some time ago I had invested 2500 rupees. Now I have got 4500 rupees to me.

Aw, man. But, if everyone isn't freaking out how else can I sing the Doom song?

Always good recommendations, I'm liking the drop of BTC . Have some funds invested in BCC

Don't get panic steemers ...its just a sell off for short duration as Newton theory exists for BTC as well !!!

Don't try so much calculation of - Sell Now or Buy DIP ...This crash is not for long term!

My trading strategy..hodl,cant sell for loss..great post

Yes - it's easy to panic, so good to be reminded.... I'm actually looking to buy more Btc sometime soon, I might wait 'til $4500 - I'm also in it for the long term - and diversifying.

You are a legend @acidyo at this crypto business .

It is newbies who are panicking,i am a newbie but i have not panicked even a single second.

Since you have been at this business for years,i do trust your words.
I was always told to respect what your elders/experts say about a topic you are naive in.

I always follow your alt news and i keep learning much from you.
Steemit is the best platform some one like me can learn about crypto,this was my first time to learn and immerse myself in crypto after i joined Steemit in June!

Keep the info flowing my bro.

thank you for the post im not worried at all i think steem price is going to go up in the future but for now its all about waiting prices will go ups and down but i defnitley dont think we are doomed at all

totally agree!!! great article!!!
I am new in Crypto Currency, but something that I know for sure it's that is a long term investment!!!
Upvoted for sure!!! thank you @acidyo !!!

You can also check my blog! I believe you can find a great value about Motivations, Inspirations, Advices&Tips in Life and Business! You can also follow me! ^_^

Thank you again for the great article!!! Looking forward for your other posts!!!

great job bro.i resteem it.

great job bro.i resteem it.

You are right @acidyo,in fact I love becoming an early adopter. I buy another 20000 flash while I can get them at .0047 usd per coin. I believe it will get a decent spot on the market by year end

The way you put the previous comparison graph and advising people not to panic was very smart and accurate. When we panic we make a lot of stupid decisions and it can hurt. Nice post mate and enjoy the rest of your weekend

Another thing to consider maybe? Try trading steem for sbd and back again in the internal market. No, you won't make a fortune, but any increase is better than none? Plus there are no fees. This is what I have been doing the past week or so.

If we still believe in the same fundamentals as before nothing has changed except for some taking profit. If you are not a day trader one has to accept these swings. Keep your eyes on the long term goal and just ride the ways- good article and thanks for sharing !

yep
i agree with you i think it drop maybe to a max of $4200 and ... move up then
.. but now it's a great opportunity to buy some altcoins! alot of them are red :)

tnx for useful post and upvoted

I'm frantically trying to buy some falling altcoyins, including STEЕM :)

I am actually waiting for steem price to drop to buy it with my few SBDs i'm hoarding! 😅

by the way ,, i made an order to buy some bitcoin (0.5) when in drop to 4200
YOURS,, is it ok?
i mean is it good decision to buy some bitcoin now? or another altconins is better??

On the contrary, a good occasion to buy some altcoins or even more bitcoins :)

at the moment you have to look at a good coin, to invest and to triumph the money. it's the best time

Great article @acidyo I'm not worried and never have been. Btc will still go up and I plan on holding my steem and Never giving it up! Steem is my baby and like my son I like to watch steem grow right before my eyes. I'm in for the long term.
Thanks for sharing

its funny when poeple think a little dip like this is going to crash a $160B industry. Time to buy cheap altcoins..

Many thanks))) You reassured us))) We will not worry))))

I think it (Bitcoin) will comedown to $3200....

It's temporary profit realization. $ is safe now, and u are right we must wait for buy.

I actually want the prices to go down so i can buy cheeper. When i see red all around i am happy :D

Pullbacks are definitely a good thing for bull markets to resume. People always think things will go up in a straight line. They never do and usually when things are heading in that direction it sets up for a deeper fall!

Thank you for posting this and calming those who might be uneasy!!

Reassuring post. I haven't invested any money in crypto yet, but I'm learning a lot about it ever since I joined Steemit. I guess it all comes down to long term planning. If you want to make a quick buck, you're probably better of in the casino😂.

Thank you acydio for an advice, I made the first purchase of the steem and was expecting to sell it for a higher price and voilà, sudden crypto drop :) Well, hoping it will get up soon :)

Ahh I wish I could be something NOW :-)

Thank you. Good advice for someone new like me.

I got really lucky on this one, i have just sold my LTC near the top the other day and put a ridiculous low buy, just to receive notification in the morning it was filled. Sadly i can afford to trade only very low volumes, but couple more swings like that and i will be able to buy some steem with the profits :)

Considering the dip... with all that money coming into blockchain from institutional investors.. the price can only go up. That money has to be spent somewhere and if total market cap rises the price will have to rise too. I think.

Nice post! Thanks for sharing! Followed you.

It's great article @acidyo. I think we have to stop panicking now. Steem is one of my favorite coins too. I want to have thousands of steem in wallet. As I have only of few bucks right now. Hàhà...
Best regards
@tatimaryati

Just keep investing in Steem with your articles, commenting, curating and voting. It is a great way to keep earning while the headless chickens are flapping their wings. =)

Thanks for the article! I think nobody will be worried after reading or at least our Tlind Messenger team)

I am never concerned with short term volatility. My philosophy is always hold for the long term. If you want to play with crypto currencies then just HOLD your btc

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your post is very nice, full pack of knowledge and very attractive :-)

Hello @acidyo
Hope you're fine ;)
Thanks, great analysis, very reassuring!
this is exactly what I said to myself these days
I watch this market with a beginner's eye but it fascinates me.
It's very exciting
upvoted my friend :)
@geemo-from-paris

I was waiting for a buy time for quite some time...Finally it’s here!:)

I have been saying this all morning myself. But I guess I don't panic because I invested, profited and took my investment back out and have been growing the profit ever since. So I don't freak like most people do when they see a price drop, even with a small loss I am still up, because everything I have invested is profit. Easier not to panic IMO when you are playing with profits from an investment and not your investment.

We should never be too concerned about short term volatility. I always adopt a long term horizon for cryptocurrency investments.

Yes, Indeed.

Well small dip in the grand scheme of things! When it dips you buy! Great post! Hope you have a fantastic weekend and high school reunion.

Good advice, just the history of cryptocurrencies for 2017 has enough lessons to last a lifetime! I sold my Game credits and bought Steem just waiting for Polo to let go of my Steem dolo.

highly beneficial articles @acidyo. I really like it and I will try to learn it first. and I really hope steem grows in the long run. thank you

best regards from @sipildanarsitek

You can lose only if you sell.

Hey great article, the community sometimes needs to be reminded these swings are normal and we're here for the long run. I know I do!

And since you've posted this, many of the coins have recovered most of their losses!

The flip side is - It's best time to buy Steem. I think cryptocurrencies always been volatile and if you are not ready for these extreme changes. Share market and mutual funds are good options for safe players.

Is anybody really panicking? I don't think anybody with experience in blockchain right now is panicking. It's just a routine 10% drop following a huge surge in the price...

Great post!

Buy em when they are cheap, that's what I know!!!

didn't get to trade most of my Steem for tether

I would never hold USDT, and you shouldn't either because it's a ticking time bomb. I wrote a post explaining why a while back. The tl;dr is the only thing backing it is lies, rather than real usd in a bank account somewhere.

Perfect way to get a cheaper entry! I am patiently waiting for a bigger drop and then I'm getting in! If you believe in the future of Bitcoin and Cryptocurrencies alike I don't think it's a bad thing to see a dip and take advantage. For those already in just hold.

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there is never a good time to panic! and if you are panicing it's better do nothing because otherwise you will make mistakes (from my experience and people who are around me) :)

Great soothing post. Long term is a major goal.

This is crypto mania prices will go up and down but those will calm down in the storm will cherish it forever

You have the right opinion! I agree with you completely!

Good post! I love cryptos, but they are very astute and tricky girls ;)

Thank you for the reassurance - I too have seen a lot of people who are seeming to panic.

Can anyone explain what are the main drivers of these sudden drops and peaks..?

I am as cal as lake Washington @acidyo
These coins dump on the weekend and goes back up again.
It is just cycling again and again with factors such as bad or good news from dome coins. It is all well.

I also would like to thank you again Ssir for your support to me.
God Bless you and your family.

I think become a blogger on Steemit we have to invest some money to buy Steem. It is going to be good for our future. Thanks for your information.
Regard from Indonesia.

Upvoted😀 Thanks for sharing this info. As someone fairly new to the crypto game, the swings of the market can be a little taxing but im pretty optimistic about the future of crypto so I'm not too worried anyone

Thank you for your great advice. I am here for the long haul and believing in a great future for this wonderful platform.

i am upvoted and reply your post plz visit me
upvoted,reply,follow and resteem when you work in steemit thanks alot,
my id = https://steemit.com/@pranashroy

For those who did not buy is a great time to invest, and for those who already have the currency or sell on the high and invest in the low. As everything in life has the positive side and the negative side. Right time to invest.
I appreciate this post.

I would have panicked if it was a few months ago..now I'm just used to the volatility.

Nothing to panic..just buy buy buy & buy more!!

Bitcoin has died 150+ times! It never seems to stick...

http://bitcoinobituaries.com

Oh no we are doomed!!!

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