How will YOU profit from this paradigm shift??
Opinions
If people don't develop in, or work in the blockchain or trading/investing space, why do they insist in commentating on crypto currencies and stating what is going to happen next! The say things like "bitcoin is at 8500, it's a great time to buy, I'm getting in". And that's it! No reasoning or explanation as to why! Just because it was once up near 20,000 they think 8500 must be cheap! Wouldn't 6500 be cheaper again?
Klondike
The crypto currency market is like the modern day Klondike gold rush, where the great tales of massive wealth being dug out of the ground, spread far and wide, and brought all sorts of prospectors rushing to north west Canada, only to find that the best of the staking was over. Yes, the initial "get rich quick" crypto express train has left town, and you weren't on it! Mind you some got on and forgot to get off, as they didn't know their destination. It can often be easy enough to board a train like this, but knowing where to get off can be a real bitch. You're either kicking yourself for getting off to early, or for staying on too long. The latter is a real killer, because you saw your rewards in front of you and you didn't claim them. Now as you watch those rewards drain before your eyes, and see what you are loosing on a daily basis, you freeze, you are unable to act. Your mind is scrambled, your stomach is churning, and you know you outstayed your welcome! How can you bail out now when your profits have been cut in half! You live in hope that the market will turn. This is why you need a plan, for your trading, investing or speculation. A plan from entry to exit, and no swinging it.
But not to fear, as this was not the only crypto train in town. There will be others leaving, much slower trains, traveling to a fruitful destination. Your mission in this bustling ever changing railway station will be to locate the fruitful trains. Bear in mind that maybe 8 or 9 out of every 10 trains currently leaving the platforms may never reach their destination. So which one should you board?
Research
You can do all the research that you are fit to do, take all the educated advice you can get, (and you should) but nobody knows how the crypto landscape will look in five years time. It is all just opinion and speculation, no matter how educated it is. We are in a paradigm shift, and we haven't come out the other end yet. Much will change over the next few years, much will be won and much will be lost, especially for those who put all their eggs in the one basket. History has shown us that it is not even the best that survive, but those that somehow, maybe even through a stroke of good fortune, get a foothold in the marketplace.
The year 2000
I remember the lead up to the turn of the century when 1999 was kicking into 2000. There were billions spent by companies all over the world trying to make sure their systems were prepared for the year 2000, when the clock struck midnight. Nobody was sure, despite the fortunes that were being spent on analysis and how computer systems would handle the clock. Most simply put backup systems in place, in the event of a failure. Imagine even the tick of a clock couldn't be predicted for sure when we were entering a new century. So how do we prepare for an outcome that can't be predicted, without missing out on the opportunities it provides?
I have a few ideas!
My ideas are based on the assumption that irrespective of which crypto currencies come and go, the blockchain is here to stay.
I will do exactly as I do in my trading, and that is, I will be following the big money. Not exactly putting my money into everything they are putting theirs into, but following their investing/speculation strategy, called diversification.
I will speak around this in a future post.
Disclaimer
I am not a financial advisor, and I am not responsible for any losses you may incur as a result of acting on any of the content contained in this article. I make no recommendations to buy or sell, and this post is purely for information and education purposes. Opinions expressed in this post are my own, and you should seek advice from a professional financial adviser.
I totally lost the first train many years ago. Something I regret now. I remember mining some bitcoins then and seeing bitcoin surpass parity with the dollar. Then I lost interest because I saw many problems that new blockchain technologies are still trying to solve today. Now I understand how disruptive and amazing is the blockchain technology. Future children will never know how was life without the blockchains. How strange was to use money with some paper or pieces of metal. Bitcoin may become the new gold reserve. And it will be difficult to get and to trade. Maybe even made illegal to have, as it happened to real gold. Now my eyes are fully open to every train I see. Probably I am wrong on everything again ;)
Thanks for stopping by @hedac. Should I ask at what price did you sell the coins :(. OR maybe you still have them ;0. It looks like a very exciting future! I wish I was 18 again :)
never sold them... lost forever :( I experimented with a miner that was based on CPU... yes that's right :D then GPU miners quickly started to appear but my GPU was not powerful enough because it was only a bit faster than my CPU only. Fun times.... stupid me...
Then I experimented with a web site that was like a shared pool for mining that increased the chances of being rewarded when mining or something like that, but then the web disappeared. lost forever too.
I have bad luck... in some things. specially money things... :/
If you ever need to make a great trade, ask me if I would buy or sell, then do the opposite. You will make millions hahaha ;)
@anmeithal this post was presented at the evening session of Pimp Your Post Thursday on the Steemit Ramble Discord. It was one of five choosen for the video report on the session. Just stopping back to let you know that you can see your name in lights right here. (Just kidding about the lights :)
Awh thank you @shadowspub, and thank you for the great environment in which we share our posts.
Lots of great information shared here, have you heard of @scaredycatguide? I think you two would enjoy a chat or too about trading.
Yes I was listening to @scaredycatguide on @aggroed's show on Saturday last. Thank you.
This is so true @anmeitheal!
A lot of people just went with the hype, some even join some Ponzi schemes without really knowing the idea behind it.
People are so quick to tag themselves as "cryptotrader" when they haven't even started investing on these currencies at all. And take note, when the prices hit an all time low, these people are usually the first ones to whine.
Shots fired! :D
Thanks for the feedback @shoganaii, you might like to take a look at my rant here :).
https://steemit.com/contest/@steemitbc/get-paid-to-rant-12-all-rants-win-plus-5-sbd-grand-prize
Hahahaha. That was interesting. :D :D
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by anmeitheal from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
Looks like you are an expert in this field, I see a systematic explanation so that it can easily be understood, the most happiness when to know you on this server.best regard from me
Thank you @mrday.
Always good work here.
Thank you.
Thank you @amfy I'm glad you find it useful. Thank you so much for the resteems.
I totally agree with having a plan. My plan just differs from most 😉 most peoplr think im crazy.
Nawh! not crazy, you're a hero of mine already :).
interesante post....
thank you @josemiguel
I agree with you. I missed out on the initial train. Now I am more on research and diversifying. I have also seen a few people lose to the hype, so sad. Very good information in this post.
Glad you liked it @mutitum. I have a follow up post here. Thank you.