Wall of Worry....steemCreated with Sketch.

in crypto •  2 years ago 

More thoughts on cryptos.....

I keep reading things on social media from people saying that buying in the current market conditions is stupid. Either you're being greedy or you're so new you don't know any better.

So, I'm not a TOTAL newb and I'm certainly not greedy but I can't figure out why people would NOT be buying in this market. While I get that nothing can go straight up, I also understand that trying to time a correction is almost impossible. If I would have sold when things got dicey for bitcoin just under $10k I would have missed out on 25% gains IN A WEEK. Yes, I'm exposed to a major correction but...when that happens (and of course it WILL happen), the damn thing may very well be at $20k and it might only correct to $13k. Or not. I was a stockbroker for a while and one thing I learned was that bull markets tend to climb a wall of worry. Everybody's waiting for the hammer to fall and shit just keeps going up. It's when everybody starts thinking its never going to end that you get in trouble....that's the best indicator there is that it's time to get out.

Now, if trading these things is your only source of income and you need to protect your "stack", then I get how you need to be a little careful. But if, like me, you're a buy and HODLer, then adding as you go and not worrying about the price is the way to do it. If you think that bitcoin is eventually going to be worth $50k or more, why would you try to time a short term correction at the risk of losing all those gains. This isn't a normal market. New money continues to flow in daily and its not only coming from one or two places. It's coming from the ENTIRE PLANET.

In the meantime, I keep adding a little at every level we reach. Sure, I wish I would have bought a ton at $4k when I was first getting into this space but....there's a learning curve on how to operate in these exchanges as well as figuring out the wallets. This isn't like telling your broker to buy something and then writing a check. It doesn't do you much good to buy something and then lose it because you don't know the importance of addresses and keys.

So, like I said, rather than get contentious with people I correspond with on the boards, I figured I'd post my thoughts here where I can get them off of my chest and no one can get irate if they read it. They can just disagree and move on.

Per my last post, I believe this is a once-in-a-lifetime event going on and we're still in the very early stages. I believe I'll be able to tell my grandkids someday that I bought bitcoin when it was under $4000. That will probably sound to them like my grandparents telling me about buying their first TV sounded to me. Like, really?!?! You're that old? :-)

I have one final thought to leave you with: right now, there is still a very steep learning curve to get involved in these things. What do you think will happen when that ends? And it WILL end. At some point, probably in the not-too-distant future, a company (probably utilizing the blockchain) is going to figure out a way to make buying and owning this stuff easy. When that happens, you'll wish you had as much in the game as you possibly could because the jumps will be gigantic. Food for thought....

Again, this is only my opinion and not investment advice. Feel free to comment if you'd like....

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