Signs You Might Be Over Invested In Your Favorite Coins

in cryptocurrencies •  5 months ago


We have all been there. Your favorite coin just keeps going lower or is completely flat lined. The question is are you over invested mentally and financially?

I have been through the gauntlet with this situation and I could say I feel into this situation with Monero in 2014 and the worst case was STEEM in 2016. When you see potential it is understandable that you could get really pumped up and see a clear vision of why the price will continue to go up making you Bitty Rich.

You Read The Coin Updates Everyday

If you are completely up on the project you are worried about then you might be over invested mentally. A lot of projects I will somewhat forget about or not really look into the news constantly. If you are diversified enough you won't be able to look at all the information on the different coins everyday.

You Cheer For The Coin Like a Sports Team

I jokingly did this the other day with EOS saying GO EOS! GOOOOO!!! @rulesforrebels wrote an post talking about this situation. To be honest I think it is crazy when people become super fans of different sports teams. I have always just been the guy who wants to see a good game. So when all crypto is doing good I'm happy.

If you are volleying buzzwords back and forth with other non technical people in the TRON Telegram then you might be in too deep. (I might be buying some TRON soon. I know a shocker right. Details later.)

You Are Super Mad At The Main Devs Or Team

STEEM would fall into this category for me. In 2016 I e-mailed Steemit INC so pissed off asking if STEEM was a money grab and declaring that they were going to drive the price down to $0.05. It went down to $0.07. Ultimately I was way too mentally invested into the platform because I saw so much potential in it. My time was eroding away right before my eyes and it wasn't fun to watch.

You Convinced Your Family Members To Bet The Farm And The Cattle On Your Coin

Nothing worse than being the main contributor to family member's losses as well as your own. It is a tough situation to be in because they might blame you for getting them in on it.

You Are Hoping The Paid YouTube Shills Will Get Behind Your Coin

I mean that is a last ditch hope that someone like @suppoman is going to get behind your coin. Even if they do that may not be enough if the whole market has been lagging behind.

Getting On Coinbase

You think that your favorite coin is going to get on Coinbase soon. There are a few exceptions to this rule but it is crazy how many times I keep seeing teenie boppers thinking that TRON is going to be the next project on Coinbase. I just shake my head. Coinbase has been acting so slow on every situation it is unreal so while they are acting like they are going to add more coins in 2018 I'm not holding my breath for any additions anytime soon.

Conclusion

On a lot of this stuff it is almost better if you a diversified enough to where you don't think about any one project too much. That is one of the reasons why I can't go all in on STEEM and the same goes for EOS. I can't go all in because I will be thinking about it way too much and getting hung up on the day to day events.

The only way you should be getting hung up on the day to day drama with a coin is if you are the creator of it or in some major roll associated with the development or marketing of the coin.

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Good post man and thanks for the shoutout. Kind of a funny thing, maybe I'm a bit of a hypocrite about this to an extent because I don't like the rah rah fanboy stuff but one of my complaints about NAV coin was the lack of hype and marketing. Not to say blindly follow a coin and I like when there's technicals and a solid project to actually back any hype, but one frustration I personally had with NAV coin which was kind of my fanboy coin was the complete lack of marketing and also the way the devs kind of poo poo'd anyone hyping the coin or talking price. On their telegram group and subreddit its actualy really frowned upon talking about price. I get its a solid technical coin and I get they don't want to turn it into a tron type hype train but at the same time I do think there's some truth to the fact that the best coin doesn't always win, sometimes its the coin with the best marketing, i think a past example of that was Monero vs Dash, I personally thought Monero was a superior coin but thought Dash did a better job of marketing, tons of other examples of the better marketing team winning out but with NAV it was frustrating that while we all appreciate the simplicity and anonymity and everything else at the same time were here to make money so we can't really ignore that.

Anyhow great post really enjoyed it

Hehe bet the farm and cattle, that's a good one. I'm not overly invested in any coin, I have preferred coins, but I don't think I have a favourite coin. They all fluctuate and one coin look great next to another or terrible next to another one. One coin can do great one day and awfully the next. We need to keep that in mind and make sound decisions.

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Yeah it changes all the time and everyone has some hyped up price prediction.

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That, and every day someone else comes up with "evidence" on .how said coin or token is a scam, and how their claims are totally different from said other person's because THIS TIME... And then the coins do their own thing and people are proven wrong whatever they were saying lol

In order to trade, you have to have very little emotional attachment to your coins.

To HODL, it is good to have emotional attachment, (it helps get through the highs and the lows) but you also need to only put in as much as you can afford to lose.

With the new burnpost experiment designed to bring SBD back to the $1 peg, its probably a good idea that you did not pull a jerryb with steemit

I've been feeling some of these things recently regarding smartcash. I still believe in the project, but im wondering if it's ever going to blow up the way i thought it would...

wow what a funny post in steem i like this keep it up thanks for shareing

Very well written article. Great work... Keep it up.

To be honest I think it is crazy when people become super fans of different sports teams. I have always just been the guy who wants to see a good game. .

Oh hell Phobos, that's just because Arizona has such lackluster professional sports teams ;) :)

Seriously, I think that is a good minddset to have...not to go all in on things like Steem and EOS. It is too much of a mental drain when you emotionally get caught up in it because of big stakes !!

Excellent post, thanks for sharing, @brianphobos.

You mean my fav SKYCOIN will not rule the world ...Hmmm
Still going in big just to support them ...win loose or draw ..... there is nothing more in the world I would like to see than all the present isp's bite the dust ....and the skycoin network takeover the internet .... I would give them all my coins I have right now if it would insure the project wins out....
https://steemit.com/crypto/@thelifeofbrian/skycoin-the-best-coin-and-idea-to-date-for-crypto

@brianphobos I know how you feel about EOS. In fact I was upset when I was listening to Bix Weir this yesterday morning and him Bad Mouthing EOS. I understand I am invested in EOS and he seems to be ALL IN on Litecoin so over the past 3 weeks when EOS was eating LTC's Lunch Bix probably felt Pretty Stupid that he has just told all his people to keep HODLing LTC. I am glad I got that off my chest I feel better now...............

This is my first time reading your blog post and I had to LOL at your banner ("Celebrating 20 Years on Steemit" haha).
On this post topic, I'm a bit on the fence. I can see how certain people can get overexcited about Steem, particularly once they understood how easy for them to earn from it. For me, Steem is the best cryptocurrency to get into, and that's saying something, coming from one who's absolutely skeptical about Bitcoins and altcoins in general due to its volatility. Steem's economics really do make sense without being overly speculative.
What's your say on the self-proclaimed evangelists and promoters of Steem?