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RE: Calm Down! A Few Thoughts about Investing and the Ups and Downs of the Cryptocurrency Markets
Well written and spot on. It isn't a loss until you sell.
Most of the coins I have were bought at lower points than this anyway.
In my opinion, times like this are a good time to pick some more of your favourites. Market now excepts higher prices. Just time before we see it rise again.
A lot of it can come down to mindset. People are losing their shirts because they see a loss and they panic and exit trying to “prevent further loss.” Then they buy back in at a higher price because they missed the boat yet again. Now that is losing.
When in reality if they did not need the money today, and don’t see themselves getting out of the market entirely they should have just kept the money in.
A lot of people are just going on gut reaction more than anything.
What they have is an "unrealized gain" that got smaller, but they interpret BTC going from $19000 to $12000 as a "loss" even though they actually paid $3000 in the first place, and are still sitting on a 4x gain.
That's gonna be my epitaph: "It isn't a loss until you sell."
You're absolutely right on that one!
And you bring up another important point here.
People are "crying" because the Bitcoin they bought three months ago for $5,000 have dropped to $11,000... boo-hoo-hoo. You didn't LOSE anything.... you still have an unrealized gain AND an investment that DOUBLED in 90 days. That's pretty extraordinary, right there.