Just Another Typical Day in the Crypto Markets
Bitcoin... Ruler of the digital realm, face of crypto currencies and bastion of decentralization. And a damn pain in the ass to @ezzy. Because I gotta admit, some days when you see your portfolio of alts taking a dive when Bitcoin decides to sneeze, the old grey matter can work in overdrive trying to figure out what went wrong. Asking yourself why investors won't pay attention to your beloved invisible asset whilst BTC, with it's old ass technology and slow network, still attracts preferential treatment. Yeah, being in crypto is tough, at the best of times.
Or it could be a stark reminder of just how early we all are to the game. How global interest is nowhere near the levels we think it is hence BTC is most likely everyone's go-to option. Whatever the reasons, I've been feeling it a little harder than other days. Buying and holding for months, if not years, can take it's toll on you. Luckily for me, I've got Mark, better known as @exyle, to unburden my mental anguishes upon. But for those of us who don't have an outlet for the misery caused by these markets at present, it can make you do... things out the norm. Like cash out or swap over to something deemed more worthwhile in your mind.
But the truth, there is no escape really. Myself, for instance. What are my options to bail me out of this spiraling alt-coin palava. Cash out into fiat and take the hit? But what if I miss the next bull run! Swap over into another crypto currency? But they're all going the same direction, except BTC that's already gone up so high! Go do something else completely and forget about crypto for the next six months? But I can't tear myself away from the damn screen! Lol, these are just a few thought that run through my mind when I get stressed over these markets.
But at the end of the day, if you can "weather" these turbulent storms of the mind, clarity is not too far off. I've been in this game now for coming up to five years. I remember telling myself to give it around a decade to fully realize the possible potential of this game. But nobody ever said it was gonna be an easy ride. I keep telling myself that. The good thing about Steem Power is that it's locked away. Preventing me from doing anything... shall we say "spontaneous", lol.
And I'm pretty sure I an't the only one who can feel like that from time to time. It's good to vent. Sometimes I feel that's the only thing keeping me sane in this choatic mess we call crypto. Somebody, trigger the goddamn bull market already!
I think we all have to admit that we've gotten ahead of ourselves. Even though Bitcoin is boring to us it is still the absolute foundation of crypto. It is the onramp and gateway to all the new money.
The things that make Bitcoin boring to us (slow and inability to change) are seen as features to the new money entering the space. In a violent sea of volatility and uncertainty, people want as much stability as they can get. Bitcoin is the best product in that regard.
My experience with trading is that we tend to cave into our base emotions and make the worst decisions at the worst times. Best to just ride it out and stay positive.
Spot on, my friend! It's so easy to lose sight of this glaring truth, no matter how hard it is too bear after the fact. I'm doing my best to curb those emotions (my worst enemy in all this). Ain't easy though...
Yeah I was actually watching this Andreas Antonopoulos video the other day that spells it out pretty clearly: the immutable foundation that Bitcoin brings to the space lays a solid foundation for every other project to thrive.
These past few months have been excruciating. I stopped investing short-term a few years ago. During the last couple of years I've acquired coins that had good teams, communities, and real world uses and have just been trying to stay patient. Key word there is "trying". It's been a long two years, my friend.
We're in the exact same boat, buddy. Sometimes these markets tears my mind to shred and I gotta mentally re-assimilate. But this is a long game for us all. Glad we can relate to feeling this way from time to time. :)
Absolutely, I get mental fatigue from listening to "so-called" experts who predict either doomsday or utopian scenarios for Alts. It's so important to surround ourselves with level-headed, unbiased people so we don't make mistakes we'll regret. Honestly, my portfolio has lost so much that cashing it all in now wouldn't be life-changing for me anyway. Lol. Stay strong @ezzy. Can you imagine the stories we'll have to tell the younger generations about being early adopters in this space? I wouldn't trade those memories for anything. : ) Some day we should all write a book about it.
Patience young Grasshopper.
It will come.
Fast becoming "old" grasshopper. :)
haha.
I was basically day trading in the late 90's during the dot-com boom. That was fast and furious and full of adrenaline.
After the crash in the early 2000's, I've been slow and conservative. Buy something, forget about it for a year or so .. then one day, you look at it and think ... hrmmm that did pretty well.
I've been trying to use that philosophy with EOS and ETH. Hopefully, in another year or two, I'll be able to look at that portfolio and think ... that was a good investment.
The philosophy I used going in was to only risk money I could lose. Currently, I'm letting my brain assume I've lost it all... then when I look back, hopefully I'll be extremely surprised.
If i recall, you play in the FOREX realm ... so slow and steady is NOT in your DNA.
;-)
Awesome attitude to the markets, buddy. You've picked some solid crypto projects so I think you'll do just fine. But yeah, "set and forget" is the name of the game.
Completely the opposite to the FX mindset! :)
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 9.16% upvote! Together, let’s change the world!
The temptation to dump more to buy Steem and get closer to Orca is overbearing! However, I am trying to be patient as I have been buying other alt coin during this dip as I want to diversify a bit. Soon!
It is good.
I appreciate your perspective and its nice to know I am not alone. Like you said it, it's just another typical day for crypto markets. I think the coming downturn of fiat financial markets will be a monumental time for crypto.