AM I PANICKING ABOUT THE ONGOING “CRYPTO CRASH”?
The short answer is: no. I am not.
The promise and the potential of the Blockchain technology hasn’t diminished, as the price plunged lower. If anything, the technology is developing and evolving at an increasing pace and there are many exciting breakthroughs in terms of scalability, usability and mainstream adoption just around the corner. The market price movements are completely oblivious of this progress. I, however, am feeling more optimistic than ever regarding the future of Blockchain tech and crypto-assets.
Image source: Pixabay
As an early investor in this emerging asset class (and let’s be clear here: all of us who have invested in crypto up until now are very early investors and adopters) I measure my investment horizon in terms of years. Not months and weeks. I would like to build a foundation for generational wealth, something that would last decades into the future. The current “market crash” is a blessing in disguise. It allows me – and other ordinary people like myself – to invest relatively small amount of spare cash and acquire not-insignificant amount of cryptocurrency in return.
I’m loving it!
On the other hand, I understand the reasons for anxiety, panic, fear and sadness that have been overwhelming many people in this space in the past week. I am feeling a lot of compassion and sympathy for anyone whose emotional balance was devastated by the price movements in 2018. The only advice I can give: try and stay calm. It’s a marathon, not a sprint. You only lose value, when you realise the losses by selling your coins. Until you do all losses (or profits, if you are still in the black) are virtual. Isn’t it better then to wait until the price rebounds – which it will, one day – and realise gains instead of losses?
Image source: Pixabay
Looks at the cryptocurrency price crashes of the past. Bitcoin is used to losing 90% of its market value. Each and single time it rebounded and soared to level orders of magnitude higher than its previous highs. Remember how the price of Amazon’s stock crashed with the rest of the tech bubble back in 2000? Who do you think was the real winner: the ones who sold at $3 in 2000? Or the ones who held strong and waited until the share price reached $2,000 in September this year? Do you think there might be a lesson in these past events that is relevant for us today?
The ones who won’t succumb to despair and fear at this moment will be the true winners a few years down the road.
I want to support each every hodler who’s holding steady and staying strong. I want to console everyone who overinvested, taking a loan or a second mortgage. Remember: there’s hope. There are people who care about you. There are people who can help. If you’re feeling scared and hopeless, talk to somebody. A friend, a family member, your partner, your parent. Talk to me in the comments under this post.
Image source: Pixabay
Remember: this is temporary. In a few months it will feels like ancient history. Don’t give up. Don’t do anything harmful to yourself.
Stay away from alcohol and drugs, even if it might feel tempting to succumb to numbness and forget the reality of the present situation. These things never help. Keeping a clear mind and a calm nerves is the best you can do. Meditate, if you can. Pray, if you must. Turn off your computer for a day or two. Go for a walk in nature. Bathe in a sauna. Call your family.
Image source: Pixabay
There are more reasons to be optimistic about the future of crypto than there were just a year ago. Stick around, so that we can celebrate the coming technological breakthroughs and societal adoption together soon enough!
Image source: Pixabay
Well said, more people should think in this way. Also I agree with what @improv pointed out - it's about communication and support in other ways than by a few cents here and there. I feel full of new ideas and projects thanks to my involvement here. I'm learning that 'new' blogging tech for the first time, actually.
Good! I'm excited to see your new projects!
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Sticking around is easier if you make reasons for yourself to be here other than that Fiat value. Things like @freewritehouse's Nanowrimo challenge got me to actually write my Nanowrimo for once.
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true, it's all about making it a cool place for a diverse pop and hang out at gain a little crypto scratch (-:
Exactomundo!
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Very well done Oleg, I have only time invested and so I am not going anywhere and will continue to add with rewards as earned but for those who did invest money your words should be heeded for sure as for HODLing, since the bulk of the damage seems to be done already.
The technology aspect is often overlooked and good of you to point that out.
Hold Hold Hold and perfect time to buy some more. As I told my buddies, " You wanted to be an early adopter now is the time. As for me had most of my cryptos spread out and even my wife is buying some here and there. No panic here just chillin and enjoying the show, the market is unpredictable but history repeats itself.
Very true. And the prices are bouncing already from yesterday’s lows. It was a great moment to buy some more. I would have bought some more yesterday, if I hadn't already done my usual monthly dollar-cost-averaging buy two days earlier.
What about those of us who got in when everything was at ATH? I've basically seen the amount I put in drop 90% in value from the beginning 2018. I'm hodling of course as I'm seeing the long term potential and believe but just seems like every time I "check" what's going on, another 10% drop... I'm not taking anything out now as that would be stupid so just got to keep earning on steemit and the music sites I'm on and hope there's a rebound!
Exactly. Like I wrote about, I have so much sympathy and compassion for those who bought at ATH. Those people, including you, are having the toughest time right now. The only reasonable strategy here is to keep holding and hoping. And try to keep one’s sanity.
It’s great that you have your music to keep you occupied by something you love and feel passionate about, Nicky. Money is not everything. Actually, figuring out money is a relatively easy task, if seen from a large perspective. To live a meaningful life is what really matters.
Hodl and Hoep 🙂 well, I am just accumulating steem for posts and other crypto blogging platforms I am on. I am not putting any more fiat in to Crypto that's for sure.
Money isn't everything, I agree but it does help with making things a little more comfortable. But I have to say, my potential earnings have been 20x more on steemit alone from my music than being with a label so I am grateful for that. Hoping one day in 5 years time, we will look back on this downtrend and laugh at it.
I will just keep doing what I love doing and chalk this year off as a steep learning curve about investing, crypto and community building in a new social blogging world 😊
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I love your attitude, man! And hopefully we’ll be laughing about the current “crash” in 6 months from now. ;) And in 5 years we’ll be just smiling contentedly and blissfully.
Haha yes been reading about previous crashes on the crypto news based apps and seems there have been previous crashes on a similar scale and heard some other stories of people selling 10s of hundreds of BTC at $100 or so at the beginning of last year.
But it all came back stronger and I am optimistic on the long term, even though the short term is punching me in the gut Haha!
Oh well onwards and upwards, keep doing what we're doing hey
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Sound advice! I forget to think about those who have invested or gambled with funds they really cannot afford to lose. I whole-heartedly agree - there is hope! This will bounce back up soon enough.
Thank you, @mattifer! Keeping hope alive is crucial in this situation – as in any other. Having said that, one should never invest more than one can afford to lose. And especially not invest borrowed money.
I agree! I'm fortunate in that I've only invested time so far.
Well, if there ever was a good time to invest some fiat too, it’s probably now.
(Not a professional financial advice, of course! ;))
True story! Maybe I'll do that as Christmas present to myself.
While the money is a nice add on I never expected to be making much out of it. As long as I'm making something I'm happy, and even if I were to ever cash out entirely I'd still have the friends I made along the way, all the content I created, and all the challenges and contests I was part of and will be part of in the future until that point.
I'm happy to be in it for the long haul because you're right; BitCoin always bounced back, and I'm sure Steem will to. Just give it time ^^
Thank you for reminding of all the non-material “gains” a crypto-investor can get, along with profits… It’s so true!
I was very fortunate to have invested early enough. So I’m still in the black, which helps me to stay calm. But it’s mostly my belief in the future of Blockchain that helps me to stay optimistic and feel at ease.
Now might be a good opportunity to acquire some more STEEM at a discount. Not a financial advice, obviously, but something I’m considering doing for myself.
I don't have the fiat to invest or else I probably would. Both to generally increase my influence here on the platform and to invest for when it bounces back. But for people who do this is a great chance because I'm sure it'll be great come the future ^^
The longer you are in the market, the more comfortable you become with market fluctuations and begin to position yourself to take advantage of differing situations. Originally I used to feel those emotions you describe but now I am much more resilient.
You’re spot on, @rhyscn! The longer one’s investment horizon is, the more strategic one’s thinking and action becomes. Not acting on impulse and not following the crowd are the signs of mature and successful investors.
Agreed. No need to panic and sell, but the stress is on for those of us who buy the ditch. How low will BTC go this time? #steemitbloggers
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I wish I knew where the bottom is too! :D
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