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RE: Calm Down! A Few Thoughts about Investing and the Ups and Downs of the Cryptocurrency Markets
"Are you invested for the long run? Or are you a trader?"
It is not such an either/or as you dichotomize (is that a word?) it into.
I am in crypto for the long run, I believe in the power for change and the future of the technology. But I will most certainly seize any opportunity I see to make an even quicker buck by moving from say, bitshares to steem and then back again as I assess their relative shorter term prospects.
But I would also submit that you are a pretty seasoned investor-trader and know quite a lot about cryptos based on having been involved for a long time. In other words, you have wisdom and experience which you are putting to work... that's very different from tossing darts.
I do believe a lot of these wild swings are increased by newcomer investors who have just bought into the whole idea that "cryptos are a hot ticket" so they take their money and act on every FOMO rumor they see... and bail every time something goes down 20%.
As I mentioned above, I used to be day trader in tech stocks... and I just followed a handful, but knew them really well, which certainly allowed me to make some short term gains that most people didn't "understand."
It is my theory that unless you (as opposed to someone else or "society") pay for your mistakes, you do not learn from them and will most likely repeat them. I have learned from my mistakes :-)
During my forex days I use to leave bigger positions in but short the market corrections. That way I never missed the boat or get a lousy re-entry back in and took some profit taking on the way down.
Then at least here I think they made that tactic illegal lol.
Ah the good old days of being woken up at 4 am because of margin calls and not understanding what sleep was anymore.
"Ah the good old days of being woken up at 4 am because of margin calls and not understanding what sleep was anymore."
Kinda like with bitcoin mining in the early days of ASCICs!
I still got some block erupters somewhere. Ran so hot partially melted a keyboard cable once that landed on them.
Nothing like checking for a software update and finding out the developer came forward that he’s been “borrowing” a couple cycles here or there in the background and didn’t think it was important to disclose that information.
Mine had been some knockoff cheap brand that I got off amazon the red light kept flashing on and still be running. Wake up to find out the mining pool you were on got DDoS and your script failed to switch to another. Still, crazy amount better than whatever GPU and CPU I had been using before while getting my feet wet.
I never did put money down on anything bigger. They always seem to delay shipping for 6 months to a year while coming up with endless excuses for why it was taking so long. I recall one black Friday sale one site discounted everything by 50%. Was so tempting but I know if I did they never ship them by Christmas like they claim. Rants years later on forms where rather funny as if they didn’t know they would be taken for a ride like everyone before them.
Ah, nothing like knowing there was a 75% chance to get scammed out of your coins but you had to take a chance anyway. I gave up for a while after cloud mining started to be a thing and no matter what you mined just a little less then what current value of your shares where to sell back. But they are happy to give you million and one alt coins while mining that truly where so worthless they were removed years later when I came back hoping one of them went to the moon.
I would say those days where much worse lol. Cryptocurrency these days almost looks civil.
Yup, to everything you said .
I no longer mine anything. I switched to DPOS technology back in 2014 and have never looked back. Mining is wasteful and definitely not sustainable in the long run.