Get over this crypto "crash" like a boss
Get over this crypto "crash" like a boss
If you’ve been online for the last two days then you most probably already saw the bloodbath from the crypto market and even if it might sound hard to believe it is good. Yeah, maybe all of the coins are on at least a 20% sale in the last 24 hours, but you shouldn’t get scared.
I wanted to create a post about crypto for a long time because for the last month or so I was hardcore involved in it and there are a few things that I want to share with you.
Disclaimer: Keep in mind, this is not financial advice, I have no idea what I'm talking about, never trust anyone blindless, do your own research.
Why is this happening?
Even if it might sound hard to believe, this is nothing special; it happened a lot of times before, and it will happen again in the future.
This happened in mid-July too, the market cap was at 115 billion, and a few weeks later it was at 62 billion.
This also happened in September, when the market cap went from 173 billion to under 100, in a matter of two weeks and the same thing it’s happening now.
In ten days, the market cap went from 830 to 430, and the people got freaked out again.
I was in this crypto space for the last eight months and every time happened the same, some China FUD came out (it happened countless times before), the whales manipulated the market and of course some coins started to lose value. Soon after that, the newbies that just got in to make a quick buck started to freak out, being their first “crash”, so they cashed out, spreading even more FUD and low prices.
I remember that people got so scared in September when China announced the ban on ICOs and Bitcoin but it went back up after that. This is how the September “crash” looks like, it seems like a joke right now, but people were even more scared back then than they are now.
You only have to zoom out, and you will not even believe that it was perceived as a “crash.” This is precisely what’s going to happen from now, in a matter of weeks the market will recover, after the Americans will realize that it was another FUD produced by China and the newbies combined with the whales would pick up the market again. And after that, everything will go even higher.
What to do
If you bought alts at their ATH(all-time high) a few days ago thinking they will go even higher without anything like this happening, then you will have to hodl. At this point, you can’t sale to minimize your losses because a 30% loss, it’s enormous and not always easy to recover from that.
You have to understand that you haven’t lost until you sold, so because your portfolio dropped even 50% doesn’t mean that you’re at a loss. You can just hodl for a month or maybe even less, and the market will be at the same price you bought before.
If you have some fiat or tether, this is the perfect time to put your hands on the alts you always desired. It’s even a decent price to buy some if you have BTC, but not the best price since at the moment I’m writing this BTC is at under 10k so the value in BTC of the alts it’s not the best but good enough to make some gains after the rise, even if you might be able to make more just from holding that BTC.
I bought yesterday, while the BTC value was lower a lot of Ethos, it constitutes 30% of my portfolio, because I wanted to get in this coin for a long time and now was the perfect opportunity. I got it at half the price it was a few days ago and since they are going to release their wallet this quarter of the year, it should at least triple from the point it is at, I got a fantastic sale.
Think about this time as Black Friday when all the prices are down, and you can get something amazing at a huge sale, but it’s better than that because after the prices recover what you buy now will go even higher.
Now it’s the time I work because for the last couple of weeks I was stacking BTC waiting for an opportunity like this since there are a lot of alts I want, Ethos is one of the tops.
Conclusion
You have no reason to get scared this is something healthy that will happen many times from now on; you only have to be ready and make some huge gains instead of buying high and selling low because you’re afraid.
If you think these coins lost a lot of value just think about the fact that they went up massive time so if you’re looking at the price from before the pump, they are at around the same value, probably a bit higher.
You know how you felt when you missed out on buying before all the alts raised? I felt the same, but this is like going in the past and buying them because most of them will reach their ATH again.
Also, on an end note, in case you haven’t seen already Bitconnect just tanked to a value as low as $5 from $400+ because they shut everything down. Hopefully, they will pay back the people, but I guess we will see more about that soon. I’m glad it went down because if they are a scam, you don’t want any more newbies eager to make some money to get on it and lose everything. I’m sorry for those that lost money.
I’m not writing that many crypto posts but if you want to get daily information there’s one guy that I always check @Suppoman, he’s always been accurate, and I like his style a lot so you should check him out on youtube or Steem.
This is only a new beginning, now HODL!
Article about the China FUD posted by CoinDesk.
If you wanna have a chat, feel free to give me a ping on any of my communities: Be Awesome, SPL, The Writer's Block.
My top four Witnesses, you should vote for: @ocd-witness, @wackou, @pharesim, and @reggaemuffin.
Thank you for this post
The crowd always panic easily.
Never do what the crowd is doing.
I see a lot of folks not putting out contents here and some even powering down.
Whatever it is. Because of the ideas behind Steemit, its currency will always find stability.
Powering down is understandable especially if that person needs money, even if I haven't powered down nor I plan to do I understand then.
Steem is at an amazing price compared to where we were a fee months ago, at under $1 and it recovered nicely since I posted this. People just got spoiled with the huge prices, especially the ones that just signed up.
The mass still seems too optimistic. Too many it will bounce back just HODL posts (not yours, but more the type posts of this weekend it will bounce back and everything will be normal).
The pessimist in me says this is the bull trap stage of market psychology. Maybe those in the market are "maturing", but we haven't hit the fear and despair stage yet from what I'm seeing on Steemit, Twitter, and Reddit.
I'm trying to my best to hold off in hopes of the next, lower, going out of business sale.
I don't think so, as the majority of the mainstream is not even engaged in crypto at this point in time.
That is well said, I noticed the same thing but I think it's similar to what happened before. The people that already saw at least one or two crashes are not scared anymore at all, only the newbies. This happens all the time but the difference now is that we have more "experienced" users.
Great to showcase the charts of emotions in trading. We may feel low at these points when things are down and crashing but we must do the opposite to be successful. This is a time of joy to add to our portfolios if we believe in the long term prospects of crypto.
It is a great time for "shopping" indeed, since the time I made this post my portfolio raised another 15%, all the so called loss being eradicated. And the best part is that the coins didn't even recovered so there's place fot greater gains. :)
Dang awesome brother! Love to hear the success of others!!
Golden opportunity for buying desired coins. #HOLD because pump must happen so manipulators crashing this can make profit again.
I wonder who else created this? Probably all together; banksters, profiters, Bitconnect fall and newbie panic.
My question is following... Does this show that manipulators (who ever they are) are holding at least 25%+ of market? I scrolled first 100 coins, they where all in at least 20% minus. Does that show that manipulators are holdng at least 20% or more of every coin? It strange to have massive dump in every coin at same time, it's obviously conspiracy. It was sycn like they have bot for massive sellout.
This so called crash was created because of many reasons, mostly China launched another FUD and the whales cashed out so they can buy back and all the other people got scared and sold.
They probably can manipulate the market but 20% seems a little too much, but there's no eay to find out. If they keep on manipulating the market as they did so far I don't mind. :D
I don’t feel worried at all seeing the crash we are seeing today... people should already be aware this technology is very volatile and prices can fluctuate with a huge % on a daily basis.
Blockchain will keep on growing and taking over more and more of the Internet. So this is probably the best time to invest even more.
This takeover is just starting
I think a big chunk of people are already aware of how this market works, but some will always get afraid.
Indeed, this technology will be huge in 2018,to the moon.
I am a noob to all this, joined steemit when it was on its all time high, now imagine my shock and panic.. But am very grateful for its been a great learning and intro into the crypto world. I am out doing research and appreciate info like this, @suppoman has gotten him self another follower.
Haha, I know how that feels, I joined 7 months ago when it was at $2 and it went down. I had to wait a few months to see the price at the same value, but if it's a great coin it always recovers.
I am the Great Cornholio! I'm a gringo!
Nice. Very informative post. My thinking is that it doesn't really matter what the day to day price is right now. What matters is what the prices will be in 3 years, 5 years, 10 years. Who care if Bitcoin (for instance) is worth 12K today if its going to be worth 500K in 5 years lol.
That's a great point mate, people only have to zoom out. Maybe 10 years seems a little bit too much since everyone wants profits now but anyone willing to hold that much will make great profits.
agreed :)
@guyfawkes4-20 if you've got other altcoins you're diggin' give 'em a shout. I've got some ethereum I'd rather have in other stuff.
There are quite a lot I would like to have but I went harder on Ethos. I have some QSP and Binance coin but there's also Utrust, which I missed because I was AFK, or Power Ledger who I decided not to get this time. Also, I think I'll get some Bitdegree and I'm waiting for WanChain to get on exchanges and put my hands on it.
But don't buy any coins without studying them, you may not like mine, you may find other more attractive.
I'll take a peep at those. Thanks for the heads up, bud.
That graph of profanities was pretty accurate 😂
Hodl all the way.
Buy the dip and hodl, to the moon.