MY #1 TIP TO GET PAST THE DOWN TIMES IN CRYPTOCURRENCY

in #cryptocurrency7 years ago


Happy Monday!

Check out my #1 tip for getting past the tough times with Cryptocurrency!

Here is how you get through the tough times!

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Don´t forget the real good news @joeparys:
With Bitcoin dropping a 1000US$ per day, this will go on max. 7 more days!
So it´s time to celebrate! 😉

WE probably agree on many topics, forinstance Anarco Capitalism, but there is one MAJOY topic where we yet do not agree and therefore I am BEGGING YOU to watch the 5 videos I posted under the tag #notaglobe ... the earth is flat and you need to wake up to it, then we can make steemit great:

Not saying you are wrong but did you see SpaceX launch yesterday their rocket into space? CGI? O_o

yes, cgi, space is not real as you think you know it (I mean the launch rocket into the water, but not into space)... now I am busy doing other things. Keep the steem up!

The reason it's so hard for most people to understand Bitcoin is that most people don't really understand money. Money isn't wealth. It's an accounting system used to facilitate the exchange of wealth. (The paradox of money is that while everyone wants it, no one actually wants it - they want the stuff they can buy with it!) Many people are put off by the fact that Bitcoins are 'just data'. But that's what ALL money is, information! More precisely, money is a means for credibly conveying information about value given but not yet received (or at least not yet received in a form in which it can directly satisfy a person's wants or needs).

To put it yet another way, money is a ledger. With fiat currencies like the dollar, that ledger is centralized. And that gives the central authority responsible for maintaining that ledger tremendous power, power that history has proven will inevitably be abused. With Bitcoin, the ledger is decentralized. And that means that no one individual or entity has the power to arbitrarily create new units (thereby causing inflation), freeze (or seize) your account, or block a particular
payment from being processed. We've had decentralized money before. After all, no one can simply print new gold into existence. And the 'ledger' of gold is distributed because the physical gold itself (the 'accounting entries' in the metaphor) is distributed. But with gold, that decentralization comes at a heavy price (literally). The physical nature of gold makes it hugely inefficient for global transactions.

And this is why bitcoin is important! It is the first currency in the world that is both decentralized and digital. It is more reliably scarce than gold and more private and transactionally efficient than "modern" digital banking. This is why people are excited about bitcoin, it has the potential to be completely revolutionize money.

Yes!! This is very true @shahaan thank you for sharing and taking the time to write this comment! There is still much learning for many people (myself included) and the more knowledge we have the better decisions we can make moving forward :)

haha ... that means a lot.. i stand nowhere.. u ppl are my inspiration here.. i m just new here... n i m trying my best to get involved with everyone... Again thanx for such huge inspiration.

I'm committing this comment to memory. It is such a clear and concise way to explain Bitcoin, and the nature of money. Thank you!

If it was helpful... I m glad

Great explaination, I feel like I am having this conversation with more and more people. I might just read this to them the next time someone asks me about bitcoin! :)

Fantastic break down there Mr @shahaan👍 A vast majority is still unaware of the power of blockchain technology. A few stock analysts who know about bitcoin consider it either a pyramid scheme or simply a bubble which is crazy. Even stock market is a bubble that crashes after a bullish period but that doesn't means people stop trading stocks. In fact, when a market crashes, it's the time big players start stocking up for maximum gains in the long run. The same is happening with bitcoin and it's doing correction which was long overdue and we're already seeing "told you it's a bubble" sort of posts all over social media. But, the smart ones are silently placing their buy orders on different price levels for the long run. The most important thing to look at is the supply of bitcoin which makes it scarce (21 million hard cap) which will result into more demand in future and hence, more price increase. :)

Well said my friend! I couldn't have said it any better...

I reeeeeally really appreciated the way you explained that so clearly and succinctly!!!! Do you want to try to explain steem to me that way too! Hehehehe I'm looking for a very short and simple way to be able to convey the beauty of this site to others! I can explain it 85% of the way and get people very excited.... And then... They undoubtedly ask me something that I don't know completely...and I lose them! Lol

So many people say oh here is a great article... But it's way too long and complex!!! I'm looking for something that starts simple and STAYS simple and clear!

Wanna try @shahaan??? Hehehehe :)

Definitely saw this comment on YouTube a few months ago by someone else. Wont show any hate cause it is a valuable comment though and (had) definitely explained the crypto space a bit better for me

Actually I hope to see a headline by the end of the week that goes something like this:

"Wallstreet flights into crypto to hedge crashing stock market."

:-P

XD I wish

Best headline ever! I'll say an extra prayer...lol

Just hold do not sell just because everyone else is selling...

Don't forget to buy more on the dip.

What's up Joe! In my opinion, this is probably the best time to buy. Why would you want to buy at all time high? It's easier said than done though of course because emotions are hard to control :)

A major correction was long overdue and what is happening now is not surprising...

Completely agree with you @generation but I'd like to share my opinion here. The correction is not over yet and bitcoin is still struggling to find the bottom. If it couldn't hold the $7k zone, we're heading to the $5500-$6000 area. There will be bull traps and FOMO buying during these days but bitcoin WILL try to find a decent bottom before making a trend reversal. But still, current prices are good to accumulate for long term bag hodlers so somehow we are on the same side of opinion and long term bullish on bitcoin. ;)

Always glad to see optimism in times like this! I share your opinion @generation on the time to buy and buy cheap we will

Yes I agree! This is an opportunity I believe! Always darkest before the dawn!

Dollar cost averaging every paycheck has worked better for me mentally. If you commit a course of action in advance and believe in crypto long term then temporary dips don't phase you as much.

you mean temporary crashes/meltdowns?

there were many "best times to buy" in the past couple months....and all those were losing decisions, you can't buy when you already bought higher

Well, I personally bought at 13k and then at 9k and then at 6k. You can never know the real bottom but if you believe in the long term and think Bitcoin will be for example 500,000 (just an example) then buying at 16k would be better than buying it at all time high but ultimately even if you bought at all time high you will still be good if you believe in it long term it's just that you won't maximize your position.

This is true, however I do think there is a point of no return. Meaning a crypto will never go below a certain point again

I hope so, I still can't believe I bought ETH at $1300 and BTC at $12,500...wish I had waited

you can not look back but forward.

Understand that Bitcoin is volatile. Understand the technology. Understand that human nature will always align value to this technology. HODL.

I agree with you. Thanks for the tips.

Im optimistic with this dip, Im still buildong my portfolio in crypto, so Im seeing it as an opportunity!

I have view most of your videos and they are great I love them joe...Good job....I speak relatively about the same thing....and also learn a lot from ya....thanks again Joe

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Awesome @waltliquor glad to be of service!! Also how did you get that shiny logo thing haha thats pretty cool I want one :D

I used a app called " my moving word" on the Android play store...then u can make a logo name like that...thanks for writing back Joe...I appreciate it @joeparys

If we can make an argument that lot of new money came to the crypto market from the inflated prices of the stock market and general health of the economy and job market, then what follows if we hit a downturn in the stock market, new money supply will dry out from the crypto market at least temporarily.