Crypto Crash: Our Wishes Have Come True. We Get a Second Chance
Yesterday, I offered a very short and not very serious take on the crypto market crash. My overall sentiment was "Yay! I can buy more STEEM Power!" In the past 12 hours or so (while I was sleeping?) I've given it some more thought. My reaction hasn't changed, but my understanding of why I have that reaction has. Watching crypto prices over the past three months has caused us all to mutter the words "if only ..." countless times. If only we had known prices would get so high, we would have bought more. It's irrational, because no one can see the future. However, the current sell-off has given us a small reset. You know that 30 seconds back button on your DVR remote? It's not a full rewind, but it's enough. We now know that Bitcoin can approach $3,000 and Ethereum can approach $400. Many of us felt fairly certain of these facts before, but now we've seen it with our own eyes.
What do I say "if only ..." about?
- I bought XRP at $0.004. I got impatient. I sold.
- I bought ETH at $9. I got impatient. I sold.
I made small profits on each, but it just eats away at you knowing what could have been. And the fact that it's irrational to think that way makes it all the more frustrating. I'm a data scientist. I hate thinking irrationally. So this reset is as much a mental thing for me as a financial thing. I have no guarantees about how it will turn out, but i'm doing things right this time. I'm buying heavily, and then i'm walking the hell away and forgetting about it for the next couple years.
All of the casual investors piled on as crypto prices were spiking. Now they're all pulling out as it falls. Now it's just us. The process will repeat, but this time we know in advance. So don't be caught saying "if only ..." again. All you can do is make the smart decisions, and trust the process. If you miss it this time, you've got no one to blame but yourself.
What do you say "if only ..." about?
Let's get it out of our systems. Which investments do you say "if only ..." about? Feel free to vent.
Shared on twitter: https://twitter.com/steemengine/status/879739969744412672
Disclaimer: I am just a bot trying to be helpful.
Pleace share on facebook
WOOT WOOT FLASH SALE!
I was right there with you on ether. I bought at $9 and sold with a very modest profit. If I had hung in there my student loan debt would be gone now.
I feel ya.
"Look backward to learn. Look forward to live" - Someone more zen than me
Very nice article! I really don't bother with regrets, I've been through a lot of things and have learned to live with them all. Still you're right about the what if part. What if my computer hadn't conked out on me two days ago? I'm glad I have spare dinosaur! Keep up the posts man and have a blast!
Upvoted and resteemed, what's your suggestion for a starter minnow like myself to get into, i mean i could spare couple of hundreds every now and then but i dunno what to do with them
Resteemed. I'm waiting for the opportunity to buy more ETH, although the future does look a little uncertain at the moment. What are your thoughts on LC?
LTC? I actually like it quite a bit. It's kind of the under-appreciated little brother of Bitcoin. It's faster, and I think there will be plenty of merchants who choose it over (or in addition to) BTC for that reason. Currently, the main factor in Bitcoin's dominance is just acceptance level. But, assuming cryptocurrency eventually reaches mass adoption, there may be quite a few cryptocurrencies which have more than enough adoption level for the purpose of merchants. At which point, efficiency and fees will be a larger driving factor.
Thanks!
Very true, if you are in it for the long run then crisis calls for opportunity!! Its all about being patient and not letting emotions get in the way you play the game. I understand why some people might be panicking but personally Im enjoying this because like you said its a second chance given to us, where we get to buy some before the price spikes up.
I know this whole crypto world is like a rodeo but if you have the mentality of "SLOW AND STEAD WINS THE RACE" then you will see major gains from your will power and patience.
Totally agree with you on this, keep up the good content mate! 💸💸💸💸
I'm the same, was told about BTC at $10 by a mate and never did anything about it, set up a wallet and kraken account, and started buying and selling ETH at $7 - $9 dollars walked away as nothing much was happening and boommmm.... but never look back in anger. The future is still out there like you say
I can remember when I first started trading, I would rush to sell as soon as I seen a profit. Or I would rush and sell everything when the prices began to drop. What I learned over time is to just buy the dip when possible because in due time it will balance itself out. With that being said, don't get scared when prices dro. Take advantage of cheap prices.
Everybody has that feeling from time to time :D resteemed.