PSA: What just happened (and what to do next time)

We all just saw a massive dip across the board due to some news that came out of South Korea. The news was that South Korea is banning cryptocurrency. I don’t want to concentrate on this too much, but that statement is untrue. Since December 13, members of the South Korean government have been preparing a bill aiming at exchanges that are not compliant with the Know Your Customer regulations. This is known and not new news.

Looking at the one-hour chart we are already in recovery, those who got burned will be those that panicked, sold their coins and are now looking for a re-entry where the price has risen. This is unfortunate, but some lessons need to be learnt firsthand, don’t panic. When you panic you don’t think logically and you take actions you wouldn’t normally take. We all have our favourite projects we are supporting but if you did you due diligence and invested in a project that you truly believe in, and I mean properly believe in - not some shill from Twitter, Bitcoin Talk, Medium or even 4Chan, then why would you panic and why would you sell.

You work hard for your money so don’t be unnecessarily reckless when you invest. If you were to buy a new car, you would look at all the brands, models and specs before you make your purchase. Do the same for crypto and you have nothing to worry about.

We are all going to make it.

TL;DR don’t panic, do your due diligence.