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RE: I have to keep myself from FOMO'ing into Bitcoin trying to catch the bottom, I'm so excited 👍
I'm so struggling... I spent a little more than I should have on crypto in the last month... and there's still more bargains to be had... but I should stay on budget... but it's all so delicious.
I actually feel like it's less of a gamble at these prices... I mean sure, it could totally go to zero, and I accept that... but the utility of crypto and Bitcoin is just too hard to ignore. We're so lucky to be in countries with a stable currency, but most of the world actually isn't.. and I really do think that the world needs it.
We are not far from the end of the bear market, that much I think most experts agree on. But that still means a potential 50% loss or so from here, that could take as much as a year to recover from. So keep that in mind
If you want sane advice, then consider that it may be a much better thing to wait for the bottom to show itself and buy 10-20% 'too high' because you missed timing it, rather than jumping all-in into what you think is the bottom and ending up dropping 50% from there still.
But I still know what you mean.. I can't contain myself either. It's been so long waiting on these drops that my fingers are itching to press the buy-button.
So for the time being I am going to satisfy my hunger with small snacks, buying in smaller increments. It sucks but I think in the end it will be a better choice.
And if I end up buying too little... well... that's okay too because it means we'll have gone back up, and after all, that is the end goal ;)
I'm so glad I am already in the market, as opposed to being on the outside trying to wrap my mind around when to buy. In the long run though, and in the grand scheme of things, I'm sure it will end up being the same as tormenting yourself over whether you'd buy BTC at $400 or at $160. Sure it matters, but not as much at the end of it as what it feels like right now.
As long as you're truly convinced about crypto and the projects you've chosen, and are o-kay with losing it all if it goes sour :)
Good luck!! Exciting times :D
Oh... I'm totally okay with losing it all... because I really want the architecture of the financial markets to change. If Bitcoin fails because something better comes along, that's fine... and if Bitcoin fails because the bankers manage to tank it... that's upsetting, but we'll just have to think of something better.
I'm honestly not trying to hit the bottom, I'm just cost-averaging in with a little bit each time I get paid. I don't actually ever want to convert it back to fiat... every little bit I put in now, I will spend it as it is once the technology catches up... so if I put in $100 today, maybe that'll buy me a TV in 3 years... etc.
It's very exciting times... if the bear market continues for a long time, I am perfectly fine with that... that just gives me more time to buy at low prices.
Yes, I have the same attitude. I am not looking to cash out into fiat, I am waiting to spend btc and using it as an actual store of value in the meantime.
But maybe next bubble I may cash some out finally. It will be my third bubble so I feel it would be about time by then ;)
Also, I don't think bitcoin is going to fail. Despite all the fud and bad graphs, there's so frigging much going on in the background it's scary. Every frigging conspiracy-personality already has their paws in it somehow, Bilderberg group, Goldman Sachs-bankers, even friggin' George Soros is in. I think there's too much money going into it, too many huuuuuuge stakeholders, for it to fail. Like you said if it's not bitcoin it'll be something else, but I think it may be bitcoin. 'cause it's the one that's decentralized. And alongside Ethereum, the only one that is exempt from the SEC rulings.
I have my own theory on that btw. I think they can't (sort of) say that BTC/ETH are securities. Because if they did, then they are saying that they aren't money. And if they aren't money, then none of the ICO's raised any funds. So perhaps in order to tackle these ICO's legally they needed to accept BTC/ETH as money legally. I don't know enough about law or the american law system but it feels like one of those legal issues that could be in play.