This is How the Majority of Crypto Currency Holders, Including So-Called Gurus, are Acting Right Now.
If you recall I wrote a post, "Call Me a Fool but I am Taking 50% of My Crypto Currency Profits and Exchanging for Dollars." The post was written eight weeks ago shortly before Bitcoin reached its all time high. I told you that I was taking profits. Everything that remained was house money, meaning 100% profits.
As Many People are Experiencing Right Now, You Don't Want to be Trying to Escape a Burning Building When Everyone Else is as Well.
Bitcoin is down but imagine being an Ethereum holder right now. This sell off must really sting! I personally blame all the ICO's which caused the artificial rise of Ethereum and the consecutive sell off as the ICO's cash in.
What I am Doing with the Remainder of My Crypto Currencies.
a. I parked a bunch in Stratis.
b. I stopped my Steem powerdown a few weeks back.
c. I am hoarding SteemDollars.
d. I bought a bunch of Bitcoin mining pools on Bitclub for passive income.
e. I bought up Flashcoin on Cryptopia. It is still under $.01!
Get a FlashCoin Web Wallet
What I Would Do if I Waited This Long? I Would Wait for a Recovery and Go Enjoy My Life .
I may be wrong but I have a feeling things are going to come roaring back this fall/winter after Segwit is activated and people aren't fearing a Bitcoin fork. Great advice and article, I'll be over here hodl'ing 👍
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The "Smart" People treating this like its Black Friday Sales lol
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Dam straight, I just took the last of my free BTC and bought a bunch of Flashcoin.
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You don't say... Flashcoin?... F it Ill buy some, don't know what it is but looking it up now haha
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What is flashcoin about?
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Yeah, on the move and cannot check. I thought you were done with ICO's ? :)
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Thanks for your advice, but I prefer to be a sheep, sell, and lose all my money /s
Patience is the greatest of qualities for investing imho
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We can not do different. We need to stay calm and do not panic. Lets hope that it is just the traditional summer fall and nothing more. Great advice in your post and as you say "I Would Wait for a Recovery and Go Enjoy My Life". I am doing the same.
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Good advice man, hoarding Steem dollars is a great idea. I'm just waiting and accumulating. Not selling anything at this point
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Yup, I don't see any reason to sell something that is pegged to USD. Especially when it is 10% below that.
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Golden rule of trading -sell when everyone is buying and buy when everyone is selling
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I felt like I was bailing too early but it ended up being just about 2 weeks before the All Time High so all in all not too bad.
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It was a wise move.
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ETH price went insane with all the damn ICOs - this coin still doesn't have a total supply (ever of coins/inflation) plan.
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Vitalik is considering Limiting the Monthly Mining Reward by 345,000 ETH Starting August 1st: https://www.reddit.com/r/EtherMining/comments/6ndobm/vitalik_is_considering_limiting_the_monthly/
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and, did this happen?
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The never ending panic. This daily, weekly, monthly and yearly thing. Just hold.
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That is a great plan.
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good advices :)
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Cryptocurrency is the future.
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Good info and a great time to pick up some very reasonably priced cryptos!
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I think folks are just jittery of the Aug 1 date, after this date money will pour back into cryptos. I put the little bitcoin I had into hashing24 and genesis. Lets keep our fingers crossed and ride this out. Thank you for sharing
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I did the same with Bitclub. The only way I lose is if Bitcoin disappears.
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Yeah, i agree. Waiting for the recovery :)
lol
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meep
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meep
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meep
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meep meep
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meep
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We all jut need to be patient and remain calm.
The markets will recover sooner or later and they will be stronger than before.
We just need to preoccupy and distract ourselves during this time.
Just go do something else to not stress through this time
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It's called CCA - crypto cost averaging... gotta buy into the FUD and fade the HYPE.
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I'm just waiting it out.
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At this point the choices are sell at a hefty loss or wait it out. I would do the same.
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Yes just wait.
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You were very correct in your prediction with the post of taking 50% profits, you turned out to be the most smart person.
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Thanks @hilarski for the info about flash coin. I need to do some research - and search your blog to see if you've made any posts about it :)
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I will have a new one coming this week. The team is working on big things.
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Unholy cow! These are exciting times :) I really wish SteemIt had an alert system, but I'll just be sure to manually check in.
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meep
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Great article!
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Ummm I've not seen one of the crypto "gurus" I follow panicking. One started the chaincoin hodl group, and others are just moving forward with their crypto plan. Anyone that's freaking out right now isn't a "guru". If you want better people to follow head over to my crypto youtuber article and watch their videos.
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That is why I said, "so-called gurus". The few I follow are fine and expect this.
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I'm enjoying the spreads and volitility. Range trading Amps, Steem, and Factom. Still down a lot from my highs but increasing BTC and alt holdings and making the most of it.
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For the rest of us with not a big portfolio is sales time! =D
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I wouldn't do that but heh, to each his own.
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Interesting. I was wondering what you thought about all of the ICO crap going on. I am so solidly against inviting any regulation on to the crypto space, but there sure are pros and cons to that question.
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@hilarski, I'm buying BTC, ETH and Lite as fast as I can. Waiting for trades to settle so I can get some STEEM. This is absolutely the time to buy, not sell. Thanks for the great article. Resteeming, upvoting and still following you. Have a great day.
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Its a great time to be new to playing with crypto ..and i just got my wallets set up and everything figured out on moving trading and transfering and have a few bucks to kick in ... Just waiting for bottom now ...
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I feel poorer today! But richer in hope! haha
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Keeping cool is the best way to play the game. Since steem is so cheap right now, I think ill scoop some up and put it in my nest
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I think LTC is a good place to park now....it's been offered at a discount in my humble opinion.
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I have some and am not worried about it.
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Agree
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Yes, perhaps, a sensible idea. Just wait, without trying to feverishly sell the remains of the crypt.
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I think it's best to just wait and accumulate at the moment.
No need to panic....a good investor know that :)
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Ah yes, Flashcoin. I remember a while back you had that post with a link for 50 free Flashcoins. Maybe I'll buy a few now. :)
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It's a great time to buy more cryptos!
Thanks for your advice my friend :)
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Flashcoin?
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Great advice. Wait for recovery and enjoy.
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Great work @hilarski
Followed You and Upvote!
Greetings from PL @deazydee
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I'm buy buy buying all the coinses!
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@hilarski,
So true... and the things that you listed out remarkable! I will try this out! Thanks for sharing your experiences with us! Appreciate it!
Cheers~
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The smart people are simply holding on to their coins.
There's no reason to pile into Flashcoin, or any other unproven crypto just because there's a downtrend. That's a rookie move, trying to diversify without studying fundamentals.
A lot of the alt-coins are barely-concealed pumper schemes anyway. Not the best place to be when it starts to move against you. They tend to trade pretty thinly and you won't be happy trying to get out.
Don't be a newbie, just hold your coins or average-down if you have the spare cash.
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I have ZenCash, LTC, and a little STEEM. I sleep well at night because crypto is one of many baskets.
If a person is panicking, they have too much in one basket.
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Hello please kindly like my post too thanks
https://steemit.com/advice/@romantic4/make-things-happen
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buy bitcoin
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Hi @hilarski, great content and upvoted like always. I've a question to an experienced cryptotrader like you. I made a top 5 of my favorite cryptoinvestment. Would you agree with some of them? Here is my crypto top 5.
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I'm a relative crypto newbie, just getting started in investing in anything but Steem and Steem Dollars in the past month or so. I've bought several coins at what I consider good discounts, and they are all coins I learned about and decided to invest in by reading up on people here, who are in the know, like you, @hilarski. I'm not concerned. I just look at it as getting some good coins at good prices, so my profits will be even better later when the coins go back up again (which I'm pretty sure they will). Thanks for all the advice. I enjoy your crypto articles. They're educational for a beginner like me.
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As someone who's father has been pushing me to get involved in bitcoin it's interesting timing that the market is fairly majorly tanking. I'm so reassured that SteemIT is the better platform since it's value is tied to the most valuable resources in the digital era -- attention and user retention.
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Yes, it's too late for that rush. Now we just need to wait=))
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This post has been ranked within the top 80 most undervalued posts in the second half of Jul 15. We estimate that this post is undervalued by $11.01 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 15 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
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Nothing goes to the sky my friend, a good pullback was inevitable, don't you think?
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Good call on cashing some out when you did. I'm just staring to explore and take an interest in cryptos since finding steam, so I guess it's a perfect time for me to buy into some. I do feel bad for those who may have over invested in the big run up, but I'm sure it will go back up again.
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May I get your expert opinion on the bitcoin and steem price that is happening today. For me and my readers. Hope to see you in our conversation.
https://steemit.com/cryptocurrency/@yoda1917/steem-usd-crashes-through-the-ground-to-usd0-96563252-here-is-why-and-here-is-what-to-do
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People are reacting to greed and fear. I am still doing my homework so I have yet to enter the world of cryptocurrency. I want to be sure of what I am doing before I get in, Will give flashcoin a look.
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Same happened with me i am going into panic mode !!
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I attest to it; being an Ethereum holder is hurting right now.
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Calm down Bros !!
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Its the Time to Sit Back Relax and Enjoy the Show.
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"You haven't lost if you haven't sold" keeps me calm
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Do you think ethereum will recover? From what I've read, if Bitcoin gets hurt bad at the fork, ether will take its place as the chief crypto....but if bitcoin recovers, is your opinion that ETH won't surge again?
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Good advice. I also looking for opportunities to buy now. Keep calm
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