I keep hearing sooo much negativity about bitcoin such as “if bitcoin doesn’t hold $5.8k, we drop to $3.8k. If $3.8k doesn’t hold, we drop to $1.8k...”. No one knows what wil happen. Many information out there contradict each other so make any choice very carefully. I believe that if you sell, you become part of the problem.
The number one reason price has dropped so much is that many inexperienced investors panicked and sold after any bad event had occurred. Many inexperienced investors used money they couldn’t afford to loose and now they are panicking. The more people give in to the panic, the more the bitcoin and ALTs prices drop and eventually more money they will loose.
Now, this is the moment where experienced investors start buying and making money on loss of people who sell, because the whole cycle will undoubtedly repeat itself and the prices are bound to go up again. Since I’ve been introduced to crypto, I’ve never seen this kind of negativity. I just don’t care what anyone says, I’ve been buying at any dip we’ve had including the last one. I don’t have sleepless nights at all. All I think about is buying at even lower prices.
I’m a huge believer in bitcoin including some ALTs and all this sell-off means to me is that my average buying price got much lower since I started accumulating with small positions almost a year ago. If they are right and bitcoin does go much lower, it will only give me once in a lifetime opportunity to get something I believe in at unbelievably discounted prices.
Especially ALTs, they got really hammered. EOS below $5.00, Steem below $1.00,... Many people have already gone through previous bear markets. People like @dhenz or @exyle were in crypto much earlier than most of us. They and many others are actually taking advantage of today’s prices, they are powering up and accumulating as well. Shouldn’t we follow their footsteps? I follow my instinct.
Historically, crypto has the worst months in August and September. It has repeated itself again and again. I have no doubt that history “will”again repeat itself. In this bear market all I can do is to relax, enjoy the nature and look ahead at much brighter future. And that’s what I did just few days ago. I did what I love to do. Here are few of my photos from my favorite place.
@milano1113 is author of all photos.
All information above is just my opinion and not a financial advice. Everyone is responsible for his own actions.
I think it's crazy that so many people are selling right now, Even though I could really use the money I'm holding on. Crypto will take over so many aspects of our lives, It will take time though.
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Thank you @kaylinart for stopping by. I agree! It will take time and patience. We should expect more pain in the near future, but if everything was soo easy, everyone would be rich by now. Especially, when it comes to investments. Unfortunately, that’s not how the world works. I do believe there is not much sellers left. However, buyers might be hesitating as well. That’s why it may take only few sellers to push the prices much lower. Until there is more sellers than buyers, prices will keep going down regardless the quantity of sellers and buyers. I’m taking an advantage of it.
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Totally off topic here. Do you want to join my fantasy football league? Free to join and earn free steem. Check out link: https://steemit.com/nfl/@mawit07/nfl-fantasy-league-signup
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Thank you for contacting me. I’m already in one, but surely can take on another one. I’m in, if it’s still valid.
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You're right. If one thing is for sure, it is that nothing is for sure.
Bitcoin can of course drop to 0 relative to any other asset; however, regardless of its current volatility, it has dedicated groups who understand the intrinsic value of divisible, fungible, scarce, verifiable, universal, and overall sound money (the developer community, maximalists, miners, the oft-discussed crowd of institutional investors awaiting regulatory certainty, and HODLers of all stripes).
As a young person, I also appreciate the convex nature of Bitcoin and have decided to take full advantage of these bearish conditions like you yourself have via gradually placing 10% of my liquid net worth into the space. I am in it for the long haul, so in the meantime, I will attempt to find a spot outdoors that is even remotely as beautiful as the locations captured in your photographs!
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That’s true! Possible? Yes! But improbable in my opinion. Look at Venezuela and now Turkey... Bitcoin and perhaps physical precious metals will be the only assets they will eventually look for safety. I do belive it’s just a beginning, more countries will have problems with their own currencies including US. Look at the debt we are creating, look how irresponsible is the government with money printings. Apple just became first company with $1 trillion in valuation even with disappointing earnings. Money has to go somewhere, right now they are pumping it to stock market. At the end, everything will find it’s true value. And I believe bitcoin and other cryptocurency is extremely undervalued. We are at the beginning of all this and I would hate myself if I didn’t try.
Thanks for your comment @jeremyrherrick
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This is a critical insight - one that is distressing for those championing the hyperinflationary/fragile economies you mentioned but exciting for us early adopters of this nascent asset class.
Also, don't mention it, @milano1113! I thoroughly enjoy discussing the issues facing our society - which many unfortunately disregard - and the opportunities present because of them with like-minded people.
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Let Panic sellers will learn their lessons!
Experience is the best teacher and wannabe crypto investors must have to go through the painful journey
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lol to be honest with you, I hasitated to comment on your replay, but since it’s not your post, I assume it doesn’t count 😊. I’m sure you know what I’m talking about.
I’ve learned my lesson as well in my past. Many years ago, when I started to be interested in stock market I had a plan, a really great plan. Only if I followed it. Just like most people did, I panicked and I sold at the worst time. The funny thing is, every-time I panic sold, the price almost immediately turned around where my plan was set. I lost a lot, but I don’t regret it, because I learned from my mistakes. I was very short therm investor and if I didn’t learn my lesson, I would be making the same mistake again and again. Now, I invest to my future. Whether it takes 5 or 10 years or even longer, I don’t care. Today’s prices are not relevant. Today’s prices are opportunities for our future.
Thank you for your comment @nathanmars!
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Please don’t hesitate to comment!
I don’t have any rules and I’m learning a lot in early days of Steemit Journey.
I’m so happy to hear you’ve learned from your mistakes and now thinking long term intentions strategy like myself:)
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i truly envy your enthusiasm.
no sleepless nights, but its annoying
watching prices tumble continuously.
cant help feeling like im left "holding the bag" :(
*nice pics
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With sleepless nights, it’s wouldnt be worth it.
Thanks for your comment @iwuga!
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I absolutely agree with that. Acting out of panick makes one make almost always the wrong decisions, in any kind of situation.
Bought some LTC yesterday. It already went up.
If it goes down again and even more ... I'll buy some more
Nice pics btw. Understand why it's your favorite place.
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100% agree!
I guess we do the same lol. I’m glad I’m in the same group as you and many others. LTC is in my portfolio as well, I compare LTC to bitcoin just like silver to gold. It should be in everyone’s portfolio in my opinion.
Thanks for stopping by!
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👍
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flagged for comment spam @steemflagrewards
surikowstepanuk is a comment spam bot pls don't upvote it.
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Steem Flag Rewards mention comment has been approved! Thank you for reporting this abuse, @mathowl categorized as comment spam. This post was submitted via our Discord Community channel. Check us out on the following link!
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Nice try covering up spam.
@steemflagrewards
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Follow on flag for comment spam and vote farm @steemflagrewards
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