Over the last few days, one would have noticed the drop / massacre in cryptocurrency market. While it is easy to tell those who bought in in the last few months to just stay cool. That is in fact a discipline which few posses when watching their hard-earned cash seemingly vaporise.
Here is what I do to keep my itchy fingers from playing with the Sell order button:
Learn more about the technical fundamentals about my favourite cryptos. Read code, read tech whitepapers.
Learn more about the use cases of my favourite cryptos.
Look for parallel projects.
The value of any crypto is highly based on network growth. Any projects related to it, with growth and side-chains, second layers,..etc. is likely to grow the number of users by strengthening the existing use cases and introducing new ones.Look for roadmaps.
It's all fine and good if one has a whitepaper, but if there are no long term plans to grow the project set in stone, one is at the mercy of the wind.Set up small scale experiments.
The goal here is to learn hands on rather than through a "trusted" 3rd party. It is not to make money. Consider all costs as a tuition fees that you owe yourself.
a) Buy minimal amounts in currencies that you may have interest in and just get your hands dirty by setting up various wallets and transacting. It is one thing to talk and trade crypto. It is something completely different to actually use it and learn.
b) Alternatively set up a computer to mine and track it's progress.Document your experiences for self reflection and sharing with others. Voila Steemit!
Start a small community of friends who generally would not use crypto and introduce it to them.
For crypto to succeed long term, it will have to gain the acceptance of the masses outside of the tech and crypto-investor communities. Empathy is the keyword here.Learn a little more on market economics especially with relation to introduction of high-tech services to the market.
e.g. Market psychology or the J curve.
It often seems counter-intuitive but the age old wisdom of not "following the herds" still hold true.
Buffet states it best:
"Be greedy when others are fearful and fearful when others are greedy."
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Bitcoin: 3LzQ8vCJrCW1W8DNJq3aNwmxJq6cvu1nVH
Ethreum: 0x78FD3aE8d0Ae8326ae76EE6F080C90ad1e8268e8
Litecoin: MXC5TnmGwpDxQTVJTm6RrMTvLt1oA2yLqe
Byteball: 2HP6VQKGCGAH2BN2KH5ED37HTCTY4LI7