Everyone has got something that really irks them. Eating with your mouth open, collecting a ever-expanding ball of boogers in your pocket (yes, I knew a guy that used to do just that) or simply being too opinionated. My personal frustrations are persistent complainers. And I don't mean the occasional moan or feeling down on that particular day. I'm talking about those individuals who constantly have the need to explain to you why their world is so shit and how they lack of skills or resources to do something about it. Jesus, it grates like you wouldn't believe. But that didn't stop me from getting an unwanted dose of it today.
My mate (I use that term loosely) earlier today. He got into crypto at the highs of 2017 which sadly turned out to be the tail end of the bull run. Ever since, he has rung me on almost a weekly basis asking which direction I think the crypto markets are going. And to make matters worse, I don't think he even sees the intrinsic value of the technology anyway. He just bought in due to pure FOMO because "every other Tom, Dick or Harry" did too at the time. And gradually, the price has continually descended over time and he's been living in a world of panic thereafter.
Normally, I've tried to accommodated him for as long as possible, albeit through gritted teeth, telling him just wait it out and everything will fine. But after the hundredth damn time, enough was enough. He rang up and as usual, started on about the long time the markets are taking to turn around and why is this happening to him. God, it was doing my head in. So I told him point blank that most likely he'd blown all his funds. That price may never recover again. It was funny because the long pause on the phone said it all. Maybe he thought I was taking the piss, but I played it straight faced. I spoke frankly and went on to compare crypto to the tulip mania of the 16th century. Maybe I had become a mild version of Micheal Douglas from "Falling Down". Who knows? Ten minutes later and he'd heard enough. He had to abruptly go and that was that. What is he gonna do next? I don't know. And the damn point...
NOBODY KNOWS!! Just like the markets, I don't know what he will do next. There have been times I've made bad calls or judgements and you know what? I've had to suck it up and deal with it myself. But people who need constant reassurances of their "dubious" investment choices, are having an absolute laugh. Hell, even if he had a modicum of real interest in crypto itself, perhaps my compassionate side would somehow be forced through, but he pulled the trigger on those "buy" orders, not me. We're all adults here and need to accept some semblance of responsibility for our own actions too.
Yes, the markets are down. Yes, people have lost a lot. What in the blazes can any one of us do about it then? Just sit down, think logically and figure out a strategy. Makes senses, right? Not keep on complaining about the markets long enough until they start to care about us again. This ain't Disneyland. Crypto is now infamous for pulling the rug from beneath our feet at the most inopportune moments.
So I say... "Let's just all deal with it, shall we?"
Awesome post. Food stocks are doing well.
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