If Bitcoin drops, you do the same as other people do when stocks drop:
You panic sell at the lowest point and then get angry when the "institutional" or just more intelligent traders buy to make a huge profit later.
RE: What to Do When Bitcoin's Price Crashes?
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What to Do When Bitcoin's Price Crashes?
Lol yes - Lock in those losses and 100% guarantee your loss! Genius!
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It's only loss if you sell.
If you bought Bitcoin at 120€ and sold it at 80€ two days later, you made a loss.
If you sold them 2 month ago...
If you think something you "invest" in is going to a total loss - then don't start putting money in in the first place.
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Lenn - Sorry I don't think I was clear in my comment. I 100% agree with you, I just think these people that buy high and sell low are insane or not informed. I'm super confident and secure investing in most cryptos, especially Bitcoin.
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Thanks for the laugh, @lennstar and @moondogcrypto!
As a beginning stockbroker, one of the the first things I learned was that paper losses are just that, and if you did your homework, and still have faith in the underlying security, they are meaningless.
As @lennstar said, it's only a loss if you sell, and since I'm actually following my own advice and only investing what I can afford to lose, I can hold indefinitely if I need to.
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In crypto market we never know which is called as bottom of the coins ,so we should start accumulating from the first dip of coin tell it reaches bottom.
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This is the opposite of the strategy used by most professional traders.
You don't buy until it starts moving up again.
This is a MUCH safer strategy than riding it to the bottom.
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yes it is also a great strategy to reduce the loss % in crypto.thanks
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