Rothschild said it, and did it.
Buffet is another one who believes in contrarian investing.
Others like Marty Whitman and John Templeton also made fortunes subscribing to this approach as this Investopedia article tells us.
It also talks about the risks, but they are greatly reduced if you’re buying a diversified quality basket. 😎
Read the "The Dos and Don’ts" here if you're not aware of my rules.
Eventhoug I’m not a big fan of Warren Buffet, he is right about that. I believe he says the same about buying. “Buy when everyone sells and sell when everyone is buying”. Market is dropping and it feels like it wants to go event lower. Some call for as low as 3000 which may sound really scary. It also sounds very improbable. Just recently I saw post where I could see how much mining of bitcoin costs in each country. In US you can mine bitcoin for just around today’s price. In South Korea (that really surprised me) it costs 26000 (twenty six thousand per bitcoin!), in just a few countries it’s little below 2000. Overall average is close to 7000. That’s lower than today’s price of bitcoin. What do you think happens if miners were forced to stop mining? If we get to 5000 most of them will go out of business. Of course there could be a flash crash forcing everyone to panic. But if we get to 3000, I can guarantee you, it won’t be for too long. I’m ready for any scenario. As of now, our only weapon is patience. As long as we believe in what we invested in, and I do, we are just fine. It’s called a bear market for a reason.
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The breakeven point for miners is a critical factor. Some will cave, and others will hang in there. As those who throw in the towel grows, the difficulty to mine will fall accordingly, and that will bring down the breakeven level as rewards go up relative to the cost to mine. The Feb. 6 low of $5,873 basis CoinBase is still the figure to watch. If price breaks that level, a flash crash is certainly in the cards.
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That might happen as well! If we break that level, we will probably break 244 billion market cap support as well. All hell will break loose.
Of subject: are you a football fan? I mean World Cup. There is a contest going on, it’s still on. It’s orginized by @blocktrades, @acidyo and @anomadsoul. There is 2k Steem price for the winner. Already record breaking participation. I’m your follower and if you are a football fan I would hate it if you missed it and I wouldn’t let you know. This might relax our minds a bit from this stressful crypto bear market 😆.
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Thanks for the heads up. Looks like fun. Surely a great way to motivate ourselves to follow it a little closer! Got my post up just in the nick of time.
Edit: looks like I missed the deadline. Shows you just how out-of-touch I am. 😖
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Its common sense to go right when the crowd is going left :^) I think the focus should really be on quality, don't grab shitcoins, get the quality ones with strong projects and communities that are always the first to recover after the market stumbles. Everything around the top 20 should be a safe investment and Steem of course which should be a top 10 coin anyways :^)
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I agree that quality should pay off long term, in fact, long term investors must be very happy with current prices!
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Both Rothschild and Buffet are not rich by an accident. Thay may not understand crypto, but at the end it’s all the same. Buy when you are scared to buy! Sounds scary right? That’s what they do. It’s all the same, stock market, real estate, crypto... I’m glad I was accumulating at around where we are right now and I’m ready to add if we go even lower. I just don’t believe it’s over. When people start saying the days of crypto are over, that’s when we finaly start the new bull market. When Bitcoin was at $20000, no one believed it may drop to $10000. When we were at $10000, no one believed it may drop to $6000. Now we are at $6000 and everyone is talking about much lower price. Do you get the point? I think we are very close to the bottom. It’s painfull to watch this market to fall that much especially when you are invested, but where is no pain there is no gain. It would be too easy if everyone made money. As of now, I still don’t see the blood on the street as you say, at least not yet.
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You're narrative is spot on, and the fact that people are beginning to shift towards collective negativity is a long term positive too. We might not be there yet, but we're certainly on track! Volume is picking up on the downside with all kinds of bullish divergences on the technical indicators.
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Another way to see this is the thought of asset prices adjusting and reverting to the mean. Just as the valuations were overbought early this year when the market cap surpassed $800 billion, we could see overselling to the downside whereas the mean is somewhere closer to where we are today if you look at the long term chart. The reality is that fundamentals are strong but not enough to support certain valuations whereas the amount of supply has inflated since the hype occurred; creating an overhang of pricing pressure in the order books across the industry. So, it seems that we are soon seeing the opportunity to buy into the fear of others; I know I will. However, note that markets can remain irrational longer than you can remain solvent (someone said that too). So be careful as you can be trying to catch a falling knife so again do not risk more than you can lose!
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No doubt about it that markets can remain irrational longer that you can remain solvent. Especially when dealing with speculative investments! That's why I always caution people to never invest more than they can lose. If you're doing that, then it's the long haul that matters, not the day-to-day fluctuations. On the other hand, it's a different matter for short term traders, but, nevertheless, they too should be focused on best practice risk management, trading in appropriate size, using good stop loss strategies and the like. In short, no matter how correct we are about the long term, irrational short term fluctuations can break the bank if you're not correctly positioned.
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I've heard the first quote within the first week I got involved with cryptos. Time and time again, I noticed that it's true. When everyone is selling off, it's best to be buying because the prices are down. Most investors know this and they apply this when buying.
Sadly, crypto markets brought in a lot of new people, new investors who have never invested before. A lot of these people bought at the highest prices and started selling off out of fear when they saw the color red.
I think the crypto market is going down so hard mostly because of the newbies that know nothing about investing. A lof of people wanted to get rich with cryptos but they couldn't deal with the fear
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Yeah, there's nothing new under the sun when it comes to auction markets. The only thing new here is crypto itself, but market psychology is the same here as it is in any other market. There's an old saying that goes like this: bulls make money, bears make money, but the pigs get slaughtered, and it happens over and over again, and the terrible thing is that it's almost impossible to change: for as much as you want to help others break the vicious cycle, it's a very small percentage that actually want to.
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A diversified quality basket can mitigate the losses but it is the whole market that is bleeding right now. Nonetheless, yes, I am buying right now...hoping we will not fall deeper but if so, I will buy more ;-)
Steem on!
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Yes, the whole market is struggling, but some issues will never come back, and that's where the risk is: if you're mainly involved with the most speculative, and only a few, your risk rises dramatically, but if you're involved in quality issues, and diversified as well, then your risk goes way down (relatively). Of course, your possible returns fall too. 🙁
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Poor crypto’s likely forgot the next sentence uttered by Rothschild : “unless it’s your own blood
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So true. That's what keeps you from selling at lows!
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A decade from now there will be investment advice in Investopedia that says "if you want to profit handsomely, go at least 2/3 in on Dan Larimer blockchains". 😀
STEEM and BTS for me...all the way....
I am not buying at the moment but I am not selling. HODLing when others are losing their heads. These two blockchains are processing over 75% of all blockchain transactions each day. That is an insane metric no matter how you break things out.
The blockchain with the activity wins in the long run. Unless the others can start to crack that @dan hold, this game will be over before it starts.
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Those are some amazing figures! I agree with you on your activity metric, but we must keep a close eye on the competition, Lightening Network, that is. 😉
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I remember the story of the alamos, they they are wrestlers that fights dirty, most gamblers around then always bet on the feeble wrestlers, the concept is that the weakest carries the highest odds. These men believe in the concept of "all in or nothing", so when their bet pays off, they cash out real big.
I always remember this story of the alamos whenever am at a cross road between two options, then i'll scream aloud and say to my self, remember the Alamos.
What am simply saying is that this is the best time to invest.
Thanks for sharing @cryptography
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Still, with something as speculative as crypto, I think it's highly advisable to only invest what you can lose. That being said, "all in or nothing" with that, whatever amount it may be for each of us!
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Yeah I agree, its advisable to invest what you can do away with.
Thanks
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All of them are right. Actually absolutely right.You see there were always ups and downs in any kind of investment but when you have the clarity to hold when you're supposed to and sell when it's a good time you always end up to the winning side.
I keep telling myself that now s a great opportunity to buy, I said the exact same thing a week ago and two weeks back also....but it seems we are in a constant downfall and although a read the news and try to be as much informed as I can, lately, I read nothing positive...
I wish there was a way to at least make the markets be more stable,but over the last five months,every day feels like a nightmare. I know that cryptos are still in premature phase but having witnessed last years bull run it is hard for me to believe that we will be lucky enough to see such a trend in the following years...
And I know how much we all need this change. How much we all need to see the world open its eyes and see what we see in cryptos,so unless there is a great mass adoption I believe we will all be puppets in the hands of anonymous whales who keep manipulating the market...
Have a great day @cryptographic
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Buying little by little on the way down is one of the best strategies out there. No-one ever knows where the bottom might be. And then once it starts rallying again, if you're still not fully positioned, you can nibble on the rebound too. As you say, scaling in when everything is bleak, and scaling out when everything is rosy, is a very good way to help insure you always end up on the winning side.
For what it's worth, I expect at least one more big exponential move higher, that proportionately exceeds the former to the same degree it proportionately exceeded its predecessor. But remember, that's just one person's opinion. 😉
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@cryptographic,
Two days ago there was one of the best Bloody market we had in crypto world and it leads me to BUY STEEM :D But again it dropped today and yeah we got another great opportunity to BUY STEEM or any other crypto at the moment!
Actually I didn't predict this Blood market, but it happened, so we got another chance to collect / invest on crypto world to make ourselves as Millionaires and Billionaires in short/long terms!
Cheers~
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I'm sure that someday you'll be very glad you did.
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There’s a term used in cryptocurrency called, “BTFD”. Which stands for, “Buy the F***ing Dip”.
Buying the dip, which means purchasing something when the price goes down, has been a winning strategy for Bitcoin investors since 2009. This concept isn’t new, there are quotes as old as Finance telling you to, “buy when there’s blood on the streets”.
Approach cryptocurrency investing like you approach grocery shopping. You’re looking for the best deal.
When you go grocery shopping, you know what you want to buy, and you have an idea of what its worth. So if you go to buy bananas, but they’re out of season and marked up almost 20%, you might not buy bananas that week.
It’s the same with cryptocurrency. If you believe something has value and will accrue more value in the future, buy it. If you think something is already overvalued, or even if the market has made the value of something increase beyond what you’re willing to spend on it—don’t.
Let’s say that a coin goes from $5 to $20 during an uptrend, only to come down to $10 when the market falls.
Is this a discount from $20 or is it marked up from $5?
It’s both. The coin can go either way, but at this point, given that it’s found its temporary bottom at $10 and hasn’t fallen further. I’d consider it more likely to resume up towards $20 and beyond. On top of that, my downside is $5, and my upside is $10.
This example is extremely over-simplified, but you get the gist. In reality there are many more variable that need to be considered when weighing risk vs reward.
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Smart bulls buy pullbacks, no doubt about it. And there's good, quantifiable reason for it.
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Hi @cryptographic ! I totally agree on this, however, its very difficult to invest in this current dump. My strategy is selling when there is the next bull run. As we have been waiting from January for this, I still do not have cash to get crypto at this low.
Seems I will need to start selling crypto 3 or 5% every time the price goes up a certain level. And then start buying everytime the price goes down a certain level.
Regards, @gold84
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I don't have any available cash left either. 😞
But I won't be selling at a 5% increase either. Or at a 50% for that matter. I'll be waiting for at least 500%. 😎
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Good to know your position, thanks @cryptographic !
By the way, I have been reading some people mention that the bear crypto market can be for the next 1 or 2 years. I don't believe those positions. I think it will continue flowing with up and downs as it was for the past 2 or 3 years.
What are your thoughts?
Regards, @gold84
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If you look at the tech boom that spanned 1990–2000, even if you had the worst timing and bought every market peak from 1990 to 1998, you would have still made money.
Every pullback—no matter how steep or how long—was followed by higher highs. I expect the same to be true in cryptos for many years to come.
some times you just win but this is the chance to win with a big margin
i think we should Keep diversified in our mind and have some fun
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Tech is a very good comparison too.
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I actually power up two times during the dip. It is even lower now. I am going just hodl now. We can never predict how low it can go exactly. I need to control myself from buying due to greed. During times like this we need to have self-control from panic selling and crazy buying as well.
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Managing our emotions is 90% of successful investing and trading.
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Hello @cryptographic,
One's buffet said, don't keep all eggs in one basket. Therefore, with portfolio diversification, we can make a profitable investment in this Red market time.
Every market place has it's own risk of loss. If we can bare that risk, I think it's the best decision to buy BTC, ETH, ADA, BTS, STEEM, SYS in this red market time.Either one or all eventually rise any time.
Extraordinary good article contains inspiration to Hold in this bear market time.
~@mywhale
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I love old sayings precisely because they usually refer to eternal truths and common sense!
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time to be fully greedy and make some monies ;p sometime i feel down with these bloodbath but i keep forgetting these are the time to buy hahah
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And if you're in it for the long term, then stepping back to put things in perspective helps a lot too.
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That's very true always have both the images set in mind if one things goes worse the other got you :)
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Hey @Cryptographic, quick portfolio strategy question for you while the fire sale is on. Do you include your cold storage (LT cap gains hodl stuff) when calculating your rebalancing?
Part of the point of going cold with them is to get them out-of-mind, but realistically they’re still a held asset so it seems...dishonest...to not consider them in a proper calculation of my risk/allocations.
I could mentally run multiple portfolios (cold storage, “real portfolio”, spec day-trades), but even that’s still just mental trickery since they’re all under the umbrella of “my assets”.
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Everything is balanced and weighted, from what can be used for short term specs to the other end of the spectrum, i.e. long term conservative retirement investments, to everything in between.
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I'm adding chart two days later, but I think this is the good time to look at it. It is very short term, 15 minutes candlesticks, but look how it changed during the last 24 hours. on left part of the chart you can see higher volume on down ticks but now it is higher volume on upticks. Dynamic is completely changed. Because of this i'm now having (at least short term) bullish bias. (unless I'm wrong again) ;-)
Yes, buy when there is blood on the street usually works ;-)
As of Rothschild's, don't get me even started. They actually sponsored that 'blood on the streets'. They financed both side. And when they knew the war over, they bought half of Great Britain for pennies on a pound. There was a lot of inside info and conflicting interest involved. And it just happened that after the war they become the richest family on the planet.
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Nice charting, and thanks for reminding us that there's more under the surface (and maybe even motivating others to have fun learning more about the history of modern finance, and more, starting perhaps with the Robber Barons - the list of American equivalents https://en.wikipedia.org/wiki/Robber_baron_(industrialist) ).
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Robber baron (industrialist)
"Robber baron" is a derogatory metaphor of social criticism originally applied to certain late 19th-century American businessmen who used unscrupulous methods to get rich.
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Another saying commonly heard is “buy the dip, but sell the rip!”. Some prices here are looking very attractive for people who missed out in the 2017 run higher.
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Absolutely!
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Well said. I agree.
It's better to buy when the streets are filled with blood, even if the blood is your own.
Sure the crypto currency markets are down and down by a huge limit, but after this decline in the markets good times are sure going to come.
I don't see this decline as only a dip in the markets but I see this as an opportunity, an opportunity to invest. And I have invested in Tron, I think Tron had a great potential so I did. Let me know what you think.
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@cryptographic - Sir crypto on a sale... Middle of the year sale time started Sir... But in short time, market will change & make all investors profitable... Buy in Dip Sir... It's a life changing quote...
+W+
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Well, we all know that ups and downs are the part of life and if we study bitcoin Situation is not the difference, Here the question arises when to buy bitcoin? and when to invest in CryptoCurrency. Crypto has the phenomena of going up and down If we STuck to bitcoin, It is well famous for his upswing and down trend too, as you have mentioned in your post that
You may have buy bitcoin at the peak and nowadays it has lost 1 3rd of its peak value, This is the right time to buy, small-hearted people will think that blood is everywhere Crypto is crashing, it will soon be finished, but we know that Crypto has the bright future. This is the right time, People will get panic and they will start selling, for you this is the best time to buy some, and my friend Blv me it will all your loses. You just need to have patience and Blv.
There is wonderful quote by a wonderful man about Bitcoin
" “[Bitcoin] is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value…Lot’s of people will build businesses on top of that.” "
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Right from ages past there has been ups and downs in economy, business, infact anything that has to do with transaction. And so this one is not an exception, as a matter of fact Robert kiosaki said in his book, business of the 21st century, and i quote
So i deeply agree with you @cryptography, this is the best time to invest.
Thanks for sharing
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i am not a big fan of Warren buffet when it comes to his understanding about crypto
but i think greediness is not bad this time
when you know how much is there to gain .
But isn't it turning scary now, with prices reaching as low as it takes to mining them
this is HUGE BLOOD LOSS
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I’m not a huge fan of Warren Buffett either, but I have a strong feeling you already know that. I also think that you are a spammer. You even made the same misspell as I did “Buffet instead of Buffett” There are spammers like you, but there are people fighting spammers as well. I’m not going to flag you, that’s up to author of this post whom I have a huge respect for. Whether you get flagged or not, I advice you to do a bit more than copy someon’s comment and than twist the words. On top of it, you even upvoted yourself to get to the top. There are also spam fighters going to your comment or blog section to flag whatever they can, because you deserve it!
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by mentioning warren buffet it doesnt mean
i copied your comment
only you are not authorised to use his name in your comment ,His quote is given on the post so it is likely more people will mention warren here
i cant comment as good as you it doesnt mean barring you everyone else is spammer here
there is nothing wrong in my comment
sometimes concentrating on your comment is better .Remeber your views are not unique you hate warren ,i too hate that is it
BDW by mentioning warren buffet i will not take away your upvote
Author always reads comments thoroughly
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You made the same misspell as I did “Buffet instead of Buffett”, you mentioned mining as I did. You started with the same sentence as I did. Then on top of it you upvoted yourself to jump the line which is spamming itself. Don’t you really find it suspicious? As I mentioned I’m not going to flag you, but you should do better that that.
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It the best time to buy, May be Bitcoin will go to 6000$ or may be below 6000$ but i think this is the best time to buy because when it starts rising, it will rise like a rocket, and we won't be able to catch it then, yes Blood is every where, Every coin is feeling the down trend, but Down trend is followed by the uptrend ;) So get ready and put some amount in buying coins. Believe you won't regret.
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It's a difficult world right now and it's hard to tell the difference between up and down.
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It has rightly said
Be fearful when other's are greedy and be greedy when other's are fearful.
The meaning of this beautiful quote is that, when people are fed up due to down trend and they feel fear and they start selling their coins, it is the best time for you to buy some. At this situation you need to be greedy ;) and this greed will get you benefit for sure.
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It is always the best to perform in the situation like this. But fear is something, that you can not easily overcome. People say, if you can overcome your fear, you can reach the top and untouchables to others. Since market is now in bloody mess, this is becoming one of the worst position, we have to build our position in market more aggressively. Excellent idea for the crypto market now. It will soon paid off, if we can have the faith on it.
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great prople great speech. For making a successful businessman we have to follow them.
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It is the best time to make investments in altcoins and wait with a beer.
Very soon those fruits will be harvested.
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The Baron Rothschild quote is very common but I have never heard about the Buffet's quote that you mention in the post. Really glad that you shared it here.
Although Warren Buffet has made several statements that appear against the crypto community but his experience and success in the financial markets is a proven fact. We all can learn from what he has said.
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Yeah i deeply agree with your statement @cryptographic that this is absolutly right time for the people to invest and just for the better results which will raise their living standards..
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Well said Baron Rothschild and Warren Buffet. I believe only patience is the key to success. Now crypto market falling so some peoples are disappointing and some peoples selling their coins. I think we should buy coins with our ability. Cryptos never be down, it's just be down for a small periods. Investing in cryptos is the best way to be a future billionaire. Now steem, bitshares and bitcoin price is very low so we can buy a huge amount and hold it untill the market rise. Happy investing......
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i think when it is your own blood on streets
it is surely scary as well
but to gain that blood back you need to keep going strong and finding the different ways to achieve that
Now if you want only your blood back just HODL but if you want to taste others blood
just buy it ,it is very cheap
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