If you follow my blog you know that I have been diversifying my crypto holdings into fiat for around 2 months now. I wrote about it here.
I wrote this back then:
My current investment strategy is to diversify some of my crypto holdings (not STEEM) back into fiat gradually.
My crypto holdings went 10x while my Fiat has stood still.
Crypto tends to go up and down as a whole. (If there is a correction there is nowhere to hide fast.)
I need some Fiat in case there is a big dip to buy back in.
If I'm wrong my holding will just go up and I make a little less profit.
Which is fine. I prefer the feeling risk aversion over maximum profits.
We are in a downtrend at the moment and it's not too pretty. Double digits red across the board for most coins.
It's not low enough for me to start buying again but it's approaching that point.
The B's from the Weiss report have most of my interest.
I'm impressed with STEEM. It's still way up compared to the beginning of the year and I'm very happy to see how strong it's behaving in this trend.
I talk about it more in my vlog.
I am a witness with our developer group @blockbrothers for the Steem blockchain. If you want to support us I would appreciate your vote here.
We build Steemify a notification app for your Steemit account for iOS.
Get it Here:
▶️ DTube
▶️ IPFS
Totally agree! Except I've been diversifying out of crypto and into precious metals, namely SILVER. While cryptos have shot up to all time highs, silver's price has been manipulated to artificially low prices and it's ripe for a moonshot rise itself....IMHO.
Anyway, since I'm playing with "house money", I will wait out this current downtrend to see if it's just a gully or a total collapse. Either way, I've already won.
Take a look at stacking silver. Check us out over at @steemsilvergold.
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How much you won?
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Yes and always patience is the key
One should try to improve himself in all ways
Staying in the same place is declining
Thank you for your initiative.
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Patience pays.
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agree with this opinion
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Can you stop self-voting. At the very least, join a minnow.
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I agree @exyle patience is key here. This is nothing new to us. I think the floor is around the $7500-7600 range for BTC. My prediction is things will begin to turn around in the market on or before February 15th. The media here is bi-polar and highly manipulative. There are many people I know who bought into BTC in November - December for the first time and are asking if they should dump now just based on what the media is reporting.
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The Dutch Media is already reporting the 'crash', like they always do when there is a correction. I'm glad I can just tune it out and keep a straight head. Panic rarely leads to good decisions.
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When I saw the crypto market cap move from $800B to $400B in a matter of days following the questions surrounding Tether, "crash" was the word I characterized it with.
While I saw no cause for panic myself, this "crash" tells us something about the overall composition of the crypto economy.
For one, it seems that convergence on something like a crypto-Federal Reserve is being tested and that we may be talking about fractional reserves soon. IMHO, we need to come down against tether coins. I understand the need for a stable coin, but I'd ultimately like to see something like an index coin solve the "...nowhere to hide fast" problem. I feel like reducing the impetus to dump crypto this way is important.
And two, what does it say about crypto-culture? Ideally, we want to build a broad perception of value in cryptocurrency and blockchain technology as a whole. This is the future we want, yes?
Are we treating it with that regard, or is it just another investment vehicle?
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An index would be nice. I think people would feel more secure investing in an index.
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invest in it as opposed to day trade
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Please don't talk about it.
I can't even watch the local news, without people talking about the 'crashing bubble'.
NOS/RTL talking about BTC becomes increasingly cringeworthy
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Yeah, I hear people saying that crypto is dead. It's crazy considering how many partnerships there are and how entrenched the tech is becoming. No one seems to be interested in reporting on that.
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The media are always looking for something to say. They don't really care what as long as they get views – and of course money.
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Yep, everything is made as dramatic as possible in the news.
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And never forget that media also uses their influence to control the market and to take their own profits out of it...
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Yup. The funny thing is that what the media say about Bitcoin's price determines the price...
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I couldn't agree more. All media outlets are setting the panic in. Keep cool and with a diversified portfolio this will even out in the long run.
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I'm hoping I can find fiat by then. I've been really looking at re-investing at these prices, but I can't break my dedication to the "only invest what you can afford to lose" rule.
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And honestly, my background is in Forex.. Not Cryptos, however I was looking at the charts and it looks like we are finally entering into oversold territory with some sharp jolts up from the bulls. For example LTC dropped to sub $100 levels but shot back up to around $130 rapidly.
This kind of behavior paired with being oversold indicates a strong possibility of the bulls gaining control and we are seeing this across the board.
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What is Forex?
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That is the same as crypto exchange but for currencies.
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It may not turn around until the summer. But it is good to buy now before it goes up again whenever it does. So, people should probably jump in now before it is too late.
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Yea. I'm new to this and happy to patiently let my investments grow. I bought in November. Stumbled in right after BTC crashed 25 percent and caught all of that big upswing, mostly from returns on alts. Then I didn't have any more money to buy more coins until BTC had dropped to $12k USD. So, I'm way up on my first investment, down on my second investment, and about even overall. Am I lucky or is that normal?
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I fully agree @reidlist
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Good prediction lowest it has gotten is $7,796.49, of course nobody knows if that was the lowest it might go down further, but anyway right now it is above 9k.
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This is it.
I am learning more about ICO.
At the end, steem is the coin to look in a different way.
This is great to see steem handling itself very well compare to the coinmarketcap.
Keep on steemin'
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@exyle,
I can remember you said it few time back! It was a wise idea and I also did the same! HODL is something different. Make moves with market price is something different too! After all we HODL and as you said patience is the key!
Cheers~
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Mark you played this last UP move like a Violin......Sweet Music when you took Profits off the Table near the Highs. Now that we are looking like Blood in the Streets you are getting Hungry to get back in again. Rare like a nice piece of BEEF. You will have such a FUN ride when we turn back UP. @exyle
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I totally should have pulled out. I'm not too upset, because I was always dedicated to leave everything in for 1 year for tax purposes, but if I would have pulled out early January, taxes or no, I would have been very happy.
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@exyle Most coins are certainly looking ugly at the moment but that is apart of the crypto world. It is a constant adventure with plenty of bumps. Thank you for everything you do for the Steemit community. I invite you and all who read this to stop by and join my contest called "Together We Build 4" Winner gets 10 SBD it is a great way to interact with others and help build our Steemit community. Thank you.
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All bitcoin sold and waiting for it to fall of the clife.
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Are you going to buy back in?
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you hit the nail on the head, good post, get ready to buy the dip i follow parabolic trev on twitter and he calls the dips and highs very well
Nick
Certified Bitcoin Professional
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This downtrend was definitely due. Hoping it weeds out the bad coins and the good stuff (Steem) takes off soon.
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It's pretty brutal right now but I think it just has to be with an immature market. People are inexperienced and allowing this downtrend will show how much these coins are really worth according to the value it provides, as opposed to hype and speculative investing.
That's why I have put a lot into Steem (even though the prices goes down shortly after buying). I do hope things settle down and go back up, but I don't think I can control it. For me, the best thing I can do is just focus on my Steem account and improve my writing. I don't want the crypto market to stress me out. Just focus on yourself and your skills.
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The FUD is real. I'm seeing news articles that are spreading news that has been debunked for weeks. This is such an opportunity to buy, and I wish I could. When price is tanking because you have bad news coming out, but you know that news is fake? That's a golden opportunity.
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This is a good mindset.
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"It's pretty brutal right now but I think it just has to be with an immature market. People are inexperienced and allowing this downtrend will show how much these coins are really worth according to the value it provides, as opposed to hype and speculative investing."
very good comments and we shall wait and see, crypto is very new and only dec 2017 saw some mainstream adoption
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Just a friendly tip @nickwalshblog...
To 'highlight' a quote, Tap the > (greater than) key in front of the quotation. Copy and paste the part you want to quote into the comments box.
Best regards.
Peace.
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I truly needed this wake up call now.
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Good work done ...am actually impressed about the steemit notification app, this show how broad steemit is becoming
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Glad you like the app!
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Will be amazing when the Android version gets released haha.
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Is there a Busy app?
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No idea haha. This app on iOS is called Steemify 😸
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Unfortunately Busy doesn't have an app yet, so I just saved their website as an icon on my home screen.
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Please what's this steemit notification app he is talking about??? Really interested in knowing .
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It's called Steemify for iPhone.
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It isn't pretty, that's for sure. I am watching keenly for the right time to buy in as well.
The good thing is the long term trend is still way up!
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This article was super eye opening. It makes so much sense to hold it as fiat and then buy once it goes down again. I wish I would have done that in the first place. Especially when BTC bubbles to over 19k. I'm hoping it reaches up there again. For now I'll just hold what I have and then take your advice.
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that post i still remembered wow your words were 100 % gold still nice :)
i am holding and diversified everything
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Executing that plan perfectly here too no more FOMO only HODL :D
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While BTC is going down, nobody will be fearing missing out of losses.
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Like the movement of cryptocurrencies we should move and shake our portfolio regularly and I think it will help on volatility to stand out and avoid sticking on some old investments.
Thank you for making it awesome.
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you shared this way back and your experience is really amazing with crypto that's why always tune in first to check out your vlogs
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Congratulations on timing your moves so well, I could see the possibility of what was going to happen but didn't have enough certainty and I've already decided my plan of which price I'm going to hodl to
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My favorite quote - "The time to buy is when there's blood in the streets." (Baron Rothschild after the Battle of Waterloo) What will be interesting is to see whether any cryptocurrencies (like Steem) manage to de-couple and provide refuge in the storm. Right now, it seems like a downtrend for 1 cryptocurrency is a downtrend for all cryptocurrencies. That seems to be more a sign of market immaturity than any ironclad rule.
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It's a very famous quote. But this is not blood in the streets yet. This is just a hefty correction.
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We are against Rothschild and we are in money storms now as the dollar dies.
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Patience is key.
I've always said that if anyone wants to invest in cryptocurrencies, Bitcoin is still a standard item of every portfolio – but it is no longer the onliest asset.
In every well-balanced crypto-portfolio today you find other coins, like: A good starting point to put together your portfolio should be the website coinmarketcap.
Thanks to steemit. It could be a good place get some fiat indirectly without pinching your pocket. The best thing I can advice crypto investors is just get a steem account and learn to write and more importantly, improve in writing.
May I ask @exyle, how long are you going to be patient?
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I bought Cardano today. Gradually like I always do.
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Excellent video friend and i agree with your thoughts, i also like to mentioned that such dumps are part of crypto space and we don't need to feel panic in such dips in fact we need to hodl and buy more if possible in such dips and we surely see great results in near future, wish you all the best in all of your future endeavors! friend Stay blessed
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Yes, I would love to be working full time right now and putting money in weekly.
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steem even at this time holding strongly in this bearish market this is good news for many of us :)
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Yeah, it has held up surprisingly well. Ethereum was doing great too, but it ended up taking a hit later.
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Awesome notification app! Been needing this for a little while now!!
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Glad you enjoy it!
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Sitting on one's hands is difficult for most. Chasing price is easier for most. I share your strategy, but lack your experience. Nevertheless, I sit. Though it makes it hard to type.
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LOL!
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So far this downtrend is new for me. I only saw things are going up. The last days it is not that good into crypto world.... But I trust it will defenitely be better soon. Spring is coming and then we will have STEEM summer.
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Downtrends are part of crypto as much as uptrends. A Steem summer sounds nice :)
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That was very well explained for someone who has even less knowledge than myself ,a very well explained reason why you want money back in fiat (regular currency ) so as to buy more in the dip cycle .Thanks you may have given me inspiration for a future post similar to this .
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Thanx for sharing. Well this is a bumpy and painful ride but have to hold our emotions. Fellow steemians just be careful before you guys sell anything. Exyle is right. Patience is the key.
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i don't think that right now is a good time to sell anything at all, actually ....
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I agree. Unfortunately ppl are selling right now and thats why I wrote please be careful. I am actually slowly buying right now and I wish I had more money.
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great
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Not fun stuff on the market. Especially for people who entered when BTC was at 20,000 marks.
But It's nearing the point to invest more. I saved some fiat for this moment.
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I started buying back already... might have jumped the gun slightly, but rather early than late. Great call moving to fiat when you did. I was probably late not early on that end.
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My plan is a little diferent since I'm still building my portfolio on crypto! I will hold all my crypto and continue to buy small amounts every week to average the price!
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nice strategy...it is good to cash out when market goes parabolic and buy back when it crashes...
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I Think steem is more stable than any other crypto. And I think that the steem community can be proud af such... It gives more meaning to "Power to the people"...
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Totally agree with you, now we all need to gain maximum patience, that would wait for a convenient moment. Of course, when you see the reddening of courses on the stock exchanges, there may be a desire for ill-considered actions, but now it is better to wait, although the Steem demonstrates better stability compared to other currencies and it pleases! Thank you Mark.
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I think converting to Fiat is really a smart move and I must say that the conversion is gonna be huge from what you just said about your crypto holdings growing 10x
You know I never thought about this until now...Gosh ,what have I been thinking. I think it's time I convert to Fiat as well.
I wouldn't say this is scary coz I have nothing to fear when it has to do with steem. Indeed steem has shown some level of doggedness which makes us all more confident in it.
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Yes , steem is still way up , and I think that steem will be stronger in this trend.
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I'm just watching and singing a little song: "HODL, HODL, HODL!
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I'm impressed with steem too. Its growing every day making it a very good buy! Good post!
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You are really awesome @exyle
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Great blog Well done @exyle
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very nice
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excellant writing @exyle thanks for shareing this
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Patience is really the key here. Like you said
I've made this mistake all my time in crypto, failing to plan for the dip. But lesson learnt
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https://steemit.com/nsc/@mirzasteemit/vote-suggestions
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wow nice
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I'm trying to take this downward trend as a chance to re-evaluate my crypto investments on two aspects: (1) is it easy to see the actual, real-world use case? and (2) what problem can the currency/network/blockchain solve? If I take an honest look at some of my coins, and I don't like the answer for those 2 questions, I'm holding out hope that they go on a bull run before too long, and I sell them off to re-consolidate into the ones I'm most confident in.
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Wow excellent post at wonderful platform. Your @ exyle blogs are beneficial for the steemians and your writing style and explanation are amazing. Thanks for sharing nice post. Keep it up and stay blessed.
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The fall is going more than we expected, but selling at this point will be great lose to many, I think Feb end will be much better
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Every time shenanigans like this happen, I just close my eyes, and remember 20 years ago, when first webshops appeared, all the banks were screaming that every payment made online is a scam and that they, the banks, will never accept that as a payment method. Then I open my eyes and pay something with my crypto, because online banking is getting old now. The market will get at least 3 more zeroes after the banks decide enough commoners went out of crypto! Keep calm and HODL! :D
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Just be PATIENT...Myspace ist comming back. I PROMISE!!! :D
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Nice post beautiful presented and explained. detail oriented with nice information. thank you for sharing
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Hi people
I Upvoted and Followed you. do the Same for me and we can help each other Earn !!!
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Come visit my blog
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Let them do their job, and we'll do ours. cheers
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I feel the same way! If you look at the past 4 years we have seen this trend in this month every year! The crypto world always comes back stronger than ever before! Patience is definitely the key because it took Bitcoin over 10 years to reach the price that it did in December! It took Amazon even longer than that to become what it is today! I have Diversified my crypto portfolio and bought coins I feel have future potential! Bytecoin is very undervalued, and also anonymous! I feel like alot of people will use bytecoin this year with it being totally anonymous, and looking to cash out without the government trying to steal your profit!
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hello so nice I really like your post! Lets make steemit together to a better place with our content! I would like to read a bit more about you? Look my Introduceyourself like I do it. I went to jail because of cryptos :
https://steemit.com/esteem/@longming/dari-tanaman-liar-jadi-kerajinan-tangan-6387799f99c71
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https://steemit.com/nsc/@mirzasteemit/vote-suggestions
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Like your thoughts and strategy .... following for more.
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Thanks for your mush ......i like this post my sharing .....your next post best of luck dear.........
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Well, expectedly BTC will decline to 8k USD and that would be the right time to invest in as its price gonna boost slowly but surely and steadily. Big investors like you are waiting for it to hit lowest level and then there will be boom, BONUS.
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Living and learning. Wish I’d done the same as I have little to invest right now when it’s so low.
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I'm doing the same thing! I love double reds when it gets to buying time :) I mean, what if it never gets this low again and this is the one opportunity? I just follow the advice of "don't panic." I don't think you are panicking, though.
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That divestment has now proven to have been a wise decision, with the current downturn in the market values of most Cryptos. New investors need to tap from your wealth of experience @exyle. Thanks.
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@alanfreestone. This is the post I’m reading.
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Yeah, wait a bit more Than Start buying would be profitable.
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I'm in for the ride no matter what happens. I've seen bigger losses in both fiat and real estate that were completely beyond my control. External manipulation is par for the course; always been that way. Greetings!
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I'm just increasing my chances to have a heart-attack while hodling.
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Very good strategy mate, I agree with you, wise approach :) , now you can wait to best moment to buy more and even make big profits ;)
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The way steem has held on to itself is a proof in itself that a lot of people trust in it. Yes it has come down by not as down as it was before. Definitely this is the best opportunity for some to buy. But i feel un ethical and un emotional to buy from people selling it out of fear. If we don't buy the sell volume will increase reducing the price further. Causing further damage to those who are selling it out of fear.
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Hey Exyle,
The market is so crazy at the moment. It's good you've been through it before. I'm hopeful it will be back up by the end of February.
By diversifying to fiat, do you keep the fiat money in your exchange or are you withdrawing into real money from the bank?
Thanks for your vlog, always appreciate them.
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The bank. I never hold much of anything on exchanges.
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ah awesome, smart plan! Have a good day!
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Nice.....
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The market is so crazy at the moment. It's good you've been through it before. I'm hopeful it will be back up by the end of February...I'm doing the same thing! I love double reds when it gets to buying time :) I mean, what if it never gets this low again and this is the one opportunity? I just follow the advice of "don't panic." I don't think you are panicking, though.
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It's coming to the levels where Sam brought in, but we won't budge. Hindsight is a wonderful thing as they say, could have sold at $16,000 (double our earnings and brought in again now). Yet, we don't roll that way and it never crossed our minds to sell.
Only have a fraction of our savings invested - didn't put all our eggs in one basket and wouldn't suggest anyone to do so. But do what you want with your money, not giving any advice here.
We're all in this boat together, let's not rush over to one side and capsize!
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Yes good idea to have transferred some crypto out to fiat to be ready for th e bottom when you can buy back in cheaply.
10 x profit you made very astute well done.
Downward trend caused by many factors, scam bitconnect, tether, an d Govts scare stories, false news, discord pump and dump groups ripping off newbie coin investors,
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Patience is the key for many life's aspects. Good strategy.
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Steem is the future :D i exchanged all my cryptos except btc for steem last week :)
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Can you see all that blood in the water? The sharks will be here soon.
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i diversified my cyrpto back then too and now the panic is a bit less than usual i can see my self getting matured hahah nice experience it is to learn
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Thanks for the great suggestions and informations,yes in these days crypto world is becoming cold, but I think it is a calm state before wind, so it is better to have faith and patience. Thanks for great sharing, wish you a very beautiful time with your beloved partner.
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I believe that this time it is a bit different because bitcoin bubble really went mainstream. Even people that didn't know anything about crypto started to ask what is bitcoin. So now, it may be in a downtrend for longer and lower than many think, until most of mainstream start forgetting about it again. Then it will moon and beyond again quickly to avoid mainstream to enter again. But who knows? I agree with you patience is key :)
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Patience is sure the key !And seems like your strategy is quite good !While getting to know and learn crypto market each day I am getting to understand your way of thinking !
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helpful post! @exyle
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we gunna make it out of this I think its whales of Wall Street manipulation at play here
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are you afraid after the fall of the cryptocurrency price recently ?? or just me ?
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downtrend is good for a bit it makes the market healthy for long run lets see how this time goes by
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If you want to move cryptos into fiat it's a good idea, but don't do it now during a downtrade, i would wait until may-december, the price usually spikes in may and keeps rising until december, if you take it out now you might be losing money, but hey, it's just my opinion lol
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I started this process two months ago.
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Unfortunatelly I bought some coins about a week ago, now I'm hodling like crazy.
It was a good call to take profits when you did.
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The ideal period for me is approaching, I have some money and I want to buying Eth.
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@exyle this is a good strategy. Your plan sets you up for hard times. One of the biggest problem with most people is they go all in and are not able to weather the downturns. For a sound investor, downturns in the market are when fortunes are made.
Great article as usual.
@tincanjunction
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holding needs patience if one has that power they can achieve a lot testing times
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your story writing is always outstanding.. i appreciate your writing dare... thanks for sharing
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good one. keep it up
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True. Crypro is in n hype. Too many new people joining to make a quick buck. Rather invest in the technology and projects you believe in. That is the way to go, and as soon as crypto hits main steam, you wont be sorry.
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Good insight, it's good to diversify crypto holdings into fiat to buy back when there is a big dip. So far steem is trending well.
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May not be the best idea.
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wow..what a beautiful story I love your post,,, thank you @exyle for sharing with us...
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The B's from the Weiss report have most of my interest.
So I was just wondering what your take was on EOS. Steem and EOS have both scored really well on the Weiss report. A lot of people seem to discredit the report but I thought overall it was pretty good. I did disagree with some stuff. But bitshare was also a C+ on the list making Graphene based blockchains look really promising. Any thoughts on other Graphene chains like Peerplays and Muse?
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Wow liked your post .. happy reading it .... really amazing .... thank you for sharing a good day.
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I buy BTC, ETH, ADA today's, let's price go down, for me it's NOW best price ever! Christmas Black Friday!
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