I feel like something that should be talked about more is what kind of money 'should' be invested into crypto. For example, is there a way to prove how toxic it is for the whole crypto environment and economy to invest loaned money that you can't afford? It makes sense at face value - don't spend money that isn't yours... BUT I feel like a lot of people do this trying to make money off the bulls, but that's not how it works - it contaminates the pool. I really believe that if more honesty was invested into crypto currencies, then the whole market will be less volatile and more trusted. Like, crypto is only going to be what we make it. We will get out what we put in - not just from the basic face value / market cap but more importantly, morally. Do we truly want a decentralized currency? Then don't bring in loaned money from the big banks! Do we want our cryptos to be respected? Then don't use them to traffic drugs (big or small)! Yea, it's a wake up call for some - others will read this and it will seem silly, but I've been on both sides and all of our actions matter. IF YOU WANT CRYPTO TO GO UP AND UP, GO WORK YOUR ASS OFF AND START MAKING SOME HARD EARNED CASH FOR YOURSELF. Don't depend on your portfolio, lock it away and forget about it! Go pay your bills and save, save, save. If you are lucky enough to have $1-$10k in crypto now (in any of the main currencies [ETH, BTC, LTC, XRP, EOS, TRX, etc...] then just hodl now and celebrate in 2 years. If you already loaned out money and it is in crypto, then you are going to have a decision to make as soon as fall 2018 comes around and you've made enough to pay the balance off. You will want to keep making more "free" money off of it, but ask yourself what is better for the market as a whole. This is a warning to everyone in crypto... DO NOT CONTRIBUTE IN CONTAMINATING THESE WATERS. This is our chance to get out from under this fucked up totalitarian system of economic slavery. Let's fucking do this right. NOTHING IS FREE, EVERYTHING HAS A COST.
-Invest only what you own. (and the motto: "what you're willing to lose.")
-Pay off your debts first, make lambo money second
-Don't participate in pump and dumps / or (too many) illegal activities [that's a hard one when it comes to buying marijuana / lsd / shrooms etc on the dark web because to have an opinion on that brings up the whole drug war predicament and everyone sees the world differently - but just trust your instincts]
-AND LAST BUT NOT LEAST, HODL HODL HODL
Two years guys, it will be the best two years of your life.
IMO, year one ( from now until mid 2019) pay off your debts up to half of your crypto portfolio. And mid 2020 you will be so happy you waited and that you are finally in a good position to buy a lambo - and you just MIGHT not even do it ;)
Because lambos are fucking stupid, let's be real. Go buy a few acres of land in Canada with an off grid house for half the price haha. (That's real future prep for when shit hits the fan.)
And one more thing to remember guys...
Crypto is going to explode, but only because other people are going to be scared. Unfortunately, many of us will become rich because of the fear that will scramble many countries when their government currency start to fail them. I don't know how it's all going to play out, but we are going to have to show a bit of reverence about this. I mean, do we really deserve it?
Anyways. My thoughts that I've been wanting to share...
See you guys on the moon [mars].
The market is shaking all those people off, I disagree with debt, use good debt to leverage returns, debt is after all the name of the game in this current economy as OP points out!
I hope you are right, I got in 7 months ago and sitting on huge losses.