These past few weeks in the cryptocurrency market have been extreme even for a place where volatility is the norm. The fuel for the recent pumps and dumps is abundant, from John McAfee’s Bitcoin price prediction of Bitcoin’s jump to $500k per coin in three years (and his subsequent promise to dine on his own dong if he’s wrong) to the upcoming Bitcoin split, the market has been a bit bipolar. In the crypto space, the only constant is FUD (fear, uncertainty, and doubt) and it can get the best of you if you let it. As best as I can tell, the key to becoming a good trader is to find a way to psychologically insulate yourself from FUD and to be able to maintain a Zen like calm amidst the incessant chatter and clatter of crashing coins.
I’ve been trading crypto currency for nearly nine months now and some days that feels like a lifetime. There are days when I really feel like I have acquired a fair amount of knowledge. There are also days when I think I will be the eternal noob. There are still other times where ask myself, Does anyone really know what the hell they’re talking about? The crypto space is like an alternate universe, or more accurately, it’s like the Wild West. Only in the world of cryptocurrency, many of cowboys remain anonymous and could be anyone…your relative, your co-worker, or the nerdy kid who lives in their parents' basement. These crypto cowboys are in the business of creating a futuristic new world right under our noses and will make many people’s dreams come true in the process.
As I mentioned in a post a few months ago, Steemit for me was the gateway into this wondrous alternate universe. I never tire of learning more about how blockchain and cryptocurrency works. I used to think that growing up poor left me at a disadvantage, know I know the opposite is true. In a weird and unexplainable way, I feel like my entire life has prepared me for this moment. Also, the same meditation techniques that I’ve been practicing for the past twenty three years are the best FUD busters I can think of.
“If you focus on the hurt, you will continue to suffer. If you focus on the lesson, you will continue to grow.” - Anonymous
So far, it’s been a wild ride but I have this hunch, deep in my bones that August will be beginning of a series of pumps in alt coins (and Bitcoin) like we’ve never seen before. This shift could be the spark that starts mass adoption. It has taken a lot of restraint to keep from clicking the sell button on a few coins during these past few crazy weeks. The extreme price dips have been a true test of the faith I have in some coins that I believe in enough to have taken big gambles on. One thing is for sure, if the wild market volatility doesn’t break you it makes you more emotionally resilient. Resiliency is an emotional muscle that is very important for all of us to develop, especially in middle age.
As exhilarating as it is to be a pioneer in this crypto space, for me trading is primarily a means to an end. I already have my own personal, “Walk Away Number” firmly implanted my mind. I guess it’s not as much of a walk away number as it is a Walk To (freedom) Number. This goal is still quite a ways off but, at least theoretically, it could be attained quickly given the right set of circumstances.
Generational wealth is another of the alluring possibilities of the crypto world. If I’m lucky enough for this to happen I will remain invested in a few coins I believe in but will cease active trading (and all other things that don’t bring me joy) and devote my attention to more important things. I will spend time with family and friends, travel, collaborate with cool people on cool stuff ( @dougkarr @the-alien @andrarchy), and work to make this world a more pleasant place for the generations to come.
We should never forget how lucky each of us are to be here on Steemit and in the crypto space in general right now. One day we will be telling our grandchildren and great-grandchildren all about this. The world then will be vastly different from the one we occupy today in ways we probably can’t even imagine. Through all of the stress and turmoil, I always try my best to keep the big picture in mind. History shows that opportunities like this, being here before mass adoption, only come along once every couple of decades.
This is a time of great transformation. We’ve outgrown many aspects of our dysfunctional society and it’s time to build something better. This is a time to contemplate the largest of your dreams and really bring them into focus, it’s a time for laying the tracks before the train comes. It is the time to ask yourself What is my walk away number?
Be resilient my friends!
*I am an American novelist, poet, traveler, and crypto-enthusiast. If you’ve enjoyed my work please sign up for my author newsletter at my website. Newsletter subscribers will receive exclusive updates and special offers and your information will never be sold or shared.
My new book on meditation, The Perfect Pause, has been discounted to $12.99 (paperback) and $4.99 (eBook) for a limited time. Buy the paperback and receive the eBook for free!
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Lol, there are times when I don't think any of us do. Crypto is accurately said to be the Wild West right now, and it is one fun roller coaster to ride.
Excited to see you reach that walk to freedom number my friend. I feel as you do, all the other lessons have led to this moment. As (Captain) Jack Sparrow likes to say, "show me that horizon."
Thank you very much, Lydon! The market will hopefully stabilize a little after August 1st. I'm very optimistic that freedom is coming soon!
Hi there! This is a bit off topic (crypto is my husband's area for the most part;) But I wanted to let you know how much I've enjoyed your book. Also, that I intend at some point when things are less hectic to do a review of it on steemit. And, that I'm including it in my children's lesson plan when we start up again in the fall. I love the inclusion of your poems so much! But you will be hearing a much more detailed account about it soon :)
I'm thrilled to hear you liked the book so much! My main goal in writing this one was to help people. The more people are talking about it the more people it will reach so I can't thank you enough for helping to get the message out about it in all the ways you describe!
I wanted to create something simple enough that it could be easily integrated into everyday life. I may do a sequel that presents more advanced techniques at some point in the future. Thank you @dreemit! Enjoy your weekend!
You my friend are someone who is focusing on the lesson, and we can learn a lesson from you!
Thanks, Ann! That's a huge compliment and I appreciate it!
As always Eric, you seem to be the voice of reason. You are a leader of strength, calmness and clarity. You are also humble but flexible. You do a great service when you give reasonable guidance and advice. And you've been gifted with true life experiences that add to your whole foundation. Being poor when you were young, is something everyone should go through. How can we learn anything, appreciate anything without that moment of wanting. You should be proud of your background, and I know you are, because it really gave you the tools to be something special, to help others who truly need help.
I love your book, "The Perfect Pause", because there is so much of your calm and healing essence in it. You really are, like a balm to sooth the pain, that stops people from moving forward. You don't realize how much you are needed in today's world.
My best advise to people who worry, is that everyone needs to look at history. When the great depression came about, wealthy men lost everything, including their lives. Then after this disaster, the market grew healthy and strong again. Just like a fire in the forest, everything is lost, but new growth soon appears to replace what was lost. We just have to always be prepared in cases like this by saving something on the side to tide you over during hard times.
Finally, you are right in telling people to focus on the positives and don't let FUD bring you down. It is hard but a positive attitude and appreciation does bring happiness and contentment. Have a wonderful rest of the week and thank-you so much for your never ending support. .......Cabbagepatch :D
I appreciate your kind words, @cabbagepatch! I'm very glad you're finding the posts and the book helpful. I really do agree that growing up without a lot of excess things is helpful. We had to use our imaginations a lot to keep ourselves entertained. We also had to work to make our own money from a very young age. This taught me the value of a dollar.
You are so right about everything being cyclical! History can give great clues as to what will unfold in the future. Spotting trends is something that is very valuable. Thank you again for your comment and I hope you enjoy the rest of your week!
WoW... You are so good at conveying Your thoughts into the written word.
Got a chuckle how You worded... "and his subsequent promise to dine on his own dong if he’s wrong"... loved how You made it rhyme.
Perhaps one way for my writing to improve is to continue to read & re-read Your posts.
Thank You 4 sharing Your thoughts & feelings, which I'm sure are similar to many others...
Well done Eric !!
Thank you, @sacred-agent! I just try to write what I feel passionate about, it makes it so much easier to connect with other like-minded folks that way.
Excellent post, really crystallizes the emotional rollercoaster and the crazy potential! And I love what you said about meditation cutting through the FUD! Awesome.
Thank you my friend! Meditation has been my savior during both the manic highs and the depressive market lows these past few months. Sometimes the biggest stress relief is taking a step backwards and seeing the big picture instead of being focused on the short term.
Despite the fact that the crypto markets have taken a few tumbles up and down, in the end, the main trend will be only going up.
If you have people like John McAfee thinking that BTC will be at $500,000 or even millions in a couple of years time where do you think that it will leave the rest of the markets? Everything else will move up with it and I think everyone should take the opportunity in getting into crypto now before it too late.
For those who have, we can just sit back and enjoy the rollercoaster! :)
Hopefully this helps some more people get into crypto @ericvancewalton. It will revolutionise some lives.
I'm not exactly sure what will happen but I think there are a lot of signs that point to much higher BTC. You are 100% correct in that Alts have most of the time grown when BTC grows. There are some amazing opportunities in this space but, like any investment, there are also some dangers. Whatever happens, I feel it will be an amazing twelve months.
It is certainly interesting times for cryptospace. I entered the crypto coin markets only around the enormous BTC dip and jump earlier this day (april '17?) and was shocked how quick a coin could change its value. Since then I trade with a very save budget, still. Trying to figure out if it is something for me to put more money in, and determine some goal. Because of the small and somehow free money I put in to trading, I'm not too nervous on what is happening right now, but interesting to see, every morning I wake up, my portfolio could be worth 10-20% less...or more, but generally less. For sure this will be good stories for later, in a couple of decades. The era of the scam coins, the era of the struggle to grow from a tiny baby to something bigger, with big dangers trying to prevent the baby to continue its life.
I use an app called Blockfolio to track gains/losses and it works pretty well. If you don't have a tool to track that it's so easy to get lost. I think those who invest in good coins with good tech and intelligent devs behind them and have the stomach to stay invested for the long term will be richly rewarded.
I suppose you are right, the good companies and coins can become a whole lot larger than what they are now. So far only trading, not investing. But yeh, investing cost less time, than trading. Maybe something for later when I understand cryptospace better. Thanks for the tip on portfolio overview. So far I use Poloniex and Excel sheet, the later to know what I put into Polo, and then Polo tells me how much I have of each coin. Other really small investments and exchanges, I have in Excel. But will try the App you tipped.
It's going back up after the first of Aug
I think so too.
I think it takes special people to put up with the volatility in Crypto. The same person that will go on a roller coaster ride without much second thought!
Yes, Sir! For now it's like that anyway.
Haha! Eric, you've certainly drifted deep down the rabbit hole, how has the time-dilation, coupled with the intensity treated you the last few months?
It's been an adventure for me :P
Certainly reached my walk away from other forms of trading number...
Yes, I most certainly have. Crypto is a large part of my life now. For the most part I've learned to distance myself from the stress and anxiety, you just have to if you want to stay sane/healthy. : ) I try to invest mainly in longer term stuff. I don't have the stomach for a lot of short flips.
thanks ! , i don't feel so bad then about being so thoroughly confused / bewildered by cryptos every day... HOLD ON MR. BEAN !!!!!
I think there are very few who truly understand it. Let's hope Mr. Bean doesn't pass out! Lol.
Hold on Rowan !! (-:
If you double a piece of rice, then re-double it - then double that....you are already up to 8 pieces of rice (at least I think you are) - that's the extent of about how far I make it into comprehending "crypto" before my noggin goes into full explosion mode. I am grateful for those who not only understand, but are excited about understanding (!) and make posts like this trying to help. Thank you good sir for your efforts !
You are welcome Sir! I've always been interested in investing but crypto added a whole lot of extra layers of things to learn. I hope the post helped a little, there are people far more knowledgeable than me here. I would recommend checking out some posts from @exyle .
I tell myself to never look at the exchanges anymore because of the highs and lows that I feel every time I look. Somehow I always find myself checking the market and end up again where I was at 10 minutes ago. What a rollercoaster!
It certainly is. That Blockfolio app is a blessing and a curse and can be both/either in the course of 5 min!
one more quote: Be part of solution, not a part of problem
?
it just my response on your quote: If you focus on the hurt, you will continue to suffer. If you focus on the lesson, you will continue to grow.” -
One more quote about similar
Oh! I liked your quote as well!
We need to call out the people causing unneeded extra noise in this already turbulent crypto space. The launch strategy of Bitcoin Cash is harmful for the cryptocurrency landscape. For my full thoughts,
https://steemit.com/bitcoin/@juanplemus/the-bitcoin-cash-powergrab-play
This is so true, I was putting my faith on ethereum a month ago and now the price crashed in half although all the signs shown that it'll be a smooth bullish ride for ether last month
I wouldn't worry too much. I really think that we'll see many of the coins rise in the next few weeks.
“If you focus on the hurt, you will continue to suffer. If you focus on the lesson, you will continue to grow.”
--- good words !!!
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