What to do when your cryptos PLUNGE - An autotherapeutic post!

A sorrow shared is a sorrow halved!



Dear friends and fellow sufferers!

Today's post is nothing like my usual photography and travel blog entries. I hesitated to write this, but in the end I just had to do it.

I am fairly new in the crypto currency sphere. Me and my best friend set up a (tiny) mining operation and also invested some money in various coins. In the beginning all went up and we couldn't believe it. Now everything is plunging and we can't believe it either.

What now?


So what now? Invest more because you believe in the value of the coins in the long run, Warren Buffet - style? Sell everything before it goes down even further?

I am basically the opposite of a crypto-expert, so I am not trying to make a point in favor of either of the two options. However, I guess the second one is bullshit, you don't sell when everyone does. The first option obviously depends on how much money you want to risk and we already risked enough.

So we will just keep collecting Ethereum and stay calm. Just wait.

My heart

For me, the bigger problem than the actual decision what to do in a situation like this is how to cope with the possible anger and fear. Where can I get hope from?

So what I want to do in this post for everyone who is invested in crypto - including me - is draw a comparison to some stock market cases that give me confidence. I know crypto coins and stocks are two different things, so don't take this too serious, it is just a way to cheer us all up a little bit...

  • 20th October 1987

The Dow Jones goes down 23 percent on one single day and closes at 1.738 points. Today it is traded above 21.000 points.

  • April-September 2002

The price of one share in Bayer, Germany's biggest chemical, pharmaceutical and life sciences company drops from about 38EUR to about 12EUR. Today it is traded at 110EUR.

  • September-December 2008

The stocks of a small fruit company called Apple go down from about 25USD to around 12USD. Today they are traded at 150USD.

As far fetched as it may be, these cases are mysteriously cheering me up. I hope they do the same to you! So stay calm, keep your coins and wait till they rise like a phoenix from the ashes!

Keep your coolness like this little boy from the Philippines who looked at me like this when I dropped my expensive lens right in front of him ;-)
KopfHoch.jpg


Till then,
keep wandering and wondering,

Love,

mr.wonderlust

Sort:  

I guess waiting is all we can do until the market recovers. time to buy

Great work here! You caught the wave everyone is feeling ;)

I have upped and resteemed your last three.

Awesome to meet you the other day.

You are welcome back any time :)

thanks a lot Sam, yeah it was awesome and your place is incredible. Definitely gonna be back for some more "let's shape the future"-talks in a month!

Great post :)
I will just keep collecting steem power, and staying calm!

me too my friend! thanks for all the love!

What goes down must come up hey ;)

I hope so, too bro!

it usually goes the other way around - what goes up must come down....

that is nice to think about for us hodlers.

yeah, it helped me as well :-D thanks for the support!

Hell yes, that's the spirit...just hang in there!

I will, you too, one day we will be paid of (hopefully ;-))

It's simple, Dollar Cost Averaging. 👈That's what I wrote about the concept :)

When you create a profitable long-term edge, you can overcome any market condition.

There are three actions you can do: buy, sell, and do nothing. Which of the choices will you choose?

do nothing or buy some more, depends haha

I can feel you bro! :/

:-) keep it up!

Just wrote a short post about what I guess is happening and made a picture to illustrate:

Edit: Seems that the image is a bit too small here.

gonna check it for sure!

Thanks for this post. The market is correcting itself after, crypto has become a medium to long term game for now.

your word in god's ear :-D

Good post. thanks

thank you, you are very welcome!

you're welcome

crayptos are on summer sale with up to 80%

haha nice comparison!

Soon it go up :) Just be patient, and people want to get rich too quickly. As far as I have understood, then good things will not come quickly. So.... Be Patient

true, I will bro!

Good...same here :)

It's just a correction,will be moving up soon.

hopefully! I believe in it, too...

Good points made, I think lot of people that just started with cryptocoins decided to sell them in panic as we saw a huge descent in last couple of days. But that's how it's always been in the summer and I believe it will go up after couple of months. What kind of mining rig do you have? :)

true. just a small one (5 cards) mining ether...

Hi @mrwanderlust in my case i see today market as a huge opportunity to get some more asset at very good price. But for those who look at the short term it is a problem. But this market is more a long term one than a short one. Anyway i keep all my asset and add some new one in which i trust. ^ and follow you

totally agree! you will probably get rich ;-)

God listen to you

They do not "plunge" that much, rather a correction after a surge in price or a pump

well, that's true, but compared to a few days ago they do plunge and that is how you psychologically look at it right...

Great post! Just buy more cryptos :)

to evaluate the actual value development of the stocks you quote, you would need to consider the rate of inflation during those periods. You know better than what you wrote. Still, take your losses and lick your wounds...

it wasnt a post about hard facts, just to cheer up people when prices go down...

Money doesn't bring me happiness; but high prices of my cryptos does!

Buyers are getting big fish now @xaero1, looking a bit grim upfront sellers

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Jetzt gehts richtig ans eingemachte...Sehr guter post...weiter so mein lieber

Good post@mrwanderlust😇

Waiting for market to recover

Great article..

Oh my gosh. Your post actually made me feel a bit better. I have been in this crypto world for over a year now and I have seen some highs and lows but this was the first time I actually had anything substantial. I do not trade tho, just hold. However when my coins lost 75% of their value over the past few weeks I freaked. I thought...oh well it cant go lower then this...I won't sell. Then that happened like 5 times! When I thought they couldn't go lower they still did. I believe in the projects though that I am in so now I just have to wait, it is tricky to though. Lesson learned is when things are really hot, maybe take a bit of profit...I am not sure but I think that will be my strategy next time. What do you think? I feel you though, it like burned real bad hahahaha. Anyways good post I really liked it and can totally relate! Also followed you I really like your photography, I am also a photographer :)

I occasionally look back on stock prices from the past and think to myself, "what was I doing at that time?" Like Amazon, how it was, at one point, $7 per share. Now it's $1k. But it doesn't even have to be a big company like Amazon. Even AMD - $2 just a year and a half ago. $14 today.

Had I bought $20k in shares a year and a half ago, I'd have $140k on that investment.

Ugh.

Anyway - I agree with you. Long term the outlook is very bullish and this is a great buying opportunity, I think.