Yesterday, the market took some of the most severe beatings of its life. I was awake throughout the Choas, and my phone was constantly beeping with notifications from Kucoin and Bybit. I could not believe what I was seeing.
Then I checked crypto Twitter, where I saw American and Canadian citizens threatening and cursing each other.
Apparently, Trump's new 25% tariffs on imports enraged Canadians, and the Canadian government responded in kind, and the crypto market appears to be in chaos.
I do not recall us ever dipping this low, and the last time was during the FTX collapse. The market acutely bled for long and trust the alts to completely get pummeled.
Is Trump The Final Catalyst?
In reality, I have always believed that there would be catalysts for either dumping or pumping the market, so even if Trump did not make these rash economic decisions, I believed we might have that heavy dump that would officially kickstart the rally.
However, even if I knew this, I would not bet on it because of how unpredictable this cycle has been.
Buying Hive
About two weeks ago, my cousin said he wanted to buy some crypto in preparation for the bull market. So he was not going to buy BTC because it would not make him a decent profit. So I advised him to buy Hive instead, and he agreed and came over. So we decided to buy some hive at 0.4$ for him and kept them on the exchange.
However, prior to the transaction, I informed him that anything could happen to his money and that there were no guarantees.
I told him the odds were 50/50. So basically, I told him it was not financial advice. He told me that he had already lost a lot in life, and that the money he wanted to spend would not be enough to end his life.
His portfolio is down about 15% today, but I am sure he has not checked and would contact me if he did. Of course, I did not promise him lambo or anything, but he was most likely going to call because he does not understand how the market works.
Hold your horses
I think it is best if he does not check his portfolio because he is constantly busy. Most of the time, it is best to leave it alone or avoid crypto Twitter entirely.
However, I am waiting to see if he calls, assuming he decides to check his portfolio, which he may do very soon. However, he intends to buy more, but his funds on Kucoin are frozen due to incomplete KYC.
If Kucoin had released his funds earlier, he could have bought at this price, which I would consider a win for him, but we are hoping to resolve the KYC issues in a few weeks.
This is the way
He has gotten into the game, and unfortunately, that is the way. He is already signed up, and there is no going back; however, he signed up willingly, so that is it.
Most of the time, I try to remind people that this game does not come with guarantees. I have been here for 8 years and I am still as broke as ever.
I have made terrible decisions and lost a lot of money over the years, and no-coiners will have a difficult time understanding the game.
Sometimes back I was also talking to someone who was excited about investing in Hive and got in around 0.4$ as well. I have not texted them to check in, but I know they will be disappointed with the overall state of the market because they went in big.
So is this the final shake-off?
Honestly, we do not know most of us don't know.
Perhaps the guy who said we would dip to 85k BTC was correct after all. Events like these are what give people the conviction to make such predictions.
I saw Peter Schiff's tweets yesterday, and he was proudly tweeting about the supposed demise of Bitcoin. He is probably having a proud moment saying "I told you so." However, that is what it is.
I appreciate taking the precaution of always saying "this is not financial advice". People are always attributing their losses to your advice while attributing their successes to themselves.
However, everyone in the game should be proud of themselves. We may not have seen the final dip yet, but we are probably close.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
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"Un-PAYING" The Debt You Owe
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Fortunately we've seen a push past $100K which I was pretty sure was going to happen. People panic way too easily, welcome to the world of big finance. lol
I most certainly am not a financial advisor and it's on my disclaimer on every post for just reasons like this. Things are already turning back around, but one never knows. The world is filled with many idiots who panic sell when the wind blows the wrong direction...
!hiqvote
A lot of people are already panicking and selling off. I saw a lot of tweets from people who are following the advice of BTC maxis they're selling their stash to buy BTC because they think the alt cycle is gone forever.
There are so many Ideas flying around. I'm even thinking we might see another massive shake off that will finally dust the market.
If it were me I would advise him to buy a low-market-cap utility coin. Like 100k-500k market cap. He will have a lot of chances to profit if the market cap shoots upwards. Buying coins that are already millions in market cap one shouldn't not hope for a lot of profits. I bought Sora Labs and Calvin in the Cabal earlier this year and made up to 300% profit. Though I would tell the person it's not financial advice and nothing is guaranteed.
Congratulations on your profit. I think sometimes, bring a little of that profit to Hive, and maybe earn curation rewards with them. I haven't started doing my research on what will be profitable or not. I'm basically broke at this moment, but perhaps when my finances change, I'll do better. Hive is low market cap too, so I bet my cousin will make some little profit when the time is right
You did well man to have told your cousin that there was no guarantee to his investment. He might not really be happy to see that, if he his still new to crypto world. But cool, you can always put him on.
Well, this is the way. Dips will come and yes, he knows it's not guaranteed to make profit in the short run, but perhaps in a few months time
That's great! I made analysis on that on inleo community. The good thing is, if we are down, and the price reaches the market floor, we have the opportunity to buy at a discount.
I think it's a must to mention right out of the gate that there are no guarantees when investing in crypto, despite the potential outsized returns that participants can get. This creates enough room for them to be able to digest such kind of dips and not get overly freaked out. I think a recovery may come sooner that many expect.
Yeah, a recovery is on the horizon. The market will change in a few weeks or months but before then, a lot of people will be losing their minds for sure and that's why it's important to let them know it was their choice in the first place
NFA is a good thing to use. After all, the markets will do what it wants to and Trump is doing a lot of stuff. Some good and others bad. I think it's a bad time to time the market but DCA is probably better.
We can't predict where prices will go, but I do think Hive will rebound. It might take a while though because we aren't in altseason yet. Peter Schiff is a clown and I don't think there is any reason to follow his advice.
DCA is better as you've said as it'll be really difficult to time the market. If this cycle turns out like 2021 then many people will have a script which they'll use for 2029 I guess.
It is best to use this phrase giving a financial advice or telling someone about a crypto related investment. Since the crypto market is unpredictable.
Letting the person know you're not giving a financial advice, would save you from a lot of explanations.
Yeah, the two place who went in already knows it's not a financial advice. However it still feels weird for the market to dip after initially investing
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Buying at 0.4 is definitely not a good advice, however anything can happen hive might go up during easter or worst till the next festive period