Doubt I'm the only one who woke up to have a cold shower this morning. Not because I've joined the viral trend of influencers and self-gurus recommending cold showers to start the day, but by checking the Bitcoin price following yesterday's "crash" to $51,300.
Anyone else who would like to be back there today after seeing this?
The bottom seems to have lasted very short, with the lowest I've seen being on Kraken (where I do most of my trading between BTC and fiat) where BTC bottomed at $40,150.1.
Luckily for me, I'm now in a place where I don't have to worry a whole lot about the prices. Sure, I'm of course hoping to grow my wealth to reach further ambitions, but at no point do I need any more from crypto than what I've already gotten to do well. So riding these waves isn't a concern but rather something I (and I'm sure most of you) have gotten so used to at this point that it's mostly good entertainment.
Instead, my thoughts this morning quickly went to this tweet that I saw yesterday, at a time when Bitcoin was still trading at about $57,000 :
It's hard not to like it when you see it. The gleeful ridiculing of fiat "money printing", the passionate belief in a new and better money system, the inspiration obtained from visionaries like Michael Saylor. But it's still really stupid.
Unfortunately, it is increasingly common, with people also bragging about having withdrawn their whole pension savings to go all-in on Bitcoin. While it is tempting to cheer it on, please don't. And while some may say that "when Bitcoin reaches $500,000 then I will be sorry for not having acquired every single Bitcoin possible at $50,000", they clearly don't understand what it takes to be happy. If/when Bitcoin does reach its full potential, I'll still be incredibly well of. And it's that level of exposure to crypto that I do recommend everyone to have some of. Going way beyond that isn't a sign of passion, it's a sign of greed. And there's a fine line between bravery and stupidity.
So how have you positioned yourself? Are you in a place where harsh dips like these are disappointing, but not a problem? Or where it is only good news because you were looking to acquire more? Are you ok?
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The person dumping probably bought each BTC at < $1 - or more likely mind it for just their electricity costs on their home PC.
So whether they're selling it for $60 or $40K I guess makes little difference.
For all the attempts at trying to predict the price and cycles, at the end of the day, a few people hold MASSIVE amounts of BTC and can, on a whim, cash out the lot and dump the price by a huge amount.
Taking out a loan to get in deeper is bonkers.
I've already got my house, land, a decent chunk of fiat in the bank, that's when you get into crypto!
I'm OK in other words!
Not worried.
I don't think that we are done but i've been taking small profits all the way along so covered in case of a big drop. Until then i'm just grinding on hive everyday and stacking more.
That's the best answer I think. Can't control the market, but we can control our own hustle. 💪
Meh, bullrun is still on until proven otherwise. 20%, 30% pullbacks have been commonplace in previous bullruns. Zoom out the charts if you don't see the forest for the trees and continue the day.
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Yeah, I mentioned in my previous post that I still think Bitcoin has a big surge yet to come in this cycle. So I am not worried. But I would be if I had taken on significant loans or silly risk just the day before🤷.
Pretty sure we're going long into 2022 until we reach the market peak. Bitcoin and crypto in general has gained more weight, thus cycles have been getting longer and with diminishing returns. Bitcoin hasn't reached the 100k mark as quickly as people anticipated, because diminishing returns haven't been taken into account. The market simply doesn't move as quickly anymore as in 2013 or 2017.
Yeah, that guy who took more loan to buy into Bitcoin... He's gonna feel it in his stomach even if he's confident Bitcoin will go up 😅 Hopefully he takes profits early enough before bear market starts.
I'm fine with this. The only money I have in crypto is from blogging, mainly back in the Steemit days. It has never been fiat, so I guess it's easier to detach in moments like these. I always have buy and sell orders at the ready for the entire ride up and/or down, so basically, I just got more crypto last night. 😅
I guess that's the case for many users here. Perhaps we should even make that a marketing campaign "Get rid of stress from market volatility, become a blogger on Hive!".
Haha, that might be a pretty good campaign!
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It sits very deep in human psychology to always want more and to envy people who take more risks and thus acquire more. Perhaps one of the most common reasons why we do so much stupid shit 🤷♂
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It looks and feels awful... until you zoom out the charts to times a year or few years ago.
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Yeah. Feels like yesterday that I bought my first Bitcoin at $2k. Yet it's easy to forget that we're still more than 20x above that despite the recent drop.
somewhat unexpected sell off, but like you said nothing to worry about :)
Not sure I found this unexpected. There is a lot of general market uncertainty right now. So institutional investors look to sell their most speculative assets. Also, people often sell in December to make use of loss-gain averaging.
But hey, it only means people with intention to hold have now likely gotten BTC from people without it.
Yes.
Good to hear! I was especially worried about you.
See this is a hundred trillion dollar ecosystem within the next decade and work your way back.
I think buying a coin that is underpriced is even better..
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Also for me the current price has not much importance. Important is that world is changing and financial freedom gets under own control. Decentralized (crypto)currency is here to stay. I'm constantly accumulating BTC and altcoins. The future sounds good.
Derisked all of my lending positions just days before this happened. It just felt we were in for another avalanche and happy I listened to my gut this time.
As expected, Hive and Matic are still holding strong so I'm actually not worried at all. It is all unfolding as expected, just keep stacking and keep building.
Seeing #BTC fall like this worries a lot, but that is one of the characteristics that makes this world of cryptocurrencies so unpredictable. What is really true is that sometimes greed makes us a little daring, we must learn to move our chips well and be aware of all the movements that may occur.
USD, Euro, Yuan and so on,
all will stay after Bullrun.
Saylor starts to pay celebs to promote Bitcoin. That was for me the topcall to dump. And it was pretty close to top :)
It's a bad day... :( It usually happens during the lower liquidity weekends. This is why we cannot disconnect on weekends hehe... This always feels like leveraged derivatives manipulation. It would be better not to look at charts at all if holding is the strategy, because events like this are scary. Of course the losses are only relative to fiat conversion... But 1 bitcoin still = 1 bitcoin. ;)
Jeez, degens will be degens lol.
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