I woke up at midnight, and I couldn't believe we'd finally seen the end of the month of dips, I wasn't expecting the month of May to Start with greens but then, it didn't disappoint, the bleeding has taken a bigger shape. My thoughts were actually to power up some Hive, In honor of the HIVE POWER UP DAY then save some HBD, and after seeing the red everywhere, I went ahead to still power up, because this is a routine.
Sometimes, when people are not selling, their decisions to stay "powered up" or continue "powering up" is often determined by the emotional state they've been put in by the gains or dips in the market.
Sometimes, people don't sell their crypto assets because they need the money, sometimes they do so because of the dips, the itchy fingers, or the panick they feel by constantly checking the market to see how worse it's become.
Safety Amidst The Chaos
When people begin to see their portfolios losing value, the first thing on their mind is safety, this is why people are likely to sell, not because they're broke, but because they're being calculative of how long the dips would last and how lethal it might be to them financially.
This is why they feel like "selling it all" for fear of "losing it all", it's got nothing to do with logic, most times the way we relate to crypto is purely sentimental, and the only way to understand this is if we begin to align our decisions to a situation of rationality. However, make no mistake, logic isn't a synonym with Crypto, taking "the high line" is what eventually takes people far.
However, the moment, they begin to see signs of green, they're suddenly seeing no need to sell again. Allowing the illusion of the bull or bear to deter them from actualizing and solidifing their Crypto goals.
Dips; The Definitive Influence
I was talking to a friend yesterday, he talked about how the dip has discouraged him a lot, especially after he started powering Hive. Immediately it began dipping, he wasn't doing so anymore, but he was powering up when Hive was going up.
The decision to stop powering up was a result of the uncertainty caused by the dip. This wasn't me. When I was growing up, I developed a saving culture. The amount of money I would save weekly, or monthly wasn't determined by my needs, or an additional reason to spend on a commodity.
I reckoned that if we began to analyze our financial conditions, it might be difficult to save. There will always be the propensity to spend and allowing it to affect the propensity to save, is being shallow and economically inept. Back then, some of my peers thought that if they are not alive, they cannot save. Their reasons for not saving is the inflation and the increase in their needs as they age.
Creating Balance With Unlikely Situations
This is the same with crypto because I have cultivated the habit of saving I find it easier to power up in the middle of chaos. This is because to me, the "bull and bear" are an entry or exit point.
Sometimes we become too obsessed with selling for safety purposes or selling to maximize the highest price point, that we forget to simply sell to make a profit. Although it's normal for people to sell to prevent further carnage or loss, the mind is tailored to having half bread, rather than non, this is how we tend to mitigate excessive risk and create a balance, but sometimes, the fear of losing it all is just mind games.
For example, we picture unlikely situations where Bitcoin goes to zero, or Hive drops to 2 cents. While these situations are more unlikely, it's the way we're technically built and it now depends on us to seek to attain a mental balance.
Thinking Of 20% Alone?
This is why we should develop a certain sentiment or goal to counter the feeling of excitement and panic that's caused by bearish or bullish situations. The month of May has already begun with chaos and panic, but ask yourself, how this has affected your morale to either power up or keep stacking.
We need to build stacking goals and this is because we're still within 15 years of the existence of crypto. What happens when we get to 50 years? Even if we cannot totally predict how well or how badly the future of crypto will turn out, one thing is certain; the inevitability of growth.
It's a new month and while 20% on HBD gives us the promise of retirement, holiday, pension, financial freedom, and all those terms we use to express excitement. Hive is still momentous, waiting to be stacked.
Interested in some more of my works?
Crypto & The Outrageous Learning Curve: My Splinterlands Journey As A Case Study
Understanding & Adjusting To The Real Purpose Of Motivation
Thematic Expression: African Child (Shot & Edited On My iPhone 12)
How I Create Original Images for My Blog & Why This is Important
Budgeting: Paying Yourself First With Crypto
Establishing Compatibility: A Case For Self-Improvement
@Josediccus, your brother-in-pen & heart
I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or reblog
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I still plan on powering up some Hive regardless of price on the 1st of the month. It's a good point in time to check how well I am doing for the entire month and going forward. In any case, the 20% HBD is amazing and I definitely see myself putting more HBD into my savings. If I can increase this to 100k, I would be able to get 20k a year just by the interest. Of course, 100k is way too far that I don't think I will reach it anytime soon.
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100k hahaha that's a lot of money, I'm finding it difficult to even target 5k. I don't know how sustainable this 20% will be but then I'm thinking I'll also take advantage while also powering up a little bit.
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Seeing the market being bearish makes people scared when they think of BTC hitting 100K. Sometimes people buy just out of FOMO and when the market goes against them, you see they are losing money.
Having long-term goals can change the whole perspective. I think it is better to think long-term, and frankly speaking, it is still an early stage of cryptos. We have a long way to go.
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I've never bought out of FOMO, even if I get fomo-ish feeling. I just invest only what I can afford to lose. However you're right when you speak of long-term planning. Sometimes I take profit in the short run but my aim is to build for the long run.
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I find it hilarious that I'm yet to understand exactly how 'powering up' works seeing how long I've been the blockchain. That's going to change from this moment
Plus, the part where you emphasized on saving culture really caught my attention. Every single line was enlightening. Thank you for this piece. I look forward to reading more of your works.
Lool it's actually easy, just go to your wallet section in peakd, go to your hive section, click the arrows, at the right end I think one is for saving, the other is for powering up, it's self explanatory.
Saving culture is a necessity and the reason is because, we need to naturally enjoy saving, naturally we're inclined to spend more, but with the right saving culture, we'd naturally enjoy saving, no matter one's financial status.
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You had to laugh at me?😄. I'll power up for the first time next month, I'll come back to give you updates.
Thank you for your explanation.
You're welcome, I was thinking it's actually the simplest thing ever, but sometimes the simplest things can be the most confusing
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You're the boss man, I hope to learn more of these words you've talked about because I could barely relate well with what you've said but I got the part when you were trying to tell us not to look at our current situation while saving and that was a really great advice.
And I'm happy you could still power up despite the uncertainties that are roaming around.
It was a pleasure reading through dear.
Dips this is when the price of crypto is going down or falling.
Yeah, tell me any other term and I'll explain it.
Well, you're right, saving should be cultivated irrespective of the condition we find ourselves. There will always be challenges, so either through crypto or real-time. Building is essential.
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Oh, thank you for that explanation. Another word that I don't understand is bearish and bullish.
Loool it comes from bull and bear. The bull means the season when crypto tends to do well and bear means when it's not the season of Crypto. Right now we haven't seen full bearish situation.
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Okay, thank you for the explanation.
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My crypto goals are to be able to sustain a simple life off crypto earnings. I'm a minimalist so hopefully I'll get there.
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