Some 10 or so months ago I had a really interesting discussion on discord with a massive whale of our ecosystem. We used to talk a lot back then about all sorts of things, mostly Hive related but also about simple things...like, everyday kind of stuff.
But there was something about that particular discussion that I really can't stop thinking about it ever since.
It started as an ordinary conversation about Hive and what could we do from our side to improve things and make Hive an attractive destination (remember, Hive had just been born) but we ended up talking about personal stuff.
As you can imagine I had so many questions to ask, mostly around the economic and investing side of things, because, what the hell, how often does one have the opportunity to take some good pieces of advice from a successful entrepreneur / millionaire, and future friend?
"When the price of the tokens you have invested in goes up 100x+ within hours, you'll test yourself...and your limits"
"I was 4 clicks away from being a billionaire...instead of a millionaire"
I just can't stop thinking of these two lines ever since then. Not only because for once in my life I'd like things not to head south...and maybe, just maybe finally gain financial freedom, but also because I really want to put myself to the test. To see what I am made of.
How much pressure can you handle?
Do you have what it takes to be a future millionaire?
How much are you willing to risk to get there?
Do you have the right answers? Are there right answers to the above questions at all? It's fairly easy to give the "right" advice when you watch from the sidelines, but what happens when you're into that position?
Everyone loves steady growth. It's relatively safe. For instance BTC. We all know where it's heading to. So all one's got to do is keep staking Sats and wait a few more months/years for things to explode. Now I know, although it's never too late to jump in on the BTC train, the truth is that its current price is kinda spicy. So unless you are already a millionaire you can't buy much of it. Is 1/10 of it enough to make you a millionaire? It could be...in a few years.
But that's not what I am talking about here.
What happens when bulls target that shitcoin you bought some months ago... the one that you didn't even remember holding?
And you know what happens when bulls target low marketcap tokens, right?
So let's just say that the shitcoin you're holding, the one you spent $500 for and bought a shit ton of them at 10 (ten) Satoshis starts mooning...and you happen to be in front of your computer...watching the whole thing live.
Suddenly after months of stagnation and zero price action it shows signs of life. Price goes 2x within a minute and your $500 shitbag is now worth $1000.WRONG! It's worth way more than that cuz BTC had a marvelous run those last 10 months. So your initial $500 just because of the BTC run turned into $3K - $4K prior to the spike in price and 2x that right after the spike.
Any reasonable man would immediately sell off....grab those $6K - $8K profits and run away, right?
Well that's not how millionaires are made in these cases...just so you know.
In case you did sell, that's fine...that shitbag is off of your shoulders now. You simply move on...
BUT if you didn't sell, just because deep inside you know that this could be your chance...
Suddeny 5 minutes later price jumps to 50 Sats...1 minute later to 80...85...10 minutes late it's at 150...
Seems unreal eh? Is it?
By now most definitely you have armed your left finger and only God knows why you haven't clicked that button yet...
Eventually you do. You fill the top buy order at 100 Sats and you're jumping all over the place for being The Dude.
Out of curiosity you stay there and watch if you made the right call. The hourly candle is about to close and price keeps cruising at 120 - 100 Sats so your call was fairly good.
But when the new hourly candle begins price jumps to 200...250...400 Sats...1000...
A few hours later you watch devastated. You can't even enjoy your BIG win...
Price went as high as 10.000 Sats...before the massive retracement that occurred the very same day...and you sold at 150...
You didn't even place sell orders using the ladder method...just in case. You ofloaded everything at once...
Nobody can sell at the top...just like nobody can buy the ultimate bottom, unless they are extremely lucky.
Selling near the top...even half way through, would have turned you into a millionaire overnight...
Life changing trade...
You think this is a fiction story, eh? Is it?
Not financial advice...but when something deep inside you tells you that this IS your chance...go till the end.
So are there right answers to the above questions? Do you have what it takes to place yourself among the elite when the chance is finally right at your doorstep or you'll regret your clicks for the rest of your life?
Have a good one people.
Cheers!
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The irony is that holding hive will most likely lead to this situation.
Will you go out at 2$ (1billion mc), 10$ (5$ billion mc) or 560$ ( 275$ billion current facebook net worth) ?
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Herzlich willkommen. Jetzt kannst Du ja frei posten mit meiner Delegation. Mach doch einen Vorstellungspost unter den tag deutsch und introduceyourself. BGvB.
Super Danke <3
Dein Kommentar erfüllt die Kriterien eines sehr wertvollen Comments vollumfänglich aus meiner Sicht. BGvB.
Fingers crossed! I'll drink to that
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I am enjoying the "training" posts that I have been reading lately. I need to get in the right mindset to get what I came here for! Thanks!
I am glad you found it useful! That's the best reward for an author
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I think I would be temped to sell out and I think I probably would of just taken the profits. There are always going to be opportunities in the market but if its a high conviction stock/crypto, I would sell part of my core position while holding a small portion to have a free ride. There is nothing wrong with realizing gains.
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Of course there's nothing wrong with realizing gains. It's just that moon shot are rare...especially for the tokens we hold, hence there's a really small chance to achieve whale status in real life overnight. Therefore taking a risk once a year isn't such a big thing. few K won't change your life...a few millions definitely will
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Thought-provoking post. I do think that if any shitcoin does moon, then one can convert the shitcoin to a crypto that one has truly invested in, and not just speculating with. Just the 'becoming a millionaire' game takes longer.
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Well, i am pretty sure that one can think of many ways to either further invest their profits or turn some into FIAT money and have a serious safety net
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Food for thought. !BBH
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Amazing story and I totally can relate it to myself and the current moment I am facing a similar situation with one of the bag I HODL which #VIDYA tokens.. I know it is my way to financial freedom but then as you mentioned you feel tempted to sell the Bag.. I'm still HOLDing and don't know till when can I HODL myself... Cheers
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I see you made a post about it. Will read it in a while ;)
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What a wonderful piece of thoughtful writing. This is such a great post I'm gonna share it for people who are invested in what they call "s*** coins" - a term I disagree with. If it was s*** it wouldn't be purchased. People have put value into it through belief and that in itself makes it valuable, not dirt.
Thanks again for a great post. This is a good one to think about as 60K BTC is now a thing. Same with 2K ETH. 2K is a miniscule level for ETH. ETH is a gateway to other ERC-20's. BNB is another great example of undervalued. It's a gateway. XRP, too.
Regardless of monetary restrictions in your country, if you can hold hold. If you can't, hold those 'worthless' coins if they didn't cost you much to begin with. You may be paying your bills for years out of these worthless investments, as they say.
Let's do our best to be content with gains whether they are $100 or $100,000. Regret doesn't benefit anyone but makes people depressed. You can do lots in this thriving bullish environment, just grab another coin with whatever spare change you have from bottle deposits. Yes, it's that cheap these days. For example, BTT (BitTorrent crypto) is valued at half a cent!!! Filecoin was $40 ... it's now only $200+. But its a foundation. BTT is a foundation. ETH is a foundation. Doge is a fluid foundation like BCH.
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That million dollar question... when to sell?? I try to take some profits along the way, and keep increasing a SL. But yeah, more easily said than done; mental game is tough!
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I actually had a similar scenario, having Sunday Dinner with my dear old Dad, and my alerts all go off at once... my MAIN HODL COIN rips past all my alerts, but I have like 95% of it staked. FINE, I'll just sell the 5% IN WALLET and HODL the rest, the divs will be AWESOME!
Hoping this crappy photo upload is working so I can upload the pic... screen shot of my $2.5 Million!
Nope POS still not working, let's try this:
So the bad news is that I was unable to sell, and then he news came out that it was an attempted exploit of the crypto Dot com Exchange... Haxors had found a way to HFT (hi-frequency trading) manipulate the price of ETH to around $65,000 but were unable to sell. So while I didn't get to sell, neither did the bad guys. The exploit was fixed and no funds were lost. That's the benefit of being on a USA compliant coin exchange...
😅😅😅
But I did get a real glimpse "what would YOU DO" if you were suddenly RICH. I expect I will experience that later this year, maybe not as sudden as that or your Scenario above, but I am positioned for 6 coins that are poised to explode at least 30x and more, if the top level INTEL pans out. It's prime Fundamental analysis from one of the best track records in the business. Plus, these are all HODL and have dividend payouts. Patience is a virtue! But I need a plan to roll out some profits, into less volatile funds/vehicles.
Great "what if" thought exercise, and I have a plan in place!
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Why would anyone sell all at once, that's the biggest mistake you could ever do.
Sell progressively and always keep some :)
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That’s exactly what I like to do as well. I sold Leo all the way up to 5 hive. I think it was about 25% of my holdings. I recently was able to buy Leo back for 0,89 hive during the hive pump.
But yeah, dummest thing to do is sell all at once or buy all at once.
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That's what everyone should do. But as I said in the post when you find yourself in a similar situation usually emotion is the winner in this battle.
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Idk dude, like i dont get feelings from crypto, if it was fiat cash it would probably be another story. Is it only me not getting nervous at all when price just pumps/dumps?
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Most likely....
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I have never gone through such an experience. Never. Hence I honestly don't know how I would react. All I know is that when things will turn unbelievable on any of my holdings I will simply play with limits and raise them up bit by bit. Will definitely not play with the whole stack. Just set limits all the way up and repositioning them. Just waiting for that 100x.
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Trust me it could happen at any given moment. Especially with the not so famous tokens...
You wouldn't believe the feeling...
Adrenaline rush...
Just be prepared and set those sell orders...just in case. Dream big and set them as high as possible even if you seem over ambitious...you never know...it could happen when you're off to bed, so better be prepared.
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I guess I should do some research for such tokens. I only have from the famous ones :)
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Unless you expect BTC or ETH or whatever it is that you hold to go 100x overnight...you should ;)
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Any suggestions?
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I suck at suggestions but any legit token in the range of 1 - 15 cents could be the answer
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I can't even count the number of times I would have been a mega millionaire in crypto had I either sold or not sold. It is like there is a tiny demon making decisions for me in my brain, and laughing at my misery.
I know right? Been there...done that. Mostly that...
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For some reason it's way worse when a coin moons that you actually used to hold, as opposed to one you were looking at back in the day and passed over. It is painful!
Because this is such an awesome post, here is a BBH Tip for you.
. Keep up the fantastic work
Buy all the way down and sell all the way up. Break it down into multiple levels.
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I have to admit that I must be one lucky guy if selling at the very top and buying at the very bottom is lucky. My favorite low cap gem loves to give those opportunities when I happen to jump on the exchange and it's amazing how training yourself to keep calm in big situations can really help you properly analyze your next move to not miss those opportunities.
Great write up I thoroughly enjoyed reading it!
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That remind me of a story with Al Capone and the FBI Guy that was following him. At some moment they met, and while he got Al for something minor, the mafia boss told him that he will pay 10 million dollars to let him go, then 20, then 100, then 150 millions. At that moment Elliot Ness was shouting at the guards to get Al out of there and put him in a cell. His colleague asked him why is so angry, as he was always very calm. Elliot said: He was getting dangerously close to the price that matter to him!
This about it.
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Adrenaline rush would likely affect our judgement during those hours. Even a small retrace could make you think it will start to plunge now and make you sell after a serious pump. You'd have to have nerves of steel to not sell. And you can still get unlucky with the moment you chose to exit, either before or after the peak.
Haha, that's why hodling is much easier.
Anyway, fictional or not, I loved the story.
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Well, it is very difficult, because depending on the education that a person has, he/she can decide whether to withdraw or wait for it to continue rising.
For example in my country Venezuela and in all of Latin America, the only thing they teach people is to work for others, and if by chance you get a large sum of money then spend it and squander the money on alcohol, drugs and prostitutes and then go around giving prayers to a stupid lifeless plaster statue to get more money.
In other countries people are taught to work hard and think about the future, and if they get a large sum of money they invest in something that will produce more dividends.
So I would say that everything is in the education of the person.
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so now i just only need to find some coins that can do that :P
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That's the most difficult part. But sooner or later every one of them have a short trip to the moon before the crash back down to Earth
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Es como una gran experiencia de vida, en lo personal no dejaria que terminara nunca, saludos.
Balls of steel and easy hold :).
In the case of hive, its super difficult if we hit the tipping point to say " that's the ATH" IMO. Compare to classic web 2.0 MC and crypto market cap in general.
So the power up help to hold :)
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Useful morning read! I've had similar situations but I learned from them and now, there's one coin that has already made me x100 in less than half a year. Even though the investment was super small, the gains are really nice. I only sold 30% of it as for the rest - I'll allow it to go x1000 or more :))
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30% of it should be way more than your initial investment, eh?
Well let it ride the waves if you're in the game without any risk
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I wish I have that type of experience someday, since you said it's a shit coin, I might remove half of the coin and see what happens next, if it grows I still gain but not as much as when all my coins are still there, if it drops value, I am still at gain because not all my tokens will be reduced. And due to the nature of a bullrun, when a cryptocurrency increases dramatically, it is expected that it drops even if it is eventually going to increase back
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I have kinda gone through this. I am holding a 100x and put in 500 ish in the beginning.
I still feel there is room to run but I have taken out my initial investment x3 and have put those 3x500 in other projects I think might do the same.
Take some profit along the way, but keep some to let it ride. Do not get too greedy and appreciate the gains you have made.
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No one ever went broke taking profits. Period. If you play that game, you will watch it go back down far more often that it will keep going and turn you into a millionaire. I already have a couple of these scenarios. I bought something really cheap and have watched it go 1000x and back down without selling. Still own it. lol But it's back up 10x. I also have a couple I took 10x's on that would have more than 100x'd. Guess which ones have made me most money? The ones I actually sold.
Plus, I can't calculate what the gains on those sales have turned into. If I let myself focus on the what-ifs and if-onlys, I'll make stupid decisions when the time comes. The only way for me to HODL for that big of gain is to actually KNOW what I own. Most of these "shit"coins I don't know inside and out. They're usually from something I heard somewhere.
Bitcoin, Hive, Leo, Cub....these I KNOW. I've thoroughly researched and vetted them to the best of my ability and I'll be able to keep HODLing, even after they've 100x'd.
Great article! These stories are real so it IS good to be prepared.
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That a serious mistake...
I am not suggesting that that's what everyone should do on every investment they've made. When the time is right you just know it. You have those goosebumps...
PS. Thanks for the kind words!
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Welp, I only had $80 in it and I bought it for around .002 and it went to .25. At that point, I thought it was going to $1. But it didn't. lol
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Had it happen loads of times in stocks and crypto. The mental game is most important in money management. It’s a difficult one because I’ve always said you’ll be mad if you sold to early and mad if you sold too late. You have to have price targets because an all or none mentality will not win long term.
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I don't think we have many shots to millionaire staus in this life. And by "we" I am referring to ordinary, average people.
Long term game is what I do best, but every know and then I like to take a huge risk for a small investment...you know...just in case ;)
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As you said here below
It is so easy to say it from the sidelines, but damn it is a whole different feeling you are involved directly hehe.
Such scenarios have happened to me before(though not X100), I always blame myself and then again console myself when I remember the 2017 experience where I did not take profits(I was a newbie) and expected prices to keep rising through to 2018.
I no longer blame myself in such scenarios because at least I took some profits unlike in 2017 hehehe.
Btw talking of those X100 gems, any recommendations??? I made a post yesterday about how I can become a millionaire by holding some cryptos for 5-10 years!
I am seriously looking for those potential over x100 gems
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Nah...I try not to give advice to people...I mean I can hardly advise myself to do the right thing from time to time...
But the more you dig the higher the chances to stumble upon something very few know or see it's true value...VET might be such a coin...
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very interesting to think about!
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You'd have to have nerves of steel to not sell. And you can still get unlucky with the moment you chose to exit, either before or after the peak.
that's why hodling is much easier.
I loved the story.
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The pain is real, nerves of steel are required to go the distance.
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Thought-provoking post.I have never gone through such an experience.
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I still have a fair bit of shitcoins from 2017. Time to place some sell orders on them in case anyone moons.
That would be a wise move
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