Keeping a straight head in these markets is not easy.
What's happening now is by far the worst portfolio damage (in dollars) I ever experienced.
I'm feeling it and I'm sure I'm not the only one.
It's funny how fast the euphoria of Dec/Jan has made place for utter depression rather quickly :)
Right now, it's beginning to look like this could last a long while longer.
I'm mentally preparing for it atleast.
The longest downtrend in Bitcoin I have ever been in was from the end of 2013 to around the end of 2016.
Around 3 years.
I hope it won't happen of course but it's best to get that mindset right.
That small blip on the left was the all time high for a long time
You might think that in those 3 years no opportunities were to be made.
You would be wrong.
In those 3 years a lot of other blockchain projects were being developed and for the people with the right mindset, vision and patience there was a lot of good shopping to be done.
Ethereum at ICO was 1 BTC = 2000ETH for instance. Not a bad deal in hindsight!
Of course the markets are not the same anymore as the were back then.
Making parallels is therefor hard.
Personally, I believe more people are looking to buy in this time.
I think with Steem this is certainly the case from what I read on all the frontends.
The space is also more known than ever before.
But I just don't know for sure what will happen and I doubt anyone does.
Therefor I often call this space lonely.
And it is especially when it comes to investment decisions in these times.
Nobody can really help you, you have to do it on your own.
I therefor made a plan and I'm carrying it out.
I sold in dec/jan with the idea that I could use that money if the markets would turn. (and if not I would have made less profit).
But turned they have and I have waited.
I'm incredible grateful I sold into fiat and now have some cash to look for buy in points.
I'm in no rush but I have bought my first crypto with fiat yesterday since a while.
From now on I will check how the markets develop.
If they go lower I'm a buyer.
If they go up from here I'm content with what I have.
I'm 100% not a seller.
What are you :)
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The timing is great for buyer.
It has to do it thing before going crazy.
It feels like we are heading to a $5000+ BTC.
Hopefully the cryptomarket will and should sustain
this new trend in the market.
Hang in there. Personally, I think it is rather funny. I am down over 70% without accounting for the fact that I added more STEEM through earnings since the first of the year (plus bought some other tokens using fiat).
Just the ebb and flow of crypto. I am comfortable with my tokens....I believe I am involved with solid projects (STEEM and BTS being my top ones). The tide will turn at some point.
By the way, Wall Street institutions are gearing up for ETF and a host of other ways to sell crypto to their clients. Look for that to start before the end of the year.
That should make the end of 2017 look like a mild run up.
I am in this for the long haul. In terms of Steem Power, it will be years until I even consider powering down.
I sleep just fine at night. 😎
^^^ Loving this!
And then it takes years to power down all the way! haha two years in crypto is like 60 years in a traditional market! haha
Way back when it took two years to power down, but now it’s 13 weeks.
Where have I been!? Seriously!? haha I have had no need to do it nor do I plan on doing it anytime soon but that is great news!!!
My sentiments exactly
You and me both, man!
Hmmm ...
or
These seem like mutually exclusive statements to me. Please let us who are following you know which it is, as this is confusing.
Thank you for writing @exyle!
On the move ... Posted using Partiko Android
Apologies.
I sold in dec/jan to fiat.
I'm not a seller right now. I'm a buyer.
There is a difference between selling once and leaving forever and selling to buy again in the future. Good decision to sell in januari :) Now it is time to slowly chip back in!
What goes up must come down most of the time. Am just wondering where the bottom is and how long will this bear market persist. You are right - lets buy and hodl some of the good coins- we shall sell in the coming bull market, this time bitcoin will hit over $20K for sure :)
I know no one knows what will happen but I don't think we will see a three year bear market like we did in the past. Like you said, so many more people know about it and institutions are setting up shop in the space, or at least planning on it in the next 12 months. All it will take now is some of this institutional money to start pouring in (something we didn't see in 2013)and I believe the market will turn back around.
I am also wanting for a project to come around that makes blockchain easy to use and understand so that we can see more adoption from the public.
It is similar to the internet, things took off when the search engine was created, it was then easily adopted by the masses. Something along those lines needs to happen in this space and I think that there will be a few companies that figure it out in the near future.
But I get it with the hit on the portfolio... I had to turn everything off and lock away my ledgers so I don't check... Steem is the only one that I am looking at because everything else is depressing... But I have faith that it will all turn around and this shitty few months will be nothing more than a story we can tell our kids in the future hahah
Cheers!
Another good thing about Steem is that you can add to your SP while it goes down (blogging or other means). You still lose account value but mitigating a bit of that loss by adding a little bit of SP.
First and foremost: Love the new app. It has made me want to use Steem so much more.
Secondly: In your opinion, is this the time to buy if you have not yet made an investment?
thanks a bunch,
Curt
I know I have nothing to do with this question but if you want some random outsider's opinion... absolutely! Whenever the market turns around (and I believe it will) the prices that we see right now may never come again. Trying to guess the true bottom of a market is insanely difficult, it is easier just to spot a discount and compared to ATH most things are a steal! :)
Just hoping it IS a discount. Thanks for your $.02 I like hearing from any and all viewpoints.
-Curt
It is a scary time and I get it! acquiring as many viewpoints as you can is a great idea!
I am going to buy in some more as well... It could be a big mistake, but I don't think so. I am too confident in this technology.
I truly believe that it is not a mistake! There are plenty of projects that are here to stay, as long as you invest in those, I think it is just a waiting game for you to turn a profit.
Totally. I will put in what I can now and I believe, sooner rather than later, I will double or qunituple what I put in.
We had a huge drop so thinking about it is not a bad idea.
But nobody knows for sure wether it will get worse. (I don't).
To mitigate that risk I have always bought gradually.
Thanks @exyle. Yeah Iam a Buyer as I did last night with some more Steem. I even wrote my recent blog post why I decided to Buy more Steem last night and Powered on Up.
Mark, I think what you're doing is very prudent investing. I think you are Spot on. Unless of course you're not :) But that is for anybody not matter how prudent they are. In the end though you are t putting the odds in your favor and that's the best anyone can expect.
It is a lonely space, you're right about that. I think i'm the same right now, i'm in to buy at the moment and during market lows. Thanks for sharing this. Made my lonely place a bit less lonely!
There are some great projects at discounts! Those that stick with it and can wait this out will have the stomach to trade in any market! haha
Very interesting, just out of interest, which Crypto did you invest in yesterday?
I bought some Dash.
That’s what my plan is right now as well! We just have to get through this bloodbath. As Baron Rothschild said “Buy when there is a blood in the streets, even if the blood is your own”. That’s a hard real life proven quote I learned today from one of the steemiens.
You just gotta drink through it! lol
But seriously I think that crypto as an asset class has to reach 10-20 trillion USD in market cap in the long run based on the global money supply. That's about 50x from these levels.
So the current drops are annoying, sure. But it's peanuts.
When all the bulls without a firm vision have become bears, that's when we will know the bottom is in.
Never a seller either, I bought some more Steem and powered up this morning on its way down. It seems that it could last much longer. I must say I’m pretty confident with my portfolio even though I’m down quite a bit too, the long run and the development is what really matters to me.
I have to agree the euphoria around Dec/Jan really as made I think many of us into unfortunately a place of depression, yup sometimes I feel and have to keep reminding myself to keep going and this is definitely a lonely tactic I have often tried talking to close friends about it but they just dont understand how much it can effect ones mood, well @exyle since I joined Steemit nearly 2 years ago I haven't powered down so not selling.
I too am in for the long haul. I did not get into this to make a quick buck. Slow and easy is my MO. And I am able to sleep at night without worrying if I did the right thing or not or worse...did the market fall again?
I'm no seller either, not that I have a lot invested. But at the moment I have some small amounts of other coins but most Steem. And what I earn with steem I put directly back into the platform by powering up. Although it is attempting to buy some Steem I'm not sure if I will...
It was certainly frightening, the prices are falling quickly, but that also gives us opportunities to buy. Do you remember our agreement?
This dive has been an exceptionally tough one for me. I do a big photography tour every year and when I looked at the rest of 2018, I saw market signs like EOS MainNet launch and SMT's as sure signs of massive growth. I've been planning what I'd do with profits for six months and now I'm booking shoots on the east coast for next month [...which I didn't want to do]. It's hard to not get a little depressed, but it's comforting to know I'm not the only one going through it. Thanks for the perceptive, my friend.
I feel you man. Sometimes it's just nice to know you are not alone. All the best.
Hodlgangster in this Bia
It is really depressing to see what is happening right now in the cryptosphere, but I am still holding and hopefully waiting for better times ahead.
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I agree with you, my friend, that each of us decides at what time to make an investment and now is not a simple time for fiat. Your strategy is quite natural and has more weighted arguments. Now is a good time to purchase crypto, but if the price still goes down it will be even better. Thank you Mark.
The crypto market is just something else this days, its best you just over look it for the main time.
As regards to steemit i think its the best time for me to gather enough SP
I see crypto market gaining grounds by December.
So don't give up at all, positive days are ahead
My answer - When I am broke I am patient. When I am rich I am a buyer. I am a HODLer at heart
Steem Steem Steem baby! grab it while it's cheap because I'm beating that it will never be this low again and in a few years we will fondly remember this missed opportunity :^)
I heard a friend saying all these ups and downs are just politically motivated(I got some chill when he said that).
Actually, the bitcoin blockchain has suffered through the thick( it's not the only one suffering). I still my feelings up high, crypto market is gonna dominate.
I try to do hodl as much as I can but a few weeks ago a crisis occurred with one of my animals and I had to sell for his medicine and veterinarian.
Now I am waiting to recover and not touch my coins in a long period of time.
Any currency, stock, or indices based on confidence will fluctuate as that confidence ebbs and flows.
that's what's happening now as you say.
supposedly this year the value would reach 40,000 dollars, maybe only for the end of the year
Also not a seller for sure and honestly also content that I sold something into fiat to step back in lower.
The baby steps of a first year trader ;)
Hang in there my sir
Woah, I have a feeling this drops in prices and stability is because of bitcoin, bitcoin falls, Steem falls along, but for me, now is actually the best time to invest in Steel even though it doesn't seem stable, but what majorly causes drop in price and instability sir? @exyle
I am buying sometime in this dip. Not sure if it is now, I might wait another day or 2 to see (which could cost me, I know).
I have too much faith that this market is only going to grow in the long term... Putting money in now, in my mind, is the best way to grow that money.
This is the time where we should plan ahead and take considerable actions if we want to invest into something whether it's crypto or fiat or anything. I really missed the days where BTC price was around at least $15,000. Financial life is so easy back then haha!
Well, life is like that. You've seen far more in the crypto market space than I'll see in the next couple of years. But often times I'm prepared for this kind of thingy.
That's how the markets are. Stay strong man.
It is true that the bitcoin is past a critical phase now, where its price is declining much and not know when you can stop to start up or keep going down just wait and that is the best result
I'm wating for Steem to go down a bit more and then I'm going to buy.
If Bitcoin drops below 6000 I'll probably buy a little bit of that too.
And if I do, I probably buy a bit of Smartcash too.
Then I'll reassess and see what's happening with the prices. 😊
Or, I might just dither around and miss the whole dip again! 😂
Well i just think of those who bought at the top they must have loosed everything by now we should be feel lucky that we have a chance to buy again
It really is interesting to put things in perspective and remember that this past year is really just a small blip on the radar of things like BTC. I was lucky enough to get in small step ahead of the run up in Dec. Not enough for it to be worth anything, so I have just been holding and making some trades into other tokens. Now, I just have to sit and wait. I am lucky enough to have other investments in place that I don't have to be too bent out of shape if this doesn't go well. I'd like to make some profits that I can move into buying more STEEM. That would be one of my goals at this point. I am not interested in cashing out into fiat at this point. Hopefully like you said we don't have to wait three years this time!
Yeah I see plenty people stressing out hard including in my family. For me I see opportunity as im fresh into crypto and so im about to invest my first money now while markets are down.