Hi all,
This is a little less formal, as I just want to speak from the heart. This is 'that' thing someone does in a hard time, sending out words that I'd like to hear from someone else.
I see a lot of foolishness on social media today. When bad things happen, people look for someone or something to blame. There are a lot of logical targets.
When there is a big hit to financial markets, everyone feels the pain. It is as if weeks, months, years of good decisions are meaningless if they can get wiped out in minutes. Such are the fleeting things in life. But, we all have to survive, and part of that is money (and apparently TP!).
My recommendation is to stay calm, analyze what you can, and try to survive the deep valley until things improve.
Truth be told, crypto has been going through a bear that already shook a large percentage of the market out of the way. Days like this are leaving a new crowd of quitters in the wake.
I don't know how much worse it has to get before it gets better, but I am here to encourage you. We all got into this because of something we believe in. Whether it was initially based on some YouTube 'expert' saying HODL everything it will go 10,000X, or whether it was a true ideal of better money that is trustless with a ledger that keeps people accountable, there is something we believe in when it comes to crypto. There is a big bad world out there, and it will always look for angles to take advantage of those who need to believe in something. The trick, in times like this, is to blame those who wish harm to great innovation, but don't blame the innovation.
There are a lot of people who will disagree with this part, but I firmly believe in day trading if a person can acquire the talent, and investing for those who can't. I see options, futures, margins and leverage as practices used in traditional markets that are gambling and borrowing, designed to take people's money. Days like this might pay off for folks who short with leverage, but everyone else is either HODL'ing -34% positions that were already down 98%, or got completely liquidated. I don't know about you, but I can do more with the remaining 2% until they come back up, than I can do with nothing.
The whales are the only ones who truly know when they are going to take advantage of FUD and rack up. So, for the rest of us, we need to lean on one another, don't play the blame game, keep the faith in the technology, but don't close your eyes to the sharks in the water looking to take advantage of your fear or greed.
Good days, bad days, we're in this together.
Stay strong, stick it out, grab plenty of toilet paper, and we'll find a way to get through this together.
Gordon Freeman Out.