What do you do to protect your Crypto and Fiat from a financial collapse?

By mercurial9 | mercurial9 | 17 May 2021


I stay in tune with the health of crypto and stock markets by taking in information from several sources. I browse leofinance.io and several crypto and stocks subreddits daily. They provide a gauge of the market and what is the current sentiment. I take cues from reports on CNBC and daily newspapers and combine the findings to make good decisions. Ever since I've taken my financial position into my own hands, my level of attention is critical to its success.

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While I'm not an economist, I also don't anticipate the financial collapse in the crypto markets, at least not now. I was reading The Age of Anomaly by Andrei Polgar. Polgar neatly rehashes major financial debacles adding the common elements of human behaviour that led to the fateful endings. All your favourite economic debacles are summarized, from the tulip mania to the Great Recession.

He goes on to offer plausible defences. Like the Doppler Radar, identify when the storm is approaching, take action if you've missed the warning signs, and develop resiliency. He acknowledges how difficult it is to identify an invisible monster, especially when society adapts to gradual changes. We tend to ignore the daily gut pang that builds with each detrimental event. I can relate to this point. The genesis of my gut dart was the 2008 stock market crash and the 2018 crypto bear market, which has now dulled to a numb butter-knife acceptance of the new norm.

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In taking preventive actions, Polgar suggests that the level of awareness that I described above would be the best course of action in recognizing omens. He calls this "keeping your ear to the ground". Without such sensitivity to information, you would not have a chance of being proactive. He warns against putting your mind into seclusion and shying away from bad news while not becoming glued to the news screen looking for disaster around every corner. Hanging onto every tweet from Musk doesn't count!

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The second idea is to create a plan to safeguard against financial disaster. Polgar provides a thorough analysis of asset diversification, particularly alternative assets. This work could quickly become your asset dictionary as the analysis of investment and crypto options is deep.

My favourite suggestion was investing in yourself. What better asset to invest in?

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Thank you for reading and hope you have a good rest of the day!

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mercurial9
mercurial9

Learning about crypto and crypto gaming.


mercurial9
mercurial9

Learning about crypto, crypto gaming and tech

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