Stick to the plan

Stick to the plan

By JHarri | The Wild West of Crypto | 28 Aug 2021

In January I knew ETH was about to take off so I bought 4 and put them onto my wallet. Then I got into the YouTube rabbit hole and discovered HEX. Then I was told Richard Heart was a scammer and HEX was a ponzi scheme, so I got into the next best thing AXION (or so I thought). Since then ETH has made a 160% move up, HEX has made a 3000% move up and AXN hasn't moved, DEAD. And I'm locked into this shit for 15 years all because I couldn't stick to the plan.

I sold 80% of my ADA because I grew impatient again. Now ADA is the biggest beast in the space without smart contracts or a mainnet. I didn't stick to the plan.

Then 2 posts ago I analyzed Chainlink, evaluated it was a good time to buy and did so. Then I got impatient and changed my coins into USDT and got into yield farming. You can see where this is going; this time I realised I was doing the same stupid shit I always do so I quickly began converting the profits I was making back into LINK. Then BTC started moving back up and LINK began moving. I told my friends to move some money into LINK; the next day it was up 9%.

*Warning* This next part isn't some advice for you to follow, it's for me to write my thoughts down and come up with a plan to stick to. None of this is financial advice.

So LINK's made a decent move up following BTC's resurgence to $50k. But BTC hasn't held $50K. Richard Heart is sure BTC will drop down to $10K in which case LINK and all other altcoins will get obliterated. His reasoning for BTC's drop is that in all other market cycles BTC has had a huge drop. The problem is that's if you follow the 4 year cycle model. Many people think we're in a super cycle now with institutional and mainstream adoption and it's all up from here, we'll never have a significant drop again nor will BTC have a bear market or accumulation phase again. An analysis using Metcalfe's Law predicts BTC will never drop below $11k again. But $11k is still a big drop and pretty close to Richard Heart's prediction of $10k. You don't want to be holding bags of altcoins if we drop anywhere under $28k. Especially LINK which hates market volatility.

As we approach December the price of BTC and the Crypto market as a whole will go up in value, maybe ATH BTC. If this happens you want to be holding altcoins. But December is a few months away and I don't want to lose 90% of my bags due to Diamond Hand Hodling. There's too much money to be made in yieldfarms to mindlessly HODL. There's also too much rugpulling in yieldfarms and obscure altcoins to take bags of bluechip coins and put them into the likes of ZAP which I did a -10X on and which I got wrecked in. Ruthless.

LINK's a beast, Sergey's a beast and Ethereum is a beast. In 10 years I will be sorry I didn't keep hold of my link bags because I was fucking around with defi. In defi sometimes you come out good, sometimes you get wrecked. My low stress tolerance and obsession with regret management means the ideal plan for me going forward would be to diversify between holding a bag of blue chips and leaving some money in defi. Warren Buffett says diversification is for people who don't know what they're doing but I'll admit I don't know what I'm doing. But I'm guessing that just being in some coins for the next 10 years without losing everything is going to make me money.

As BTC moves up in the next few years, just make sure you're holding something decent. If you have some free time try defi, try to catch some pumps, try buying some NFTs, but expect to get wrecked. And maybe realise expecting to get wrecked is something rich kids can do, can you recover from a 90% loss? No

Go back to the Stock Market, your FB shares have out performed your crypto this year.

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