The Drop
Folks, we are in the deep. The markets are dropping hotter than a piece of metal falling to the floor, after it burned your palms. But, what should you do? Well, first, don't panic sell. If you have currency you've been hodl-ing, right now is a bad time to sell it. You've seen peaks. This is a pattern that, over long terms, follows a path. Hang on to what you've got. The summer bubble will be here before you know it, THEN you can sell. Hell, even place your orders in advance.
This time of the year for crypto is chaos. Sure you could sell what you have now and make profit (if you bought low) but why sell? If you don't need the cash, let your coins grow in a pool, or stake; anything to help it grow while you wait.
Guys, crypto is, and always will be, volitale and chaos. Pure, unadulterated chaos. I think most of us who've been in it from the start of 2010-2011 know what to expect. Before memecoins. Before NFT's, liquidity pools, DEX's, and the advent of WEB3, we had bitcoin. Then came it's extended family, with PPCoin being one of, if not-the, first coin you could stake within your wallet and let grow. Anyone remember PPCoin? Back when btc-e was the go-to? Remember the chaos back then? Now, think about the years. All the coins. Clonecoins. NFT's, EVM's, the technology and the stacks that have been built, the utility. These things are what help the system grow. Chaos isn't a bad thing. Embrace it. Crypto is inherently risky.
NEVER INVEST WHAT YOU CAN'T AFFORD TO LOSE!
I know you've heard that before, but it's very true. Crypto markets may look like forex, but it's more akin to slot machines. Hell, slots even have volatility meters. If you can mine currency, sure, have fun. But if you put your money into crypto, make sure it's assets you are okay with losing. If you do it smart, you won't ever feel the sadness that comes with a rug-pull or crash. Diversify your portfolios. I can't stress that enough. Just like stocks and forex; always have your portfolio's spread out so that one point of failure won't crush your net.
Now that we have that out of the way, I want to let you in on a little secret that helps me now. A mistake I made. A big one, that even to this day, haunts me.
Back when ICO's were not a thing in crypto, or they were but extremely rare, along came NXTcoin. I put a pittance of BTC (it was 0.05BTC which is worth about 5K right now but back then was about 5 bucks) into the ICO/IPO of NXT. I didn't really think much of it, and actually forgot about it until the day of launch. When the coin was released, I sat on it for a couple of days. Then sold. I thought I did pretty good. I made about 2.5BTC--worth about 2500 bucks at the time...
Let me show you a little graphic I made back in 2014. Back when cryptsy was the big go-to. And then i'll show you an edited graphic I just made showing the mistake I made. If I had held on to the coin for a few years..
Here is the first. Remember, I made this one in 2014. NXT had not even begun to peak:
So. You see, if I had waited just a few months instead of panic selling, I would have made 170 BTC. That image was made on October 10, 2014. I would have made over 170 BTC. Just let that sink in. 170 BTC.
Not only that. But if I had sat on those NXT for a few years and sold it on on its peak...here is what I would have made.
I've just edited this graphic to show you:
Guys, back then, I let the greed and fear take control of me. I traded a life of leisure and monetary security for a macbook and a few PC components. No joke, that's what I bought.
Since then I have dedicated myself to learning from these errors. I still make them, everyone does, but I have learned a huge lesson in patience. Hindsight is always 20/20, I know this, but that doesn't detract from the fact that I made an error based on greed, fear and anxiety. I let my emotional control slip, my logical control slip, and it cost me dearly. I was afraid to 'roll the dice' at the time. But sometimes the risk of the dice roll is much, much, MUCH, less than the tiny bit of security you feel by not rolling..
I truly hope my mistake, can help you not make it one of yours..
Till next time.
