It's always fun being right!
I was right
For the last couple of weeks I have been very frustrated by the sheer number of people writing about how it is the end of Bitcoin and that we should all sell. I even saw these posts here on steemit which surprised me as you would assume people here have a bit more faith and understanding about how blockchain technology works and behaves. Bitcoin was never in any real danger, even if there was a fork it would have been temporary yet people were in 100% FUD mode. Even though a lot of these people bought and sold low and were advising others to do the same. My reaction was somewhat like this:
The only way to reliably make money with crypto is to HODL, sure you should have a good percentage of your investment for trading, but the backbone of your investment should always be HODL. These people advising others to sell low actively lost people money and should feel ashamed. Everybody seems to claim to know that you should buy low sell high but almost nobody seems to actually abide by these rules. I was loving it during the crash, I was buying crypto left and right and now that the crypto market is recovering I can sit back and enjoy.
Sure, I took precautions in case of a chain split, I moved my Bitcoin to cold storage and was prepared to set up a BIP 148 node should I need to. What I didn't do is sell all my crypto at rock bottom prices and recommend to everybody to do the same. I have a lot of sympathy to those of you who sold low and are now having to buy back in high because somebody told you to, I can only recommend you stop taking people's advice and read your own charts and make you own assessments.
Conclusion
There you go guys, I, and other more calm individuals were right and those of you who are probably still panting from all that running around panicking were wrong. The moral of the story is FUD is dumb and so is FOMO! Just take a breather, stay relaxed and enjoy the ride.
Happy Trading
Viking
To be true im thankfull to this people, i buy some steem at 0.98 and sadly didnt have more money to buy at 0.78 its only the begining of massive adoption by comon people.
I guess, I don't feel bad for people who are dumb, I feel bad for people who are new and impressionable and listen to people who give bad advice. We need new people, they grow the movement and having a negative result only slows down our expansion.
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You are right about all of the points in your post @cryptoviking as always: great post - upvoted + resteemed :)
Luckily I am one of the "calmer" persons out there and had more or less the same predictions as you had. Now I can join you and enjoy the sweet bullish trends and fine profits :D
Good to hear! Enjoy your profit! :)
One can tell people a million times that they should not confuse daytrading with investing.
Once one has bought a coin, one posesses it. And is an investor therefore. No stop needed, which is a must for a day trader if his entire money shall not be lost when the price goes into the wrong direction too much.
The investor has what he has and just needs to let the market do what it wants. The investor always sells high because there was no low price that forced him to sell low. The daytrader must sell low because of his stops, should the price get there.
People just need to get these 2 kinds of dealing with the market apart.
Actually they do not know the difference, thats why they sell something cheaper than they bought it.
A good point, I agree with you.
The bigger the FUD the stronger I HODL!
Yeah that pretty much sums it up for me too.
Yeah it will always be like this and some people will just never learn. As soon as the prices go down most people will just panic and spread their panic to everyone else so they would sell.
Your posts are always really interesting ;) And yeah, I told my friends the opposite: to buy crypto when they were the cheapest (and not sell them aha) :D one of my friends actually did it, and I think he is now happy!
I'm sure they! Well done for having a backbone and holding.
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