RE: When Crypto Prices Are Low You Must Do This
Hey buddy, how much longer you out there for?
I thought this was a very timely video, I've been feeling this way and also I actually made kind of an update video for Youtube the other day, I've been getting a lot of comments about how come you don't talk about crypto anymore, etc. Some people requesting crypto videos.
For me it's been a couple things...
My channel is really about Entrepreneurship and while my audience overall had an interest in crypto I went a bit heavy on the topic and I was turning some people off so I kind of went back to my roots of more business related content.
The crypto community and I realize thats a pretty general term kind of annoys me. Specifically the Reddit crypto community. I think its incredibly stupid how people fervently chant how crypto is gonna go back up but provide no reasoning or basis so whats the point of talking about it. I get annoyed how some people actually cheer when their own holdings go down because they can "buy more" that to me is incredibly dumb. I also dont really like how the community throws common sense out the window and at least in the past acted like taking profits meant you didn't believe or meant you were a weak hand when in reality its a smart thing to do.
Lastly, kind of what really led me to taking a step back is last February I went on vacation and decided to take a step back from crypto and really just havn't been back, kinda told myself I'm gonna enjoy the summer and tune out til the end of summer. I feel like ICO's are for the most part kinda done with. People have a bad taste in their mouth, too much bullshit in the space and also SEC comments about them. I feel like too many people have been burned by altcoins and most people aren't interested in those anymore. My holdings are primarily Bitcoin, Litecoin and Ethereum right now with the exception of some NEO and ETC bags I'm holding and will probably continue to hold.
Part of me feels like were never gonna see the excitement, hype, prices and interest we saw in 2017, especially towards the end of the year. That said I do realize things can move quickly in crypto all it takes is one piece of news or world event to spur interest again, heck right now with what's going on in Turkey there's some renewed interest in Bitcoin although it hasn't really done much for the price but I do realize things can move quickly in this space so anything is possible.
I'm not gonna be buying anymore crypto but do enjoy continuing to earn on Steemit and through some crypto affiliate programs.
I'm actually already back. Sydney was awesome and I need to get back in the groove of posting more content. I just got another offer on my house and I'm going to accept that and hopefully that all works out as expected.
I get your feelings on the whole crypto space. It is extremely brutal at times and one of the reasons I don't tell people to just "buy more" at low prices is because we don't know how low the stuff can go. It could continue to get a lot worse out there for many more months. We just don't really know. So I tell people to just try to earn more by mechanisms that they would have already been doing anyways like posting pictures online and playing video games on DLive or something.
I think a lot of people have sobered up about ICOs but in the end there will be some ICOs in the future that will garner a lot of attention and will still get a lot of investment money behind them. I don't think we have seen the last of them.
I'm 100% certain that we will eventually get to the next hype cycle and once again our minds will be blown by how much money spills into the crypto space. We just don't know if that is 3 months from now, 6 months from now or 2 years from now.
I get your thinking one the whole "weak hands" thing. A person needs to get in and out of crypto. Maybe not 100% but just to ride with 100% of your invested money is a tough task mentally and financially. Some people are such passive investors that they can more easily do it and not be all tied up in the though process of it all. But I look at this stuff everyday so It is extremely rough on me. Plus when I'm focusing so much time on all of it then I need to be making a return and getting money out to pay bills at some point.
The goal is to get to a level that basically I could live 2 years off the fiat generated from it and then riding the waves isn't so mentally damaging.
Yeah I personally wish I weren't so heavily into crypto already. Had I sold more off back at the highs and were sitting on more profits I'd probably be dumping a bunch of money in. While I'm still technically up money and in the green, seeing so much profits wiped out is kinda depressing and I feel like percentage wise of my networth and other investments too much of it is in crypto. I kinda even wish I would dumped at the last little dead cat bounce so I could have taken some profit and bought back in at 6k but hindsight right lol.