I spend a lot of time on 9-gag and there seems to be a war of words going on in there with two sides: People that are very much on the side of crypto and the side that is laughing at the crypto drop and calling the entire concept a Ponzi scheme.
Now I tend to think that the people that are laughing at / applauding / making fun of this dip are probably for the most part people that are jealous because they never got involved back when things were truly lucrative to those that HODL'd and this is how they deal with that internal struggle. At the end of the day it is 9-gag so you really shouldn't take anything that anyone says in there too seriously.
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I like this graph because for once, someone in the main stream media is actually showing the full picture. That little red box is the only part that most news is focusing on whereas I would say that most people that are on this platform likely got involved somewhere far on the left of this graph. Me, I got involved after the "crash" of 2017 and we all know how that recovery worked out.
I will readily admit that when I see the "candle" view on charts I don't even know what it means for the most part and I haven't put any effort into learning it either (if someone out there wants to give me a quick tutorial on that it would be appreciated.) My strategy as far as all crypto is concerned has been one of a long-term strategy and I will not panic sell during what is going on now. Am I disappointed that we have seen up to a 40% drop per coin in the past month? Of course I am! But at the same time despite not really understanding the markets I realized that the meteoric rise we have seen in the past 4-6 months was unsustainable. I keep hearing words like "market correction" and power players transitioning to stablecoins etc, but mostly I just HODL, I always have.
I do not know what is causing all of this nor do I feel like having that information would really benefit me in any way. I DO KNOW that because I got involved years ago my investments for the most part are still looking very very healthy. Also, while I am pessimistic about most things, I believe the market will rebound and the media will return to not talking about it once that happens. The traditional banking industry and the MSM work together, so they are always going to showcase the shortcomings just like when they tried to convince the masses that crypto is ONLY used for buying AK-47s and heroin.
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On a quick side note, the above image is taken from a blog that breaks down the origin of the word HODL... Here's a hint, it does NOT come from "hold on for dear life" as many people claim.
My strategy going forward is to do nothing. When I talk to my friends who are not at all involved in crypto they seem worried for me (the nice ones do) and there are some not-so-great friends that I know back in the states that message me to make fun of the fact that things are "crashing." I normally just respond with a 2 year chart of BTC or other assets and say something snarky like "yeah, I'm totally suffering over here."
I have no reason to cash out and honestly guys and girls, we have seen this before. The sky was falling and "crypto was dead!" back in 2017 already now wasn't it?
I personally know someone that panic sold a LOT of BTC back when the "crash" of 2017 was going on, and he is still kicking himself to this day over that selloff even though he made a tremendous amount of money when he sold at 18 to 20 thousand. He is one of the people that actually could have bought a Lambo.
So what is your strategy? Are you worried? Maybe I am just being overly optimistic but I have zero intention of selling, even if BTC and others drop to half of what they are currently sitting at. I didn't get involved in this just to bail once there is a tiny bleep of red in an otherwise consistently upward trajectory far outpacing inflation.
Thoughts?