It would seem that the hits just keep coming. The posturing is over, the talk is set aside (at least for now), Russia has landed the first blow of their invasion and the markets are reacting. I haven't even started to read the news stories yet. I just woke up this morning and saw all the red in my wallet. Even more red than we have seen in the past couple of days.
Then I got in to work and started reading the Leo Discord chat.
This is kind of unprecedented territory to be honest. I don't know as though the crypto markets have ever had to deal with something like this. Sure, there may have been global conflicts after the inception of cryptocurrency, but up until about a year ago, the crypto markets were never in lock step with the traditional markets like they are now.
I think what scares people the most is the fact that this might not be the end. How low can we actually go?
I am sure most of you are familiar with the band-aid dilemma. Do you take it off slowly and decrease the pain but extend it, or do you rip it off quickly suffering more pain for a shorter amount of time?
That's kind of what this feels like to me. I'm not a fan of roller-coasters, my stomach never afforded me that luxury. I used to get nauseous on elevators when I was a kid. However, if the crypto markets were a roller coaster, I'd much rather tackle that big hill versus dealing with all of the small ones.
Let's just get the big drop over with and then we know we have nowhere to go but up.
These "small" drops seem worse to me somehow.
You get hit with one and then just as things look like they might recover, you get hit with another one. After that happens about three to four times in a row, you start to get the feeling that it is never going to end.
Sure, in the end you still end up with BTC at $30,000, $28,000 or whatever, but somehow the ride just seems more painful.
I have a set of railroad tracks over near my house. They cross a road where the speed limit is 55 MPH and they aren't exactly the most even tracks in the world. If I hit them going 55 to 60 mph in my truck, you hardly notice them. Most people don't though, most people slow down and it figuratively jars my truck off the frame when I hit them.
I think you probably get what I am driving at now. Psychologically, I find these slow drops much harder to handle than if we were to just take the grand tumble down to the bottom. There is something more perpetual about the small drops. Something that makes it feel like it is never going to end.
Sorry, one more analogy. I've never been in a fight. I hope to keep it that way. I would imagine a fighter can recover from a hard blow, but those smaller well placed body blows just wear you down and sap out your will to keep going on.
At least that is the way I imagine it.
What do you think? Fast or slow? If we are going down, what route do you want to take?
Sports Talk Social - @bozz.sports
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If anyone bought BTC at $10k then they are still doing well. Anyway, I feel for the Ukrainians who are likely to suffer. I've been there a couple of times.
I bought some BTC down at $3000 a year or so ago. That was a decent move for me. I think I sold some of it a bit later though. I should have just held.
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'should have' is the eternal cry of the speculator :)
Yeah, I know... :)
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I'm too close to my basis right now, but since I'm long I'll just DCA.
I invest the way I do all my other gambling... with money that I can afford to lose. Every crash is just an opportunity for me to buy, so I get more excited about prices going down than up. Your roller coaster analogy is a good one for me: The drops are the exciting part, the long tedious climb to the top is just something I'm waiting for the end of.
Haha, good to know! I guess we all have our own perspective on this. I think I wouldn't feel so bad about the drops if I had made some better moves a couple of months ago. I was under the impression we were still on the road up, so I didn't move funds when I should have.
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Maybe fast then build up to recover. The market is really reacting to many factors than imagine.
Yeah, so much stuff going on right now. I guess the good news is there might not be much more bad news to throw at the markets. At some point there won't be any where to go up up!
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Markets are reacting to the news of the war, hopefully, if the situation becomes better. I am not buying anything yet, and waiting for more correction, if it happens.
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I think that is a smart move. I will likely wait too.
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I can agree with you that a roller coaster ride in crypto is a hell kind of a ride, especially for one who has invested out there. You know what @bozz , I was like that, like two - three years ago, buying, panicking, and selling in a loss, Not once but many times, I don't even remember lol!. But after losing like a couple of thousand dollars, which I collected and invested as well, I came to know that things come down only to rise up.
The only route that we have and what I suggest you too my friend is to wait, and gather all your patience cause we need them a lot. 😁
Have a good day :)
Yeah, I don't plan on selling anything right now. I am lucky that I don't need any of my crypto to pay my bills. If I did, I might be in a much different position right now. Patience is not one of my virtues and waiting is never exciting, but that is all we can do!
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You said it right @bozz , relying on crypto to pay bills might interfere. I find this interference in the road to millionaire haha! A good full-time job gives us freedom.
Yeah, it certainly makes times like this much easier.
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🙂🤘
I think it might bounce but I am not sure how long it will take to recover. In a way, it might take time before the markets are even ready so the long term view works better.
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I think at this point people are going to be waiting to see what else could possibly happen to bring the markets down...
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