Its not a great time to have money in Altcoins. Virtually everything is down. But Bitcoin remains bouyont at this time.
The question is.. when should we panic?
Whenever i tell non crypto people I've got money in Crypto, I get the same reaction. Im told its a'Volatile' market. Im told its 'Risky'. And its hard not to argue in the short term.
For most, including myself, its a totally new way to invest cash. While these may be new waters, the Sharks are still out there. If anything this unregulated world must offer new opertunities for those in the know.
However, crypto currency does represent an interesting dilemma.
I personally watched the .com bubble, with a belief that if i had been able to invest, I would have backed a 'google'. I missed that chance, and didn't expect another quantum leap in tech to arrive in my lifetime.
But then I discovered blockchain. Like so many others, i decided to lock myself in a room and learn.
However, in order to capitalise on this, i had to also learn trading. I watched the usual youtube videos, with fast talking youngsters quoting Elliot wave and fib retracements. But i carried on, with each day filling in difernt parts of the puzzle. I then decided to figure out the differences between coins and tokens, and what they each did. In short, I spent a lot of time.
And I got the bug. Its like a great video game where money doesn't matter in the same way it does in real life.
And thats perhaps the stage a lot of us are in.
And I've only known the market to go down a bit before recovering.
The question is... When it crashes, as it has today, should we panic?
The answer is NO!
But like anything its a risk. and this might be the lesson that a lot of central banks want us to learn.
I personally plan on sitting tight and waiting for it to go back up. Could it goto Zero?... yes...Could it bounce back twice as high?.. yes...
A lot of the projects I've got money in are great projects. If you believe in them, its nothing to worry about.
We are all at the very beginning of this journey. and most projects are at the absolute alpha stage. You wouldn't reasonably expect to see a huge return at this point. Any short term gains are likely to be speculation.
So I'm holding on,
Nick