It's pretty depressing waking up every morning this week to this:
and knowing that a bunch of money just went out our possession.
The natural reaction is to be worried and sell. I wouldn't blame anyone for doing that it is an extremely volatile market the cryptos and although we are all warned before investing and aware of it, well when the swings actually happen - it fuels an emotional rollercoaster of anxiety, panic, concern, reliefs, euphorias and doubt.
"Like, WTF am I doing here, what is going, the market is so unpredictable?! I worked hard for my money, this all to much for me, ship me the blue pill." right??
If you want to stay in / support the idea of Cryptocurrency with less of the variance, then holding BTC is a great a way to do it as that is in my opinion the least volatile coin in the Cryptocurrency world, and keeping the money in Cryptocurrency helps support the idea.
Generally when buying stock in anything we consider the product, team, market, how much do we think this stock is worth? and how much would we value it vs what is it's current price?...it is very hard to value a cryptocurrency - it is new and no-one really knows what it should be valued at yet. We can't value the assets or review the profitability or consider what sales they have, this is why it is such a big gamble to invest.
What I value most in Cryptocurrency is the ability for money to be transferred quickly, across borders and without observation. I believe they are worth a lot more than they are currently valued at.
None of this has changed despite the recent falls in the market, in fact the development is progressing fast and the market seems to rarely reflect actual news, only rumours and big trades.
These abilities are what I believe are the best features of Cryptocurrency and will be why it prevails, but these are also the big reasons why they are in a constant battle with Banks and with the Government - who are 2 very powerful forces and let's be honest...they do not care about the rules or fair play (prime example would be the bank bailouts or the UK government pairing up with DUP), they are in it for power and control, i.e. money. They are not going to give it up easy and they control a lot of resources, such as mainstream media.
Who knows what Governments and Banks are doing being closed doors to try and manipulated the markets, and to stop the development of Cryptocurrencys or money flowing into it. They want digitalized money so they can monitor and control everything, but they don't want it digitilized to the level where the technology enables "user control and anonymity"...only the super rich should have that privilege in their opinion. Here is a good interview on the subject:
Long term I feel that Cryptocurrencys have already come too far and have too many smart people working on them with purpose, to be stopped. It is just a matter of time that Cryptocoins will be available for mainstream use, and at that point they will be very valuable imo. When that happens is unknown and hard to predict, but when it happens - it will happen fast and there will be a rush and boom (the recent one will seem minor compared to it)...and we won't know about it til after the rush.
That is why I want to have my tokens before it does, so that's why I see right now as a good time to buy while they are discounted and as per my plan, I am holding for the long term. I am not in it for the quick buck, I am in it to support the community and contribute via investments: it's not what you say that you support, but what action you take and where you put your money that reflects what you support.
It also makes me feel a lot more at ease during these swings knowing that I am in it for the long term, I know there will be booms and busts, that I will mistakes but I will learn from them, I am mentally prepared for it and have strategies in place to profit from the swings or lessen my losses.
My plan is to hold long term, then place some profits into BTC during the upswings, so that I can buy more of the ideas I support during the downswings.
Stick to the plan.
GL us!
Steve