It seems like almost everywhere I turn there is someone adding their two cents to the pot of FUD. Truth be told these last few weeks have been pretty ugly for cryptos, but in the same sense nobody who lives in the real word can say they never saw this coming.
If you believe in the Technology
Then you should not worry too much, blockchain and cryptos are here to stay and they are as unstoppable as was Internet in the 90's. This is not to say that all cryptocurrencies will survive, of course not, already we have seen hundreds of them come and go, and we can all expect hundreds, if not thousands to disappear from the landscape before the true ecosystem emerges.
Aside from the different proposed technologies behind the actual creation of a blockchain, it's algorithms for processing transactions, efficiency and deficiencies, the idea behind a public immutable trust less system is as revolutionary enough to change the world as we know it.
If you just jumped in
It might be hard to see the bigger picture, after all your recent investment keeps on attacking your tranquility every time you look at your phone. But as someone who has been here for a little longer, let me say this. I've been here before, I remember feeling some despair, I remember feeling like the end was near, reading all the scary FUD coming from at that time China, and how my one thousand dollar purchase of bitcoin got cut in half, in one day.
I must confess however, that the main reason why I bought bitcoin was because it was going up, and I understood very little behind the idea of a decentralized ledger. It was just this thing that was going to make me rich, and if that's you right now, I know exactly how you feel.
Is it going to keep on dumping?
Maybe it will, and if it does go to those crazy low numbers some people are predicting, I might buy even more of it. Is it because I'm crazy? Maybe a little bit, but I know in the long run Bitcoin is going to go up again, and I'm not playing the short game, I'm going long.
I might get some hate for saying this, but I don't believe that much in Technical Analysis. It does have its place, don't get me wrong, but I feel like It can't predict FUD, and there lies it's biggest problem. For example we could be on wave 5 on an Elliot waves analysis and all of the sudden a government bans crypto, thus making a giant part of the crypto investors panic sell their positions. How could Technical analysis predict that? I happen to believe it can't, at least for the moment being.
Self fulfilling prophecies
Now that is something I definitely believe in, if all of the sudden people believe that the bottom for BTC is 6500 USD, then guess what? It becomes just that. The faith in the investment is only determined by the herd mentality of investors, and we have two kinds. The professional investors, that know what to expect from the Retail investors and play of their fear and greed.
I guess what I'm saying is this. There are people with big pockets sitting on the sidelines waiting for people with weak hands to finish losing their money, so they can take it all. Once the sell offs are done, they are going to jump right back in with numbers that normal human beings like you and me can't even imagine. How do I know? Because some orders are already in the books, just saw an order for 1028 BTC at $6500 in an exchange, do the math yourself. Once people are done panicking, the bulls will take over with everyone's lunch. Well, I'm not ready to give mine away just yet.
So what do we do? How can we make money on a Bear Market?
Lucky for you my dear Steemian, you are here with me. We can Steem everyday, we can produce our favorite crypto without even paying attention to what's going on in the coinmarketcap. Let the streets be red, we will go back and look at them once it's all over. If we just focus on doing our thing, we are going to be fine.
If you need to sell some SBD because there are bills to pay, there is no shame in that. Life doesn't wait, but if you can wait it out like a champ, you are going to pat yourself in the back really soon.
Conclusion
Don't listen to the FUD, focus on the mission at hand. We are not here make a quick buck, we are here to change our life, and that's the long game.
Steem on!!
