Hi Steemers
So recently everyone has been a bit down and alot of HYPE created about people losing money in bitcoin and ethereum and pretty much everything at the moment in the cryptoworld.
The reason I write HYPE in capitals is that is what alot of this has to do with. All you need is a few big whales to post something about someone or a platform getting hacked and you will see massive drop in the value of things - why? - because people panic when it comes to losing money. Some people buy into the cryptoworld thinking " this is my quick fix" + "i will be so well off after this thing gets to $10 000'.
WELL it doesn't happen over night .... People putting in anything between $100 and $5000 should expect to wait a long time to get some growth - BUT most importantly ----- DO NOT PANIC ----- when the price drops ....
Think long term and you will reap the rewards later on. I am not some big player in the cryptoworld, just a normal guy trying to see where this can go and actually grasp the concept before its too late to understand blockchain technology. The trend I have seen so far is exactly what is explained above and below -
BIG WHALES - sell a big share + create HYPE = people panic and sell which drives the price down and even more people panic, then the whales buy in at a low price and drive the price back up again.
Alot of people lose money like this and that is why i will (most of the time) stick on my currencies if they are down. I did post last week about "when to call it quits and sell for a loss" as that worked out for me. Not now with all prices down but i'm sure alot of people are looking at their portfolio thinking "What have i done" - don't worry.... cryptocurrencies are not going anywhere. If you have some decent coins with decent backing then they will recover again.
Hopefully everyone can take this and understand something new but DO Not believe everything you read - it creates hype and then you sell and lose money ...
Anyways happy steeming and trading everyone. If you like this post give it an upvote and please comment your thoughts so we can all learn from this... we are all in it together after all.