Thursday, January 3, 2019

2019 Here We Go!

Gonna make it quick.

I've been getting a lot of flack lately from everyone about how badly crypto is doing.

Didn't I say to prepare yourself for sickening volatility?
And you'd need to have the big balls and brain to ride out any volatility and hold the right things?

Well, apparently some people took it that crypto is a 100% sure way method to make 100x your money in 1 month or less.

Sorry ladies and gents, this isn't a late night TV infomercial and you're not buying a product from me. There is no returns. No money back guarantee. And above all, there is and was no gun to your head forcing you to go out and buy whatever you did, however you did.

Take ownership and responsibility for your decisions, aite? I don't recall people sending me thank you money when they were up 2-10x late 2017 lol (neither would I ask or accept that). But I hear a lot of whining and grumbling now. Which is fine, since the market is in the shits. But if you're blaming anyone other than yourself, you need to get your head checked.

Anyway, moving on.

I still own crypto.
In fact, during this bear market I've been BOTH trading and buying.
In absolute numbers, the amount of crypto that I own has increased significantly.

Of course, the value of it has been a piece of shit, haha.

I know what I got myself into.

Did I know that the bear market would be so deep and so long? No.
Did I think it was possible? Yes.

If I didn't think it was possible, I would deposit all my crypto into Bitmex and make a 100x long trade and put the stop loss at the price point "where I don't think it'll ever go" and buy out the whole Orchard Road.

That didn't happen, because of course anything is possible.

Do I know people that were "if BTC goes down to $XXXX price, I will cut off my ****"?

Yes, I do know such people. And they are now liquidated. Press F to pay respects.

Anyway the point of this post is 2 things:

1) I still have crypto, I firmly believe in it, and I'm really not worrying and stressing about it much

2) My lack of blogging does not have any special or hidden meaning. If you follow me on Twitter, you know that I'm actually quite active with my tweets and re-tweets.

So anyway guys, I heard stocks are doing bad too. Cheer up, you might be down 10% from ATH, but at least you're not down 90% like us people in crypto, right?

For those still in crypto, remember that this is a long game. All the best peeps.

17 comments:

  1. Indeed a long and cold winter for the crypto world.

    I'm still vested in crypto as well and is mentally prepared for a longer winter.

    Happy 2019!

    ReplyDelete
    Replies
    1. It's a good mentality VW, would only add in that it's empirical to evaluate current crypto holdings since the next wave is unlikely to be "the pump of everything" as the survivors are evolving and getting smarter. The weak ones - both the players and the cryptos - are already being weeded out.

      Delete
  2. Hmm I remember in late 17 or early 18 saying cryptos can go down -80% and you replying that it's unlikely. LOL.

    I mean BTC went down -80% or -90% already at least twice before this, so just saying.

    Just like internet in the 90s, it's a long game & 99% of coins will go bust. Just like the old dotcom boom, even those that didn't go bust may still not recover to their highs even after 18 years.

    That being the case, I do hope cryptos, especially BTC, start recovering from here.

    Coz they seem to be leading indicator for stocks & other risk on assets.

    ReplyDelete
    Replies
    1. Aye unlikely, I really thought that the days of -80% are over. Asset volatility ought to be decreasing over time, especially with more exchanges and access, but I guess the blow up was just so great that the fall was still so large even with the greater market depth and activity.

      Moving forward, I doubt we'd get such deep drawdowns again in the future and things will gradually tighten up as investors mature and valuation techniques improve.

      To be honest, I don't think cryptos and stocks have any degree of correlation. Everything I've heard is anecdotal and there is nothing to suggest a relationship.

      Delete
  3. Hmm i really do not think that crypto is a leading indicator for stocks at all.
    Instead crypto was never considered an investment in the first place. It is not a palce for long term holding but rather short term "speculative" trades only.

    There is no intrinsic value to these cryptos. Period.

    ReplyDelete
    Replies
    1. 1) I have never said that there was ever a relationship between stocks and cryptos. Merely pointing out that crypto has been doing shit and stocks are looking like shit.

      2) No intrinsic value... to you perhaps, which is fine. It is not possible to understand and invest / trade in every financial instrument. Different strokes for different folks.

      Delete
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  5. Crypto...yet to try that. Thanks for sharing your thoughts on Crypto. Yes, stocks are down too. Hopefully things will look better in the coming days.

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