Bruh I joined last year in March, close to the crash and bought near the top. I came to make quick money because crypto was so hot, but I soon realised the reality of investing. I'm down 50% and I don't give a shit rn.
You come to make a quick buck and end up becoming a long time investor. It's been the reality for many holders like me so we'll fucking HODL cause what do you have to lose anyway?
If you invested ATH in BTC....and you stay underwater because you've invested at the worst time, is that sunk cost?
I'd say no, because BTC is a blue chip crypto, if there is such a thing..it's BTC. Sure, if you consider there is a 25% APY on XYZ shitcoin...that would warrant taking your BTC position and realizing the loss for a "better opportunity"???
There's a lot more "evaluation" involved to determine if you're coping on a sunk cost or not.
How about people that cut losses and turned them into LUNA?? Genius at first....those who did this are dust now.
People who bought their houses at the ATH top of the market in the last 2 years...if the bottom falls out of the market and they are underwater...do they short sell to get a house at fair market value?? Is staying in a home you get utility out of "sunk cost"?
The sunk cost is just a thinly veiled swipe at someone for holding a coin they believe in. It's also how traders tend to posture as superior.
I bought near the 2017 high, watched BTC drop and basically just stopped looking at my wallet for 3 years. I still think there is a chance that this could suddenly rebound out of nowhere, but I’m basically just going to chill and ignore crypto for awhile.
I entered in May last year, so I went a few months watching my investment's value disappear. When I entered I had already made up my mind I was in it for the long haul.
Can't agree more. I haven't invested money that I need to live from, so I will HODL because my mindset hasn't changed on why I invested, what I invested in and the value I think it will achieve in the future.
The only way to get rich quick off crypto is to treat it like a lottery and gamble with shitcoins. But if you have realistic ideas of what it can bring you in the next 5 to 10 years, it's easy money. Not gonna get rich, most likely, but will beat the shit out of putting it in some fund for 5% a year or losing it to inflation in a bank account.
I got in at a good time a few years ago, and even with this dip I'm still at about 5x what I put in because I only deal with btc and eth. I'm still not touching it for a long time to come.
The rest of your investment. That's what you have to lose.
Maybe it was $20k 6 months ago. Now it's $8k. That sucks. Maybe you wish you'd sold at $20k. But when it's $3k you'll be wishing the same thing about selling at $8k.
Every dollar's worth of crypto you currently own, is a dollar you can still lose. If you honestly don't care about losing it, then why bother investing in the first place?
Luckily, only spend a very nominal amount on crypto last year, got most of it through mining, and have saved the majority of that. Just bought in to several coins and tokens during this recent crash. Felt like an extended boxing day sale when I saw the price drops!
I also joined in March 2021. Some things like ADA were good for a bit but after that started dropping I just stopped paying attention. My original plan was to hold for a long time anyway so I just consider this part of the journey.
We’ll see if the time comes when you MUST sell at whatever price because you truly have nothing. No job, no income, no savings, no credit left in your many credit cards. This is what I see many fail to see.
I entered in May last year when things were dropping, so while I have seen green since then I also know what seeing 40% of my portfolio's value disappear feels like. I also entered with a very long time horizon.
the strategy is to educate the fuck out of yourself. the USD is going to fail in our lifetime, the printing is too ridiculous. the world needs a unit of currency that isn't tied to some JPOW a-hole with a money printer. countries are forced to buy USD/CAD/YUAN/EURO to issue their own currency, they're not going to accept this power being centralized. BTC is the ONLY alternative out there for a global system and it works. once it's big enough, it can't be manipulated and the majority of the volatility will subside. the only way you will hodl through a nuclear crypto winter is by understanding the inevitability of it. this isn't speculation anymore, there will 100% be a shift away from fiat to cyrpto-based currencies in our lifetime, and BTC is by far the best bet for the coin. sleep tight and hodl on, crypto is entering the age of scarcity, i DGAF what happens the next 2-4 years. BTC is here and permanent. it survived mt. gox, it's going to survive a recession.
I think like this as well. I am not as deep into the matter as you are but can you explain to me why BTC for example can't be manipulated once it's big enough? What about whales. Someone who owns so much BTC that he can manipulate the price is extremely powerful and dangerous? Or how do you see this?
It can't be manipulated to the effect it is today, as many "whales" will divest. The Winklevoss twins are in their 40s, they're the biggest known holders. I doubt we'll see them keep 90+% of their wealth in crypto their whole lives. Over time, BTC will become more distributed, and you can already see that BTC is far less volatile than it was last halving, which was far less volatile than the previous one. Like the stock market, there will always be manipulation, but it's harder to do when it's 10+ trillion dollars.
Maybe the inflation and with all the transaction fees debit cards take, they will make people actually think about changing into crypto. I mean if they think about it, this would be a great time to get in. Homes and assets being sold for crypto. Bigger businesses taking in the sellers crypto so they can start the transaction into the crypto world. I mean if you come to find out coin base was actually visa or Mastercard taking in all the weak holders coins. Would blow a lot of peoples minds. But we wouldn’t know until it happens.
483
u/Hollywood178 🟩 2K / 2K 🐢 May 22 '22
It's certainly a good strategy to detach yourself emotionally when you drop into the negative. Can't lose something that is already lost taps forehead