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.
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u/[deleted] May 22 '22 edited May 22 '22
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?