What makes one think that there’s such a thing as free, stress-free money out there, up for grabs? Absolute mystery forever sealed inside an envelope addressed to nincompoops and imbeciles.
Do not be a stupid person.
Trying to invest in cryptocurrencies is good. Not knowing enough and trying to “ride that gravy train” isn’t nearly good enough. At best, you’d suffer marginal losses and lose all interest. At worst, a rug pull will multiply your savings by a neat, round 0.
Do your research. Care for the tech. Believe in something. And then invest.
Only invest as much as you can afford to lose. This eliminates panicking.
Remember, get rich quick schemes are nearly always a scam or daydreaming so always be calculative.
“Yay, crypto=to the moon=digital gold=rollin in da riches” – no.
When you make gains and see how good the tech really is, buy more steadily.
You’re made of stardust, spinning at 1,670 km/hour through an ever inflating universe that’s cold and pitch black, riding a space rock where once T-rexes lived.
You are fearless.
Just hold your crypto.
Regardless of what others say, no cryptocurrency is safe from volatility. It’s more volatile than the share market and surprisingly, even more volatile than the logarithmic average moodswing quotient in Arkham Asylum.
Dips happen due to various reasons that cannot be predicted for the most part.
Don’t panic. You’re in for the long term.
It’s generally a good idea to uninstall apps if you find yourself checking the prices and freaking out on the losses.
Treat your myopia.
You’re investing not for short term gains — go to stock trading for that. That’s extremely myopic for the cryptocurrency standard.
You’re in because you believe in your digital coins having more value in the future than fiat or gold.
The sheep loses.
Always check the use case, usefulness, future-readiness, and the real world application (what projects are being developed), etc. when investing in a cryptocurrency.
That will remain the same whether its capitalization goes +30% or -30%.
If you follow trends like a sheep without doing your research, you’ll always be one step behind. You’ll almost always make losses.
Stop asking the wrong questions.
“Should I sell?”
Cryptocurrency prices crash.
You can tell me water isn’t H20. You cannot tell me that a cryptocurrency’s price will never plummet.
Go to your coin’s full chart and see how regularly dips happen. It’s a fact. It’s almost a pattern. Get used to it for the sake of all that’s good and beautiful on this giant space rock.
Whether you want to hold or not is completely up to you.
But remember, even if your cryptocurrency’s price reaches all time low, the underlying technology hasn’t suddenly become defunct, archaic, useless, or illegal.
It’s down because of people, groups, governments, companies, natural calamities,
narcissists with a little too many followers “tech personalities”, whales (not the blue ones), or legit short-term concerns. Bottom line is that the dip in a good cryptocurrency’s value is temporary.
Unless Ethereum starts delisting all dApps and only starts allowing apps that sell drugs and guns, you can be sure that its price will likely recover.
Parting words of wisdom.
Stop looking at the “crypto prices”. Track your own coin prices. Some coins have better resistance to volatility while others fluctuate more. Don’t be driven by the average of every cryptocurrency in the world.
Don’t panic buy because of FOMO. Don’t panic sell due to FUD.
You are an amazing person and remember that always. Ride the rock like you mean it.