Brief Crypto Thoughts (March 2018)
Totally. Not. Surprised.
What if I told you that the crypto markets crashes (more than 20% drops) once a quarter? Guess what. I did. Oh how time flies. At that time, crypto had crashed 38% to $3000+.
Wait, wait, wait, wait, wait a minute.
It crashed.... to $3000+?
With price flirting around the $9000 level, half a year on, you would be up just under 200% if you had bought that dip. (I did, I bought ETH at $245, $246 and $248 during that particular dip)
I think the main point that I am trying to drive home is that the crypto markets are, by the nature of it, volatile and fickle as duck. (look, no cussing!)
If you got into the game because you're a greedy, lazy gambling degenerate, then I guess you are rekt. And you should be (how's them TRX, XVG, XRP?). This is a dangerous game. If you thought you'd just throw in money here and boom become a millionaire in a month, then you're are DEFINITELY retarded.
All the critics criticizing crypto come together, clap and circle jerk each other whenever news that it is crashing hits the mainstream media.
Yet they all - oh so conveniently - forget that (unless you bought the top with the rest of the herd in Jan) the market is still massively up lol.
Anyway, this is mostly for the people that are sitting on the fence and considering learning about cryptos. Go take a look at all those critics and their criticisms of crypto, then look at the price graph. Know that 9/10 have no freaking clue what they are talking about and just carry Buffet's balls and say that "Crypto is bad. Baaa". Anyone that entered the scene before November is sitting on at least double digit % profits.
Don't get me wrong. I ain't saying crypto is for everyone and you should yolo and go all in. I'm just saying, most of the critics of crypto have no clue what it is or does, and most even admit that they don't understand. "I don't have to understand it, it's an obvious bubble". mmmmkay.
To be honest, this is exactly the kind of fuel that I thrive on. I work hard on my crypto portfolio so that one day I can take it out and slap fat stacks on the table and rub it into everyone's face. Yes, that is my secret agenda. Well, secondary to me being rich and baller af.
Crypto is extremely emerging technology. A lot of stuff is still not working yet and there are few use cases right now.
But more and more are being built, and the pace is mindblowing. By the end of Q2, a lot of projects would be online and the use cases will be increasing and increasing. In fact, I'd reached a state of crypto zen that I actually think I can see the future of cryptos and how things are going to pan out. I'll save that post for a later date though, I'd have to accumulate first before I shill.
Next thing you know, we have sovereign crytpocurrencies, massive MNCs switching to blockchain and trying to link to public ledgers and tons of VC money pouring into this......
The irony of how just a while ago blockchain ideas that get pitched to VCs get shoo-ed away. Now, VCs are the one whaling into ICOs. Funny, ain't it?
This space moves so quickly, it's hard to stay on top of everything.
We are still at least a couple years away from regular people using cryptos, so just keep that in mind. If you think that people are gonna start paying for shit in BTC and ETH tomorrow, then you're actually the crazy one.
I think stablecoins will be a massive theme moving forward and a key piece for mass adoption. So there's my big hint for you on one of the pieces that will be a pivotal turning point.
Anyway, this crazy volatile market is just... crypto being crypto.
If you don't know how to play to win, then you're just fodder in this game.
My personal strategy: Think long, focus on the basics and the necessary, avoid hype and advanced ideas (that require basic building blocks, which are actually still missing), don't be leverage, don't short (with the volatility, traders with the skill can take shorts, but I ain't no trader).
Bulls eat. Bears eat. Sheep get eaten.