A tweet that will help you see your crypto investment in perspective!

in hive-175254 •  last year 

On January 21st in 2021, Nick Allen posted a tweet saying that he was an idiot. I don't like it when people speak of themselves in that way, but when you see things in perspective, it is easier to understand his words.

nick allen.jpg

The same guy tweeted on October 25th back in 2011, praising himself for his wisdom not to buy Bitcoin, considering that it just dipped back to $2.70 in value. Who would be so stupid as to buy Bitcoin during the pump that came before the dip?

What is your perspective?

When you sit in front of your screen and see your cryptocurrencies and your portfolio lose 40% of its value in a matter of hours or maybe a day or two, it might feel scary, and you will regret not selling earlier, or you might regret not buying later.

It is so easy to get messed up if you just study your screen all day, and that is also why you have to decide whether you want to be a holder or not. If you plan on having crypto ten years from now, you better start holding them right now and not to keep them in a trading wallet. Just set them aside. You might regret it as you see the prices dump, but you will for sure be happy once you see the prices skyrocketing and reaching new levels.

I don't want to make this a long post!

A post doesn't have to be a thousand words long to be useful. If you have just read the tweet, I guess you have already learned your lesson about investing with a perspective and about having a vision longer than your screen a few centimeters away from your eyes right now.

We need to look into the future and go for a walk (instead of looking at charts all day). Isn't that what passive income is about, letting time and money do the job, while you do something else?

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I haven't counted how much I have lost in bad cryptocurrency decisions... There is always risks for losing money even if one is a professional trader and knows the signs of a scam.

I still remember when I missed a buy opportunity by just 2 satoshis, because I wasn't monitoring the markets 24/7.

I have also lost money due to exchanges shutting down or doing exit scam taking all the coins deposited by users.

As a cryptocurrency developer I have restarted or reverted block chain to mitigate losses and know the effect doing so has to reputation of the project.

Well, I have lost a lot myself... mostly by making stupid decisions and not listening to common sense, and also due to greed and stupidity... but I guess that is a part of the journey! Trying to make up for earlier losses right now :)

I'm struggling with too low trading volumes with some coins... A lot of coins in circulation but trading happens in bursts, so most of the time, trading volume is almost zero.

Recently I've got about 400 EUR profit from trading and bounties.

Cryptocurrency must be understood in a different form and not from a perspective of a business man. Many would think bad of themselves because they didn't have the opportunity Allen had to know the Bitcoin dip of $2.7. But in reality. The past shouldn't be allowed to hold us, because there are a lot of things waiting ahead, that we can make impact from our decisions today.

Interesting perspective. Concerning the tweet, Nick's experience is a lesson to many of us. Some people will blame him for lack of vision, but he is not the one in control of the market. There was no way he would have known that the crypto world will turn out so great in so little time.

However, we have many lessons to learn from this. Learn to hodl, and to help you hodl, do not invest money that you need to live on. Trade with funds you intend to keep for a long time. What drives many people to dump their cryptos is commonly an urgent need that they do not have financial capacities to attend to at the time.

Thank you for posting this tweet; many people are afraid and have already started selling because BTC hasn't gone up yet, and this tweet serves as confirmation that people shouldn't panic and sell what they have, only to regret it later.

All I can say @unbiasedwriter is that we are always wiser after the event is passed.
yet BTC is more of an idea of financial freedom that is beyond money and presents a use case of a decentralized finance.