How I Lost 40 Bitcoins on Panic Sell !
I bought 10 Bitcoins at $300 each. It went up to $1100 toward end of the year in 2013. The spike attracted investors then the same thing happened that is happening now، the excitement went away and people who bought expensive got disappointed why prices are not moving and mtgox drama happened and prices crashed. I panicked at $600 and cashed half of my coins and converted the other half to Dogecoin and contributed the other half to Counterparty Burn Period .
-- Half of my bitcoins went to the Counterparty and I ended up having about 3000 xcp if I recall. That was profitable. I converted 1500 of my xcp to Bitcoin when the xcp hit $10 ( late 2014). This was when bitcoin was $400 I think I had about 40 bitcoin😅😅😅😅 But guess what Bitcoin had a crash to $300 and I panicked and cashed out all of my bitcoins !!!!
Now do the math, if I kept my coins without going through the brain damage of panic and coin conversion, security and password drama, how much was my net crypto worth.
--2016
I still had 1500 XCP left, XCP was being traded at $1.5-$2. It crashed to $0.80. I panicked what if it goes to zero and I sold all of them for $1200-$1300!
After all, these are the lessons learned for me:
1- Go long with Crypto, the right moment will happen for a good profit (5x-10x).
2- Don't panic
3- Keep buying when prices crash.
I hope you can make all that back . Checking out CIVIC on Bittrex may help. Everyone in crypto has taken a loss before. The winners know how to bounce back up from it!
It seems we both make all the wrong moves. I need to just forget about it sometimes and let it ride.
I agree but It's so hard to forget. lol. I am trying to stay disciplined not to do anything in panic.
I agree! I bought bitcoin almost the same price that you bought it for. A little over $300. I am so happy I kept my BC's even when the price is falling. I learned a lot by listening to Andreas Antonopoulos. He definitely knows what he's talking about.
@maryjanepower , let's say Bitcoin goes and reaches $30k in 5 years, would you regret why you didn't buy at $3k?
YES, let's buy now and go LONG with it.
Good post
Thanks @onlineprds
If I never paniced with eth I would have over 300k. I would be able to do something with my life more than just slave away at the workplace
df
Just did and followed you.
@ivylifestyle