FORGET HURRICANE CHINA...THIS IS AN ALL OUT TSUNAMI!...ARE YOU HOLDING ONTO YOUR CRYPTO?
I've decided to update my earlier post since I find doing so therapeutic during such turbulent times....
Things have gone full panic mode as my portfolio has "dipped" a mere 42% over two weeks time...If this was the stock market...I think banks would be closing down...
But it isn't the stock market...Its "Crypto World"...
And as such...each of us had to look deep to decide how we handle these insane times...Me? I have decided to hold since most of the exchanges I am in will only trade out to bitcoin....then I have to transfer over to Coinbase and am allowed to cash out certain limits on top of that...while I could have done that over time...I want to stay in the game...I still believe something will survive long term having some value...and to give up now...just makes my tax bill more ridiculous...however...at this pace...may not have a tax problem for long!
I do admit I am not willing to commit anything more to this market even with prices at points I find very attractive....I just don't know enough about this new world to have any true confidence on where it all heads...
Finally I am very tired of all the TA posts with the waves...fibs and candles...seriously...this current market shows that when big news hits...good or bad...all the charts go out the window...and until things settle down...all bets are off.
I wish you all well in your investment decisions...
EVERYTHING BELOW THIS LINE IS MY ORIGINAL POST....
As hurricane Irma makes its crushing blow into southern Florida...USA...I can't help but see parallels with current China news and the crypto markets...
Face it...China has always been a wild card...its ironic that based on my understanding...they do a great deal of the bitcoin mining...yet...here we are with "facts" they are shutting down ICO's and strong rumors they may be shutting down exchanges...needless to say...it has forced many of us to consider evacuating...
However...as the original path predicted for hurricane Irma was supposed to dramatically impact the southeastern portion of Florida...specifically the Miami area...therefore hundreds of thousands of people evacuated from those areas to safer ground...ironically...Irma has "wobbled" to the west and now the damage is predicted to affect more the south western part of Florida heading into Tampa...sadly...those folks have less time to evacuate while misplaced Miami-ans are wondering...why did we panic and leave?
Such it is with hurricane China...do I evacuate all my coins? Some of my coins? Will China wobble and cause less damage than originally anticipated? Or wobble and cause a whole different damage in unknown ways?
I have no answers...I am the type who probably would have stayed in my home unless I was right on the water at sea level...so for now...I find the uncertainty too great to put any more money into the crypto world...and in meantime...haven't sold anything off either...just holding as firm as I can...seeing my portfolio get crushed with some wind damage...but hoping its just a roof to replace or similar type damage and not a total loss as the howling winds of Hurricane China blow by deciding which way to wobble....
Its really hard right now... However, I bought in again just now - or refilled you can say.
Good luck to both of us.
Regards
Jimmy
Always worth a chance...the anxiety helps you to know you are alive!
Best to you as well...
I have to think about:
"The lesson from the internet is, anything that China bans, invest in it" Fred Wilson.
So It would be a great opportunity to buying dips
I'm bought out...all I can do to hold on based on all the uncertainty...
Just wish i had more money to buy the dips!
Love that Fred Wilson quote, might be true :D
I come from a stock market background, and honestly... it's so refreshing to see how a "free market" is SUPPOSED to react! No CB manipulation, no PPT.
buy and hold and forget them until five or ten years....this is my idea
Can't do it...too addicting...
or until the next halving which will be 2020
Or until Ethereum is phased out in favour of the next best blockchain tech? I wouldn't guarantee anyone that Ethereum is here to stay forever. Browsers wars flashbacks
Every thing in crypto´s world still too new and so many variables and changes to compare it only to a hurricane but to earthquakes, wars, newly born babies, enlightened chosen ones and whatever metaphor may be appealing at the moment.
Good luck with your trading to you all.
And to you, i personally prefer holding , not trading
I see this as a huge opportunity for others. Imagine if China stops mining, imagine if other countries step in and facilitate the spending and earning of Bitcoins there... there's always an opportunity in any type of disaster.
Good points, I am very new to crypo-currency, and want to buy some when it has dipped significantly. So still there are new people are coming despite the ChinaTsunami. As long as people have beliefs in Bitcoin, it would emerge strong no matter what the government say or do anything. People are stronger than the goverment.
Good point...one country wouldn't stop a revolution...just dramatically shake it as happening currently until things further evolve...
follow me please and vote my post please
https://steemit.com/bitcoin/@vox00/bitcoin-miami-hurricane-irma
Different point of view :)
Buy and hold them for five or ten years and forget it .... I think it is
I'm a bit old to wait that long...how about a couple?
probably wait only 1 year
I think you have to look beyond that too, let's say it really does sink....the bottom line of investing should be don't invest more than you are prepared to lose, or at the very least have sink under water for a long time.
I agree...just hard to know when to cash out a bit before something tanks entirely...have learned hard lessons in stock market holding on too long...with the crypto world...its not just any one coin...the whole reality is still developing and very uncertain...
Interesting take on the stormy weather! Methinks it's a great time to embrace new horizons...
Sail on we will through the turbulent seas...
Indeed!
I used bitcoin to buy gold, silver and some other coins. I started buying bitcoin at $850 so I had a lot of upside and wanted to leave the casino before my luck changed. Don't get greedy and don't underestimate the central banks' power to shut it down. Also, try to sell a small amount to see if your bank will even accept the funds from your exchange.
So far Coinbase has been where I go to cash out...yes coins could be the long term option if the sh_t hits the fan...thanks for input.
Silver prices are way too low. Should be more like 15-1 vs gold which is also way too low. Central banks are hoarding it.
I still hold my bag of silver coins from the 1980's bubble...