How to "NOT-GET-SMOKED" in crypto

in LeoFinance3 months ago

The crypto market is all red today and the global crypto market cap is almost 7% down the past 24 hours.

If you are a crypto OG then you know what you have to do in "red days" like today but if you are new to crypto then you probably feel like it's the end of the world. Worry not though, nothing like this is happening.

All you have to do in days like this one is to keep Calm and...

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I got involved in crypto in January 2018 when BTC was forming it's new ATH and when most coins were pumping like crazy. As most crypto newbies, I made a ton of mistakes like "buying high" and of course panic-selling lower than my buying price.

If there's one thing I've learnt about crypto these past 3 years is to HODL.

Why?

For one simple reason

Try to remember why you invested in this project in the first place every time you think of "panic-selling" your crypto cause your portfolio is loosing value.

If the project you invested in is still out there killing it but the price is dropping then nothing has changed. The fundamentals are still there and work is done. The price has nothing to do with it.

On the contrary, OG crypto hustlers are taking advantage of every single correction (price drop) and grow their crypto bags by buying on a discount.

Guess what they are buying

The coins you sold when you panicked hehehe!


Crypto is not a get rick quick scheme

Some people still think that they'll buy crypto and become a millionaire in a few days. That's completely false.

Just take a look at the BTC chart since 2014

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Chart taken from https://coinmarketcap.com/currencies/bitcoin/

BTC was cruising around $700 back in 2014, dropped to $200 in 2015 and skyrocketed to $60,000 in 2021.

It's a game of patience

Blockchain technology is here to stay and no one can deny this. Most project utilizing blockchain technology are still in a very early stage so your safest move is to invest in projects you believe in.

It might take months or even years to earn a solid profit from your investment but you'll definitely get there if you invested in the right projects.

A few days of "red" is nothing compared to what's coming the next few years so always think logically and don't act emotionally when it comes to crypto cause you'll get smoked.

All you have to do is...

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Much love to everyone and always have fun.
@Knowhow92

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How to "NOT-GET-SMOKED" in crypto

  • first, admit that you will get smoked....then delve in still. Phase one complete

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That's one way to do it alright and with strong fundamentals hahahaha!

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Yeah dude I actually loved the drop in price because it reduced my tax burden just a tiny bit. I sold some bitcoin at 58 because I thought it would drop lower and it didn’t for a few weeks until now lol. I’m trying to sell it at a high if I can and then buy back low which reduces the tax I have to pay on the stuff. I would love to do this a few times until I eliminate my tax obligation altogether since I’m collecting as much bitcoin and others as I can and withdrawing it to my hardware wallet, the safest place I can figure.

I was glad to see a coin I got years ago really went up in value. I got a bunch at like .0001 in value now it’s worth .84 or something so that’s sweet lol

Hell yeah it's sweet man!

Lucky me there's no regulation (yet) about crypto in Greece but I need to be carefull cause you never know what these political "geniouses" will propose.

I think I am gonna apply for a Binance card so I can spend my crypto directly from my card instead of converting to FIAT. No need to worry about taxes and shit this way!

Good luck with your tax plans man. I'm panicking when I trade so I just HODL hahaha!

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I panicked when I traded a lot as well so it sucks when the trades don’t go according to plan lol. I sold some at one price woke up and the price was higher so I bought back. I lost a fair amount of bitcoin that way, bothers me but oh well lol

Sory of my life man! We better stay away from trading and only trade when it's necessary hahaha!

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That's the spirit

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