Funny that nobody seems to hype about crypto anymore, which to me, seems like an excellent time to get in! The market has crashed brutally. Some cryptocurrency coins/tokens are easily 80% or 90% off their all-time high (ATH).
Not much bragging rights, now that shit has hit the fan? Were these people investors, or speculators? Do they really have the conviction to hang on? Time will tell.
Compelling – Evoking Interest In A Powerfully Irresistible Way
This is how I see it. The uglier it gets, the more compelling it is for me to start some serious buying. Imagine walking into Fairprice supermarket to see everything at 90% discount – what’s not to like? I would go on a buying spree!
The logic and foundations based on index investing would be an interesting way to start off this journey of alternative assets.
I confess. I have gotten my toes wet. Just a little.
Despite what many may say, cryptocurrency is in its infancy. You’re witnessing the boom and bust right this moment. Yes, it will happen again. And again. You won’t believe the things that people have done.
Fascinating, isn’t it? Enthusiasm has quickly faded into anger and despair in online communities and the year-long spike and crash have left many early adopters high and dry. It’s somewhat like the stages of grief. Suicide tendencies are a real thing. People have lost six and seven figures.
The Seven Stages
First, the shock. How can this happen? I was supposed to become a millionaire! What am I supposed to do? Hodl?
Next, denial. No no no, this must be a little dip. The market will bounce back in no time.
Then, anger. The project is a scam! They made empty promises, missed milestones and lacked transparency. Vapourware!
Followed by bargaining. I’m sure the next bull-run is just around the corner. Well, all I need to do is break-even and I’ll quit this whole crypto business. One chance, that’s all I need. If I don’t sell, I don’t incur a loss.
Inevitable depression. I feel sad every day. I can’t sleep well. The first thing I do when I wake up every day is to check crypto prices – and they have dropped yet again. I can’t work. I can’t function.
Testing period. What realistic outcomes can there be out of this mess? Take this as a painful lesson learned, and move forward?
Finally, acceptance. Hmmmm – will this stage ever happen?
One Thing For Sure
One thing I’m certain of – this is no tulip-mania. The substance is there, but the price kind of got ahead of everything. Just dog on a lease who raced forward. It will come back to the owner soon.
I’m grateful for the chance to live through this era. The previous generation lived through the dot-com bust. We will witness the crypto revolution. Exciting times indeed.