We need to do wellness checks on anyone?
Yeah, I haven't even been looking at it. Selling now and losing 10% of my initial investment plus the entirety of my profits is a no from me, dawg. I'll check in with it every so often and see if anything rebounded. It's actually good that my Friday bonus check got delayed because I was going to invest it, and it looks like we weren't at the bottom yet.
All of this stuff (mainly the guesswork) is a lot of stress, so I'm probably just going to leave it completely alone aside from buys. At this point I'm looking at the end of the year, a year from now, five years out, etc as my goals rather than any kind of short-term profit.
It is funny how I finally stopped wheeling and dealing because so many people kept asking me why I didn't just hold onto things. Yeah, some of the wheeling and dealing didn't turn out great, but I moved money around as a hedge against missing out on profit opportunities like this one. I finally stop doing that and go into "hold mode" and it got me nowhere when I could have sold/rebought many times over at this point with things falling the way they have. Usually selling on Monday and buying on Saturday will net you a few % gain, but on this particular week it's more like +200% on a lot of things.
Leaning into it and buying during this crash while having some perspective could turn out pretty well, depending on how soon it stabilizes.
Main lesson in all of this for me is: If it seems like a bubble (aka spikes that are too good to be true) it's probably a bubble, and cashing out might be wise at that point if only to wait and see if a crash follows (which it seems to, almost always...look at the AAVE parabolic spike).
I went all USDC on Friday night. I don’t even think I’m going to rebuy at these prices at the moment until things stabilize.
That's probably a smart idea. I should have stayed out at $1.60 and rebought around here (or whenever it hits a bounce). I think the entire market is in freefall, like all resistance points got broken-through. The January GME crowd inflation is probably what we're seeing here, they're all bailing and thus things are correcting to where they would have been without that crowd pouring in. Just a theory here.
Also I think the prices will be lower for a while because the mainstream support isn't there after the fusillade of propaganda as of late. We still have a lot of solid protocols on the way and better adoption and so forth that will drive up the value, but Joe Normie is now terrified of crypto and that could be a very large obstacle.
