This past week I have watched nearly $3000 disappear from my portfolio into thin air. After jumping from joy that it was showing me a nice $8k figure, it has been flirting around $5000 mark.
And to make matters worse, I though this was a good time to go into other coins that would enjoy lift off from the dip. But they didn't. And now I have even less ETH and more coins that aren't doing good. Not good at all. So let's get right into it because talking about it might be my only coping mechanism left, short of converting everything back to fiat right now.
No news, big dips
This is extra scary because there isn't really anything in terms of news in the crypto world happening. We saw a flash crash with Ethereum and a couple ICOs launched and many ICOs are having trouble on the Ethereum Network, so there is some bad stuff going on here.
Market cap saw $20B leak out of the market ($15B today alone), and the flippening is now a flop. Vitalik Buterin isn't dead, 4chan did not cause the Ethereum crash (it was free falling much earlier than this pile of dung got posted). But for some reason, everything is going down.
When I saw the dip happening last week, I thought I should sell everything, move it BTC, wait out the storm, and if it got too bad, I'd go back to fiat wait it out in my bunker. But I didn't. I held. And watched my gains slip out of my hands.
How is my blockfolio doing with all this?
Let's start with the real bad news...
- Mysterium: down 50% from my initial investment. This has hurt me the most. I made a bad move and sold a bunch of stuff to get into this at the ATH - when will I learn?
- I got scared, watched IOTA get super pumped, and bought in, again, ATH. More reason not to drink wine and trade. So looking like a 30% loss here.
- Swarm City Token - after their conference, people got confused, and now it's floored until the next version of the platform comes out. This was not going to be a long term hold. but now I have no choice, if I hope to gain at least my investment back. Wooh, losing 50% of my investment here, too!
- I sold my VOX at a profit to buy Ubiq, and watched that plummet, too. Then I bought it back, and watched it lose me even more money. Together, they brought me down another $100.
- FirstBlood, had been doing so good! It double in value for over a week, and I thought it was lift off time! And then it dropped right back to where I'd bought it, so this is basically the only thing I'm not losing money on. Aside from Ethereum, duh. Because I bough t in early enough, suckers.
- Another coin loss in the 50% range is Siacoin. But I put bupkis in there so who cares.
- DGB, the coin that could never lose me any money, only make me money: now making almost no money. Literally, I'm up like 10% on this.
- STEEEEM, nuuuuuu, down 15% from my investment...
- Ark. Now Ark was my day tradin ggame, I could buy it low, sell it high, keep playing with trading and I was making a couple hundreds bucks a day just timing the market. It was pretty regular. And then it crashed lower than I'd even ever bought it. Haha, it is currently making me $0.45. Not even kidding.
- And ReddCoin, of course, my sleeping giant... is down %30.
... I guess there was only bad news?
Lessons learned?
When I first thought it it might be a good idea to secure my money by converting it to BTC and fiat, I should've listened to my gut. But how do you suppress the hubris? Well, let's try a new trick: mark down what move you want to make, come back to it in a day or two. Because the market will still be there. If it's still a good move, make it. Otherwise, take it off the list or throw it at the bottom of the backlog.
credit: dandeliar
What's the next move?
Time to sit back and wait this one out, guys. Crypto isn't dead, far from it. Only 40% of people report knowing what the word "blockchain" is. This is just a market correction. In fact, in the time it took me to write this post, my losses shrunk $400-$500, as I reload my blockfolio. Every week cannot be a good week.
If every pork chops was perfect, we wouldn't have hot dogs. - Steven Universe
Otherwise, I mean, I'm going to be watching some of these coins very closely. My 50% losses, I will not sell unless I break even. This is where I need to remind myself: all these investments were made from Ethereum profits. So nothing is lost. The prospect of my winnings are just much, much lower.
Now, time to roll a joint and numb my thoughts about this market hemorrhaging by the minute.