Everyone needs a vacation. I certainly needed mine. But it was also super stressful because I spent most of my week crying at my portfolio. The August 1st FUD settled in, BTC and Ethereum unraveled, and pretty much took everything down with them.
So how bad was it?
Hahaha, so bad I sold all my ETH and didn't buy more. Mostly, I wanted to let the dust settle, and see when it would hit bottom. Now it looks like it has, with a bottom at $130USD, and it seems to be on the steady back up but I'd rather wait until the weekend. Every effing weekend the market has a big fat poop, so my new rule is to only ever buy the weekend dips. I was going to buy this weekend! And then I went camping and had no power or internet so.... Well, I bought a couple more, just not at the sale price! Which I'm super sad about.
All in all, it seems I've lost a couple thousand bucks in the market over the last few weeks...so I've kinda been quiet about it. Not because I'm ashamed I lost money, but more because I just don't know why my funds are leaking out of my portfolio at this rate and I'm too full of pride to sell at a loss and would rather wait it out. So yeah, instead of updating you on how much I am losing every day, I have been pretty damn quiet.
It's also been the only way to extricate my emotions from my portfolio! Funny, this is pretty much how I deal with just about everything in my life!
Can't deal with how depressing this is. Putting it in a box, ignoring it until it starts hopping around on its own because I forgot it's alive. Then maybe kick it a little further so it's less noticeable. Yes, this works great.
Bad timing for normies
I think part of my huge losses are due to the time I invested in. I think everyone has been pretty desperate to make a buck in this market over the end of the last quarter, so a lot of money was dropped into the market and immediately disappeared because whales have better patience than normies.
I consider myself a normie. I just started getting into crypto and it's taken over my life, yes, but I still haven't gotten used to the ups and downs this market has seen over the last few years. So I panic buy a lot. And I don't realize I'm panic buying until my money just evaporates! Seasoned traders know when to give up on something, when to forget it exists because it's long-term, when to short-sell, etc. I am just training in the these murky waters! So I won't be too hard on myself...
But nonetheless, it's worth mentioning that I bought a lot when the market was recovering... right before it tanked like crazy. And then I watched about 30% of my funds disappear. And I was going to sell everything, cash out and call it quits! But... Scared money don't make money. Since setting my goals, I took my initial investment out and now I get to play with only profit. Until I decide to dump more in the market at calculated times. Which has been harder because I currently have no portable internet... long story.
The next few weeks
Right now, the goal is to accumulate as much BTC and ETH as I can get my hands on. Of course, adhering to my new rule: only buying the red. If I'm right about my TA analysis (yes, I know most people think it's useless for crypto), ETH will be on a roller coaster for the rest of this quarter and there will be niec dip times to take advantage of.
A lot of traders were talking about August 1st already being priced in for BTC and I'm on that tip, personally. And now that it seems miners are agreeing on SegWit, it looks like maybe there's nothing to worry about in the next couple weeks.
I'll most likely multiply my shares in Iconomi this week, waiting for a nice entry point at around 850 satoshis. Platform will be released on August 1st, so I'm expecting this go up.
I'd like to massively expand my footprint on a few other coins like Ubiq, Patientory, Ardor, and IOTA since it's gone waaaaay down!
In other news
I was interviewed by the Gazette while I was on my staycation! My buddy Jake at Montreal Gazette wrote this neat article about crypto in Montreal and I ended up on the front page! I REALLY hate th epicture they chose, I can be much more photogenic than THAT, except I was super baked and hungover and just woke up an hour before the photo business happened...
Tayana Jacques was skeptical when she first heard about Bitcoin, but as its value rose, she reconsidered. "I was like, huh, this seems like a better place to put my money than an RRSP," said Jacques, who writes a blog about investing in cryptocurrencies.
Individuals are also seeing cryptocurrencies as an investment vehicle and a way to avoid doing business with banks.
Montrealer Tayana Jacques is one of those investors [...] who works in the video-game industry.
But with hundreds of cryptocurrencies on the market, Jacques said, she didn’t know which ones to pick. “The biggest mistake people make is throwing money at something without knowing what it is,” she said.
She began to do some research, she said, and that soon turned into a blog.
Jacques said she’s invested in around a dozen cryptocurrencies, though she expects that only a few will actually last in the long run.
Many cryptocurrency advocates don’t trust fiat currency – money that is only backed by governments. They see cryptocurrencies, like Bitcoin, which has a finite number of “coins,” as something akin to a modern gold standard.
“I don’t believe in the central banking system. I don’t believe in cash,” she said. “I really don’t see the value in it anymore, aside from the fact that my employer pays me in it and I need it to buy food.”
BAHAHHAA. How. Weird.
That's it for today! <3