Can't get rekt unless you sell.
This only works if you invest less than you can afford to lose.
I know you've all noticed the market taking a beating today, with BTC diving all the way down to $30k only to bounce back and hit the $40k mark 4 hours later. Let's be honest, nobody was expecting that, and pretty much everyone got a little bit scared to an extent. I believe that experienced folks found it easier to just hold and remain calm, while crypto newbies kept panic-selling in an effort to save what could be saved.
Only to regret it a few hours later.
I can understand where some of these users come from, but I think that their problems stem from the fact that they have invested way more than they can afford to lose. People tend to believe that crypto is the easiest way to become a millionaire overnight, but there's no such thing. The people who actually made it had a lot of patience, and in most cases, not much to lose and zero expectations. That's how you hold when there's blood in the streets.
After BTC went berzerk for the first time ever and created all those fresh millionaires, people started noticing and thinking they had found the way to get rich quickly. BTC wasn't very popular back then, but after blowing up a few more times and creating the first crypto billionaires, BTC started attracting major attention and being talked about on Twitter.
As a result, more and more people got interested, and having heard of all those stories about crypto-lambos and such, more people thought they had found the way to achieve abundance.
The road to easy riches.
This may or may not be true, and nobody has a crystal ball, but the point I'm trying to make is that the vast majority of panic sellers are gamblers risking too much in the pursuit of a quick buck. If you're worth $15,000 and decide to invest $14,000 in a volatile asset, of course you're going to panic sell when you see a 20% decline taking away such a large part of your entire life savings. BTC in particular may be the best performing asset of all time, but this is still a bad move to make regardless.
In my humble opinion, the market just got rid of paper hands expecting to do a 1,000x in two months time, and then bounced back in spectacular fashion only to teach all the freshmen a valuable lesson. We are still 20% down compared to yesterday, but at the same time 300% up compared to 365 days ago. As I've said multiple times, nobody really knows what's next and anything is possible.
However, what I do know is that the crypto game has a long way to go, and in order to play it right you need to invest money you don't really need. Get them, forget them and enjoy the ride.
I appreciate your attention.
Alright guys, that's it for now. Thank you for taking the time to read these lines.
Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.
Stay safe and have a good one,
@lordneroo