Sold my BTC for $120...

First post here, but I want to address some of the sentiment I've seen with this crash...

Backstory: When I first bought BTC, I saw it as a risky investment and was excited to get a 50% ROI. When it quickly jumped from $80 to $120, I sold all 40, and it was the easiest $1,600 I ever made. I do not regret that I could have pulled millions at ATH, because 50% is a great return on a short, volatile, risky investment. I later bought back at ~$10k, $20k, and $30k, because I learned over time and came to believe in the underlying technology and the ability for cryptocurrency to change the way money works.

Since then, I have watched every rise and fall, every meme of the vertical roller coaster in both directions. I don't DCA (although that's wise), just hold. I saw the price hit $70,000, now I am curious if we will see sub $10k or even $1k. But, if it goes to zero, I lost it because I believe in a concept that may not work out - no regrets.

So, recent entrants to this game, some advice from an old-timer who understands opportunity cost:

Crypto is not a get rich quick scheme. When your dumbest friends on IG get hacked because they believe $500 can become $10,000 overnight from mining is when you should consider how dumb some of this speculative money is. The faster it's out, the better.

If you are going to gamble, pick an exit point before you enter. And when it hits, cash out. You are playing in a casino. Much like a loan to a friend, it's a gift until it's returned.

Not your keys, not your coins. Things are bad right now... and who knows, maybe Coinbase is next to fall. Do you want to find out the hard way if you can recover your investment?

Money isn't everything. There are some very happy people without a pot to piss in, and some miserable people who have nothing but money. Of course, we're here for a reason - money is important, but it is not the only thing that matters. If you mistreat your family and friends over a red number, you're an asshole, plain and simple.

Technical analysis is guesswork. Sometimes it's right, usually it isn't. If anyone knew the future, they'd be too wealthy to use a YouTube channel or blog.

Above all else, do not gamble more than you can lose. If you lose every penny, can you pay your rent? Can you still do the things that make you happy? Will your family be okay? If you have to wonder about the answers, you are risking too much.

Good luck everyone. Whether we see $0 or $100,000 next, I'll be here with you.

Submitted June 20, 2022 at 02:15PM by dartdartdartdart https://ift.tt/mfqRFN3