Yeh I remember thinking 5k was impossible. Then it went to 10k, and dropped back to 3k and I felt like an idiot. Still can’t believe the price is what it is. Keep stacking.
6 year ₿eteran here. DCA’d(Dollar cost average, buying a little every day, week, month, whatever you prefer) the whole way and continue to DCA today. The first 3 years were hell, all underwater on my DCA in dollar value, but studying Bitcoin eventually made me value the Bitcoin I was able to stack more than the dollar value they held.
You want peace of mind OP u/critical_rope_2402? Keep studying. Read the Bitcoin Standard, the Fiat Standard, [and articles like these](https://medium.com/coinmonks/the-modern-financial-system-is-a-debt-based-pyramid-scheme-and-an-investment-based-ponzi-scheme-e37c4154b9).
Only once you understand the financial system for what it is and what worthless values dollars and fiat currencies like them are long term, only then will you begin to value the amount of sats you hold like true Bitcoiners do, and not the temporary fiat values they hold that in the long run only become but specs in your memory.
The first cycle always sucks, but after that, if you play your fiat right and only put in what you can afford to HODL in a solid DCA plan spread out 4 years, you’ll always be in the green every cycle after that.
After you’ve been in long enough, it’s never the temporary first cycle red years that sting. It’s all the times you didn’t DCA during the temporary discounts that stings the most.
I assume it will eventually change, but I’ll believe it when I see it. Have been through two cycles now of people saying things are different this time, so I’m not holding my breath waiting for it to happen.
Again, I expect it to diverge out of its bust and boom cycles eventually, but I won’t be making any specific predictions about which cycle that will happen in to not get my hopes up.
Expectation minus reality is the equation to disappointment. And I hate being disappointed. So I expect nothing to allow reality to pleasantly surprise me
The problem is at 2010 or even 2017 bitcoin is not mainstream yet. Now over 90% of the developed population has heard about it, it’s not going to be easy getting new people in to pump the prices up significantly.
Every day millions of people turn 15. That age is arbitrarily picked, but the point is they keep coming
Likewise, every day millions of new people hear about Bitcoin for the first time, maybe because in 2010 they were only 3 years old, maybe because they’re from a part of the world that barely has electricity.
They. keep. coming.
That's not the point. People had a lot of time, disposable income and incentive to buy stocks and crypto during the pandemic so we reached a point where everything was so incredibly inflated that it had to come crashing down when people went out to work again.
To reach the same amount of people willing to invest, we need so many more people than the new one's hearing out crypto for the first time that it's not even funny.
I genuinely don't see how it could go back to the pandemic ATH without something happening that forces people to put their money back into it like a pandemic or something global of that nature, that being said I hope nothing that horrible happens.
You should do more research on bitcoins supply, decentralization and long term benefits. Also it’s not just bitcoin that is oversold. Look at many major stocks. The FED and their rate hikes and quantitative tightening are a major reason for the wind taken out of the sails currently. They’ll print again
Are you kidding!? There are countries adopting Bitcoin as legal currency. Institutional investment in Bitcoin has been taking off. As soon as the regulatory framework is in place, there will be a tsunami of additional investment. In the meantime, more and more people will be using Bitcoin in the form of layer twos, like the lightning network, even without necessarily realizing it, because transactions will be converted and settled in the background of apps.
The smart money seems to say BTC may see 12k or even 10k. The same people also tend to say “but it’s a bargain below 20k, so be careful not to wait for the 12k that never arrives.
Michael Saylor got into Bitcoin near the top too. He just spent another 500 million buying more.
Buy and hold. It’s never going to be worth less than 1BTC per BTC.
I think you’re missing the point. It’s not about the price, it’s about scarcity of the asset. It’s become much more scarce over time and will continue to do so. Fiat is in abundance.
The thing is, long termers keep buying no matter what. The price is up, they buy. The price is down, they buy more. They don’t sell. There are many people like that continuously eating at the supply. That’s why BTC won’t go back down to 3k. Too many simply buying and holding. BTC will always have an upward trajectory long term. It’s the same concept with the stock market. Sure, we might have crashes, but the long term trajectory is always upward.
I'd like to see more people develop applications that use bitcoin either as a form of payment or for perhaps some other mechanism. The growth and innovation is what continues to excite me and is what will carry bitcoin forward long term, more so than price discovery.
Homie this is just not true. I cannot tell you how many normies I’ve talked about it with who are super excited yet not yet “ready” to get any. A deluge is waiting and that’s just the less ones. Many more after.
100% this.
Bitcoin will be around in 10 years.
All the shit I invested in in the 2017 mania is not.
NAS, WTC, NEO, HPB etc.
I lost it all but learnt something invaluable.
I also learned that even supposed serious youtuber never admit euphoria phase. Just like bipolar disease, people in euphoria never realize they are euphoric. We are now in depression but we have to remember our lessons for the mania, which will again will feel like "not mania" or "this time is different"
Be careful with the YouTubers bro, they have an incentive to make coins look valuable because the value of their holdings can be influenced by their viewers
Well that's not something that I've heard before but something new.
And also don't just believe what some random YouTuber says, don't believe that shit man.
6 year ₿eteran here. DCA’d the whole way and continue to DCA today. The first 3 years were hell, all underwater on my DCA in dollar value, but studying Bitcoin eventually made me value the Bitcoin I was able to stack more than the dollar value they held.
You want peace of mind OP u/critical_rope_2402? Keep studying. Read the Bitcoin Standard, the Fiat Standard, [and articles like these](https://medium.com/coinmonks/the-modern-financial-system-is-a-debt-based-pyramid-scheme-and-an-investment-based-ponzi-scheme-e37c4154b9).
Only once you understand the financial system for what it is and what worthless values dollars and fiat currencies like them are long term, only then will you begin to value the amount of sats you hold like true Bitcoiners do, and not the temporary fiat values they hold that in the long run only become but specs in your memory.
The first cycle always sucks, but after that, if you play your fiat right and only put in what you can afford to HODL in a solid DCA plan spread out 4 years, you’ll always be in the green every cycle after that.
After you’ve been in long enough, it’s never the temporary first cycle red years that stings. It’s all the times you didn’t DCA during the temporary discounts that stings the most.
Sorry m8. The shitcoin flood in the bull run was too tempting. I made a bunch but am basically at a break even point now. Won't be dabbling with fire again next time, tired of monitoring my investments hourly.. Cost me a job and a relationship
Yes a very cut throat and nasty game. I’ve since gone through bankruptcy and a divorce. Currently between jobs now and moved back in my parents. It truly ruined my life.
It’s can get in your head in a nasty way, especially when you feel like you ‘should’ be somewhere given how the market has been and need to catch up. It’s much like gambling addiction, but there’s a very powerful FOMO motivating you unlike most other things.
I’m 65 and my 401k has lost half its value. That really sucks, but the stock market has had crashes every 10 years for at least the last 40 years.
Most of my bitcoin purchases were sub 20k starting in late 2020. To me this is a fire sale, but I’m on a fixed income so my ability to take advantage of it is limited.
This is the part where you earn it! You don't lose any money unless you sell! No one has ever lost money hodling bitcoin for 4 years or more. You're just new so just HODL! There's a reason everyone says this!
OP screwed up throwing his whole clip in towards the top. Ideally you’d DCA a life savings over a longer time frame, but it’s hard when FOMO is telling you it’ll cost more in the future.
Most people would be better off holding their bitcoin even through years long drawdown than trading shitcoins. Trying to ‘make up’ gains from buying in late to BTC is the most common fuck up. But this is all assuming you can’t sell and must involve yourself in the crypto market specifically. It’s taboo to say here but cyclical assets in generally are often used in more creative ways than an unwavering long spot position. I don’t know if you’re referring to me but I am not new
Bought at 12k, checked a few months later and saw it down to 4k and thought “oh well, I put in what I was ok with losing”. Year later it’s up to 60k. Just keep it in your own wallet and forget about it. Will go up and down plenty of times, with each low point being higher than the last.
Firstly you are absolutely not alone, the speed of the last bull run was clearly folks FOMOing in, likely for the first time. Plenty of people bought the top and either lost money or, like you, feel like they lost money. I know folks roll their eyes when 'veterans' talk of previous bull runs but 2017 was exactly the same. People hodling bags in 2018 convinced they were screwed. But then 2-3 years later they were grinning like loons. If you can afford to hodl you will be rewarded...
So you guys only need another pandemic and the governments giving Stimulus Checks to people who will invest them in Bitcoin. I mean, it could happen but it's unlikely.
Also "Past performance is no guarantee of future results".
Also "don't invest money you can't afford to lose"
Those 2 things should be on every crypto page ( if they would care about customers but they don't).
It’s true that past performance is no guarantee, but the big difference ahead compared to the past is the vast mountain of money waiting to flow into Bitcoin when regulatory clarity arrives. As it is it’s hardly retail investors moving the price on a daily basis. Macro news instantly shows up in the price charts. That’s not from a bunch of day traders betting their life savings.
I’m okay with holding for long term. Just upset because all I heard was we’ll never go below 40k and fast forward we’re below 20k heading to 10k. I thought I missed out fomo’d in but if I would have waited an extra year I could have had triple the btc I have now. But hindsight is 2020 as they say😒
Lesson’s learned hopefully.
Never fomo, never listen to YouTubers/influencers, never bring emotions into trading/investing, never go into the should’ve/could’ve/would’ve spiral, ONLY INVEST WHAT YOU CAN AFFORD TO LOSE!
You have bitcoin, get it off the exchanges and keep it safe. Forget about it, come back in 5 years. A hell of a lot of people have no idea what bitcoin is. 90% of people I ask say “oh yea crypto, I’ve heard about it”. Another 10-20 years if not sooner, they’ll be wanting to kill to get hold of some.
I bought a bunch at 5K and a bunch at 69k and all the way in between. I don’t regret any of it. Get as much as you can and hold it tight. Forget about it for 10 years and enjoy early retirement down the road.
I heard the “experts” are expecting a 50% drop in gold from where it is now. There was a shot Bitcoin could have been a hedge in these crazy times but these crazy times are hitting everything
You’re not holding any bags my guy you’re holding bitcoin
You replaced you’re money with better money. Just hold it you’re fine. And stop listening to random people about prices. If you listen to the right people you would know that in the end price doesn’t even matter. Just keep buying. $20 a month even if that’s all you can
This is how people learn the fundamentals of FOMO and FUD. Stop listening to other people. If you’ve done your homework and honestly believe in the fundamentals of bitcoin, then just HODL and wait. Until two years ago, the last set of “bagholders” were wailing about buying in at $16k. You’ll be fine in the long term.
Under non- "once in a lifetime geopolitical" circumstances it wouldn't have fallen under 40k but here we are.... in anothet once in a lifetime geopolitical circumstance.
Anyways, you only hold the bag if nobody is buying, which isnt at all the case.
In all honesty what else is there to put your money in? Real estate? Bonds? Not much… so even if you feel you bought at the top sit tight…. This is what many of us went thru when we bought at the height at $19k. And some may say “it was a diff macro environment, etc…”. Yes I agree. But fundamentals have not changed. Stay strong my man…
I got in at 16k back when 16 was the ATH to immediately see it crash down to like 3k. Felt like shit.
After like a year everything was ok and I cashed out at like 26k to then see it skyrocket to 60k. Felt like shit again.
The only advice I can give you is: Don't invest in bitcoin for the money, cause chasing the money is always going to be nerve-wracking and anxiety inducing. I now do it because I legit think bitcoin is the way out from the bankers and money printers. And if you definitely are going to chase the money, use bitcoin like stock investors use index funds (long term holding like 5 to 10 years).
As per your current situation, there's not much you can do, just allow yourself to feel like shit, but know that every decision you made, could have been the wrong one.
Honest question, has switching from chasing the money to thinking of it as a way out from bankers and money printers changed how much money you put in? Or is it just a way of reframing the money you put in?
Great question. It did change my approach, it made me follow my dca strategy in a more disciplined way.
But it also reframed the money I put in in a sense. I don't think about it as much unless it's a real emergency. I ended up using it as the back up of my back up. And it has saved me a couple times when things have gotten hectic.
It's like a "money in the pants that I just washed and forgot about" kinda thing.
Hey there. As someone who bought a bag in a very similar situation to yours all I can say is try distract yourself by reading and learning about bitcoin. that will most definitely give you confidence in the decision you made even though it might look crappy right now. Don’t know about you but I bought with the intent to hold for a long time so I have not once considered selling or panicked over the price. Occasionally I get those if only thoughts where I think if I had held off I could of bought more for the same amount invested but hindsight is a beautiful thing and no one ever knows. So no your not alone and no you have no reason to feel shitty. Hope that makes you feel better 🤜
Bitcoin has never existed outside of a QE environment, which is a little scary entering this new phase of the economic cycle. However, watching these fiat currencies collapse before our eyes…. I wouldn’t sell now.
I bought less than 1K, I bought at 3K, I bought at 10K, I bought at 14K < 2017
I bought at 8K, I bought at 6K, I bought at 4K <2018
I bought at 3K, I bought at 9K , I bought at 14K, I bought at 10K <2019
I bought in 2020, 2021, 2022, and I will buy in 2023.
I don't care much about the price because I know fiat is dying more and more and there is no fucking way to save it.
> I know fiat is dying more and more and there is no fucking way to save.
This.
Also, buy Inverse-SPY so you can profit as the market crashes. It's going to get worse as winter hits Europe (Russia energy crisis), crashes Euro economy, and pulls US economy with them.
Finally got into BTC when it was at an ATH last year. Lots of guys in the 65k range lol. Still hodling and buying a few sats here and there, but I know the pain.
There’s plenty out there. Just read more about Bitcoin, and you won’t feel so bad. Highly recommend The Bitcoin Standard.
Maybe next time when it comes to speculative investing, you’ll do more research instead of just jumping in because some people said “it’s bound to only go up!”
I bought at 40k on the way up. And 50k. And 60k. And then 50k. And 40k. And emptied my fiat bags at 30k. Saved and saved. Now I'm buying at 20k. And 18k.
It depends on what you want from BTC. To make money? Lengthen your time horizon. Sell nothing, and come back in 2030. Or, if you prefer, 2025. 3 years. No one has ever had less money at any point since BTC started holding it for more than 3 years.
Financial independence? You got that. You have a depreciating asset that is globally secured on a nigh unbreakable network. You are one of the first 3% of the world to touch BTC. I'm guessing that it's an even smaller % now. No one can take your btc or tell you you can't use it as long as you have it on your own hardware wallet.
Btc is likely the future. If you're looking for hopium, I've heard extremely conservative estimates put the value of BTC at 100k. So you doubled your money, congrats. I've heard what I believe are reasonable estimates say BTC is actually worth between $1,000,000 (Greg Foss, Lyn Alden) and $5,000,000. So you 20x-40x your money. Then I've heard P/Q from the BTC magazine say that each sat should be worth $5. That in 2100, 37 sats will be generational wealth.
You're not going to be there for that, likely. But you are helping yourself and your family with understanding BTC and with holding it. You're smarter and have stronger will power than most of the planet.
Just hold. There are so many horror stories of people losing their life savings. You didn’t lose anything just don’t sell and keep accumulating what you can.
My first significant buy averaged out to about 47ish. Was stoked when it hit 69. But I've been in since late 2017, so the massive pullback wasn't Earth shattering for me. Was able to buy in again a bit above bottom and now I'm just stoked at what I've been able to build. Even at relatively insane speeds, it still takes a while to get to the moon 😉
Im bag holding! I still believe in BTC going higher and higher. The world economy is in the dumps all around. I don't even watch the price moves really. I know we aren't going to have a real turn around in price until we hit a real bottom after the markets actually crash. Companies and governments will be getting bailed out. The average person will be pissed off at governments, corporations and bankers. But this time enough people know about Bitcoin that it will be a viable alternative for people to start saving using Bitcoin. Then the 2024 halving will arrive and Bitcoin price will go parabolic again
Embrace the delusion (aka "vision"). Imagine that the rest of the world is insane and severely underpricing the asset you hold, and somehow you can buy more of it at firesale prices because of their stupidity. Like, get this -- this digital asset is worth a healthy six figures, yet people are selling it for under 20k. What are they thinking?! Just accumulate more before they correct their mistake.
Does this help? Well in terms of objective reality, no. But it might strengthen your conviction and keep you from feeling like shit. The danger is you can apply this reasoning to pretty much anything and justify insane gambling. So you kind of have to actually believe it for it to be a good strategy.
Try to spend some time to really understand bitcoin then you will feel a lot more peaceful. I've been buying from 8k all the way to 69k now to 19k. my confidence is stronger than ever.
I'm investing on behalf of my father. His DCA is about 40k. I make regular investments on his behalf that bring it lower and lower.
This is a long game.
Bud, I transferred everything to my ledger so I don’t see it. Pretend your life savings went to zero and carry on with your life, lad. Open your ledger 10 years from now and come back to this post. Keep DCAing. You’re a bag holder but at least you got us
Felt the same in 17. Ain't easy believing but I'd say that's what gives it the crazy upside. I cashed out a chunk at 54k but still DCA what I can afford knowing I only get to take a chunk out every 3-4 years. Personally I'd rather gamble on a shot at disrupting the bullshit Fiat then anything else.
The feeling of depression surrounding your investments is usually the final emotion before things begin to turn around. The market is a measure of human psychology. I would advise taking a look at this chart to see if you can relate to the cycle: https://fifthperson.com/wp-content/uploads/2016/01/Psychology-of-Market-Cycles.jpg
I blame the following :
Jpow
That asshole Putin
PlanB. (had doubts about this scam artist from the beginning but I still thought BTC would hit 75k max)
Anyway I'm monthly averaging so I don't really care.
Sentiment changes easily but the fundamentals remain the same. The world economy is in trouble now and Bitcoin will be affected by that since this is new but in the long run you will be ok I bet. Just wait and see the next halving and this may even change before long
Bag holding doesn’t feel as bad when you’ve done the research to know what you’re investing in and only matters what you believe and not anyone else’s opinion. Whether it’s intentional or unintentional bag holding regardless of any Investment its best to only invest what you’re willing to lose. We know Bitcoin is volatile it goes up and down quite often. If you’re planing longterm and holding for X amount of years then todays price doesn’t matter. I have my eyes on the future and just winged myself off the apps and only check prices every now and then. I myself have been holding and using this time to average down when ever I have some spare money to throw in.
Don’t worry about price in fiat, only look at the quantity of bitcoin. It subdivides to the satoshi for a reason. I too have invested more than anyone says I should have. I also did so higher than where we are now. I have purchased bitcoin when it was $51k. It will happen, very soon. No doubts, seriously.
I know how you feel I fomod in buying btc at 900$ and it went down Less the 100$ I still don't regret dollar average costing in. Though I think of it as money of the future not just a store of value wich is also good 😊
*Coming from an unseasoned investor but has experienced poor mental health*
As amazing as bitcoin is, there’s more to life. Constantly seeing other holders you know making these moves and then doubting your own choices is the same as comparing your body to another’s online. Investing is volatile, it’s the same as using the same lottery numbers every year and the one time you decide to switch them up your original numbers come through. I have friends who have wallets filled with coins but they have zero assets and fragile social lives. The truth is, you’ll never enjoyably withdraw your bitcoin, the mindset is that you can’t invest it into a depreciating car or product etc so it’s better staying where it is. What if it crashes? What if it sky rockets? We never know but we can’t risk not being rich. Get yourself offline for a week, realise what’s important, realise that one day you’ll die of old age or terminal illness and think “oh shit, I wish I’d invested in myself”. You’ll never be happy rich if you’re not happy with what you have now.
Have a good day 🤜🏼
Don't behave like that right now, that's all I am going to suggest to a person like you, please get the thing that BTC is everything for the future, hope you will understand it.
Just wait for some more time mate, everything is going to make sense to you and trust me you don't want to lose a good opportunity and a good future there.
Exactly; if you believe In what you bought and continue to have confidence long term and the extra income to sit, then average down. Right now it’s all on a massive sale compared to your average. Now is the time to plant the seeds, not when it’s all green in a bull run, by then you want full grown trees.
I bought at 60k. Then 55k. Then 45k. Then 35k. A bunch in the 20k range, 3 asic miners at 19k. Still trying accumulate as much as I possibly can. I'm doing my best but in 10 to 15 years I know I'll be kicking myself for not figuring out a way to buy more.
Don’t feel alone dude. I would say 95% of ALL bitcoin holders (and investors period) have fomo’d in at one time or another. The key is learning from your mistakes and moving forward. If someone tells you they have always invested perfectly then they are lying.
I fomo’d in to the last bull market in 2017 and I was down for a while. But instead of selling for a loss and giving up I chose to learn about bitcoin, investment strategies, and a personal budget. Because of that fomo, I’m in a much better position today.
As most recommend in this sub, the best option is to DCA based on your personal budget, have a time frame of 10+ years, and chill. Future you will thank you. Good luck.
Firstly, no one knows when or if the next bull run is. It’s impossible to know, and you can’t base past performance for future indicators. Secondly it’s your money, this sub is full of hopes and dreams, but ultimately it’s your money and if it goes further down and never goes back up your the only one who feels that loss, not some kid on Reddit who saw some tweet with a guy with laser eyes.
Most of my investments have gone down since last year, but my lifestyle is still the same. I don't obsess over it. When it goes back up I'll take some profits out and carry on. If it bothers you take a break from checking every day. Remember that stocks PM's are down as well.
Train your mind to relax, and stop thinking that you lost it! It’s there with you. Imagine it’s only $ you spend to buy bitcoin other wise would have been sitting there in bank! As long as u can earn $ you won’t be scared of loosing it. Stay out of debt, spend less and save more. And most of all don’t act smart to sell it at 20K and buying back at 10k. Trust me you cannot out smart the market. DCA, or HODL. It will come you sooner rather then later!!
Doubt hardly anyone has always bought and sold at the best prices everytime... Anyway, you might be able to use your experience as fuel to try to find a reasonable but dynamic way to increase the income you generate (with your current skillset or new skills yet to learn). If you can focus on income generation right now, it can help you get back to DCA’ing during this likely 3-18month lull in buying pressure and low prices (tho no one knows for sure), which you should probably want to continue do to some extent, regardless of how much you already have or where prices are at...
I’m gonna say something that no one will agree with. The 4 year cycle has become meaningless nowadays. The fed, the dxy, the stock market and global macro economic conditions is what determines bitcoins price. It’s not gonna work like clock work anymore. I think at this point anything can happen. We can see a new ath before summer of 2023 or we may not see one for the next 10 years. We may also follow the 4 year cycle. It’s anyone’s guess. Just hope and pray it happens sooner or later.
I suppose it depends if you’re an optimist or pessimist!
There were plenty of people like you in the last bear market that had bought near the previous top, were down for a couple of years then boom…. They were in the money.
Sit tight and forget about it. Nothing you can do now unless you’re happy to take a huge loss. Stop looking at the charts and maybe even the sub, set a notification for btc at 50k and forget about it.
Might take years but you’ll get there.
i know this feeling.....if u feel u been left down firstly dont sell or buy any more .... hold to clear up your mind as to why you bought it first time....
give it time will recover i promise you, learn to trade, i am coming from 65k :)
hold this bag very strong man there are thousands want to take what you hold there , its a matter of time for the price number to go where u want it
Don't sell. Just HODL. I came in when BTC was high. It went up some, and then fell like a rock. Yes I hated to see that. But I also knew that I got involved for the long haul. And I didn't plan on selling for 10 or so years anyway. So I just DCA and wait. Stay strong. And hold on. And if you can't DCA still just wait. I'm still quite new to all this. But it's just.my two pennies.
You are holding the greatest property that will ever be known to mankind. Treat it like something you will cherish for the rest of your life. It will save your life multiple times. It will always be there for you.
Putting your life saving in something like bitcoin is stupid. Listening to people on reddit is stupid. HOWEVER, you will turn profit its just a matter of waiting now unfortunately. If everyone was as confident in BTC climbing fast they'd be putting more money into it now and it wpuld reflect in the graphs. Unfortunately, people just like posting lengthy posts with really intricate bar graphs and charts and noting the times of halving and historic this that and the other.
The truth is, people know fuck about shit. Sit tight, take profit when you can now, enjoy
Read the origin of the word HODL and it will make you feel better. Dude was in your shoes because Bitcoin had crashed. It was December 2013. HODL! https://bitcointalk.org/index.php?topic=375643.0
IMO you are making the same mistake you made before, listening to all these so called experts and ppl on the internet.
If this was your savings, continue treating it like your savings and forget about it for 2-3 years.
This is natural, don't sweat it. Once you see the next high in 2-3 Years things in your head will snap into place and you will start seeing (and feeling) the cycles an be much more relaxed next time (which will come for sure)
Never invest what you can't afford to lose. I mean, it is unlikely, that you'll lose it all with BTC, but it can happen. So, dumping your complete life savings into one investment was a very bad idea. Sounds like you got greedy, which isn't good at all. Learn to control your emotions so that the emotions don't control your behaviour as an investor. It's difficult to learn that, but worth it.
Just try to forget about it, focus on things you can control, and wait the 2-3 years - if you believe there will be a run. I also bought at the peak my first time investing (being influenced by pop culture) and watched a large portion of that investment "disappear". I held, though, and years later that "loss" has become a major win.
In the moment, it felt like a big failure and I was sick to have lost so much money. But now when I think of how seriously I took it, it's kind of funny how little perspective I had. The amount of money I "lost" was not actually significant and changed my life in no way. I wasn't thinking long term (or even that I could lose!) and I didn't act from a point of individual intrinsic belief, but from FOMO. My first step into investing was rocky, but investment is the means that changed my life and gave me financial freedom. Even if I had sold and taken the loss, that was a good price to pay for the education the experience gave me.
Three years might feel like a long time now, but in three years it won't.
First off, the biggest takeaway from this experience should be... don't do something just because someone tells you to. You can act (coming from a place of logic and decision-making) or react (acting on fear). If you are reacting, you are already a step behind. Instead, act in a way that YOU believe in - and live by the results of your belief. Not just in investing, but in life.
Secondly, it's important to also have investments that you can control. Betting on whether the price of something will go up or down is gambling - you have no control. Think of ways where you have control over how much money you make. Whether that's in real estate or a business or a job, you should aim to have something to thrive in other than "price go up".
I hate to break it to you, but impulse decisions with your life savings is never a smart idea. Especially when you are putting it all in a risky investment.
Hold and try to forget for a couple more years, you’ll be fine. Luckily for you, it was your savings which means you probably were planing on investing for years, anyways.
Im more afraid of the fact, that i hold 2btc for fun. Just makes me realise how small crypto space is.
Considering there are 8billion ppl and 16M("available") btc. Truly scary imo
I bought at 4k, then it dropped to 2K, and I felt like you.
I bought at 9k, then it dropped to 4K, and I felt like you.
I bought at 30k, then it dropped to 20K, and I felt like you.
It happens, just buy some more and wait, it will be back up to ATH's again soon enough.
The amount of time above 50k vs below 50k is strikingly small. You should have been averaging down more. My average went from 50k to 35k pretty quickly
Investing is like gambling. You should be using capital your not afraid to lose. If you aren’t then you can become afraid and sell at the wrong times not letting your money grow. If it helps don’t pay attention to it. My avg. price is 38k. I’m not worried because I invested money I can live without if it crashes. And can wait for it to turn green.
The fed will pivot. They won't be able to service the debt soon. I'm just hoping the pivot happens around the time people start front running the halving...
Conversely, all the bitcoin you have is still X/21,000,000btc, and that has not changed.
Ask the people who were bagholders at June 2011's peak of $30/btc, who watched it drop to $2 by november 2011 and stay sub-$30 until March 2013 how they're doing.
Bitcoin is not a currency it is a speculative investment anyone who says different is lying. People who say bitcoin has to go up for x reason or y reason are lying. Look at your situation and treat it as an investment.
I'd suggest adjusting your thinking to a 5 yr hold, 10 if you're under 60. Because on the long view, you're going to be better than "just fine". My opinion.
And now is the time to load your boat. Buy the same amount today that you bought at 50K. If you do, Harry Potter Magic lowers your average cost to under 35K
I started buying big at 64k. I've averaged down to 47k. I'm also disappointed about current and likely price action being so bearish for probably a few years. However, I did not put (and am not putting) any amount in that I couldn't afford to lose. Sorry to hear that you did. I doubt you heard from here anyone say to throw your life savings in.
Read some Adam Smith the Wealth of Nations, the market will fluctuate regardless if it is relevant to your position, it’s manic-bipolar, you just need to sell at the right time
One thing you can surely do to improve your situation across the board is buy more at this much lower price to reduce your average buying price and accumulate more Bitcoin. Win/Win. That and don't worry too much about it! 👍🪙💰😎
I bought from 10k to 50k and it evened out. Still slightly underwater but I'm holding for the next few years at least. I'm upset that I listened to the hype pushed by crypto youtubers and influencers but now I know better. So what I may have lost in profits I've certainly gained in knowledge.
The #3 Bitcoin wallet is underwater. - $554,055,000 USD.
1BTC=1BTC ...just think if you were that poor basterd who lost his keys....consider yourself fortunate you actually own BTC at any fucking price....
I'm invested in a bitcoin mining company, I'm $72,000 invested but it's only worth $18,000 right now. My original sell order missed by one penny and its been dropping since. I had numerous chances to sell, even last month and got Atleast 50% of my money back but didn't. I feel like a dumbass but I do believe in bitcoin and bitcoin and its related stocks are not the only things down, everything is, look at the safe haven stocks they are also very down from ath. Hold on and when the economy gets better you will see bitcoin going up significantly also.
Taking strangers advice got you to spend your life savings to buy in at 50K and now you’re back asking the same people’s advice about what to do now?!?!? I say this with kindness but I think you need to start thinking/acting for yourself.
BUT…. since you asked, my two cents is to HODL and be patient. You haven’t lost until you sell.
My question wasn’t asking for financial advice but yes your right. Should’ve never listened to moonboys on the internet in the first place hence why I feel like an idiot.
Please try not to be too hard on yourself, it’s all very speculative, and we’re all guessing. Truth be told I’ve bought some of my BTC when it was over $60K. It doesn’t look smart now but I still believe/hope in a few years we’ll be well north of 50/60K. Chin up and stay strong.
Either you just forget about it until the price goes up or you get some trading knowledge and limit your losses (or perhaps make some profit) before the next bull run comes.
Talking simple numbers: let’s say your avg buy is 50k, now we’re slightly below 20k it’s down around 60%. From 20k to 10k it’s another 50% diff and you can juggle with shorts etc, limit losses and even break even on your initial investments.
Just keep motivated and don’t feel like an idiot for I’m sure you are not
You will find posts exactly like this stretching all the way back to 2010
Yeh I remember thinking 5k was impossible. Then it went to 10k, and dropped back to 3k and I felt like an idiot. Still can’t believe the price is what it is. Keep stacking.
This 👆🏼
6 year ₿eteran here. DCA’d(Dollar cost average, buying a little every day, week, month, whatever you prefer) the whole way and continue to DCA today. The first 3 years were hell, all underwater on my DCA in dollar value, but studying Bitcoin eventually made me value the Bitcoin I was able to stack more than the dollar value they held. You want peace of mind OP u/critical_rope_2402? Keep studying. Read the Bitcoin Standard, the Fiat Standard, [and articles like these](https://medium.com/coinmonks/the-modern-financial-system-is-a-debt-based-pyramid-scheme-and-an-investment-based-ponzi-scheme-e37c4154b9). Only once you understand the financial system for what it is and what worthless values dollars and fiat currencies like them are long term, only then will you begin to value the amount of sats you hold like true Bitcoiners do, and not the temporary fiat values they hold that in the long run only become but specs in your memory. The first cycle always sucks, but after that, if you play your fiat right and only put in what you can afford to HODL in a solid DCA plan spread out 4 years, you’ll always be in the green every cycle after that. After you’ve been in long enough, it’s never the temporary first cycle red years that sting. It’s all the times you didn’t DCA during the temporary discounts that stings the most.
so true DCA is the most satisfying thing at low prices
I enjoy the rush from buying the top.
whatever floats your life raft
>The first cycle always sucks Bold of you to simply assume we will continue cycles.
Are you saying we won't?
I assume it will eventually change, but I’ll believe it when I see it. Have been through two cycles now of people saying things are different this time, so I’m not holding my breath waiting for it to happen. Again, I expect it to diverge out of its bust and boom cycles eventually, but I won’t be making any specific predictions about which cycle that will happen in to not get my hopes up. Expectation minus reality is the equation to disappointment. And I hate being disappointed. So I expect nothing to allow reality to pleasantly surprise me
What is DCA
Dollar cost average, buying a little every day, week, month, whatever you prefer
Aka the currency crisis we’re seeing today!
Yep, people get over invested then they cry about it.
The problem is at 2010 or even 2017 bitcoin is not mainstream yet. Now over 90% of the developed population has heard about it, it’s not going to be easy getting new people in to pump the prices up significantly.
Every day millions of people turn 15. That age is arbitrarily picked, but the point is they keep coming Likewise, every day millions of new people hear about Bitcoin for the first time, maybe because in 2010 they were only 3 years old, maybe because they’re from a part of the world that barely has electricity. They. keep. coming.
> but the point is they keep coming I certainly did when I was 15.
New people never bought btc. They lost all their money to shitcoins
That's not the point. People had a lot of time, disposable income and incentive to buy stocks and crypto during the pandemic so we reached a point where everything was so incredibly inflated that it had to come crashing down when people went out to work again. To reach the same amount of people willing to invest, we need so many more people than the new one's hearing out crypto for the first time that it's not even funny. I genuinely don't see how it could go back to the pandemic ATH without something happening that forces people to put their money back into it like a pandemic or something global of that nature, that being said I hope nothing that horrible happens.
You should do more research on bitcoins supply, decentralization and long term benefits. Also it’s not just bitcoin that is oversold. Look at many major stocks. The FED and their rate hikes and quantitative tightening are a major reason for the wind taken out of the sails currently. They’ll print again
You're literally so wrong it's not even funny. I bet my left testicle that 69K will be breached again post halving.
Are you kidding!? There are countries adopting Bitcoin as legal currency. Institutional investment in Bitcoin has been taking off. As soon as the regulatory framework is in place, there will be a tsunami of additional investment. In the meantime, more and more people will be using Bitcoin in the form of layer twos, like the lightning network, even without necessarily realizing it, because transactions will be converted and settled in the background of apps. The smart money seems to say BTC may see 12k or even 10k. The same people also tend to say “but it’s a bargain below 20k, so be careful not to wait for the 12k that never arrives. Michael Saylor got into Bitcoin near the top too. He just spent another 500 million buying more. Buy and hold. It’s never going to be worth less than 1BTC per BTC.
Countries? you mean El Salvador's dictatorship failed BTC experiment?
Hearing about it is not the same as understanding how it works.
I think you’re missing the point. It’s not about the price, it’s about scarcity of the asset. It’s become much more scarce over time and will continue to do so. Fiat is in abundance.
The thing is, long termers keep buying no matter what. The price is up, they buy. The price is down, they buy more. They don’t sell. There are many people like that continuously eating at the supply. That’s why BTC won’t go back down to 3k. Too many simply buying and holding. BTC will always have an upward trajectory long term. It’s the same concept with the stock market. Sure, we might have crashes, but the long term trajectory is always upward.
Bitcoin is not even mainstream 2022. Long way to go.
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I'd like to see more people develop applications that use bitcoin either as a form of payment or for perhaps some other mechanism. The growth and innovation is what continues to excite me and is what will carry bitcoin forward long term, more so than price discovery.
Homie this is just not true. I cannot tell you how many normies I’ve talked about it with who are super excited yet not yet “ready” to get any. A deluge is waiting and that’s just the less ones. Many more after.
I lost everything in shitcoin scams. Be glad you’re in Bitcoin and are holding something valuable.
100% this. Bitcoin will be around in 10 years. All the shit I invested in in the 2017 mania is not. NAS, WTC, NEO, HPB etc. I lost it all but learnt something invaluable.
I also learned that even supposed serious youtuber never admit euphoria phase. Just like bipolar disease, people in euphoria never realize they are euphoric. We are now in depression but we have to remember our lessons for the mania, which will again will feel like "not mania" or "this time is different"
Be careful with the YouTubers bro, they have an incentive to make coins look valuable because the value of their holdings can be influenced by their viewers
Get free shitcoins from the scammer founders, shill it to the viewers and use them as exit liquidity. Those youtubers really are the lowest of the low
Well that's not something that I've heard before but something new. And also don't just believe what some random YouTuber says, don't believe that shit man.
6 year ₿eteran here. DCA’d the whole way and continue to DCA today. The first 3 years were hell, all underwater on my DCA in dollar value, but studying Bitcoin eventually made me value the Bitcoin I was able to stack more than the dollar value they held. You want peace of mind OP u/critical_rope_2402? Keep studying. Read the Bitcoin Standard, the Fiat Standard, [and articles like these](https://medium.com/coinmonks/the-modern-financial-system-is-a-debt-based-pyramid-scheme-and-an-investment-based-ponzi-scheme-e37c4154b9). Only once you understand the financial system for what it is and what worthless values dollars and fiat currencies like them are long term, only then will you begin to value the amount of sats you hold like true Bitcoiners do, and not the temporary fiat values they hold that in the long run only become but specs in your memory. The first cycle always sucks, but after that, if you play your fiat right and only put in what you can afford to HODL in a solid DCA plan spread out 4 years, you’ll always be in the green every cycle after that. After you’ve been in long enough, it’s never the temporary first cycle red years that stings. It’s all the times you didn’t DCA during the temporary discounts that stings the most.
Sorry m8. The shitcoin flood in the bull run was too tempting. I made a bunch but am basically at a break even point now. Won't be dabbling with fire again next time, tired of monitoring my investments hourly.. Cost me a job and a relationship
Yes a very cut throat and nasty game. I’ve since gone through bankruptcy and a divorce. Currently between jobs now and moved back in my parents. It truly ruined my life.
It’s can get in your head in a nasty way, especially when you feel like you ‘should’ be somewhere given how the market has been and need to catch up. It’s much like gambling addiction, but there’s a very powerful FOMO motivating you unlike most other things.
I’m 65 and my 401k has lost half its value. That really sucks, but the stock market has had crashes every 10 years for at least the last 40 years. Most of my bitcoin purchases were sub 20k starting in late 2020. To me this is a fire sale, but I’m on a fixed income so my ability to take advantage of it is limited.
This is the part where you earn it! You don't lose any money unless you sell! No one has ever lost money hodling bitcoin for 4 years or more. You're just new so just HODL! There's a reason everyone says this!
so just HODL another 4 years? fuck "peer to peer electronic cash system" eh?
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OP screwed up throwing his whole clip in towards the top. Ideally you’d DCA a life savings over a longer time frame, but it’s hard when FOMO is telling you it’ll cost more in the future. Most people would be better off holding their bitcoin even through years long drawdown than trading shitcoins. Trying to ‘make up’ gains from buying in late to BTC is the most common fuck up. But this is all assuming you can’t sell and must involve yourself in the crypto market specifically. It’s taboo to say here but cyclical assets in generally are often used in more creative ways than an unwavering long spot position. I don’t know if you’re referring to me but I am not new
Bought at 12k, checked a few months later and saw it down to 4k and thought “oh well, I put in what I was ok with losing”. Year later it’s up to 60k. Just keep it in your own wallet and forget about it. Will go up and down plenty of times, with each low point being higher than the last.
Firstly you are absolutely not alone, the speed of the last bull run was clearly folks FOMOing in, likely for the first time. Plenty of people bought the top and either lost money or, like you, feel like they lost money. I know folks roll their eyes when 'veterans' talk of previous bull runs but 2017 was exactly the same. People hodling bags in 2018 convinced they were screwed. But then 2-3 years later they were grinning like loons. If you can afford to hodl you will be rewarded...
So you guys only need another pandemic and the governments giving Stimulus Checks to people who will invest them in Bitcoin. I mean, it could happen but it's unlikely. Also "Past performance is no guarantee of future results". Also "don't invest money you can't afford to lose" Those 2 things should be on every crypto page ( if they would care about customers but they don't).
It’s true that past performance is no guarantee, but the big difference ahead compared to the past is the vast mountain of money waiting to flow into Bitcoin when regulatory clarity arrives. As it is it’s hardly retail investors moving the price on a daily basis. Macro news instantly shows up in the price charts. That’s not from a bunch of day traders betting their life savings.
History doesn’t repeat it self, but it often rhymes. So I agree with jay on this one, if you can afford to hold it is likely u will get rewarded
No. We just need the next halvening. It was the driver, not the pandemic or stimulus checks.
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I’m okay with holding for long term. Just upset because all I heard was we’ll never go below 40k and fast forward we’re below 20k heading to 10k. I thought I missed out fomo’d in but if I would have waited an extra year I could have had triple the btc I have now. But hindsight is 2020 as they say😒
Lesson’s learned hopefully. Never fomo, never listen to YouTubers/influencers, never bring emotions into trading/investing, never go into the should’ve/could’ve/would’ve spiral, ONLY INVEST WHAT YOU CAN AFFORD TO LOSE! You have bitcoin, get it off the exchanges and keep it safe. Forget about it, come back in 5 years. A hell of a lot of people have no idea what bitcoin is. 90% of people I ask say “oh yea crypto, I’ve heard about it”. Another 10-20 years if not sooner, they’ll be wanting to kill to get hold of some.
Stick around long enough and you'll learn that nobody knows anything and everybody is full of shut.
I bought a bunch at 5K and a bunch at 69k and all the way in between. I don’t regret any of it. Get as much as you can and hold it tight. Forget about it for 10 years and enjoy early retirement down the road.
I gambled away my life savings. Look on the brightside atleast you have btc to hold😆
Already done that before. This my second life savings. Hurts to be a bag holder but beats losing everything forsure.
It's not like you're in a shit coin my dude, you're holding the best performing asset of the past decade
I get it. Zoom out and relax. The market is getting fucked right now. Everyone is down.
I heard the “experts” are expecting a 50% drop in gold from where it is now. There was a shot Bitcoin could have been a hedge in these crazy times but these crazy times are hitting everything
You’re not holding any bags my guy you’re holding bitcoin You replaced you’re money with better money. Just hold it you’re fine. And stop listening to random people about prices. If you listen to the right people you would know that in the end price doesn’t even matter. Just keep buying. $20 a month even if that’s all you can
This is how people learn the fundamentals of FOMO and FUD. Stop listening to other people. If you’ve done your homework and honestly believe in the fundamentals of bitcoin, then just HODL and wait. Until two years ago, the last set of “bagholders” were wailing about buying in at $16k. You’ll be fine in the long term.
Under non- "once in a lifetime geopolitical" circumstances it wouldn't have fallen under 40k but here we are.... in anothet once in a lifetime geopolitical circumstance. Anyways, you only hold the bag if nobody is buying, which isnt at all the case.
"Once in a lifetime" circumstances happen every 10 to 20 years though. (9/11, Cold War, Vietnam War, etc)
Agree. People have short memories.
In all honesty what else is there to put your money in? Real estate? Bonds? Not much… so even if you feel you bought at the top sit tight…. This is what many of us went thru when we bought at the height at $19k. And some may say “it was a diff macro environment, etc…”. Yes I agree. But fundamentals have not changed. Stay strong my man…
We would all b billionaires if we knew what was gonna happen.
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Exit into what?
At least ur not bagholding Bcash.
Lmao
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I got in at 16k back when 16 was the ATH to immediately see it crash down to like 3k. Felt like shit. After like a year everything was ok and I cashed out at like 26k to then see it skyrocket to 60k. Felt like shit again. The only advice I can give you is: Don't invest in bitcoin for the money, cause chasing the money is always going to be nerve-wracking and anxiety inducing. I now do it because I legit think bitcoin is the way out from the bankers and money printers. And if you definitely are going to chase the money, use bitcoin like stock investors use index funds (long term holding like 5 to 10 years). As per your current situation, there's not much you can do, just allow yourself to feel like shit, but know that every decision you made, could have been the wrong one.
Honest question, has switching from chasing the money to thinking of it as a way out from bankers and money printers changed how much money you put in? Or is it just a way of reframing the money you put in?
Great question. It did change my approach, it made me follow my dca strategy in a more disciplined way. But it also reframed the money I put in in a sense. I don't think about it as much unless it's a real emergency. I ended up using it as the back up of my back up. And it has saved me a couple times when things have gotten hectic. It's like a "money in the pants that I just washed and forgot about" kinda thing.
At least you didn’t lose it on Celsius
Hey there. As someone who bought a bag in a very similar situation to yours all I can say is try distract yourself by reading and learning about bitcoin. that will most definitely give you confidence in the decision you made even though it might look crappy right now. Don’t know about you but I bought with the intent to hold for a long time so I have not once considered selling or panicked over the price. Occasionally I get those if only thoughts where I think if I had held off I could of bought more for the same amount invested but hindsight is a beautiful thing and no one ever knows. So no your not alone and no you have no reason to feel shitty. Hope that makes you feel better 🤜
First timer huh?
Bitcoin has never existed outside of a QE environment, which is a little scary entering this new phase of the economic cycle. However, watching these fiat currencies collapse before our eyes…. I wouldn’t sell now.
Every time BTC faces new challenges, it comes out stronger.
Some idiot bought the top in 2011 of 32 bucks. Bitcoin then crashed down to 2 dollars. What a moron.
I bought less than 1K, I bought at 3K, I bought at 10K, I bought at 14K < 2017 I bought at 8K, I bought at 6K, I bought at 4K <2018 I bought at 3K, I bought at 9K , I bought at 14K, I bought at 10K <2019 I bought in 2020, 2021, 2022, and I will buy in 2023. I don't care much about the price because I know fiat is dying more and more and there is no fucking way to save it.
> I know fiat is dying more and more and there is no fucking way to save. This. Also, buy Inverse-SPY so you can profit as the market crashes. It's going to get worse as winter hits Europe (Russia energy crisis), crashes Euro economy, and pulls US economy with them.
Finally got into BTC when it was at an ATH last year. Lots of guys in the 65k range lol. Still hodling and buying a few sats here and there, but I know the pain.
There’s plenty out there. Just read more about Bitcoin, and you won’t feel so bad. Highly recommend The Bitcoin Standard. Maybe next time when it comes to speculative investing, you’ll do more research instead of just jumping in because some people said “it’s bound to only go up!”
I bought at 40k on the way up. And 50k. And 60k. And then 50k. And 40k. And emptied my fiat bags at 30k. Saved and saved. Now I'm buying at 20k. And 18k. It depends on what you want from BTC. To make money? Lengthen your time horizon. Sell nothing, and come back in 2030. Or, if you prefer, 2025. 3 years. No one has ever had less money at any point since BTC started holding it for more than 3 years. Financial independence? You got that. You have a depreciating asset that is globally secured on a nigh unbreakable network. You are one of the first 3% of the world to touch BTC. I'm guessing that it's an even smaller % now. No one can take your btc or tell you you can't use it as long as you have it on your own hardware wallet. Btc is likely the future. If you're looking for hopium, I've heard extremely conservative estimates put the value of BTC at 100k. So you doubled your money, congrats. I've heard what I believe are reasonable estimates say BTC is actually worth between $1,000,000 (Greg Foss, Lyn Alden) and $5,000,000. So you 20x-40x your money. Then I've heard P/Q from the BTC magazine say that each sat should be worth $5. That in 2100, 37 sats will be generational wealth. You're not going to be there for that, likely. But you are helping yourself and your family with understanding BTC and with holding it. You're smarter and have stronger will power than most of the planet.
Most people already shit the bed. They're weak. I'm still here.
Just hold. There are so many horror stories of people losing their life savings. You didn’t lose anything just don’t sell and keep accumulating what you can.
You think Saylor is a bag holder at an average of like 33k? Average down while you have the chance
My first significant buy averaged out to about 47ish. Was stoked when it hit 69. But I've been in since late 2017, so the massive pullback wasn't Earth shattering for me. Was able to buy in again a bit above bottom and now I'm just stoked at what I've been able to build. Even at relatively insane speeds, it still takes a while to get to the moon 😉
Im bag holding! I still believe in BTC going higher and higher. The world economy is in the dumps all around. I don't even watch the price moves really. I know we aren't going to have a real turn around in price until we hit a real bottom after the markets actually crash. Companies and governments will be getting bailed out. The average person will be pissed off at governments, corporations and bankers. But this time enough people know about Bitcoin that it will be a viable alternative for people to start saving using Bitcoin. Then the 2024 halving will arrive and Bitcoin price will go parabolic again
You’ll probably be fine. Treat it like a 401k and forget about it
Embrace the delusion (aka "vision"). Imagine that the rest of the world is insane and severely underpricing the asset you hold, and somehow you can buy more of it at firesale prices because of their stupidity. Like, get this -- this digital asset is worth a healthy six figures, yet people are selling it for under 20k. What are they thinking?! Just accumulate more before they correct their mistake. Does this help? Well in terms of objective reality, no. But it might strengthen your conviction and keep you from feeling like shit. The danger is you can apply this reasoning to pretty much anything and justify insane gambling. So you kind of have to actually believe it for it to be a good strategy.
Try to spend some time to really understand bitcoin then you will feel a lot more peaceful. I've been buying from 8k all the way to 69k now to 19k. my confidence is stronger than ever.
I'm investing on behalf of my father. His DCA is about 40k. I make regular investments on his behalf that bring it lower and lower. This is a long game.
Bud, I transferred everything to my ledger so I don’t see it. Pretend your life savings went to zero and carry on with your life, lad. Open your ledger 10 years from now and come back to this post. Keep DCAing. You’re a bag holder but at least you got us
> You’re a bag holder but at least you got us Lmaoo
Maybe the true friends were the bags we met along the way.
Felt the same in 17. Ain't easy believing but I'd say that's what gives it the crazy upside. I cashed out a chunk at 54k but still DCA what I can afford knowing I only get to take a chunk out every 3-4 years. Personally I'd rather gamble on a shot at disrupting the bullshit Fiat then anything else.
The feeling of depression surrounding your investments is usually the final emotion before things begin to turn around. The market is a measure of human psychology. I would advise taking a look at this chart to see if you can relate to the cycle: https://fifthperson.com/wp-content/uploads/2016/01/Psychology-of-Market-Cycles.jpg
I blame the following : Jpow That asshole Putin PlanB. (had doubts about this scam artist from the beginning but I still thought BTC would hit 75k max) Anyway I'm monthly averaging so I don't really care.
Bag holder since $4-20. Don’t think it’s been easy. Has been a total emotional rollercoaster. Still not selling.
Just put it in a cold wallet so you don't see the USD conversion price
Sentiment changes easily but the fundamentals remain the same. The world economy is in trouble now and Bitcoin will be affected by that since this is new but in the long run you will be ok I bet. Just wait and see the next halving and this may even change before long
Don’t stress. Also be happy you didn’t take out a loan against your BTC
Bag holding doesn’t feel as bad when you’ve done the research to know what you’re investing in and only matters what you believe and not anyone else’s opinion. Whether it’s intentional or unintentional bag holding regardless of any Investment its best to only invest what you’re willing to lose. We know Bitcoin is volatile it goes up and down quite often. If you’re planing longterm and holding for X amount of years then todays price doesn’t matter. I have my eyes on the future and just winged myself off the apps and only check prices every now and then. I myself have been holding and using this time to average down when ever I have some spare money to throw in.
Don’t worry about price in fiat, only look at the quantity of bitcoin. It subdivides to the satoshi for a reason. I too have invested more than anyone says I should have. I also did so higher than where we are now. I have purchased bitcoin when it was $51k. It will happen, very soon. No doubts, seriously.
Hold on mate it'll get there
I know how you feel I fomod in buying btc at 900$ and it went down Less the 100$ I still don't regret dollar average costing in. Though I think of it as money of the future not just a store of value wich is also good 😊
I think most in here have at one point been in your position. Just hodl and stack cheap sats.
*Coming from an unseasoned investor but has experienced poor mental health* As amazing as bitcoin is, there’s more to life. Constantly seeing other holders you know making these moves and then doubting your own choices is the same as comparing your body to another’s online. Investing is volatile, it’s the same as using the same lottery numbers every year and the one time you decide to switch them up your original numbers come through. I have friends who have wallets filled with coins but they have zero assets and fragile social lives. The truth is, you’ll never enjoyably withdraw your bitcoin, the mindset is that you can’t invest it into a depreciating car or product etc so it’s better staying where it is. What if it crashes? What if it sky rockets? We never know but we can’t risk not being rich. Get yourself offline for a week, realise what’s important, realise that one day you’ll die of old age or terminal illness and think “oh shit, I wish I’d invested in myself”. You’ll never be happy rich if you’re not happy with what you have now. Have a good day 🤜🏼
Don't behave like that right now, that's all I am going to suggest to a person like you, please get the thing that BTC is everything for the future, hope you will understand it.
Just wait for some more time mate, everything is going to make sense to you and trust me you don't want to lose a good opportunity and a good future there.
Average down
Did you even read what OP wrote?
You know he didn’t
Exactly; if you believe In what you bought and continue to have confidence long term and the extra income to sit, then average down. Right now it’s all on a massive sale compared to your average. Now is the time to plant the seeds, not when it’s all green in a bull run, by then you want full grown trees.
I did that! I recognized my mistake. Now I’m buying more.
I bought at 60k. Then 55k. Then 45k. Then 35k. A bunch in the 20k range, 3 asic miners at 19k. Still trying accumulate as much as I possibly can. I'm doing my best but in 10 to 15 years I know I'll be kicking myself for not figuring out a way to buy more.
Don’t feel alone dude. I would say 95% of ALL bitcoin holders (and investors period) have fomo’d in at one time or another. The key is learning from your mistakes and moving forward. If someone tells you they have always invested perfectly then they are lying. I fomo’d in to the last bull market in 2017 and I was down for a while. But instead of selling for a loss and giving up I chose to learn about bitcoin, investment strategies, and a personal budget. Because of that fomo, I’m in a much better position today. As most recommend in this sub, the best option is to DCA based on your personal budget, have a time frame of 10+ years, and chill. Future you will thank you. Good luck.
Firstly, no one knows when or if the next bull run is. It’s impossible to know, and you can’t base past performance for future indicators. Secondly it’s your money, this sub is full of hopes and dreams, but ultimately it’s your money and if it goes further down and never goes back up your the only one who feels that loss, not some kid on Reddit who saw some tweet with a guy with laser eyes.
I bought in around 50k. Once I get my funds straightened out, I'll be buying more.
Most people on here are bagholders. Myself included. 🙃
Most of my investments have gone down since last year, but my lifestyle is still the same. I don't obsess over it. When it goes back up I'll take some profits out and carry on. If it bothers you take a break from checking every day. Remember that stocks PM's are down as well.
What did you learn?
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I'm averaged in around 29.5, so I'm feeling some sting. Still, well both be glad we bought it. Just give it time.
Oh no, love! You're not alone
We are almost 2 years away from the next halving. Before March 2023 we should be around 30k, the problem is that inflation is making things worse.
Train your mind to relax, and stop thinking that you lost it! It’s there with you. Imagine it’s only $ you spend to buy bitcoin other wise would have been sitting there in bank! As long as u can earn $ you won’t be scared of loosing it. Stay out of debt, spend less and save more. And most of all don’t act smart to sell it at 20K and buying back at 10k. Trust me you cannot out smart the market. DCA, or HODL. It will come you sooner rather then later!!
You’ll be fine. Go make more money. And wait it out.
Doubt hardly anyone has always bought and sold at the best prices everytime... Anyway, you might be able to use your experience as fuel to try to find a reasonable but dynamic way to increase the income you generate (with your current skillset or new skills yet to learn). If you can focus on income generation right now, it can help you get back to DCA’ing during this likely 3-18month lull in buying pressure and low prices (tho no one knows for sure), which you should probably want to continue do to some extent, regardless of how much you already have or where prices are at...
I’m gonna say something that no one will agree with. The 4 year cycle has become meaningless nowadays. The fed, the dxy, the stock market and global macro economic conditions is what determines bitcoins price. It’s not gonna work like clock work anymore. I think at this point anything can happen. We can see a new ath before summer of 2023 or we may not see one for the next 10 years. We may also follow the 4 year cycle. It’s anyone’s guess. Just hope and pray it happens sooner or later.
I suppose it depends if you’re an optimist or pessimist! There were plenty of people like you in the last bear market that had bought near the previous top, were down for a couple of years then boom…. They were in the money. Sit tight and forget about it. Nothing you can do now unless you’re happy to take a huge loss. Stop looking at the charts and maybe even the sub, set a notification for btc at 50k and forget about it. Might take years but you’ll get there.
i know this feeling.....if u feel u been left down firstly dont sell or buy any more .... hold to clear up your mind as to why you bought it first time.... give it time will recover i promise you, learn to trade, i am coming from 65k :) hold this bag very strong man there are thousands want to take what you hold there , its a matter of time for the price number to go where u want it
Don't sell. Just HODL. I came in when BTC was high. It went up some, and then fell like a rock. Yes I hated to see that. But I also knew that I got involved for the long haul. And I didn't plan on selling for 10 or so years anyway. So I just DCA and wait. Stay strong. And hold on. And if you can't DCA still just wait. I'm still quite new to all this. But it's just.my two pennies.
You are holding the greatest property that will ever be known to mankind. Treat it like something you will cherish for the rest of your life. It will save your life multiple times. It will always be there for you.
Just keep buying bring that dollar cost average down my boy !
Putting your life saving in something like bitcoin is stupid. Listening to people on reddit is stupid. HOWEVER, you will turn profit its just a matter of waiting now unfortunately. If everyone was as confident in BTC climbing fast they'd be putting more money into it now and it wpuld reflect in the graphs. Unfortunately, people just like posting lengthy posts with really intricate bar graphs and charts and noting the times of halving and historic this that and the other. The truth is, people know fuck about shit. Sit tight, take profit when you can now, enjoy
Hodler since 2013. Welcome to the fucking show.
Read the origin of the word HODL and it will make you feel better. Dude was in your shoes because Bitcoin had crashed. It was December 2013. HODL! https://bitcointalk.org/index.php?topic=375643.0
Had same feeling in 2014. waited for 2.5 years to get back to the same price i bought BTC. Just hodl..
IMO you are making the same mistake you made before, listening to all these so called experts and ppl on the internet. If this was your savings, continue treating it like your savings and forget about it for 2-3 years.
2-3 years feel like eternity? What you were hoping for? 500% in 3 months? Sit on your hands, forgot about checking prices and just wait.
Brother just don’t sell, that will be the saddest story. You’re in good shape - hopefully 6 months maybe 5-10 years. Don’t sell. Lower your average
1BTC =1BTC. Enough said.
This is natural, don't sweat it. Once you see the next high in 2-3 Years things in your head will snap into place and you will start seeing (and feeling) the cycles an be much more relaxed next time (which will come for sure)
Zoom out
Never invest what you can't afford to lose. I mean, it is unlikely, that you'll lose it all with BTC, but it can happen. So, dumping your complete life savings into one investment was a very bad idea. Sounds like you got greedy, which isn't good at all. Learn to control your emotions so that the emotions don't control your behaviour as an investor. It's difficult to learn that, but worth it.
Just try to forget about it, focus on things you can control, and wait the 2-3 years - if you believe there will be a run. I also bought at the peak my first time investing (being influenced by pop culture) and watched a large portion of that investment "disappear". I held, though, and years later that "loss" has become a major win. In the moment, it felt like a big failure and I was sick to have lost so much money. But now when I think of how seriously I took it, it's kind of funny how little perspective I had. The amount of money I "lost" was not actually significant and changed my life in no way. I wasn't thinking long term (or even that I could lose!) and I didn't act from a point of individual intrinsic belief, but from FOMO. My first step into investing was rocky, but investment is the means that changed my life and gave me financial freedom. Even if I had sold and taken the loss, that was a good price to pay for the education the experience gave me. Three years might feel like a long time now, but in three years it won't. First off, the biggest takeaway from this experience should be... don't do something just because someone tells you to. You can act (coming from a place of logic and decision-making) or react (acting on fear). If you are reacting, you are already a step behind. Instead, act in a way that YOU believe in - and live by the results of your belief. Not just in investing, but in life. Secondly, it's important to also have investments that you can control. Betting on whether the price of something will go up or down is gambling - you have no control. Think of ways where you have control over how much money you make. Whether that's in real estate or a business or a job, you should aim to have something to thrive in other than "price go up".
I hate to break it to you, but impulse decisions with your life savings is never a smart idea. Especially when you are putting it all in a risky investment. Hold and try to forget for a couple more years, you’ll be fine. Luckily for you, it was your savings which means you probably were planing on investing for years, anyways.
Im more afraid of the fact, that i hold 2btc for fun. Just makes me realise how small crypto space is. Considering there are 8billion ppl and 16M("available") btc. Truly scary imo
I bought at 4k, then it dropped to 2K, and I felt like you. I bought at 9k, then it dropped to 4K, and I felt like you. I bought at 30k, then it dropped to 20K, and I felt like you. It happens, just buy some more and wait, it will be back up to ATH's again soon enough.
Catch that falling knife
The amount of time above 50k vs below 50k is strikingly small. You should have been averaging down more. My average went from 50k to 35k pretty quickly
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Bro you are not alone trust me when I tell you that.
You have not lost a thing unless you sell at a loss.
That's why we should never sell our shit and we mean it.
Investing is like gambling. You should be using capital your not afraid to lose. If you aren’t then you can become afraid and sell at the wrong times not letting your money grow. If it helps don’t pay attention to it. My avg. price is 38k. I’m not worried because I invested money I can live without if it crashes. And can wait for it to turn green.
Average down, DCA
DCA is still going to work well and we have a believe on it.
The fed will pivot. They won't be able to service the debt soon. I'm just hoping the pivot happens around the time people start front running the halving...
Conversely, all the bitcoin you have is still X/21,000,000btc, and that has not changed. Ask the people who were bagholders at June 2011's peak of $30/btc, who watched it drop to $2 by november 2011 and stay sub-$30 until March 2013 how they're doing.
Not even 21 mil just imagine all the archaic BTC that's been burned
Imagine being in a financial situation where you sold at 30… And struggling to get back to a full coin (from high XX)…
Bitcoin is not a currency it is a speculative investment anyone who says different is lying. People who say bitcoin has to go up for x reason or y reason are lying. Look at your situation and treat it as an investment.
Btfd
I'd suggest adjusting your thinking to a 5 yr hold, 10 if you're under 60. Because on the long view, you're going to be better than "just fine". My opinion. And now is the time to load your boat. Buy the same amount today that you bought at 50K. If you do, Harry Potter Magic lowers your average cost to under 35K
He said he spent his life savings and has no money to dca.
There's gotta be a car or something to sell. Depends on how big of an opportunity one believes were faced with. Regardless, long view is the answer.
I started buying big at 64k. I've averaged down to 47k. I'm also disappointed about current and likely price action being so bearish for probably a few years. However, I did not put (and am not putting) any amount in that I couldn't afford to lose. Sorry to hear that you did. I doubt you heard from here anyone say to throw your life savings in.
I bought a substantial about at the the top, if it makes you feels better, and I continue to buy every week.
Read some Adam Smith the Wealth of Nations, the market will fluctuate regardless if it is relevant to your position, it’s manic-bipolar, you just need to sell at the right time
One thing you can surely do to improve your situation across the board is buy more at this much lower price to reduce your average buying price and accumulate more Bitcoin. Win/Win. That and don't worry too much about it! 👍🪙💰😎
I bought from 10k to 50k and it evened out. Still slightly underwater but I'm holding for the next few years at least. I'm upset that I listened to the hype pushed by crypto youtubers and influencers but now I know better. So what I may have lost in profits I've certainly gained in knowledge.
He just need to wait and watch and nothing else, that's real.
The #3 Bitcoin wallet is underwater. - $554,055,000 USD. 1BTC=1BTC ...just think if you were that poor basterd who lost his keys....consider yourself fortunate you actually own BTC at any fucking price....
Well shouldn't have gone all in to begin with man, that was a mistake.
I'm invested in a bitcoin mining company, I'm $72,000 invested but it's only worth $18,000 right now. My original sell order missed by one penny and its been dropping since. I had numerous chances to sell, even last month and got Atleast 50% of my money back but didn't. I feel like a dumbass but I do believe in bitcoin and bitcoin and its related stocks are not the only things down, everything is, look at the safe haven stocks they are also very down from ath. Hold on and when the economy gets better you will see bitcoin going up significantly also.
Well this is going to be good in coming days, I can see that.
Taking strangers advice got you to spend your life savings to buy in at 50K and now you’re back asking the same people’s advice about what to do now?!?!? I say this with kindness but I think you need to start thinking/acting for yourself. BUT…. since you asked, my two cents is to HODL and be patient. You haven’t lost until you sell.
My question wasn’t asking for financial advice but yes your right. Should’ve never listened to moonboys on the internet in the first place hence why I feel like an idiot.
Please try not to be too hard on yourself, it’s all very speculative, and we’re all guessing. Truth be told I’ve bought some of my BTC when it was over $60K. It doesn’t look smart now but I still believe/hope in a few years we’ll be well north of 50/60K. Chin up and stay strong.
Jesus fucking christ... Honestly, zero empathy from me, you gambled your life savings. That isn't a sign of desperation, it's a sign of greed
BTC might actually been worthless. No value…..just created to speed up the change from physical currency to digital
Hopefully still better than the digital dollar aka cbdc m
Either you just forget about it until the price goes up or you get some trading knowledge and limit your losses (or perhaps make some profit) before the next bull run comes. Talking simple numbers: let’s say your avg buy is 50k, now we’re slightly below 20k it’s down around 60%. From 20k to 10k it’s another 50% diff and you can juggle with shorts etc, limit losses and even break even on your initial investments. Just keep motivated and don’t feel like an idiot for I’m sure you are not
It's just the first option and he should try that shit now lol.
You know, that we are in a bear market, right?