In Crypto, Tis But A Flesh Wound

You thought I was kidding when I said I am dead inside. I am a black hole. Throw catastrophic losses that would have most traders set themselves on fire and I don’t even blink. No emotion.

Experiencing a 60% drawdown within 36 hours frays your nervous system. This isn’t my first rodeo so I watch in amusement while newbies assume the fetal position on busy highways.

There is no shortcut to get here. You must burn in the fires of Crypto. A lot of Crypto Tuition got paid out tonight. Hopefully you paid attention. If you panic sold the bottom, thank you. Please drive through.

Bitcoin Cash chart, a tidy .786 fib correction. It’s bounced 40% off the lows IN THE PAST HOUR.

Riding out these swings is like riding a bicycle. I can tell you what it’s like but until you ride a bike you don’t get to experience what I’m telling you about. Now, you get to experience a crypto style correction. We do this shit right, like we invented it. If Crypto had a VIX it would be pegged at 1,000,000 right now.

It’s late and I’m tired so I’m going to do what any sane person does who is down 50% since yesterday. I’m going to bed and I will sleep like a baby.

I hope you picked up some BCH, XMR or EOS on this dip. They all got hammered. Congrats on your baptism.


About coinspeak

20 years as an IT consultant. Escaped the rat race in 2015. Addicted to travel and tacos.

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  1. Sleeping babies often poop in their diaper.

  2. Pretty cling my spots and loaded my up

  3. Dumped all of my free BCH at 4,200 as soon as Coinbase lifted the trading halt.

  4. Unless you have dry powder say in your USD wallet at Coinbase, buying that dip is darn near impossible. I watched it, wanted to load up with BCH at $1900 but alas, no cash in that wallet, oh well. And waiting 7 days for it to come from your bank stinks.

    Still in it’s infancy. Masses still clamoring to get in and can’t. I think the amount of fresh money wanting to come in 2018 is huge.

    • Already off the lows and don’t see it going back there again with money waiting to pour in still. Dry powder could have been in the form of USDT. Risky but anyone who got into USDT recently could have been back into their favorite magic doo-dad thigama-gig coin by now having dodged a missile sized bullet. I pulled a small amount of my XVG yesterday afternoon and rolled with style into USDT. Wish I had bigger balls and gone heavier.

  5. “Flesh wound”. Hahahaha. Take that little cunt!

  6. So, what is your max pain point, or would you just go down with the ship and hold until $0?

    • Why would all go to zero?

      Do you you see any merit I blockchain technology? The entire crypto space didn’t start as a means to trade coins and get rich. It’s an evolution in technology and the early bird gets the worm.

      Just like the advent of the internet, there is tremendous growth and the market will tend to get ahead of itself as the masses use it as a get rich quick scheme but this is not going away and there remains huge sums of money still waiting to get in.

      • You’re missing the point.

        It doesn’t matter if it goes to zero or not. It doesn’t matter if people think it’s the future. Right now the boat is filled with people all saying the same thing: “buy and never sell.”

        But they don’t all actually believe that. Some will say they will never sell and bail at -50%. Some will say they will never sell and bail at -75%. Some will say it and bail at -90%. Some will never sell and ride it to zero. How many people held Amazon during their -95% drawdown?

        The market will eventually test your limits. Everyone who holds talks a big game, but your largest draw down is always in the future.

        Just wanted to see if anyone actually has a risk management plan, or if it’s just ride and die.

        • It’s a good point to bring up. I’ve been pretty awful about taking out profits. I can nail a target pretty well but GREED runs me. I’ll admit it. I am greedy.

          I think to survive in Crypto you have to be greedy. You have to be willing to hang in there during ridiculous drawdowns. It’s not risk management. I’m not pretending that it is but it’s worked *so far*.

          Those people who held AMZN during the 95% dip are beyond wealthy if they held. I’ve been decimated in Crypto several times. I’m used to it.

          In 2018 I plan to take more profit. I’ve been retarded about it. Time to try not being retarded.

          But I won’t let that get in the way of the bigger picture. 2018 is going to be ridiculous.

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