Don't focus on the fiat value
For new guys on the scene, the events of the past couple of weeks must have been horrendous. Think of it as your own indoctrination into the crypto life and I'd like to tell you that the worst is over, but I'll be lying. However, there's some consolation in the fact that where there's life, there's hope, am I right?
1 Ethereum = 1 Ethereum
The crypto scene is unlike anything you've ever seen before. If you think I'm lying, how about you take a gander at Dogecoin's meteoric and unexplainable rise to prominence to gain insight.
If you consider that scenario and many others that are billion-dollar entities, you'll find a common theme between them; it doesn't make any sense. Yup, that's the summary of the situation, so it will be wise for you to dump any legacy market science you're trying to adapt to the crypto market and get with the times.
The bears have overpowered the bulls for now but that's only if you take things from a short-term perspective. As at this time last year, I doubt anyone would have predicted that we'd be referring to a time when Ethereum is trading above $2k as "bearish". Alas, such is the short-term nature of the market and the chronic sensationalism that has gripped the market since the beginning of time.
Now we're here, staring at a market capitalization that's casually over $1 Trillion and people are "scared of a crash". FOr anyone in this boat, I suggest you take a stroll down memory lane to get a grip of reality.
Alternatively, you could also just skip the history lesson and do what I do that has largely worked out for me. My tactic is pretty simple and it has enabled me to diversify over the past couple of years. I simply accumulate more coins and tokens without considering the dollar value.
Ride inflation
It is something quite similar to dollar cost averaging but a tad bit more simplistic. I don't have a master trading plan because I'm not a trader, however, I'm an investor that survives through understanding basic mathematics.
I spend a lot of time on hive blockchain but I'm also invested in projects outside the community. One of such prominent investments is my liquidity mining on Cubfinance that pretty much prints money for me every minute.
Through this inflationary trend on Cub, I can be certain that I have more tokens getting into my wallet. Now, the key to happiness in this situation is to ignore the dollar value of the token momentarily at least, and just focus on increasing the number of tokens in your possession.
All I'm saying is that "2 is greater than 1" and if you keep that in mind as you accumulate coins, you'll most certainly end up in the green. However, to achieve this, you will have to turn a blind eye to the fiat value of your assets.
As @onealfa opined in his comment, only the strong will survive. Sadly, it might take some time before things go into the green zone, but now that the value is down and extreme fear is in the atmosphere, accumulate more coins because they just might be your ticket to awesomeness.
Posted Using LeoFinance Beta
I totally agree with you on this, neglecting the monetary value of the coin is the best thing to do because when the fiat money is focused on it doesn't help but to add to sadness. rather the best thing is to see this as entry point to secure some coins and hold on till market turn bullish.
Thanks @ belemo for adding such positive update in the platform.
It is very hard to ignore the Fiat element of crypto - mainly because in everyday life you can't pay in crypto. e.g. for shopping, petrol, clothing, etc. Additionally, not many people are paid in crypto.
So at some point you are going to have to convert into crypto and out of crypto in order to live your life. That's why most people still link Fiat equivalent to crypto.
When crypto becomes more mainstream as a payment method for everyday services, then yes, the crypto market will explode again like no-one has ever seen. Keep the faith, invest and hodl what you can (and see it as XXX Bitcoin / Eth / Doge / coin rather than fiat equivalent) and wait until such time as you are able to spend it as everyday cryto "cash".
Posted Using LeoFinance Beta
Yeah I know that but here's the thing, if you focus on just increasing thequantity of your coins, you will never run out of fiat. Also, it is important to always plan properly, especially if you rely on crypto for your survival.