What's Your Exit Strategy?
This is a topic I rarely think about...
I joined this blockchain community over 4 years ago and told myself, I was never leaving. So before anyone thinks this is Jongo diving off the deep end, it's not that at all.
This is a question that I think we don't look at often enough. Sure the 'traders' among us will tell you...Buy low, sell high and always be ready to sell.
But I'm asking for the rest of us...
Do we have (or I'll argue) even need an exit strategy when it comes to crypto?
When do we say...We gave it a good run, and call it quits? Do we even need to do that here on Hive and it's second layer tribes?
Here's my thoughts....
Hive, Leo, CTP, SPT...All have this amazing feature built right in that actually rewards you for basically doing anything on the blockchain. Post a thought, make a comment, curate content, delegate or power it up...Generally speaking, there is plenty of reasons to never sell a single token here on Hive.
My goal, my dream, my entire mission on Hive is to eventually, make a full time income from my activities and investments here on chain.
I'm starting to see progress too with #MyHiveGoals posts that I do each week...The dream of earning enough to live off of can become a reality, but it's just not there yet.
So we are left with the question...How do we maintain our income levels here on chain, keep them growing but still pay the bills?
Because Hive really is a snowball...The more it starts to pick up momentum, the bigger it grows...Which means, you always want to keep the ball moving!
Hey, life happens...I've been reading a few posts recently about how some people sold some assets only to have them boom the next month. Bad timing I suppose...Or was it?
This is where being a trader who has their pulse on the markets might be a benefit. I know I'd never pick the right time to sell lol I'm still trying to get rich from Safemoon!!!!!
But that brings me back to why Hive is just built different...
You can literally, keep building and adding value to the chain and eventually...Begin to earn a full time income from the fruits of your labor. It might only be for a select few on the blockchain right now but....
It's coming!
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Mate, I'll help you on your way with a 100% upvote ;)
Not that you can retire off that.
Obviously I've only been here for a few months, but have been building my HIVE pile nicely. My strategy is basically just to keep the ball rolling with the hope that the pile will get bigger and bigger - and, once it's big enough, a nicely timed HIVE spike - and with some good luck, perhaps the mortgage will be gone and I'll settle into my HIVE funded lifestyle ;)
Is that dreamin'?
That's literally...What I hope becomes the case for everyone here lol
I think it's very possible, I truly do believe that!
Ok - then let's set a goal. If HIVE hits $571 per 1 hive, that'd be enough to clear the old mortgage. Perhaps that would give me a 13 week strategy - for you, at that price, would you plan a trip to the moon perhaps? ;)
ha ha ha ha I'd challenge Elon for that 9% of Twitter lolol
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My exit strategy right now is that I do not have one.
For me it is not logical to think about exits .
Maybe when I am able to turn this from a side gig to an full time blogging career just like some major Youtubers for example.
I will of cashing out then but honestly why to stop anyways ?
Even when you become a whale why stop posting ? You can once in very two days with 2-3 hours of effort in a post and still make good $$ .
I'd say keep earning from here and keep withdrawing a little each month to invest in other securities just to diversify until you could retire.
Remember , by retiring I don't mean ending HIVE blogs. Continue them.It could be your free time retirement activity .
:)
Awesome point...Even whales, still post on the chain. Why not right?
Love that about Hive!
Certainly.
You've said it all, Hive is like a snowball. The beauty is you can learn, earn, compound and grow simultaneously. It's like killing many birds with just a stone, over the years I've come to realize that volatility can be a mirage when you're building with a project that is tailored to grow overtime.
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Great way to look at it! Yeah the markets go up and go down, but keeping that snowball here rolling never ends.
In the ideal crypto world nobody would have an exit strategy
Very very true!
Exit Strategy is to wait for my country to catch up on crypto xD
lol I hear ya...Mine is slowly catching up....Slowly.
I hope that Hive will be a part of my financial future, so will never leave it! =)
!hivebits
Agreed! You and me both!!
I like your mindset man! Keep on building for your FI😎
Appreciated :) Slow and steady has been working!
That is a great question!
What I am currently doing is creating automatic incomes (through Trading, Copy-Trading, Staking, DeFi, Lending, Affiliation) to setup some "net-income" onto my total crypto portfolio. In that way you do not have to curtail crypto-assets.
I think that's the trick right...Looking down the road, so put in the effort to set it up now.
Its been almost 8 months since i've joined hive. My major mistake was i had no goal or aim. Being clueless about the future is the most dumbest thing one can do. Time to work. Thank you for sharing #MyHiveGoals.
It's amazing what happens when you write it all down. You start really working hard each day to achieve them.
A prerequisite for my exit is first for the crypto assets that I hold to reach a new ATH. I simply cannot sell less than the previous ATH knowing the value and potential of an asset. Secondly is how high I see it rise, some even if on new ATH I wouldn't part away from. But others I would...
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That's the issue for me, it hits ATH but then inside I know it can go higher LOL
I don't really have an exit strategy right now because I am in the build phase. Once my holdings become big enough, I do plan on branching out to have multiple sources of income. I'd rather not just rely on one thing even if I believe it 100%.
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Yeah, the build phase is so important! Keep building so that we have more options down the road.
Despite what people are commenting, everyone should have an exit strategy or at least a plan to create a stream of usable income. The hodl, hodl, hodl calls are a nonsense as nothing lasts forever. Especially in IT and business!
I agree with that. My business partner and I have always said...Everything i for sale lol Sometimes we need to keep emotions out of the equation.
Now is the time to stack as much as you can because from around 2030 the inflation rate will be less than 1% and getting Hive Power will become MUCH more difficult. Being early pays off.
It really does. That's why I'm in accumulation mode and have been for years now.
It's a difficult question because I don't really have an exit strategy because I don't want to get out. But I do have some goals set and when I reach them I will use more of my free time to enjoy myself. That does not mean that I will leave the crypto market, only that I will manage them in another way and from the beach.
The best thing about this blockchain...We can build it to where, we dont need to sell, to profit...We can build up multiple streams of income here.
I have similar goal like you. Though I don't have assets on this chain not even 1 percent of your holdings. I wish to keep working on the chain and stake into hive and other tokens on engine. Hopefully all this effort pays off. I wish to retire to my own home and land some day. My exit is getting out of the rented lifestyle. So I will be doing a lot of delegation, staking and all it takes for contributing here so that I don't have to worry about chasing the number. :)
Delegation has been such a blessing here. I had the goal of getting to 5000 Hive Power and then start exploring those options. They have been paying off for years now.
That is a very common framework, and usually when everyone wants to exit is too late. The liquidity is extremely small, so usually you always want to be the first in reach the door. Of course you can miss big gains if not timed properly, but that is something that you can never control.
It also depends of real life, which country do you live, if you are single or family. If I live in Senegal, I would settle for $25,000 for a nice house and will rebuild from there. But if you are a Californian married with two kids, definitely a portfolio of $100,000 in Hive will not impress at all and you would probably keep hustling...
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That's so true. And why I love that Hive is so global. 1 Hive is always 1 Hive. And we have the ability to help people from across the planet with this chain and how it's set up.
I don't have one yet... not sure I'll ever have to be honest! I guess it will all depend on how the crypto scene evolves. It might get to a point where we don't ever need an exit strategy and that would be great!
For the time being, I have set myself a target and it's probably gonna take me a few years to get there so I have some time before I think about it more seriously
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The old 'I can live off my residual income' is my target here. Once I hit that, I think the true 'financial freedom of the blockchain' will be realized.
No idea about exits at this point but I think a prudent strategy once you've stacked enough would be to take a portion of the earnings, say 10%, and put it into something else like fiat, gold or btc.
Yup, great point. Taking a bit each 'pay day' and stashing it is a great plan.
If you are full time in crypto then there is no exit strategy required. What we have will earn the necessary to live on therefore we all need much more stake. That is my end game and cannot see that ever having to change.
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It really is an awesome part of the Hive journey. Earn while you stack!
My exit strategy is to build enough income generating assets so that my weekly earnings are enough to start paying me a wage.
I'm not quite sure yet how much is enough, but I'm not there yet so 100% is always being reinvested for now.
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That' the dream for sure! I do think it'll become a reality for a lot of us, sooner rather than later!
Ask me again in 5 or 10 years. :) I might think differently then. Right now, no exit strategy. Even then, I don't see "exit strategies", I can see partial exits and reinvesting in something not related to crypto. If I grow a lot by then. Otherwise I see no point in even thinking about it.
I powered down and sold my 7000 Hive and my legendary gold monster cards in early 2019 to buy a relatively unknown sports utility coin called Chiliz. It went from 2 cent to 80 cent. Made a packet from it. I was delighted with my move. I took a sabbatical from Hive as I was disappointed with the whole Steem Hive political battle and I thought both places were doomed tbh. . Came back and turns out I would have made more from my high level monsters than I did for Chiliz. But those are the breaks. I am not sore as I still did well. There is alot going on at Hive and I think everyone in Hive is of the opinion it should be worth $10. But people over at Thorchain think the same about their little ecosystem , same with the CRO groupies and so on and so forth. Sometimes we get caught up in the Hive ecosystem too much. If you look at the crypto coins that were around 3 years ago and compare with today then there is some difference which makes me uneasy around the whole thing. One fork goes wrong and we could be smoke so everyone needs an exit strategy. But I feel with Hive it is more than a rewarding hobby than a money making opportunity. Will it ever go to the dizzy heights of say $10? I'm not quite sure about that. But a second layer token like Leo for example might so it is an interesting one. The thing about Hive is that if you post regularly and build up a little network for yourself then you end up not investing much. Just power up the rewards should be enough to grow organically. So it's basically free money so an exit strategy is not as urgent as one that you invested cash into