If people don't develop in, or work in the blockchain or trading/investing space, why do they insist in commentating on crypto currencies and stating what is going to happen next! The say things like "bitcoin is at 8500, it's a great time to buy, I'm getting in". And that's it! No reasoning or explanation as to why! Just because it was once up near 20,000 they think 8500 must be cheap! Wouldn't 6500 be cheaper again?
Klondike
The crypto currency market is like the modern day Klondike gold rush, where the great tales of massive wealth being dug out of the ground, spread far and wide, and brought all sorts of prospectors rushing to north west Canada, only to find that the best of the staking was over. Yes, the initial "get rich quick" crypto express train has left town, and you weren't on it! Mind you some got on and forgot to get off, as they didn't know their destination. It can often be easy enough to board a train like this, but knowing where to get off can be a real bitch. You're either kicking yourself for getting off to early, or for staying on too long. The latter is a real killer, because you saw your rewards in front of you and you didn't claim them. Now as you watch those rewards drain before your eyes, and see what you are loosing on a daily basis, you freeze, you are unable to act. Your mind is scrambled, your stomach is churning, and you know you outstayed your welcome! How can you bail out now when your profits have been cut in half! You live in hope that the market will turn. This is why you need a plan, for your trading, investing or speculation. A plan from entry to exit, and no swinging it.
But not to fear, as this was not the only crypto train in town. There will be others leaving, much slower trains, traveling to a fruitful destination. Your mission in this bustling ever changing railway station will be to locate the fruitful trains. Bear in mind that maybe 8 or 9 out of every 10 trains currently leaving the platforms may never reach their destination. So which one should you board?
Research
You can do all the research that you are fit to do, take all the educated advice you can get, (and you should) but nobody knows how the crypto landscape will look in five years time. It is all just opinion and speculation, no matter how educated it is. We are in a paradigm shift, and we haven't come out the other end yet. Much will change over the next few years, much will be won and much will be lost, especially for those who put all their eggs in the one basket. History has shown us that it is not even the best that survive, but those that somehow, maybe even through a stroke of good fortune, get a foothold in the marketplace.
The year 2000
I remember the lead up to the turn of the century when 1999 was kicking into 2000. There were billions spent by companies all over the world trying to make sure their systems were prepared for the year 2000, when the clock struck midnight. Nobody was sure, despite the fortunes that were being spent on analysis and how computer systems would handle the clock. Most simply put backup systems in place, in the event of a failure. Imagine even the tick of a clock couldn't be predicted for sure when we were entering a new century. So how do we prepare for an outcome that can't be predicted, without missing out on the opportunities it provides?
I have a few ideas!
My ideas are based on the assumption that irrespective of which crypto currencies come and go, the blockchain is here to stay.
I will do exactly as I do in my trading, and that is, I will be following the big money. Not exactly putting my money into everything they are putting theirs into, but following their investing/speculation strategy, called diversification.
I am not a financial advisor, and I am not responsible for any losses you may incur as a result of acting on any of the content contained in this article. I make no recommendations to buy or sell, and this post is purely for information and education purposes. Opinions expressed in this post are my own, and you should seek advice from a professional financial adviser.
How will YOU profit from this paradigm shift?? | Ecency
