First off, the dipression (feel free to use this term but remember to credit me :D) is a real pain to look at if you are new to the crypto space and bought while the price was sliding down over the course of 2018, but hopefully this will get a few souls to a better place.
Now this is my first post on the subreddit so I hope it won't be received with too much apprehension, instead I wanted to speak my mind on the topic of crypto in general, not just Bitcoin.
I've been watching from the side lines and frequently visit many crypto related subreddits, trying to keep an open mind and unbiased opinion to some of the puff pieces and fud flying around I have to say its hard to keep emotions off the table. An absolute must if you plan on making it out alive in crypto.
It boils down to a few things for me,
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Keep an open mind to all things crypto, but try and avoid scams and things that seem too good to be true. Mathematically it is impossible for "companies" to take your investment and give compounding interest of crazy percentages per month. It takes very limited amounts of investigation to identify scams (BTCGlobal comes to mind which promised something like 14% return per week, and loads of people bought into it) Simply because crypto was a new and amazing way to make a quick buck, shouldn't blind you to obvious fraudsters, keep yourself safe.
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Crypto is an amazing experiment and may well be the best thing to happen to humanity after the freedom of information thanks to the advent of internetz. But as many people have seen, it takes nuggets of steel to hodl when the price slips. The only advice I can give is some that I got from people that have been in the space longer than I have and weathered previous storms. Which is, don't sell your house and invest it all into crypto (or anything else for that matter), make a plan and stick with it, make sure it covers a lot of bases and doesn't leave you stuck with a finger in the bum if it doesn't pan out.
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Set stop losses for goodness sake... If you plan on day trading, use stop losses and adjust your plan, T/A is not perfect, the market does what it wants and nobody can predict the future, not even your favourite youtuber. Best try and use dollar-cost-averaging, and stash your coins safely. Both from yourself and from thieves (not your keys not you coins come to mind) and you are your own worst enemy when it comes to emotions. Its easy to hodl your coins when the price goes up but very hard to watch them drop in value.
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DCA (dollar-cost-averaging) works wonders in this regard. If you have for example $100 and want to buy some crypto goodness, do some research and see what the recent trend is doing. Crypto is from what I can tell sensitive to big news and big players, so there will be fluctuations but the over all trend will sort itself out. Try and keep a level head and instead of chucking 100 bucks at the crypto and sitting on your hands, buy $25 today, see what happens tomorrow of a few days later and add another $25. Chances are in today's market that if you continue that pattern, when the trend does reverse, you will be a lot better for it. Besides the practise in discipline you forced yourself into, it takes a lot of the emotion out of the equation.
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Lastly, the different coins are all competing, whether you are a firm believer in BCH or indecisive, it comes down to the same idea as DCA when investing in crypto, do some legwork and identify coins you can also see a future in. Even though I personally favour BCH, it would be reckless to discount the fact that BTC has first mover advantage, a strong following and brand recognition. Despite their shortcomings I would still recommend having some. Small cap coins with strong dev teams also deserve their spot in the sun. (Best analogy I can come up with on the spot is if you go to a fare, you don't only ride the biggest attraction, it will get stale, boring and through the laws of diminishing returns won't satisfy your desires for long, best try out the spinning teacups for shits and giggles and who knows, they might up being better than expected)
TL:DR Stay safe out there and don't shoot yourself in the foot, we all come here for different reasons and some just need a bit of reassurance as to why crypto is great, here to stay and keep the panic at bay :)
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source https://www.reddit.com/r/btc/comments/a3n3gp/the_great_dipression_opinion_and_discussion/
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