Dear beloved crypto community. The same nagging question probably arises in all newsrooms in the media sphere of our little ecosystem: what are we talking about this morning? Is it really necessary to go back over the events of the past 24 hours, while knowing that the situation is still too hot to draw any lessons from it? Should we act as if nothing had happened, and continue to unfold the international news as if everyone was not knocked out standing up, stunned by the circumstances? Bitcoin – and with it the whole crypto market – suffered the biggest crash in its history and lost almost 50% of its value in a few dozen hours, these are the facts in their rawest objectivity.
But the time has not yet come for the fatal leap through the window on the ground floor! This is a good opportunity to remind you that even in the midst of the worst crash that Bitcoin has known, and despite perhaps your current state of mind, you are far from having lost everything.
Bitcoin trader crash and turmoil
If you are a bitcoin tradereither you lost nothing or you won something fundamentally more important than money.
Let me be more explicit: if you fall into the category of those who see Bitcoin (and more broadly the big family of altcoins, a bit like the comrade Cryptoloco) as one more speculative instrument, you’re supposed to master some of the vital tools of the Wall Street Cub apprentice: I named “Stop-Loss”.
The “stop loss” (it sounds less good, huh), or the barriers which, correctly set up in your order book, allowed you to see your positions close automatically, once certain low thresholds are hit. Bitcoin trader’s ultimate and fatal weapon against the crash (especially at night)
Bitcoin traders who have limited their losses
If so, you belong to a first category : you acted as a trader responsible and efficient. Obviously, you lost a few feathers in the fight but your BTC positions were liquidated and converted (into a stablecoin maybe), saving you the big dive. As such, the events of the past 24 hours are painful, but you have seen others, and it will take more to cure your devouring passion for turbulent crypto values.
But it is possible that you are part of the second category…
Bitcoin traders who have gained … experience
Perhaps a little badly advised, or not sufficiently trained, you did not take the time necessary to learn the basics and some basic rules regarding Bitcoin investing.
Stop loss point or other esoteric inventions, a little carried by a good fat FOMO families, you “got into” Bitcoin a few weeks ago when it crossed the $ 10,000 mark. The moon seemed within range, you would inevitably become rich. In your defense, we all believed a little.
But voila, it’s done: you have officially become really acquainted with Bitcoin, an asset that is governed by its own rules, sovereign of a kingdom where uncertainty reigns.
So you just took what is technically called a TGBR : a “Very Big Broth of his Race”, and it is possible (actually likely) that you will be bitter and shocked. You come from lose 50 to 60% of your investment in a few days, which could shake even the most solid. Your family, your friends, however, warned you: Bitcoin, it’s a scam, it’s the whales’ fault, Peter Schiff was right, etc.
Bitcoin is not responsible for anything
But voila, I have a somewhat unpleasant truth: Bitcoin has nothing to do with your troubles. Bitcoin is content to chart its course, one block at a time, with the sole ambition of offering an unprecedented alternative to old corrupt systems and benefiting only a powerful financial minority.
Satoshi Nakamoto probably did not create Bitcoin with the idea that it necessarily reaches 1, 1000 or 1 million dollars.
The real, the only reason that leaves you gasping and a little haggard this morning, this is your unpreparedness as an amateur trader. Quite sincerely, you have some excuses: the crypto ecosystem is no more or less virtuous than the others, and a whole small industry works by letting you believe that a quick training, or some videos will make you trading aces.
Nothing could be further from the truth. Trader is a demanding job, which requires a real training and, whatever the stereotypes, the authentic traders are more discreet craftsmen who are content with little, but on a regular basis seeking to bend the statistics to their advantage, than to grandiose flamingos, beating $ 1 million every week.
But since crypto trading is customary for huge variations (and has generated a few tens of thousands of millionaires, 17,000 to be precise), everything seems possible, including for the complete neophyte…. which sometimes ends up like many today: sustainably – and maybe definitely – sick of trading, Bitcoin, and everything related to cryptocurrencies.
Except that following this trend, you will be victim 2 times : the first today and the second in a while when you will have noticed that the market has recovered, because this is how things have always happened under the capitalist sun.
Now is the time to get up and take inspiration from a famous maxim of Nelson Mandela :
“I never lose. Either I win or I learn. “
By this point, you have probably understood the gist of my point. Have you lost money in this unlikely crash by betting Bitcoin at the wrong time? These are things that happen and in reality, what will characterize you as an individual is not the mishap that you have just suffered but the way in which you will be able to extract experience in order to be more solid the next time.
What if you are a holder before the Lord? Well, we are talking about this earlier on Bitcoin
Nice to meet you, it’s Hellmouth! Editor-in-chief of Bitcoin, the crypto media you are honoring to survey right now (well done, you have taste).
Crypto-enthusiast of the second hour, nothing is more important to me than supporting the global adoption and democratization of the treasures that the blockchain offers us.
I write articles between two cocktails in Tahiti, my adopted island, and do not hesitate, if the opportunity arises, to feast on a plump scam or a little too enterprising Ponzi pyramid.
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