05-16-2021, 02:57 AM
I actually sold. This isn't a joke post, I'm out. Here are some thoughts after being
<!-- SC_OFF --><div class="md"><p>So, first off, you might be wondering, why sell now? "This cycle still has months to go! ETH will hit $10k! BTC will hit $100k" - well, maybe you're right (now that I've sold, you're probably right!), I actually do believe that the market still has a few months left in it, after all, we bounced back pretty well after this recent dip, but, I had a goal and I have to stick to that goal.</p> <p>For me, the goal when I bought in at 2017/2018 was paying off my mortgage (with of course enough to also cover any tax)</p> <p>I know that most users here have only like $500 invested, so, it's easy to scream "HODL!" but, believe me, once you get close to your goal, those dips become scary. For me, the weekend "dip" wiped off $40k in value. That $40k meant not paying off the loan, "damn, i was so close," I thought.</p> <p>And here's the thing, I've been just above the goal for a week or so, but I held because I got greedy - I bought into the hype. That 'dip' was a nice little reminder, "don't get greedy, stick to your goal and sell", so I waited for the dip to rise as best as I could and for the goal figure to be reached again (luckily this happened) and I sold.</p> <h1>Some history and lessons learned along the way</h1> <p>I've been interested in crypto for many years, so I'd like to reflect on that time and put the lessons learned from each phase into a simple table here for y'all:</p> <table><thead> <tr> <th align="left">Year</th> <th align="left">What happened</th> <th align="left">Lesson learned</th> </tr> </thead><tbody> <tr> <td align="left">Somewhere around 2010-2011</td> <td align="left">I remember talking to friends about BTC hitting $1 USD. They were skeptical and I didn't look into it further.</td> <td align="left">Learn and read more, don't listen to others.</td> </tr> <tr> <td align="left">2012</td> <td align="left">I looked into buying on Mt Gox but decided against it because it would mean sending personal information to Japan - I decided this was too risky.</td> <td align="left">Sometimes, you have to take a risk. Back then BTC was worth hardly anything, but my concern was a shady company in another part of the world having my passport details.</td> </tr> <tr> <td align="left">2013-2014</td> <td align="left">After some time away from PCs, I built a machine and decided to try some mining. I joined mining pools (like Nicehash) that later exit scammed and lost funds.</td> <td align="left">Not your keys, not your crypto. I kept my mining rewards on the pools website and also moved some to a dodgy trading platform that disappeared (Cryptsy)</td> </tr> <tr> <td align="left">2014-2015</td> <td align="left">I heard about the ETH ICO and had brief look into it but was too distracted with other financial matters so again did not buy.</td> <td align="left">This time there were no friends dissuading me, in fact, it was someone who I cannot remember messaging me and suggesting I look at ETH. I wasn't paying enough attention and didn't explore further.</td> </tr> <tr> <td align="left">2015-2016</td> <td align="left">Somewhere around here BTC was at like $1k USD. I remember thinking it was way overpriced.</td> <td align="left">Don't assume you know the right price of anything.</td> </tr> <tr> <td align="left">2017</td> <td align="left">Mania and hype. I had stopped paying attention to BTC. A friend mentioned that it had hit $10k USD. I fired up some of my old mining wallets and transferred them to exchanges and got serious.</td> <td align="left">The best time to invest was yesterday, the next best time is today. I had missed out enough, it was time to take the plunge. I had also been wrong about BTC (see above), so I wouldn't take the risk again that "$10k is too high" like some friends said at the time.</td> </tr> <tr> <td align="left">2018</td> <td align="left">The crash. I had invested in but seems it was too late, everything cratered.</td> <td align="left">HODL. I had read enough to know and understand that there might be another market cycle, there SHOULD be another cycle. I held onto basically coins that went -90%. I also learned that BTC is king, there would be no new bull market until BTC lead that charge, so I moved most of my value to BTC and told myself I'd wait.</td> </tr> <tr> <td align="left">2019-2020</td> <td align="left">Buying here and there. Unfortunately I missed the 2020 low because I needed money for other things, but toward the end of the year I got very interested in ETH 2.0 and decided I wanted to have a validator node (32 ETH). I used savings and my tax return to buy in.</td> <td align="left">Buy in a bear market, sell in a bull market. Buy in what you believe in and do the research. After being lax about learning I dove headfirst into ETH. I tested staking on the testnet, I played with DeFI.</td> </tr> <tr> <td align="left">2021</td> <td align="left">Our current bull cycle and hitting a personal goal.</td> <td align="left">From the beginning, I knew that I didn't care if I'd get rich and become a millionaire, my main goal was to pay off my house, if I could do that, that would be enough. Well, I hit that goal, went above it actually, and as you read in my intro, got greedy waiting for more gains since this "is just the beginning". A major dip shattered that greed and helped me realise that I should stick to the plan. I sold. Don't be greedy.</td> </tr> </tbody></table> <p>There you have it, many lessons learned throughout the years, but if I had to distill it into the most important ones:</p> <ol> <li><strong>Actually use the things you're buying, test them for yourself</strong>. Make sure you really believe in what you hold, and not just because people are saying it will moon.</li> <li><strong>Buy in a bear market.</strong> And yes, there will be a bear market, of course, maybe not now, maybe in 6 months, but there will be one. Be ready. That is where I made my biggest gains. I know, this part is hard, when things are really bad (remember when BTC hit $4k in the "dip"
, everyone loses faith and thinks, "it's going to $1k" - but that is just greed. DCA your way in for best results if you have to.</li> <li><strong>Stick to your goals.</strong> Don't be like me and get greedy, only to then get spooked. Thankfully, everything bounced back, but what if it didn't? I would've missed paying off my house because I got greedy waiting for ETH to rise even further.</li> </ol> <p>---</p> <p>Truthfully, I will never completely move away from crypto. I believe in it long term. Hell, I had less anxiety about moving BTC and ETH around than I did about requesting my exchange to withdraw to fiat.</p> <p>Who knows, everyone here is still super positive, the sub keeps getting new members (or maybe it's just people creating alt accounts?) the run keeps going, BTC hits $100k, ETH hits $10k and I will look at it like, "damn, maybe I should've held," but that's OK, it's very hard to time the market and hit the top just like you can pretty much never buy the bottom.</p> <p>I'll live with that because I'll have achieved at least one major goal.</p> <p>I hope you guys can do the same, and I hope you have the fortitude to 'hodl' when you need to, and sell when you need to, when it's your choice.</p> <p>EDIT: <strong>Thanks for all the replies guys</strong>. To answer some of the recurring comments and questions; yes, I sold out in phases, yes I still hold a small amount compared to what I sold (I won't shill projects here) including moons (this is an alt account). I will continue to post here and continue to post on this alt account. I've been posting here since 2017. Yes, I will continue to invest in Crypto.</p> <p>EDIT 2: <strong>So, this blew up</strong>. I've tried my best to read and reply to as many people as possible, and of course, many scammers have contacted me (so I'm glad I posted this with my alt account), I'll add a few more things here and leave it at that since I think this honestly has too much attention for what it is, I'm just a regular dude sharing some thoughts.</p> <ol> <li>Yes, everyone, the goal price considers my tax!</li> <li>I'm not in the US</li> <li>Yes, there are many financial advisors here saying that I made a terrible mistake and should've kept my mortgage. I guess everyone has a different situation and different goals, so consider their posts, even though they're having a go at me for making a dumb move - who knows, maybe their advice is right for you</li> <li>Yes, this is real, and this is my alt account, it's not some conspiracy by whales to make you also sell. </li> <li>The intention here is not to scare people off or also make them sell, I just wanted to share and reflect on what crypto has been for me. I didn't want this much attention.</li> </ol> <p><strong>TLDR;</strong> I watched early crypto for a couple of years and did nothing. Then I dabbled with mining and got burned. Then I missed ETH ICO. Finally I got involved in the last run seriously and experienced the crash. Held till now and perhaps sold early, but thats OK.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/AmishMagic"> /u/AmishMagic </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ncr7nq/i_actually_sold_this_isnt_a_joke_post_im_out_here/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ncr7nq/i_actually_sold_this_isnt_a_joke_post_im_out_here/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>So, first off, you might be wondering, why sell now? "This cycle still has months to go! ETH will hit $10k! BTC will hit $100k" - well, maybe you're right (now that I've sold, you're probably right!), I actually do believe that the market still has a few months left in it, after all, we bounced back pretty well after this recent dip, but, I had a goal and I have to stick to that goal.</p> <p>For me, the goal when I bought in at 2017/2018 was paying off my mortgage (with of course enough to also cover any tax)</p> <p>I know that most users here have only like $500 invested, so, it's easy to scream "HODL!" but, believe me, once you get close to your goal, those dips become scary. For me, the weekend "dip" wiped off $40k in value. That $40k meant not paying off the loan, "damn, i was so close," I thought.</p> <p>And here's the thing, I've been just above the goal for a week or so, but I held because I got greedy - I bought into the hype. That 'dip' was a nice little reminder, "don't get greedy, stick to your goal and sell", so I waited for the dip to rise as best as I could and for the goal figure to be reached again (luckily this happened) and I sold.</p> <h1>Some history and lessons learned along the way</h1> <p>I've been interested in crypto for many years, so I'd like to reflect on that time and put the lessons learned from each phase into a simple table here for y'all:</p> <table><thead> <tr> <th align="left">Year</th> <th align="left">What happened</th> <th align="left">Lesson learned</th> </tr> </thead><tbody> <tr> <td align="left">Somewhere around 2010-2011</td> <td align="left">I remember talking to friends about BTC hitting $1 USD. They were skeptical and I didn't look into it further.</td> <td align="left">Learn and read more, don't listen to others.</td> </tr> <tr> <td align="left">2012</td> <td align="left">I looked into buying on Mt Gox but decided against it because it would mean sending personal information to Japan - I decided this was too risky.</td> <td align="left">Sometimes, you have to take a risk. Back then BTC was worth hardly anything, but my concern was a shady company in another part of the world having my passport details.</td> </tr> <tr> <td align="left">2013-2014</td> <td align="left">After some time away from PCs, I built a machine and decided to try some mining. I joined mining pools (like Nicehash) that later exit scammed and lost funds.</td> <td align="left">Not your keys, not your crypto. I kept my mining rewards on the pools website and also moved some to a dodgy trading platform that disappeared (Cryptsy)</td> </tr> <tr> <td align="left">2014-2015</td> <td align="left">I heard about the ETH ICO and had brief look into it but was too distracted with other financial matters so again did not buy.</td> <td align="left">This time there were no friends dissuading me, in fact, it was someone who I cannot remember messaging me and suggesting I look at ETH. I wasn't paying enough attention and didn't explore further.</td> </tr> <tr> <td align="left">2015-2016</td> <td align="left">Somewhere around here BTC was at like $1k USD. I remember thinking it was way overpriced.</td> <td align="left">Don't assume you know the right price of anything.</td> </tr> <tr> <td align="left">2017</td> <td align="left">Mania and hype. I had stopped paying attention to BTC. A friend mentioned that it had hit $10k USD. I fired up some of my old mining wallets and transferred them to exchanges and got serious.</td> <td align="left">The best time to invest was yesterday, the next best time is today. I had missed out enough, it was time to take the plunge. I had also been wrong about BTC (see above), so I wouldn't take the risk again that "$10k is too high" like some friends said at the time.</td> </tr> <tr> <td align="left">2018</td> <td align="left">The crash. I had invested in but seems it was too late, everything cratered.</td> <td align="left">HODL. I had read enough to know and understand that there might be another market cycle, there SHOULD be another cycle. I held onto basically coins that went -90%. I also learned that BTC is king, there would be no new bull market until BTC lead that charge, so I moved most of my value to BTC and told myself I'd wait.</td> </tr> <tr> <td align="left">2019-2020</td> <td align="left">Buying here and there. Unfortunately I missed the 2020 low because I needed money for other things, but toward the end of the year I got very interested in ETH 2.0 and decided I wanted to have a validator node (32 ETH). I used savings and my tax return to buy in.</td> <td align="left">Buy in a bear market, sell in a bull market. Buy in what you believe in and do the research. After being lax about learning I dove headfirst into ETH. I tested staking on the testnet, I played with DeFI.</td> </tr> <tr> <td align="left">2021</td> <td align="left">Our current bull cycle and hitting a personal goal.</td> <td align="left">From the beginning, I knew that I didn't care if I'd get rich and become a millionaire, my main goal was to pay off my house, if I could do that, that would be enough. Well, I hit that goal, went above it actually, and as you read in my intro, got greedy waiting for more gains since this "is just the beginning". A major dip shattered that greed and helped me realise that I should stick to the plan. I sold. Don't be greedy.</td> </tr> </tbody></table> <p>There you have it, many lessons learned throughout the years, but if I had to distill it into the most important ones:</p> <ol> <li><strong>Actually use the things you're buying, test them for yourself</strong>. Make sure you really believe in what you hold, and not just because people are saying it will moon.</li> <li><strong>Buy in a bear market.</strong> And yes, there will be a bear market, of course, maybe not now, maybe in 6 months, but there will be one. Be ready. That is where I made my biggest gains. I know, this part is hard, when things are really bad (remember when BTC hit $4k in the "dip"
, everyone loses faith and thinks, "it's going to $1k" - but that is just greed. DCA your way in for best results if you have to.</li> <li><strong>Stick to your goals.</strong> Don't be like me and get greedy, only to then get spooked. Thankfully, everything bounced back, but what if it didn't? I would've missed paying off my house because I got greedy waiting for ETH to rise even further.</li> </ol> <p>---</p> <p>Truthfully, I will never completely move away from crypto. I believe in it long term. Hell, I had less anxiety about moving BTC and ETH around than I did about requesting my exchange to withdraw to fiat.</p> <p>Who knows, everyone here is still super positive, the sub keeps getting new members (or maybe it's just people creating alt accounts?) the run keeps going, BTC hits $100k, ETH hits $10k and I will look at it like, "damn, maybe I should've held," but that's OK, it's very hard to time the market and hit the top just like you can pretty much never buy the bottom.</p> <p>I'll live with that because I'll have achieved at least one major goal.</p> <p>I hope you guys can do the same, and I hope you have the fortitude to 'hodl' when you need to, and sell when you need to, when it's your choice.</p> <p>EDIT: <strong>Thanks for all the replies guys</strong>. To answer some of the recurring comments and questions; yes, I sold out in phases, yes I still hold a small amount compared to what I sold (I won't shill projects here) including moons (this is an alt account). I will continue to post here and continue to post on this alt account. I've been posting here since 2017. Yes, I will continue to invest in Crypto.</p> <p>EDIT 2: <strong>So, this blew up</strong>. I've tried my best to read and reply to as many people as possible, and of course, many scammers have contacted me (so I'm glad I posted this with my alt account), I'll add a few more things here and leave it at that since I think this honestly has too much attention for what it is, I'm just a regular dude sharing some thoughts.</p> <ol> <li>Yes, everyone, the goal price considers my tax!</li> <li>I'm not in the US</li> <li>Yes, there are many financial advisors here saying that I made a terrible mistake and should've kept my mortgage. I guess everyone has a different situation and different goals, so consider their posts, even though they're having a go at me for making a dumb move - who knows, maybe their advice is right for you</li> <li>Yes, this is real, and this is my alt account, it's not some conspiracy by whales to make you also sell. </li> <li>The intention here is not to scare people off or also make them sell, I just wanted to share and reflect on what crypto has been for me. I didn't want this much attention.</li> </ol> <p><strong>TLDR;</strong> I watched early crypto for a couple of years and did nothing. Then I dabbled with mining and got burned. Then I missed ETH ICO. Finally I got involved in the last run seriously and experienced the crash. Held till now and perhaps sold early, but thats OK.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/AmishMagic"> /u/AmishMagic </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ncr7nq/i_actually_sold_this_isnt_a_joke_post_im_out_here/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ncr7nq/i_actually_sold_this_isnt_a_joke_post_im_out_here/">[comments]</a></span>Kind Regards R