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Why the market is down and what to do about it

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  • Why the market is down and what to do about it

    Currently there is a panic in the cryptocurrency world regarding all coins being in the red also known as a Bear Market. There are several reasons why:

    Large Investors taking end of month profits
    Worry about Segwit2x on August 1st
    New traders overreacting to other traders selling
    A rise in scam ICO's that are worthless

    I think that this correction is actually needed because there seems to be an emphasis on creating a quick ICO just to make millions on an idea that wont be realized until years from now. In my short time in this industry I've already seen tens of millions invested in projects that I have a hard time believing will materialize. So this bear market may end up being a good thing in the long run as it will force developers to create something of value rather than something that will get them a few million instantly with no real product in the near future. At least this is the hope anyway.

    Now What to do about it?

    This is a great time to invest in REAL projects such as Steem, Shift, Sia, Tokes, Game and Mgo to name a few. These are all coins with an actual plan to implement usage within the next few months. These are crypto currencies that will actually have a use instead of being an abstract idea that may or may not materialize.

    So if you have done your research and the coins you hold provide some real value, HOLD and wait for them to materialize. If you are holding coins that are an abstract idea that is promised to come to life in the year 2020 you may want to think about cutting your losses and investing in something else that will withstand these market corrections.

    Remember you haven't made a loss unless you SELL for a loss.

  • #2
    That's really sound advice Kelly. If you don't mind me asking, have you ever sold for a loss? or have you always just rode out the wave?