Still have my day job

I wonder how many people aped into Doge or Shiba Inu based on the hype and have got absolutely rekt over the last week or two. I was reading an article from Australia about a person who used 100 thousand from the sale of a family home to get into crypto at the height and is now asking about legislation protection, of which there is of course, none - "Due diligence" is the responsibility of the investor, most fail.

For me, I am glad I haven't yet quit my day job, but I am also glad that during this engineered bloodbath, I am still earning some yield, even though the value of the tokens I hold has taken a hammering. It means that every day, I will be able to buy the dip with some kind of value and increase my crypto stack.

Some people are in it for the money, so they will always be slaves to those who control the supply.

At some point, it will turn around, but as I was saying to some friends today, I am not sure if I can keep it up for another four years the way I have been, as I think my wife would quickly leave me. This dip was always expected, but I think that it is earlier than most have predicted and deeper than most assumed, including myself. But I also think that there is far more to it than a bear market and I am still hopeful that the real run to the peak is coming.

Until then, I will do what I have always done, hold.

But, I am pretty annoyed at myself as while there is no "perfect" play, I haven't played the markets anywhere near as well as I should have in the last couple weeks. This is not just "shoulda, coulda, woulda" it is more because I have been so inundated with other things I haven't had time or energy to spend on the markets, so I decided pretty early on that I would just ride it out. It has been a bit of a ride down so far, but I am hopping that the momentum will get it up the next hill.

What has been interesting to watch is that there has been a fair amount of support around the low thirties, which is in line with what I suspected there would be. I don't know how to read the markets, but it was around this level for Bitcoin that the hype train started to kick in, which means there were a lot of people entering into the markets and at around 30, they are at the break even point, so there is no point in selling, may as well buy. It is also a good point for those who sold at the top to buy back in and double up on their coin.

It might crash further, but I think that the floor is going to be significantly higher than the last lows and I don't think we are going to see 8000 dollars again anytime soon. I could be very wrong though.

If this was around the floor for now, I would be pretty content with where we are, considering Hive is up 300% from the start of the year, which is a pretty decent level considering the overall market performance and just about everything in the top 100 is down between 40 and 60% over the last 7 days. Which is pretty crazy considering the heights it was a few short weeks ago.

But, I am not completely dejected yet and I am looking long. Even though I say now "I don't think I can take another four years..." I also know, yes I can. However, I don't believe it is actually going to be four years from now as I think the markets are setting up for a move upward from near here, as this is crypto and people are impatient, even the institutions. They can taste the profits and power and they are in competition with each other, all vying to become the go to for the mass adoption phase.

There might be plenty to go around, but I put a lot of faith in the greed model of humanity, where we can only work together for so long before the competition breaks a union apart, even if it is in the best interest to stay together. This is actually one of the core benefits of Hive as a decentralized community, as while it is possible to work together for a common good, it is also possible to be in competition, for a common good.

And I think we are starting to see more of the competition between the legacy and the future economy now, and we have been found lacking, but we are also learning. These market manipulations drive development and innovation to strengthen the industry, as well as install new mechanisms to combat the manipulations in the future.

The industry market cap has lost 40% in the last week, but is still over 500% up since this time last year - which is incredible in and of itself and I think, there is more to come. I remember from about the same time of the year back in 2017, Bitcoin, ran up to near 3000 and then dropped back to something like 1800, with a lot of people calling it dead. Though as history remembers, six months later it was at an ATH, 10x up on the dip. If bitcoin was to do the same from here today, it would be a little over 300 thousand dollars, which is in line with many of the predictions over the last six months.

How often are predictions right though?

I don't know, but rather than be annoyed at not playing my best game, I will keep playing and see if I can up my game.

Luckily, I still have my day job.

Taraz [ Gen1: Hive ]