Crypto: Your Emotions & Choices When It Matters The Most
I was speaking to a friend last December about how a bull market by the end of 2023 would be good, but he was certain we might see 8k BTC before January ended, however, January has come and gone and we didn't see 8K BTC (Although we're already beginning to see bearish signs again, but I'm hoping it's just to be a bump in the road and things will change) while I wasn't as pessimistic as my friend back in December, I wasn't optimistic too.
I think I found a balance between fear and hope and this made me start planning for best or worst-case scenarios. As for my friend, I have come to realize that it wasn't pessimism, that made him predict 8K, it was just him trying to adjust to the fact that the reality of crypto can sting like a bee.
The reality of of loss can be overwhelming
This guy had a decent chunk of crypto assets that he wanted to sell when the bull run happens, it was going to be his getaway ticket out of poverty completely, but FTX and SBF happened, and all that optimism became abject fear. I like to share my plans with this guy and that is because talking to people who you trust about your crypto plans can be therapeutic.
I believe no one should bear the burden of procrastination or indecisiveness in crypto alone, and this is because one might get it wrong, or go crazy. So many people like to write about their crypto goals and plans on hive. One of the reasons they do this is to attain validation or encouragement.
Validation for pulling big moves?
While I do not really talk about plans online, I have a group of people offline who I talk to about them, I do this because some of these people I talk to are more knowledgeable than me, sometimes, they check my plans and spot the mistakes, making me adjust and make corrections along the way.
I think Everyone should have a geek friend who they relate their crypto issues with, and this is because haste or procrastination can be the end of someone. Sometimes we need people who are in the game to keep us in check. Because running the crypto race requires emotional support and solidarity.
The support system keeps one in check
The day I spoke to this guy, he seemed to be pretty scared in December. While I was scared too, I provided some emotional support and we both shrugged off the fear and kept moving forward. Now one thing with this guy is that he didn't really lose his hope of becoming financially free.
He was just scared the market might deprive him of that and this plunged him into more FUD, However, I told him that the market will recover, out of baseless hope, but it worked. It lifted his spirit. What I have discovered is that when something is at stake, maybe a dream or ambition, the fear of failing when a bull market is all you needed, creates this uncertainty.
Luck, how?
I do believe people underestimate luck, however, the only time they appreciate it (luck) is when they've prepared everything they need to succeed, and only luck remains the missing ingredient.
To my friend, the bull market wasn't a certainty, it was only luck. I agreed with him but went further to tell him that there was a certain rationale to the market and that is the fact that the market might take a long time to recover, but it would eventually recover, but we all know that time is a big deal in crypto.
Time is what differentiates people from making good or bad choices
It might seem inconsequential but it makes a big difference. In different social spaces, people with decent portfolios are always wondering when the bull market will come through, not because it's been too long, but because they want to know if the previous events that have happened in the past haven't affected the potentiality of Crypto mooning really good.
Let me say that people will always treat crypto differently, and this is because of the emotions and the things that are at stake. Nevertheless, we all know that everyone will always have regrets about the things they did and the things they didn't do.
Regret on repeat
Most people regret not cashing out big in the last bull market, while some people regret not increasing their stake for some decent passive income, now I don't fault people for their crypto ideologies and this is because we cannot completely predict the future. No one is completely wrong or right, especially if their plans are credible and have some atom of genuinety.
I have developed some decent plans for the next bull run and I made sure to include plans for worst-case scenarios, why is this? Crypto plans requires several workable strategies, else, one might be left hanging.
Sharing Confidential Plans
Unlike other people, I do not like sharing my plans on hive or other places, rather I trust the individualistic assessment of people closer to me, this way, I can consider the grey areas between bull or bear. We have to understand that one thing is certain, having skin in the game prospectively pays off whether it's the bull or bear market.
At the end of the day, we all cannot make the same choices, except to make sure that these choices put food on the table and still guarantees some level of skin in the game for subsequent runs that might happen.
Interested in some more of my works?
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Hive's Scalability & The Compromise Of Commitments
Money: The Consequences Of Making The Right & Wrong Decisions
The Nigerian Economy: Monopolizing Incompetence
The Experiential Process of Understanding Money
A Case Of Theft On Hive: Here's Why Some People Choose Scam.
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Having someone to talk to over this crypto life makes surviving it a lot easier rather than being alone in the game and talking to oneself.
It takes a lot of guts to be in crypto as we are constantly planning and accessing and re-accessing the situation.
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It's absolutely true, surviving the emotional imbalance is not quite easy, it's why I always speak with the people close to me. We'll eventually get to the finishing line hahaha.
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One of those things that makes crypto decisions hard for me is that I don't always have people to talk to about crypto especially hive but it is good to have that one person
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I have decent friends I talk to about crypto, they're the people I normally look up to. Sometimes I talk to them about my decisions and we just generally develop collective goals and strategy
Setting realistic targets and sticking to them will help a lot. And yes, we are in a bull market, but in its incipient phases.
Well, a little bit of dips here and there, but I'm hopeful we'll make some astonishing recovery before the end of the year.
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You can't do anything about the past but you can make a plan going forward. Learn from your mistakes and it's hard sometimes to get rid of the FUD. I just look back at my plan and see if anything has really changed before feeding into any of that though.
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It's even hard to admit that the past is gone and uncontrollable, but it's a step in the right direction
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Having people to talk to about your crypto plans like you said can be therapeutic and I sort of agree on that notion. There are most time your judgement on a certain analysis or prediction might fail and you would want to give up, or as a result of too much emotions, you might make a wrong decision. I believe having someone professional to talk to about your crypto plans makes it much easier in handling whatever the market decides to hit you with in the worst-case-scenario. You know, your predictions might fail and if lucky, it can also come in handy.
Crypto can be emotional draining. A beautiful write up
Fear, risk, FUD, and emotional volatility are part and parcel... not everyone can "master" or discipline their behavior. Unfortunately, markets require it... if you are going to succeed.
Having someone to boost your hope in times of giving up and indecisiveness is great. I am all for a crypto buddy.
That's true, we all deserve someone like that when the market becomes depressing.
Very very true. I even discovered that the stakes hugely influences your emotions when it comes to crypto stuff. Personally how I feel about a certain drop is worse when I have lost in it, than if I had no stake during that time or in that coin.
I learnt the hard way never to regret again. I just close my eye, make that decision and fully remain responsible for whatever happens. I have been in either side of selling/buying misses and I discovered its not worth dying for.
I agree with this so much. I have been helped by it to avert some losses. Additionally, I have this friend who is gifted with disaster relief management. He is blessed with the ability to bring up your low spirits when the worse happens.
In general, emotions, decision and stakes in crypto remain almost vital elements of the system.
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