Author: Moneybags Chowderpuff
Sat Jan 09 2021
THE MARKET - If you are holding massive amounts of cryptocurrency right now, then you must be thrilled at how high the markets are. Except for one thing. Unless you are planning on selling your coins, it doesn't make any difference at all how high the prices go. Your coins are effectively worthless until you cash out.
You can brag all day that your $30 worth of BTC that you bought last year is worth $120 now, but it is NOT. It isn't worth anything at all unless you sell it right now. But you can't do that, right? Because if the price goes up, then you will miss out. So what if you hold it? What if the price plummets again, as BTC is wont to do? You might find yourself holding $20 worth of BTC.
So what to do?
Well that is the question. Because it illustrates the downside of investing. Not just in crypto, but in anything. Unless you have a crystal ball, you don't know. For my part, I've been collecting a few different coins for all this time. That includes BTC. When BTC broke $24k, I sold off half of what I had. It's now in my bank account. I locked in my profit. Am I sore because it is now worth twice that? No. Not even slightly. Because as I just pointed out before, it is NOT worth that at all. In fact, it's getting to be a real problem for people like me.
I say that because my method of playing this game consists more of collecting than it does trading. I've written all about faucets and ways to claim cryptocurrency. I am still very active with all that. And right now, the game is REALLY bad. This is because when the price of BTC, DOGE, LTC, and all the rest are up this high, the faucets slow to a trickle. Some of them shut off completely. This is because the people who own those faucets are giving you free coins, and they amount to a percentage of what they themselves are making. The higher the price goes, the harder it is to make those payments. So the amount the give you goes down.
That sucks for people like me. Back when BTC was trading at like $6k, my favorite faucet was paying out like 200-300 satoshi per day. Now, it is paying 4 satoshi a day!! Like, seriously! Are you f'n kidding me?!
In the end, I don't really care what the coin is worth. Not until I'm ready to sell. I am only in this game to collect as much as I can. And my method of collection has slowed to a trickle (pun intended), and will remain that way until the price comes back down.
One other thing
When DOGE spiked up last week, moved 3500 of it to my favorite exchange and sold it all off for lower value coins. I am now waiting for DOGE to come back down in price so I can buy it all back. My goal is to have WAY more than 3500 DOGE when this is done. Unfortunately, DOGE continued to rise after I made this move. Something that none of us have ever seen before.
But this is what I'm talking about. I don't care what DOGE is worth right now. I just want to collect more of it. And all I can do is wait at this point.
Again, I want MY number of the coins to go higher, not the price. When the price goes up, my ability to collect goes down.
#bitcoin #cryptocurrency #doge #dogecoin
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