Well good morning Bitcoinland.
Looks like reality is finally starting to rain on the little teddy bears' picnic.
After one last shakeout of the weaklings prices are starting to return to normal... currently $3598USD/$4366CAD (Bitcoinaverage).
AltcoinCash still slipping at $409USD/$497CAD (Coinmarketcap).
Just the sheer volume should indicate that this was the bottom. I'm glad I spent my last spare cash a couple of hours ago, just before the price went up at my local ATM.
Hopefully that's the end of this dip. If I were to buy any more, I might have to (shudder) use my credit card if I needed to buy something. Using credit cards always makes me feel like such a sucker. Cash rules.
I'll give you an example of when it's a good idea to use credit cards.
It was early 2015. I was unemployed and down to about $20k in assets and about the same amount in debt of various kinds.
Insolvent or getting there quickly.
I had a gut feeling that, rather than tap my assets for living expenses, I should preserve my capital. So I started living off my credit cards.
My
second gut feeling was that we were at a market bottom.
So put my $20k in bitcoin, and lived off my credit cards.
As bitcoin went up through 2016, I started incrementally liquidating my long position until the credit cards were paid off. I'm still hodling.
So many new account posters here have no long term vision.
I expect at least 80% of you to vanish from here within 1-2 years, just like MatTheCat and the others from the past who pissed all your money away on FOMO buying, then fear/greed gambling, selling at the bottom, and the like.
Read my lips: you will NEVER be wealthy in the future, because you are doing it all wrong.
Some of us aren't like that.
But being a long term hodler can be painful, as witness the recent market meltdown.
Guess it's not for everybody.
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