Let me ask you a semi-personal question which is a kind of after-the-fact assessment regarding how you faired through our dip down to $6k? Are you of the opinion that you largely ran out of money to buy BTC between $6k and $8k, even though you were able to buy some BTC in those price ranges? Were you able to adjust some of your strategy in order to possibly better prepare in the future, or are you largely hoping that we are out of this downward price pickle?
I almost ran out. I kept placing buy orders hoping/thinking "it can't possibly go much lower than this". So I accumulated quite a bit (well, everything is relative) barely shy of selling grandma to buy moar.
Let me report my own personal scenario from the mid-September 2017 40% correction down from $4,980 to $2,970 - which was that after going through that situation, I had to readjust a considerable amount of my preparations, which actually caused me to oversell a bit from our BTC rebounding back up from $2,970, and really I did not feel that I completely recuperated until we started to break upwards back into new ATHs.. and then the icing on the cake restructuring came for me around 2x higher in the $10k arena and further more when we passed $15k which allowed a fuckload of restructuring and even added cockiness....
Good for you. I wasn't as forward-looking (or well funded?) as you, but I managed to do fairly well.
I was eating breakfast, and I realized that I had not responded to these two above points. I think that it is fair to attempt to flesh out various ideas of downside price preparation a bit more.
d_eddie... You attribute my preparedness to my being "better funded;" however, I want to quibble a little bit with you on this point.
There may be some truth about the "well funded" aspect being attributable to BTC price accumulation over time - anc especially because I largely accumulated by the end of 2014... and I had been in more of a maintenance stage in 2015 and thereafter (even though many of us HODLers, never completely stop our attempts at accumulating).
What I am trying to say is that probably a more important aspect of preparedness is the factor of time rather than BTC wealth accumulation and if you were able to largely establish your position before August 2017, then you could have been in a position to profit almost as well as anyone because from August to December BTC prices went up about 7.5x from $2,600 to $19,666... so with preparedness, many of us could have been "well-funded" from the August to December exponential price rise.
So, ultimately, even though both funding and time are going on, I understand the problem of preparedness (or lack of preparedness) to be more of a time factor rather than a well-funded factor, because the longer that any of us are in bitcoin, then the more that any of us would have already been more strongly established into our positions, and therefore, had a pretty decent plan to sell our BTC on the way up in order to be "well-funded" and thus better prepared for down.
On the other hand, if you had only established your BTC position in mid-2017 or you were in the process of establishing your BTC position in mid-2017, including the run-up to $19,666 - you would have been filled with a larger percentage of FOMO that would have been fogging your willingness to prudently sell BTC on the way up in order to be better prepared for larger downward BTC price swings.
So, I think that the punchline point that I am trying to make here is an emphasis on time-in and practice and setting up your preparedness for both up and down, rather than whether you are going to be in a position to be "well-funded" when the rubber hits the road for such preparedness need.
d_eddie... I don't recall your situation? Had you been "in" bitcoin before the registration of your current BTC_Talk account, or were you still in the process of establishing your BTC position in mid-to-late 2017?
Ultimately, any of these assessments about preparedness for BTC price swings in either direction and personal strategies to employ have to do with personal considerations regarding the degree to which you are in BTC accumulation or BTC maintenance - and clearly there are a combination of these that go on with individuals - including situations, like a sudden cash flow issue (either an emergency or an unexpected inheritance) that could change the degree to which any of us consider ourselves to be in BTC accumulation or maintenance... or another scenario would be if any of us were to know that either a major fiat bill is coming up or we will be coming into a major amount of money at a defined point in the near future, which could also cause any of us to re-assess which phase we are in at that particular time.
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