Bitcoin's price, and our mental health.

[mk4]

It's that time again, where bitcoin(and pretty much almost every other non-stablecoin cryptocurrencies) does a huge nosedive. This is just a reminder that whatever amount you've "lost" with the market  crash, in the end, it's just money. Money can be made back in the future through multiple various ways, whereas you have only one life to live. It's not the end.

Whether you're invested in bitcoin, whatever altcoin, or even the stock markets, if you've been having suicidal thoughts, please think twice and try talking to a professional.

For the suicide hotline for the country you're in, please refer to this list: https://en.wikipedia.org/wiki/List_of_suicide_crisis_lines

Times like today are so reminiscent of the last market crash whereas suicide-related posts and suicide hotlines are popping out on multiple crypto-related subreddits. But yea, this might be cheesy as hell, and while a lot of people here have been here since like forever(hence are probably immune to the effects of these crashes at this point), but if this saves one person it's well worth it.

Happy trading and investing!


EDIT (July 20th 2021): The entirety of the cryptocurrency markets is going to goblin town again. Just a quick reminder to keep your time preference high. The day I posted this topic(March 13, 2020), bitcoin's price was around $5000. Hodling works, ladies and gentlemen.

[Charles-Tim]

It's that time again, where bitcoin(and pretty much almost every other non-stablecoin cryptocurrencies) does a huge nosedive. This is just a reminder that whatever amount you've "lost" with the market  crash, in the end, it's just money. Money can be made back in the future through multiple various ways, whereas you have only one life to live. It's not the end.

Whether you're invested in bitcoin, whatever altcoin, or even the stock markets, if you've been having suicidal thoughts, please think twice and try talking to a professional.

For the suicide hotline for the country you're in, please refer to this list: https://en.wikipedia.org/wiki/List_of_suicide_crisis_lines

Times like today are so reminiscent of the last market crash whereas suicide-related posts and suicide hotlines are popping out on multiple crypto-related subreddits. But yea, this might be cheesy as hell, and while a lot of people here have been here since like forever(hence are probably immune to the effects of these crashes at this point), but if this saves one person it's well worth it.

Happy trading and investing!

This is a pleasing and contenting write up. It is the truth. That we lost in long term trade today does not mean the market is nothing to rise again. We should be hopeful and full of positive thoughts now. Like me, I still believe in bitcoin halving. I still believe that this year bitcoin will still be over $10,000 again. Because investors will invest because of some certain reasons. All in my post in the link below.

https://bitcointalk.org/index.php?topic=5232054.msg54008321#msg54008321

I wrote this above thread some days ago, to let people still know that bitcoin and strong altcoins will still rise this year and next year. Do not let us underestimate the anticipatory bitcoin halving effect of whales manipulations and retail investors capital crypto investments.

People are linking the recent fall to corona virus which I believe can directly and indirectly be the cause of the recent drop. But, as bitcoin droppd 6% in January after the spread in China, bitcoin later increase to above $10,500.
So, I do not think corona virus is the only cause of crypto fall and I belive the recent fall can be a preparation to the next bull run in which whales are manipulating and price drop for other investors to sell bitcoin.

[Coyster]

Dismay, uncertainty and fear are great 'killers' and can even lead to more loss for an investor after they must have pressed the panic button, it hasn't been too long bitcoin price was at the range value of 3-4k, but the market saw a welcome improvement to around 9-10k, but it all seems like we are back to the nadir once again, but it's not anything to die for, it's unstable and that's certain, it will also go back up and also inevitably also go low again, it's something like a circle we are used to already.

If you want to pull out, do so, but if you want to recover if you are already in a loss, be patient.

[anoufal]

My mental health was disrupted by this drop in the price of bitcoin...

[Lucius]

~snip~

There is unrealized and realized profit, as well as loss. The fact is that the price of BTC has lost quite a lot of its value, but the one who has not sold BTC has actually lost nothing. This particularly applies to long term investors, and we know that price of 1 BTC was only $3000 just a year ago.

Of course, the psychological factor should be taken into account, as inexperienced investors find it hard to bear such sharp declines, not realizing that sooner or later, as always, prices will rise. For people who are in crypto market for years, this is just one in series of bad episodes, and for some just one more opportunity to buy more cheap coins.

I see some green on crypto markets today, and despite the fact that it is difficult to predict anything at this point, Bitcoin may surprise us positively in the coming days.

[DooMAD]

Sage advice.  I've been around long enough to see more than a few dips in my time.  Back when I was just a speculator and had less appreciation for the real benefits of using Bitcoin, I remember being down by 65% at one point.  It was never really a big problem for me, though.  I had been very sensible and it certainly wasn't any kind of life-altering sum that I had sunk into it.  But I stayed in and subsequently my patience has more than paid off.  Now, of course, that's not to be taken as any kind of guarantee for anyone affected by the current dip, but just an example to show that things can improve.  Don't make any rash decisions, remain calm and weigh up your options carefully.  

Also, if you haven't done so already, consider moving beyond raw speculation and start looking at the other advantages that can be gained through using this technology.  The real value goes far beyond what figure in your national currency you might be able to sell it for.  Don't simply invest wealth.  Invest your time and your understanding.

As an aside, it's the fiat investments I'm getting hammered on.  Definite regrets in buying shares in my workplace.  Still, not losing any sleep over it.  You win some, you lose some.

Whatever your wealth is stored in, these seem to be very turbulent times.  Don't let it get you down.

[dothebeats]

As someone who owns a printing business near academe and universities, I am one with those who are slowly losing money as days go by. It was such an unfortunate event for everyone, not only businessmen who are losing thousands or millions with the current pandemic, but no one really wanted this to happen in the first place. Even though I am losing money, as an immunologist myself, I still dedicated my time, effort and knowledge with the cause, and am volunteering to help prevent the virus to further spread. Working 16 hours a day without getting paid, I only wanted to see the eradication of this virus--or to at least control its spread and help get the normal lives of people back. Sure, a few months without profit may hurt the bank, then again I still have some bitcoins to spare if the going gets really rough.

To those of you who are losing money due to the current market conditions, this is not the end of the world. Some have lost their loved ones, some are contracting the disease and others still don't have anything to feed themselves but are still out there in the midst of the outbreak. Don't give up, and continue to power through. It's just a bad month, and it's not as if we haven't seen the worse days on the past years anyway.

[DeathAngel]

Well you shouldn’t be so overly invested in anything that a bad turn of events can leave you REKT.
This virus will go away though & all markets will recover, I guarantee that.

Just relax, the price has already recovered a little.

[hatshepsut93]

There is unrealized and realized profit, as well as loss. The fact is that the price of BTC has lost quite a lot of its value, but the one who has not sold BTC has actually lost nothing. This particularly applies to long term investors, and we know that price of 1 BTC was only $3000 just a year ago.

Of course, the psychological factor should be taken into account, as inexperienced investors find it hard to bear such sharp declines, not realizing that sooner or later, as always, prices will rise. For people who are in crypto market for years, this is just one in series of bad episodes, and for some just one more opportunity to buy more cheap coins.

I see some green on crypto markets today, and despite the fact that it is difficult to predict anything at this point, Bitcoin may surprise us positively in the coming days.

You're correct about the losses, but I think it's not the best mindset to have, it's essentially thinking that you can't lose as long as you hodl and it's not a good mindset for an investor, because losing is always a part of investing, it happens to everyone, even to someone like Warren Buffet. A good investor accepts his losses, analyzes his mistakes and moves on. Sometimes hodling is a good decision and sometimes it isn't - for example in altcoins lots of people hold bags of now worthless coins because they hoped that one day they will recover.

[mk4]

Well you shouldn’t be so overly invested in anything that a bad turn of events can leave you REKT.

I completely agree. One of the main reasons why a certain could be heavily troubled by a price crash is over-allocation on one asset, for sure. Especially on a heavily volatile asset as bitcoin. But that's not the point of the topic.

[Lucius]

Sometimes hodling is a good decision and sometimes it isn't - for example in altcoins lots of people hold bags of now worthless coins because they hoped that one day they will recover.

I cannot agree that it is wise to compare Bitcoin with altcoins, because most of them don't really have any purpose. Holding Bitcoins so far has been a smart move, but only for those who know what they are doing. There are people who invest for long term (at least 5-10 years), and what does this decline mean to them? There are those who are investing in the hope of making a quick profit, and it is normal for them to find themselves in a very difficult position in such situations.

Do I feel bad about the fact that value of my coins is down for 40%? Of course the answer is yes, but I consider it only a temporary loss. At the moment, however, it is most important for everyone to stay healthy from this virus, especially for those at risk - BTC will recover as always.

[Twentyonepaylots]

Well you shouldn’t be so overly invested in anything that a bad turn of events can leave you REKT.

I completely agree. One of the main reasons why a certain could be heavily troubled by a price crash is over-allocation on one asset, for sure. Especially on a heavily volatile asset as bitcoin. But that's not the point of the topic.

Not really that mistake to point with people who are very confident with their investment especially with bitcoin. Bitcoin has been very silent for so many years, until it slowly went to the mainstream conquering negative comments about it made possible by the decentralized network. It is just that the people are really greedy, after seeing the price soaring, they are panicking and seen by the sharks as an opportunity making new sailors confused.

[The Sceptical Chymist]

For the suicide hotline for the country you're in<snip>

Jesus, I hope it's not as bad as all that for most people.  I totally agree: money is just money, and as much as I respect it and acknowledge its importance, it doesn't rule my life.  Nor does bitcoin; nor am I overinvested in bitcoin.  That last point is important, because I have a feeling that a lot of folks who invest in crypto do so with money they really can't afford to lose--and look at all these exchanges that are offering 100x leverage or similar.  Investors who bought bitcoin or altcoins on margin before about two days ago must have gotten slaughtered.

This situation with bitcoin doesn't depress me in the least.  I am a bit disappointed that I've been caught short of cash to buy it with, but I'm over it. 

By the way, this is one great example of why bitcoin makes for a poor form of money.  If you're a bitcoiner who likes to spend bitcoin on stuff....you just lost a hell of a lot of purchasing power.  Don't flame me for that opinion, please.  I've expressed it before, and I'm sticking to it.

[Pffrt]

That's stupid decision someone could ever take. It's true that it's a hell lot of depression when you see your portfolio has decreased to half of the total within 1 day but that must never be ended with ruining the beautiful life.
I have seen my alt investment to lose 90% too. I don't care. Everyone should have a life outside this.

[20kevin20]

This is unfortunately one of the periods where all the false ideas of Bitcoin that have been shaped come out to the surface. One of these ideas is "put everything you have in BTC, you'll get rich". It's overly advertised and promoted and too many people went for that idea.

I, on the other hand, have started in 2013 with very small amounts so I didn't feel much of a loss whenever Bitcoin had a dump. I've learned not to be psychologically affected by sharp market moves and I've also learned how the market waves work. Holding your money in cryptocurrencies may provide a very large profit but also comes with a huge risk and many different emotional feelings. I've seen way too many people get into cryptocurrencies because they "know" a huge pump is incoming, when in fact that is more of a wish than a reality.

We must learn from mistakes and not see money loss as the end of everything. It's surely not. I think every human being will go through at least one very tough time in their existence, life can't always be positive.

Nice post though, OP. Haven't even thought about those who might be psychologically affected by these sharp moves..

[Spaffin]

This is unfortunately one of the periods where all the false ideas of Bitcoin that have been shaped come out to the surface. One of these ideas is "put everything you have in BTC, you'll get rich". It's overly advertised and promoted and too many people went for that idea.

I, on the other hand, have started in 2013 with very small amounts so I didn't feel much of a loss whenever Bitcoin had a dump. I've learned not to be psychologically affected by sharp market moves and I've also learned how the market waves work. Holding your money in cryptocurrencies may provide a very large profit but also comes with a huge risk and many different emotional feelings. I've seen way too many people get into cryptocurrencies because they "know" a huge pump is incoming, when in fact that is more of a wish than a reality.

We must learn from mistakes and not see money loss as the end of everything. It's surely not. I think every human being will go through at least one very tough time in their existence, life can't always be positive.

Nice post though, OP. Haven't even thought about those who might be psychologically affected by these sharp moves..

I think that cryptocurrency users, after what happened in 2016, 2017 and 2018, already realized that you can’t make an unreasonable decision and risk all available means in the cryptocurrency market.  Cryptocurrency is primarily a big risk, and only then the opportunity to earn big money.  Here you need to use good experience and professionalism to get a good income.  Of course, I constantly come across the same advice when users are advised to invest all their capital because a very good time is coming for a profitable deal that will make the investor rich.  The always negative consequences of our actions affect our psychological state, especially when we are deceived by bad advice.

[betty11]

Only the strong in heart and they that have been around enough can relate with what is happening and laugh over it by turning it into a comic meme rather than get some psychological trauma about what is certain to happen. I agree it's just money and only the living make money and spend it, at the end the dark days will be past.

[gentlemand]

Unfortunately most people only realise what they're made of during the test they're put through rather than considering potential outcomes beforehand and that's fair enough, there's no way of knowing.

It's helpful to  look to others who have lived the same experience previously. I was underwater for over three years during a period when it looked like death was a genuine possibility. After that lord knows what in paper profits has vapourised.

It is what it is and I'm way past getting rattled now. I choose to continue to have faith in the concept even when it's clear many people who own it don't. I'll still be here when they're gone or evolved.

[20kevin20]

I think that cryptocurrency users, after what happened in 2016, 2017 and 2018, already realized that you can’t make an unreasonable decision and risk all available means in the cryptocurrency market.  Cryptocurrency is primarily a big risk, and only then the opportunity to earn big money.  Here you need to use good experience and professionalism to get a good income.  Of course, I constantly come across the same advice when users are advised to invest all their capital because a very good time is coming for a profitable deal that will make the investor rich.  The always negative consequences of our actions affect our psychological state, especially when we are deceived by bad advice.

I don't think they've learned much.

I'm talking mostly about newbies and those who've put their money in BTC and never cared about it again until the dump. People are placing money in crypto hoping to get a fortune out of it in no time.

If I ask any of my friends (those who have never owned/cared about or BTC or cryptos in their lives) what their opinion on BTC is, it's either "I know you can make a lot of money out of it" or "it's used by criminals". That explains it all for me. These are the same guys OP is now referring to. The weaker hands or the believers in ideal price changes.

[gentlemand]

I don't think they've learned much.

I'm talking mostly about newbies and those who've put their money in BTC and never cared about it again until the dump. People are placing money in crypto hoping to get a fortune out of it in no time.

We've seen some proper OGs go a bit batty with this dump. I guess it shat on a lot of expectations that were building up over a lengthy period of time. Every single day is writing fresh history. People drawing on what has already occurred might be in for a rude shock.

I'm looking to the end of 2021 before deciding what to do and where it might head. What's going on at present is (very loud) noise.