Bitcoin's price, and our mental health.

[BaeSuzy]

I think this year was my toughest year because I invested in bitcoin when the bitcoin price was very high (arround $50k). In the current situation, I think I'm quite lucky because I'm already quite experienced in the investment field, so the current situation doesn't stress me too much because I already know when I invest in crypto the risk is very high and i use money i can afford to lose.

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[Desmong]

I was very mentally depressed when I first started getting to know bitcoin where I bought bitcoin for 25k$ and it dropped to 15k$, but the support from fellow traders and bounty friends made me calm, and with patience in early 2021 I enjoyed the results of my patience

Patient is a virtue especially for investors. This is the same way I lost couple of dollars because of my impatient to keep holding when Bitcoin was falling. I decided to sell all my Bitcoin to later buy at the dip but later missed it all. I sold with huge loses and couldn't recover my loses. This Bitcoin business needs a lot of patience to backup ones optimistic target. With the level I am now, I think my previous mistake can serve as knowledge to new traders who had not gotten the lever to endure negative outcome of a trading.

[Fortify]

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.

This has been going on since the beginning of time for people who are in control of their finances. It is also common in the stock market that you really need to weather the stormy times to be able to enjoy the rainbow afterwards. There are two reasons that you should continue to hold cryptocurrencies in my mind: 1) You have lots of spare cash available and have committed to "investing" some of it over a long timeframe (ideally 5+ years) or 2) You think there is a solid reason that Bitcoin will recover and continue to rise in price. Either way, if you're checking your investments each day and let it affect your thoughts then it is probably too risky for you - so put your money somewhere safer but you won't benefit if the volatility causes a price rise.

[batako]

I was very mentally depressed when I first started getting to know bitcoin where I bought bitcoin for 25k$ and it dropped to 15k$, but the support from fellow traders and bounty friends made me calm, and with patience in early 2021 I enjoyed the results of my patience

Patient is a virtue especially for investors. This is the same way I lost couple of dollars because of my impatient to keep holding when Bitcoin was falling. I decided to sell all my Bitcoin to later buy at the dip but later missed it all. I sold with huge loses and couldn't recover my loses. This Bitcoin business needs a lot of patience to backup ones optimistic target. With the level I am now, I think my previous mistake can serve as knowledge to new traders who had not gotten the lever to endure negative outcome of a trading.

In terms of investment, you should use money that has not been used for a long time. Therefore, however the market will look, especially during a crash, we can stay calm waiting for the next bull to come. If we use busy money, surely we will fall into a panic situation when the price drops too deep and most of us will take a very bad decision that is cut the loss.

[XavierLaurent]

I don't think you can be 100% successful long-term trader without encountering a loss or two. Loss should not discourage you for ever trading again tho. Your mental health should be much more important than any amount of profit or BTC. If you need help, please contact your nearest help line.

[randegibran]

for now indeed.we are being.overwritten by several problems.regarding the price of bitcoin which.is increasingly.falling and is.no longer under control, but we are also very mentally.prepared about such.things what we can.do for now is.that we are able to be more.patient in.conditions or situations.like this , because if.we are not mentally.controlled this will also have an.impact on our business.which we have been.in for a long time

[Renampun]

...

money can be found back but life only once...

Besides suicide because of a breakup, I am also surprised by people who commit suicide because of losses in business or investment, their minds are so narrow. for Bitcoin investors when the price drops don't think it's the end of the world, until whenever you have to remember that the price of Bitcoin is very volatile.

[Wakate]

I can't believe Bitcoin had gone this far, from $5k to $63k then back to $32k. It is really amazing but the fear of losing and the emotions that are attached is really self weaking. It should be understood that there is big risks in investing and trading of Bitcoin which can really help us to pay close attention to it.

[chanler]

It is true that the price of BTC and other cryptos is going down. The price is still unstable and fluctuates, of course it makes many people panic. It's true that we have to be able to deal with it calmly even though our minds actually have to spin to think how to manage it properly. Think calmly and don't be in a hurry to make any decisions at a time like this. We also have to know that everyone faces this and we have to be able to handle it well if we are to survive. Don't let the assets you have just let go and make us surrender to get losses. That's not a good thing my friend. It's time to spin your brain and focus on the goal here so you don't get intrigued by the current crypto market.

[KennyR]

Bitcoin price has grown big in a short time period. My mind always think of small holdings that I wasted unwanted believing on multiplier schemes and other scams without doing proper analysis. Maybe I would've got few thousand dollars in BTC and ETH if I've kept hold of those. It pains me, because when the price was low the amount I wasted looks small and that consoled myself. Now it pains a lot, because to earn such an amount is not an easy thing anymore.

[Robinson66]

There are many people who have suffered miserable losses, but basically they have suffered in the same way:
Be bold and blindly allocate funds.Their loss is entirely due to the mismatch of greed and ability, or trust in their own gossip.
Frequent transactions.This is the characteristic of many people, and they can't control their hands every time. I have always wanted to trade at the beginning of the market, but frequent trading means more and more mistakes and more and more impatient mentality. Increase the handling fee.
Then they will form a loop. The more trading errors per month, the greater the loss. When a businessman loses all basic living expenses and his family does not support or understand, he borrows money from friends. When the borrowed money is lost because of investment, he feels guilty towards his family and friends. People have limits. This guilt will drag you down until you collapse. Desperate to myself and want to commit suicide.

[Nora Olin]

For all investors who invest in cryptocurrency, buying cryptocurrency with unimportant funds is very safe and stable. Even if the currency plummets, it will not affect people's normal lives. If you spend more or all of it, your assets may affect your life. Unable to withstand the tremendous pressure, it often leads to tragedies. Therefore, the assets you invest in are related to the rest of your life. Therefore, investors need to allocate positions reasonably and refuse to bet on all-or-nothing behavior!

[newwest]

I was very mentally depressed when I first started getting to know bitcoin where I bought bitcoin for 25k$ and it dropped to 15k$, but the support from fellow traders and bounty friends made me calm, and with patience in early 2021 I enjoyed the results of my patience

I have seen that for traders and speculators who deal with big amount it is a nightmare as bitcoin always jumps and drops big at times. So you take huge risk and at times on rising times make money else lose big too and not all can handle this stress. For long term investors it is not that stressful because we have seen the roller coaster ride from years now and know in the end it will bounce back.

[AakZaki]

~snip~ for Bitcoin investors when the price drops don't think it's the end of the world, until whenever you have to remember that the price of Bitcoin is very volatile.

Mental is number 1. If at this time you fail and then stop then your mental is weak. I don't really think about how I lose, actually playing in crypto can't keep profiting. We only practice risk management and mentality is the main source. If you lose it is a risk, your mentality must remain the same. Please fight and continue because if you stop you will surely fail. If you continue amka there will be two options fail or succeed. Because honestly many friends have lost money but they still smile and believe their money will come back soon. It's just a matter of our patience and foresight.

[Woodie]

Once you invest in crypto there is always that mental connection and edge to see how price is moving, and the problem with the times we live in these days is that we have too much time on our hands to check on price frequently .

I think the only way to avoid this is to keep yourself occupied with other activities.

[lovemycar]

Bitcoin price and mental health is actually a very serious topic, and many people ignore this issue. What I want to say is that a good attitude can determine your investment IQ and EQ.

The most typical thing is that when Bitcoin falls sharply, it is easy to have extreme panic, eating poorly, unable to sleep, inner anxiety, and uncomfortable. At this time, people have lost their principles and the most basic market judgment ability, and often make mistakes. decision. At this time, your buying is the beginning of a decline, and your selling is the beginning of an increase.

My opinion is that three kinds of people are not suitable for Bitcoin (the current state of Bitcoin)：

• The first type of person is obsessive-compulsive disorder, this kind of person is more obsessive, and their eyes can't wait to leave the market chart for 24 hours. Such people are often victims of the market, and one day they will obediently hand over their chips.
  
• The second type of people are those with extremely low psychological endurance. They are timid and easy to flee the market without faith when the price of Bitcoin plummets. On the contrary, those who cannot withstand the temptation, those who do not have principles and persistence in the process of rising, often miss the most beautiful rainbow.
  
• The third type is people who have no faith, just follow the trend, do not have their own analytical and judgment ability, let alone emotional intelligence, long-term possession is impossible for them, and it is vacillating. If you don't have this determination, please leave Bitcoin.
  

Because of Bitcoin, the mentality collapsed, and some people even lost their lives. This kind of news is not rare. In fact, I really don't want to see this kind of tragedy happen. If you are among the above three kinds of people, it is recommended that you contact a psychiatrist in advance to take a simple psychological test. If you are not suitable, I do not recommend that you participate in Bitcoin.

[Connor Britton]

This is very common for novices, and there are some relatively large investments, which may not be able to withstand very well. We must not invest all our money and don't put eggs in the same basket.
Communicate more with friends and family, and analyze the market with friends.
Don't take out loans for investment, and don't borrow money from friends to invest, just keep your mindset.

[Mr.sprin]

Once you invest in crypto there is always that mental connection and edge to see how price is moving, and the problem with the times we live in these days is that we have too much time on our hands to check on price frequently .

I think the only way to avoid this is to keep yourself occupied with other activities.

I think so, before investing in bitcoin, the most important thing is to determine the target time or profit to be achieved, for me bitcoin is a long-term investment (more than a year) and I don't care when the price drops or skyrockets as long as my monthly needs can be met from working in the office.

the price of bitcoin skyrockets but you do not sell bitcoin you choose to hold bitcoin even you hold in the long term I think you are one of the people who hold your principle not affected by the price because your economic needs can be met in the office so you make bitcoin as an asset for the future.

[Kittygalore]

I can't believe Bitcoin had gone this far, from $5k to $63k then back to $32k. It is really amazing but the fear of losing and the emotions that are attached is really self weaking. It should be understood that there is big risks in investing and trading of Bitcoin which can really help us to pay close attention to it.

If you don't have money on your mind as first priority then the changes or fluctuations in prices won't affect you negatively, you only see it as it is and you only see the positives of everything. Mastering emotions is difficult but with enough practice, you will be able to get through it and it will be fruitful once you finally did it.

[iTradeChips]

this may be said to greatly affect beginners who start an investment in the crypto world, because they will soon occupy all this week have a bad business level, it is because they have put all their money in BTC to buy bitcoins at high prices on a few years ago.now bitcoin has experienced a fairly large price decline.now it really affects their mentality in investing because many people are more inclined to instant results.

I did heard some suicides that happened during the crash of 2018. Well, many of crypto experts know that the crash of 2018 is merely a correction. If these suicides were true then I do pity and wished these did not happen. I think it is our duty being responsible crypto enthusiasts to guide the newbies and those who are new at cryptocurrency to give them the proper guidance and proper information that will help them make the right decisions in trading and investment decisions.