Breaking Up With Crypto
Breaking up with someone but remain friends is a talent. So maybe it's possible to break up with crypto but remain in crypto. Since the last year highs, all we see are the prices of cryptocurrency keep going down especially with BCH.
Other coins manage to make their new all time high even if it's bear season, but with BCH? It didn't even manage to get back on $1000 level when BTC made new all time high at $69000, why? BCH has many haters, most of the whales in BCH are also BTC maximalist that got their BCH after the hard fork. When they decided to massively sell their holdings, it hurts BCH price the most.
Some of them just used it as collateral in Celsius then buy other coins, while some keep shorting it in Binance. Did you remember past few months BCH is out of stock in Binance? Causing them to halt withdrawals. BCH doesn't have any congestion problems, so what's the reason they're halting withdrawals? It's because they're out of stock, they have to buy on other exchanger so they can met the withdrawal demands, I'm not sure with this but I read it somewhere I think Pantera and other BCH folks in SmartBCH Telegram chat.
When you buy BCH that time, you can see it on your account that your trade was executed but when you withdraw it, they don't have it. If it happens for several times and it can happen again and again. So you should not keep your all your BCH in any exchanger if you plan to hold it for long term.
With the current market situation, it feels like I wanted to break up with crypto, especially that my all time favorite coin keeps disappointing me in price (BCH) although with it's real uses case and fundamentals it doesn't disappoint me but how can others see it's potential if it's price keeps going down in the hell? Only $20 to go, BCH price will be below $100.
They said, prices doesn't matter. For me it does, because if it's adopted as peer-to-peer cash when we buy any commodities and services prices are based on dollar. Nobody wants to see their money to be used in paying merchant keep going down. Although 1 BCH is still 1 BCH, if it keeps falling.. I think it's not good, the prices won't matter anymore if prices of any goods or services will based on sats as well.
BCH all time low is $76.93 as per CoinGecko data tracker but in CoinMarketCap it is $75+.. that was last December 20, 2017. I think we are really near at the real bottom, if BCH price will touch on the ATL level.
Am I losing my trust with BCH? No, but I don't expect too much anymore.. so if it's price keeps going down or even up it won't affect me mentally anymore.
I'm breaking up with crypto mentally, but not literally. It means I have to condition my mind that crypto is unpredictable, very volatile and highly speculative so whatever the market sentiment is, it won't affect my mental state.
It's not BCH alone that keeps going down, there are more coins that are even worst due to pump and dump mechanism but I'm only pointing out with BCH because it's the largest portion of my bag. Even if I have 10 BCH or more with the current price, it doesn't value much at all.
I don't want to trade it either as I am really aware that not your keys, not your coins if I put it on exchanger. I am a risk taker, but I can't risk losing all of it if ever exchanger will start shitting their users, especially Binance that keeps hurting BCH price.
So I'll just keep it in my wallet, wait until it recovers.. I'll trade some of course, but not all. I am talking about my holdings, but I'll still do hustle to earn some of it, for my expenses this month and onwards.
I don't know, what I am trying to say in this article, if this made sense or not haha! Whatever.
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Date Published:
June 15,2022(Article#:7)
I did that a long time ago haha, even break and forget finding the day where I will look at the chart and reach a new ATH maybe in the next few more years, lol. Painful break-ups again hehe.