Crypto: Building "Bear Market" Alliances.
A lot of people made different promises to themselves and carved different plans for the next bear market (the one we're currently in) when crypto prices peaked around October/November 2021.
I know a lot of these people who regretted not building in the bear market of 2018/19, they swore they'd give their blood and sweat when the next bear market comes.
Funny enough, I no longer hear from 80 to 90% of these people now that we're neck deep into the bear market and the window for the building opportunity that they craved so badly is now here.
The bull market makes people build fake resolutions
Seeing profit-taking here and there, by people who already took time to build makes some, create unsustainable resolutions, one they cannot see through, especially when the going gets tough.
Crypto is everything that real life represents but the reason many will fail to see this comparison is because of the illusion of safety that we often create with our minds.
The bull market is a time when people forget about the misery and hell that the bear market brought. It's a reward for coming out tops when the temptations to succumb to huge price dips, or buy into FUD.
This is why I always advise people not to make crypto friends when it's the bull market. Why? It's similar to having friends when you become rich.
A lot of people in crypto only gave in to FUD because the friends they made in the bull market only came for the "bull gains" It's important to understand that building, or a period of accumulation is one of the toughest periods in the life of a person.
For example, an entrepreneur who is trying to build their business in real life will face competition, hard times, opportunity cost forgone, make sacrifices, extended gratification, and even face the temptation to close the business when things get tough and the numbers are not coming in.
Tough Times Build Rigid Relationships
Having friends that you're collectively building with during tough times, is better than building new friends when the "gains" of the bull market is ripe.
Crypto season is a phase, and this is because there's no "happily ever after", The season of bear is inevitable, and this is why you need tough people: People who understand the bear market, who can give you the motivation to hold when inexplicable dips rampage the market, when bad players ruin the market, and you begin to panic from the level of FUD that the Crypto space can create.
When the going gets tough, this is when people with the lambo dreams completely disappear.
I was opportune to meet some of the people in 2021, they were building mad dreams, from being drunk from the bull market's kamikaze.
These were the people who wanted to buy BTC at 70k in 2021 and hoped they could sell it a month later at 200k and Hive at 3$ while hoping to sell at $6 a week later. It's crazy to be around people like this.
I had a fair share of them that I had to cut off because they were unrealistic in their ambitions, and the bear market has eventually proven that they're jokers.
Crypto is for tough people, and the reason why we see a lot of the opposite is that people are attracted to "unbelievable money" I know people who talked about how crypto paid them their five-year salary in just one week.
The prospect of life-changing money makes people unprepared for the doom of the bear market
When people begin to establish a balance between the bull and bear market and create ways to maximize the former to mitigate the latter, this is when they'd begin to truly understand Crypto.
No doubt, its bleeding-edge technology is still futuristic. Some of the gains we're currently seeing will be nothing compared to the futuristic possibilities, but paying the price of time is always difficult, and most people would rather not.
At the end of the day, if you're currently holding on neck-deep and trying to take advantage to build and stay solidly strong, stay away from bull market friendships, The crypto alliances you form during the bear market, should be the ones you should build and sustain, when the season of abundance comes.
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Haha 😅, this might be for me. After alot of promises upon promises, I'll be trampled by FUD. Though, I'm trying compared to some people cause I joined my husband with some deadly Bitcoin investment recently, hoping to come out well. I'm very certain about how massive the market will skyrocket in the next Bull market.
My husband build my confidence to always stay strong, 😀. It's very important to be with people that have a dream that align with yours cause it help to reach a dream faster.
But at the same time, I won't advise to be a crypto Addict, it's dangerous. One must have other investments or businesses must expecially physical business. I'm a crypto investor doesn't mean I don't have my own personal businesses.
I rest my case 😅
Of course, crypto is not completely immune, hence the need for diversification. Infact the only way to enjoy crypto's volatility is to be duly diversified into real-time businesses. When you do this. Bearish seasons will have no effect on you. Infact, instead of selling during the bear you'll be accumulating. I've always mentioned that crypto is an establisher, it helps you get established, but deciding to own diverse ventures is how you get to begin your journey.
The crypto verse is not for the weak, it takes a lot.
Thanks for the comment
No lies,Thanks for sharing. Wishing you a beautiful week ahead.
Thanks, and you too.
Haha, they are now waiting for $10k or $12k..and are sidelines.
I truly agree with you POV of not making Fren in bull run especially.. they create FOMO - somehow convince you this isn't time to take profits but let it double, triple and than boom it's all gone.
I'd always prefer those Fren who knows to struggle and build in tough times than in peak bull run... kind of a Great life examples you've given here from market!
Understanding that psychological aspect always help you in situations. Time to stay strong and optimistic! Good times are surely ahead but now it's right time to disciplined and make a good Approach.
Hahaha 10k is not going to be possible anymore. Some of them are not even interested in 10k, they're not just motivated because they do not have the gut to be investors whatsoever. They just want to be available during the bull run and nothing else.
Sincerely, having a bull market friend is a truly bad idea. This is because I believe that they might not act as the right support system for us during the bear market.
You're totally right. Staying strong during testing Crypto period is important, sometimes we need people who understands the drill and know the psychology of the market well.
Oh,
So they're just "Larps".
That too, it's real and 100% relateable.. already seen that side of fren.
As of now I'm trying to understand more about physiological aspect of markets. It plays major role in both cycles.
Excellent post on bull and bear market. You are very right when you say crypto is for tough people. I tell you in the bull market I get calls from people trying to buy bitcoin, and in the last bull everyone was buying hoping for 80k to 100k btc. Now that it pulled back nobody asks, the fear and greed index is at fear and this is exactly the right time to buy.
I believe we are very early in this space, there is trillions of fiat that is yet to get into crypto. DeFi is at an infant stage but the rate at which it is developing is phenomenal. I saw a video of someone predicting how ETH will overtake BTC in market cap for the things that can be built on it. Nobody can correctly predict what is coming but we know the future is digital so we keep hodling.
Did you see history being made last week, there's a new global monetary system coming in 2024. The BRICS have included Saudi Arabia, Iran and other countries too starting Jan 2024; 80% of world's oil will be under them and they wont trade in USD. There will be consequences on the USD and crypto that most people are not even aware of. Lets keep building this bear market and am sure the next bull market will be amazing.
Thank you for sharing and do enjoy the new week ahead as we get into September :}
This is to show that the USD will not continue or keep it's supremacy forever. A lot of innovations are being built to replace the older innovations and to be honest, crypto is an innovation that I feel has not even reached 10% of it's potentials.
Tbh, crypto is for tough people. I know the lots back then that we're waiting for 80k so they can sell at 100k, forgetting that they're not in charge of the price. These are people who jump into Crypto bandwagon when the price is good, just to make little profits, then jump out again when they can no longer make that money again.
I believe in keeping up the building momentum.
Thanks for the amazing comment, have a great week ahead too.
So much fear in people about investing even during this bear run
True Indeed.
Yeah, I agree. Despite all the blows, we are not dead yet. :)
Hahaha, we're definitely not dead yet
Another minor factor, in my opinion, is that like we never know when we've reached the top of the bull market, we never really know when we have reached the bottom of the bear market. Many of these people may be waiting for the bottom to start building rather than just building all the time.
Well, the bottom or the top might just be an illusion. Sometimes people miss their window waiting for the top or bottom, and this why it's important to DCA. All in all, waiting for a particular time might just create the tendency for procrastination.
A friend keeps saying that he fuck up during the last bull market, he should have prepared more in the last Bear market, but we are now in a new bear market. I called this guy and he was giving so many excuses and I know he has the money to invest. What can I do? Can Force him to invest in crypto. Most of these guys do regret their actions later. Let just keep building for the future.
Hahaha it was the money in the bull market that made him think he messed up. Aside from the profits, crypto owners and holders generally believes in crypto and this makes it easy to keep accumulating and building even when the bear market is harsh. I'm sure that your guy will come back later to say he wished he listened to you.
That's solid advice, to stay away from bull market friendships and truly value the ones forged during times of hardship.
And for the bear market, this may be the true test period. Short-term crashes, despite the unrealized (or realized) losses, may be easier to endure than the monotony that follows. That's when most people give up.
Great advice! I think it's during the bull that we know who's real and who's just pretending, having that patient to wait it out and keep building is something that most won't do when the going gets tough. Crypto definitely mirrors life to a large extent and the same process is required to make it big despite the big opportunity that it usually presents.
The FOMO and FUD is kind of crazy. People who are chasing the fast money get hurt quite fast and it takes time for things to rebound. Choosing good tokens and making sure that they are track is the way to go. For example, I am not worried about Hive or BTC in terms of price.
This is very true last time same thing happened to us when we sold everything inside the market then after month the market went up and this time we will not do it like that at all we will wait. They are doing this until the market goes up. These people can take as many things as they want and talk as much as they want. One day, it must go up, so it is better that a person does not waste three years of hard work and something.
As we all know, we are in the tough times of the cryptocurrency market do we gotta be very careful. The best thing to do is buy and HODL and not selling it off because we are panicking that the price may continue to go down and never come up again which is incorrect.