It was late summer 2014 and the crypto market was experiencing its first major meltdown. MtGox was the word on everyone's lips and the people who bought BTC at $500 were contemplating leaving the market forever. While perusing bitcointalk.org searching for a glimpse of hope, I came across a post in the Marketplace board accumulating 1000+ views in an hour or so. Naturally curious, I dropped in to have a look and it was a lengthy rant about how "The dip keeps on dipping". Amid the chaos of the comment section, I found something interesting: an overlooked comment about dip buying psychology in a mad new world. I was so fond of this tidbit of information that, in a fugue state of sleep deprivation and temporary hopelessness, I decided to copy the comment by hand into my work notebook. Since then, this little snippet of text has allowed me to enjoy the cryptosphere and steer clear of its madness and shills. I can't find the original post again, but here are the contents of that comment paraphrased for the new (and old) people of the crypto market crash class of '22 and onward:
THIS IS NOT A FINANCIAL ADVICE: Nothing written herein constitutes professional and/or financial advice, nor does any provided information constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto.
WHEN the dip is 10-20% down.
THEY will be screaming into your ears to gobble up the price at a discount. Crypto talking heads on Twitter will churn out sarcastic tweets about how they have predicted this correction for weeks or months in advance. Tiktok and Youtube investing "experts" will show their punchable "O" face next to "Here's what I am buying" in bold, capitalized letters.
YOU will not buy it.
WHEN the price dips 20-30%.
THEY will start memeing about the dip that keeps on dipping, etc. There will be posts on Reddit comparing this dip to the previous ones with a caveat mentioning "different market conditions" and "wider acceptance" this time around. They are expecting a V shape recovery.
YOU will not buy it.
WHEN the price goes for the 30-40% downrange.
THEY will tell you to borrow money to buy here. This is the generation wealth accumulation zone. They are all doing the same because they have already spent all of their money on previous dips. Now is the chance to buy BTC at 40k instead of wishing that you have bought it when it was 60k, they say.
YOU will not buy it. (You should make sure that all your trading accounts are still good to go though.)
WHEN it is minus 40-60% from ATH. The market is red with alts.
THEY suddenly refrain from mentioning dip-buying. Previous dip buyers are now feeling like they are holding bags acquired at ATH prices. The bottom predictions are coming in.
YOU will not buy it. (You should do some basic math to figure out how much you can spend or in this case, are willing to lose by investing in crypto).
WHEN it is now a 60-80% correction. A bear market is here to stay.
THEY will lose all hopes. All the crypto subs (or at least the reputable ones) will have properly pinned posts containing the suicide hotline number. Twitter is full of the lamenting of the newbies who lose their life savings in the game of speculation. People have had enough and are selling at a loss. In every corner of social media, there is a cascading silence. The moon boys are taking a break; the newbies leave the exchanges.
YOU start cautiously. You DCA here and there for the next two years. You look into high probability chart patterns over longer time frames (weekly, monthly). If you haven't learned the fundamentals or had time to do proper research on certain projects, now is the time.
WHEN it is now a 90+% "dip".
THEY will cease to exist.
YOU will accept that there is a greater chance of losing everything if you choose to buy here. You may appreciate the blue chips even if their colors are somewhat stale.
in dementia sanitas
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