Coin Investor Story | After the crash, do you still love Bitcoin?

Editor's Note: The original title is "After the plunge, do you still love Bitcoin? | Cobo User Special"

March 12, 2020, Beijing, breeze.

I was working remotely from home, doing my normal job, thinking it was just another normal day in my life.

What happened next was beyond all my experience and imagination.

That evening, Bitcoin plunged by $1,000 in just 10 minutes, and the market was in extreme panic. The next morning, Bitcoin continued to plummet, falling to as low as $3,800, a halving in just 24 hours. To be honest, this was the first time I had seen such a big scene after more than a year in the industry.

My mood went from disbelief, to a sense of being in another world, to numbness. Even after I calmed down, I still couldn't believe what had happened.

Do you remember the interviews we conducted with some Cobo users at the end of last year? They were a group of energetic people working hard in the cryptocurrency circle. They were ordinary people, without cheats or cheat codes; they were passionate and loved Bitcoin from the bottom of their hearts and the industry they were engaged in; they were also very real, with laughter and tears, excitement and confusion on the road to pursuing wealth and dreams.

For those who have experienced this crash, will they look back on the past with tears in their eyes, or will they remain calm and watch the currency prices rise and fall?

"My hands and feet were cold and I was sweating all over..."

Xiaopeng is not a gambler. He opened a small leverage at 9,500 USD because he was optimistic about the halving. The liquidation price was about 7,000 USD. Before this, he never thought there would be a possibility of liquidation. This was also the first time he experienced such a big market fluctuation.

Talking about the night of the March 12 explosion, Xiaopeng said that his hands and feet were cold and he was sweating all over. A thought crossed his mind: I hope it’s not a pill…

After I calmed down, I felt the biggest pain in my heart because I lost my coins. But fortunately, my wife comforted me: Don’t be sad, you will earn it back.

There are many good friends who feel the same way as Xiaopeng, such as Suancai.

Suancai said that he lost more than half of his money this time, mainly due to leverage. He was not worried about the floating loss of spot goods, as he thought that even if the price fell further, it would not fall below $2,000.

This plunge has dealt a heavy blow to Suancai’s faith. “Bitcoin has almost lost its safe-haven properties. Among the plunges of mainstream assets, BTC should be considered the leader.”

In the past, Suancai thought that Bitcoin was resistant to risks. Whether it rose or fell, it was independent of the stock market. "Now it is part of the assets and an item in the asset allocation. When risks come, the selling pressure is still great. The previous plunge also shows that the leverage in the market is indeed too high."

However, Suancai is still optimistic about the general trend. He has always believed that there will be a halving trend at the end of 2021.

“As long as you don’t sell, there is hope”

“I’ve been in the cryptocurrency world for a few years and have seen too many ups and downs.”

Lao Dou has been in the cryptocurrency circle for a long time and has experienced a lot of similar fluctuations. He has a good mentality. Although his principal is 7,600 US dollars, he is not worried at all when his assets are halved.

Lao Dou thinks that, just looking at last year, the lowest price of Bitcoin fell below 3,400 US dollars, but then it rose to 13,000.

The reason why passion is powerful is that you just need to stick to it without thinking about the gains and losses at any moment.

Even when the market fell to its worst, he never worried about the market going back to zero, and he would not panic sell. "Since I am in this circle, I must be optimistic, otherwise I would quit. Anyway, it's all floating profits and losses. As long as I don't sell, there is hope. If you don't have faith and have to rely on others to top up, then you are not suitable to stay in the cryptocurrency circle." Lao Dou said.

When it comes to the halving market, Lao Dou thinks that a reduction in production does not mean an increase in price, and there is no necessary connection between the two. "Although the fact that the price of coins does not increase due to a reduction in production means that many people will shut down their machines or pay for electricity, who says that you must make a profit if you buy a mining machine, right?"

“Do your best and leave the rest to fate”

From the perspective of the currency standard, Guiling Ge has no losses. He has always been a Buddhist holding currency, not playing futures, and not using leverage. "Currently, 90% of my personal assets are Bitcoin. I don't have the concept of cashing out, or I'm not investing, I'm saving. Since it's saving, why should I sell it? In the future, I may just spend directly with Bitcoin."

“This big drop is a good thing. With the global money supply being flooded, Bitcoin will become famous overnight.”

When talking about his belief in Bitcoin, he said with certainty, "I have always believed in it." Brother Guiling learned about Bitcoin in January 2018, when Bitcoin had just entered a bear market from a bull market of 20,000 US dollars. Seeing the news that Bitcoin had reached 20,000 US dollars, he became very interested. Why is this thing so valuable? What is its value? Unexpectedly, after understanding it, he couldn't stop. Brother Guiling bought Bitcoin for the first time at around 8,000 US dollars, and bought a large amount when it was more than 3,000 US dollars. At that time, he happened to have a sum of money, so he went all in. After that, he bought less, so the cost was not high. Brother Guiling thinks that luck is very important. He happened to have money at the bottom of the bear market, so he lowered the cost. "If I encounter very difficult days, even if Bitcoin is only one million US dollars next year, I can only sell it. Luck is very important. Do your best and leave it to fate. I have hoarded all the coins, and the rest will be left to God." Brother Guiling believes that the halving market still exists. The halving is Bitcoin’s own cycle, which occurs every four years. It breaks the balance between supply and demand, causing a surge in the bull market, and then it rises too high and plummets into a bear market, repeating over and over again until the market value is large enough. This is the path to growth amidst ups and downs.

©️ giphy.com

He felt that there would definitely be a crash before the halving, which was in line with his psychological expectations, but he did not expect it to fall to 3,800.

“Because everyone is waiting for the positive effects of the halving, it will definitely not go smoothly, and abnormal things will definitely happen. On the contrary, if Bitcoin halved smoothly and soared, it would be abnormal, and I would be a little worried.”

“I really like Bitcoin”

In Aunt Wang's opinion, Bitcoin has been rising every year, and the bottom of each year is higher than the bottom of the previous year. "Even when the panic trading hit 3,800 some time ago, it was still higher than the lowest point of around 3,500 last year."

Aunt Wang has a small principle, which she also discussed with everyone in the Cobo group - new lows, sideways trading, and then new lows, it is a good time to open a position and buy. After 3,800, there was a small panic, and it went to around 4,500. In fact, that was also a good time to open a position. There is no need to panic too much, and the rebound will still rebound.

As for the halving market, Aunt Wang believes that it will exceed 20,000 US dollars by the end of 2020 or the beginning of 2021.

"It is normal to see fluctuations, especially when major disasters emerge. When a disaster occurs, it is reasonable to sell the investment products in hand and exchange them for necessities (such as rice, flour, grain, oil, and various medical supplies for this epidemic). The epidemic has caused factories to stagnate. In order to survive, investors will sell stocks and all their investment products. Coupled with the huge leverage, it will bring about major fluctuations."

It is impossible to say that I am not worried at all. When the stock price dropped to 3,000 or 4,000, Aunt Wang was a little panicked.

"To be honest, everyone was in a mess at the time. I closed the market software and asked myself, do I really like Bitcoin? Do I really like its intrinsic definition? If I really like it, then calm down. Now that the price has dropped to this level, can I buy it back smoothly if I sell it? If not, then continue to hold it. Maybe the price will rebound in a few months. If you really don't like it, then clear your position and don't participate in it anymore. Ask your heart and you will tell your true feelings."

"I will get closer to Brother Yu and do what they do. I am not the only one who bears the risk, so I don't have to worry too much. If I fail and lose everything, I will not be the only one who loses. Because I really like Bitcoin, this is the most dog-licking thing I have done."

Talking about her original intention of joining this circle, Aunt Wang said that she had never thought of getting rich quickly, because she would not be able to hold on to her money. Money does not come in a hurry. Slow is fast. Only by carrying a heavy load can you walk steadily. Only by keeping a normal mind can you be a victorious general.

©️ bitcoinmagazine

Aunt Wang said,

“Bitcoin never fluctuates, 1 BTC is always equal to 1 BTC.”

Final Thoughts

As the well-known Bitcoin evangelist AA (Andreas Antonopoulos) said,

“The Internet gives us freedom of expression, and Bitcoin protects everyone’s financial privacy.”

“Bitcoin will bring about a huge disruption. Its impact will be even greater than that of the Internet in some aspects. It will not only affect finance, but also the entire society.”

Although there are still many people who reject it, deny it, and insist that it is a "bubble" or a "scam"; maybe your family and friends will question the industry you are engaged in, and kindly advise you to get out of the pit as soon as the market plummets; maybe you are a newbie in the industry, and you are still working hard to save coins...

But we didn't give up our passion, we kept preaching and persisted. Looking back, we will find that we have overcome so many difficulties.

Love can conquer mountains and seas. We insist on what we love, and we love it more because we insist on what we love.

I ❤️BTC.

Link to this article: https://www.8btc.com/media/576515
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