The comical term “diamond hands” was coined by absolute know-nothings on Reddit in regards to their GME positions. Before the GME fever, lads in Bitcoin and SHITCOINville would simply HODL (hold on to dear life). It is the culture with these new type of investor to never sell, no matter the case. Coins like DOGE, seemingly scams, are held by people and fortunes have been made. In all of my years managing money both professionally and on my own I have never come across a more toxic sub-culture for investors. My feeeeelings, however, would have resulted in much less gains — had you and your idiot friends sold DOGE at 8 cents or perhaps never at all purchased GME, as it rocketed to the moon.
Why?
Chalk it up to an aberration, a frenzy. Like everything else, eventually, things go back to the way they once were. In the case of GME, it’s taking much longer than anyone ever thought to collapse and it’s quite normal now to see it trade above $150, as ridiculous as it seems.
Last night Bitcoin, ETH and the gang collapsed and today that selling has continued. The losses are staggering from the top, nearly 50% from a few weeks ago, and we all know when assets are at their highest — the people with least to risk are invested and now feeling the brunt of this reversion back to the mean.
What next?
I would have sold ETH when I started buying it last year at $300, if I was only trading it. The only reason why I was able to HODL with my diamond hands is because I was determined to hold for 2-3 years — just to see what happened. I buy ETH every month like paying a bill and it didn’t take long for my money to double and triple and eventually shoot higher by 17x to equal a sizable fortune. Did I sell? No. Why the fuck not? Because it was never a trade. I am holding the asset for another 2 years, period end of story.
But what if it goes back to $1,000?
If you look back on some of my blogs, I was hoping it would go back to its previous high of $1400 in 2021 and maybe by 2022 it could hit $3,000. My wife bought more ETH last month in the $1990s. I have no fucking idea what this shit will do next, so why bother trying to time it. One thing is indelibly clear, we are now in the midst of a harrowing decline, especially for people who need the money they’ve invested. For everyone else without the pressure of time, this dip is of course an opportunity to acquire more at lower prices.
As for the market, I went to 95% cash due to the deleterious nature of this decline, down 140bps for the session.
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I’d like to get my feet wet in some coin on this dip. Im long term with equities so this sounds like a plan to strike during volatility/Elon games/China
Anyone who needs the money they’ve invested in coins deserves to choke on the smoke of self-immolation. Why throw shade at Doge? It makes as much sense as any of the other dopey coins. Please don’t tell me that speculators are flocking to Bitcoin for its blockchain properties. Let it all ride to hell and back .. and then back to hell eventually.