Friday, December 22, 2017

What just happened?

We we're in Knott's Berry farm when things got a little bit interesting in the world of cryptocurrency. The prices were slowly dipping from a high $18K early that day down to $14K by night time.

At 5AM, work called asking if I was available and I said no. I then casually checked my Coinbase portfolio and almost fell in bed. The price went all the way down to $11K.

I then tried to buy on the dip but Coinbase cancelled all transactions claiming temporary suspension on all trades. The net flooded with comments from people saying "The bubble has popped", "Saw this scam coming from a mile away" and "Serves you right losers for investing". As I see it, investment no matter what form, stock market or in real estate, is a game of gains and risks. And crypto currency is not any different. Every penny spent, is money that may not be seen again. 

With cryptocurrency the strong survives. The moment you cross the other side, there is no turning back. When you decide to invest, you embrace the fact that there will be a different set of rules. Be prepared to win it all or loose it all. And today was the wild west, indeed. It's a free for all, feeding frenzy and a battle royal in the virtual world. 

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