I was the guy that nearly sold and borrowed against everything to get as much btc as possible and to keep as much. I had to sell some to pay bills along the way but was able, relative to most people who entered, to survive with most intact. I am writing this thread to help people.
The bear market caused me severe mental illness. I'm 100% serious. I got the shit beaten out of me. I think I came close to losing my mind. Then, I realized the following:
If you able to go "all in", understand most people will never have this choice. Most people in the world have a primary goal-make enough to eat and get clean water. Consider yourself lucky to have the opportunity.
Embrace the bear market because you are playing for your future self, whereas most people are playing for themselves today. If the prices fall, that's an opportunity.
Find a few things you can do that have nothing to do with bitcoin but have to do with discipline: clean room, clean car, get in shape, etc. The best unknown effect of btc is that during bear markets it produces immense focus that can benefit your life.
If you are the "all in" guy, you are playing a much different game than the guy putting in 5-10% of his money. Don't try to convince him--but see if you can find a person who shares your beliefs. I found ONE-ONE-during it. When he's down I pick him up, and when I'm down he picks me up.
Find someone who believes in you that you don't want to dissapoint. For me I found my parents, and then myself.
Understand people will laugh at you, then envy you. I had my first taste of this recently. EXTREME ENVY. And they know very little relatively of what I have-lesson is keep it to yourself.
If you can, find something you want and make yourself go through delayed gratification. For me it was cars. I went to dealers and tormented myself by looking at them and sitting in them.
Understand most people cannot take bear markets. It is reserved for the very few. I have seen a few and saw people make immense wealth in the 2009-2011 bear housing market. I know of properties than have more than 3x'd since those lows. To give perspective, I know of a condo that sold at the low for $200k. It is worth around $640k. the person who bought it was able to put 10% down and cash flow immediately since rates were so low. Their return is $20k invested/440k appreciation = 1700% in 14 years. the amount who bought 1 condo, let alone 2,3,4, etc, was very low. It was simply too scary.
Understand your goals. For me, the goal is not the car. The car is nice but it's freedom. That goal will keep you sane in the bear market.
The more bear markets you will survive, the richer you will become.
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