Will the bear market affect your lifestyle?

in LeoFinance2 months ago

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From all indications, we're already in the multiyear beer market where most cryptocurrencies will trade at lows for an extended period. This period comes with a lot of depression for some and for others, it is an opportunity to accumulate assets that would normally be out of their reach.

In my assessment of the market, I estimated that Hive could easily 2X from this current position. However, @acesontop added some insight that I think is also important to consider when you're buying any asset.

I doubt that. We were saying the same thing about STEEM during the past bear market and it fell to as low as $0.10. HIVE might do better but I doubt it will hold $0.50 for long. That's how bear markets are. Hope I'm wrong on this one, but I've had enough of wishful thinking for the past four years. $.30 to $.40 is probably where we're gonna stay for a while.

What he's basically saying is that in the long run, Hive will definitely come good, but in the short term, it is possible for Hive to shed another 10 cents. Basically, we've not seen the proper lows in this market.

I believe that this same view could be projected across the market and a number of legitimate assets will still shed some weight in the coming months. In any case, the most important consideration is to keep in mind that your investment may not actually pay dividends in the short term.

Scheming again

I keep thinking up schemes that will help me navigate the market. My plan is to wake up in a couple of years' time and be richer than I am today because I took calculated risks that paid off.

That's why this week, I've decided that I'm going to be buying some Leo tokens. Getting back the 5K Leo tokens I sold will be a difficult task but with prices as low as they currently are, it makes it much easier.

To achieve this, I'll be pulling a tiny bit out of my HBD savings to invest in Leo. I'll also convert my Powerdown, and post rewards into Leo.

At the end of the week, I should be getting nearly 1K Leo tokens or something around that range. No rush though, because, as mentioned earlier, we're going to be bearish for a couple of years.

Life Changes

Scheming to capitalise on the bear market is nice and all but I can't pretend like my lifestyle isn't adversely affected by the current situation.

First of all, I live off crypto, which means that income for the household has dramatically reduced. In fact, we've had to make even more budget cuts on our usually economic lifestyle that we've been living all along.

Freelance jobs haven't been coming around as much as I hoped they would but I'll continue searching. I'm also considering either using the car to register for uber or going back to Fiverr and grinding for more clients that pay very little for my sweat.

If things continue to stay in the red zone, I'll still be looking out for multiple avenues to invest but I must say, it has been quite difficult for the household to navigate the situation.

At the end of the day, we still make it work and we'll continue growing our portfolio while taking risks with whatever available funds that we can afford to use.

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I wish I would be wrong on that statement butbI sure remember the 2018 bear market and how some of us have tackled it.

And yes, the bear market will for sure affect my lifestyle and it is my own fault for that.

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What could we have done differently to mitigate the effect of the bear market?

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First of all to not rush into calling any bottom. There is no oversold in a bear market.

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Sounds you have a good plan. At the back of my head, I hope that Hive won't go in that price but well, we will weather it anyway if it does. And the bear market definitely affects mine because I need to budget tightly to be able to have some extra to buy the coins I want to have.

I hope it doesnt drop but if it does, you have to prepare your mind and portfolio for it.

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Thank you for the heads up. Been working on it for quite a while now. Just like the husband said, the portfolio value in USD may drop, but the quantity of the token stays the same which is very true.

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tbh I hate it lol bear market only good for investors with steady income to buy crypto 😆

yeah. If you have a job outside crypto, you'll have spare funds to invest.

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Nah. Bear market or bull market, doesn't change my DCA'ing into stocks.

The inflation isn't changing the way I live either, I just go with the flow xD

Proud of you man. You're building a very solid nest egg. In a couple of years, you're going to be balling

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I am just building a warchest ;)

My goals kinda changed, I would rather build a big account in terms of Hive, HP and HBD, so I can use it to help people here on Hive build a better life or give people short term loans from the Interest ^^

I don't think I will be able to take anything out anytime soon without paying massive amount of taxes on it, so its better to give it away to people in need and kinda make my account into a charity account down the road :D

Psychologically, I think a bear market affects everyone. But it is possible to make profits in the bear market, too. Honestly, I'd like the Hive to drop to 30 cents. I'm wondering if I should buy HIVE at these prices or wait. I hope the opportunity is not missed.

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Honestly, any price you buy Hive right now is actually quite safe because it is inevitably going to be heading to $5-10 when the next bull market comes around

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That's why I'm afraid to miss the opportunity. But when it drops to 30 cents I can buy more. I will watch the market this week and decide accordingly. I hope I get the opportunity I'm aiming for.

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Well, lets see how it goes. Hive looks so solid, I doubt it will drop to that level. If it does though, I intend to add more to my portfolio as well

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Good thought tho but I rather go by trying to cope with the rate of inflation for me other than hopping into the bear market.
Even if I should hop in, it will be with a very low value and not a full time investment

Yeah, it is always best to work with amounts that are within your limit

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Of course it is! Thanks for the update

People living of crypto will definitely be effected with the recent bears.

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Yeah, it is rough

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It is easy to be positive in a bull market. When the bear market hits, it hits harder. So what you think the bottom could be in a bear market, it can be worst.

Now if you do not depend on crypto earnings, it may not affect your lifestyle. But if a portion or most of it depends on crypto earnings, you have to plan accordingly. Your income from crypto will be way less in a bear market. You need to accumulate fund enough to survive in the bear market. Everyone has their own strategy. Whatever works better for you, do it. That's what I think.

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Thanks mate. personally, I'm going to tweak my finances and trading decisions to deal with market changes. Not going to be easy but it'll work

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"Been there, done that" type of poverty :(

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Not in the near term but it could be a factor down the road.

We will have to see how long this lasts. Hopefully things turn around soon.

Fortunately some of my holdings are in things that could go up even in a bear market since they are so low right now yet development taking place.

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I hope some of my holdings actually work like that as well. I mostly invest in working projects, rather than pump and dump assets that just follow Bitcoin.

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Hang in there! I hope you at least will never leave us. You make great content :-)

Thanks Michel, I'll keep going. If you ever have writing gigs or know someone that needs writers, I'm available

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I’llkeep that in mind for when I do! 👌👌

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The bear market hits me really hard every single day. I die for going full-time crypto but in a crypto cycle in which I cannot make money would not end well for me 😅 LUNA affected my whole life lol

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Well damn, sorry about that man. Luna's a very fucked up situation

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In my case, my lifestyle will not be affected with the bear market.

When I invested in crypto, I have used the rule of not use what may be lacking in my personal and family life.

Currently, the bear market it is a little good for me because it will let me have more time to focus on the @hiveland.dapp project.

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For somebody like me that I'm full time crypto guy I will be affected but I have here before so it is not a new thing have always find a way out.

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