Here is a toast to all those left standing after a nasty year in crypto. 2018 saw the cryptosphere run rampant with euphoria, hope, anger, fear, hopium, heartache, and finally, reality. We saw Bitcoin break through the five-digit barrier with dreams of the moon, and in the same year, we celebrated a Thanksgiving with double-digit red. Last Christmas, we were cashing out to buy our wives diamond earrings, but this year they’re getting hand-written coupons offering a 'free foot rub.' 2018 has been a year that defined true believers and has run us bulls through the grinder.
When BTC hit 20k last December after a vertical climb from $6,500, the bulls were ecstatic and the noobs were quitting their desk jobs. There was so much euphoria surrounding the concept that a financial revolution would put power in the hands of the people and that day was upon us. It still is, but the cold hard reality has kicked in. This revolution may not be bloody but it will bend, or break your will. The psychological impact is reminiscent of Leonidas making a God King bleed. Unfortunately, we all got rekt in the process. Sitting around the dinner table with family and friends this year was quite humbling, especially if you entered crypto in late 2017 and told them about it.
The journey for many in the space has been extremely enlightening. Trading altcoins as a self-labeled genius in the bull run without a single clue of their innovation, none, to understanding the space and why there is a global demand for Bitcoin. Why there is a global demand for trying to turn fractions of a penny into thousands of dollars through false promises and altcoin projects. This space was smashing the bags of those who were trying to take short cuts without realizing the true value, which centers around the many wonderful properties of Bitcoin. Anyone who hasn’t learned this lesson in 2018 is going to circle the drain until their monetary decimation ends at an angering zero.
The hope surrounding the image of moon travel had charters and group traders spamming hopium. We saw the crash take us back up near the ATH and that was a hard memory to erase. Traders across the board had to learn to trust their TA and instincts over those of others because everyone wanted to create a hopeful image. Tweets saying this will be the last time we see four digits as we bounced back above 10k, and many others, led so many to financial doom as logic, understanding of the space, and charts, were completely ignored.
2018 taught us many lessons and we need to carry those lessons forward. If you’re a trader, stop listening to others. Treat other traders like an indicator and do not oversaturate your prediction model. Learn to drop your emotion from the charts. Use the emotion of the space to make educated decisions. Be prepared to win big and lose bigger. Be prepared to be laughed at and disrespected for investing in something that relatively few understand. These lessons, and many more, came at great cost and it is this fire that can have a very positive impact on who you become in the future. As Jimmy Song asks, will you be worthy of owning BTC? If you made it through this storm, so far, while remaining a true believer, then yes, you are. The final and most important lesson of them all; spend this time learning to better yourself because when BTC dominance comes, it will be your virtues that are most valuable, not your net worth.