Bitcoin has lost more than 60% of its value since last year’s all-time high, and the crypto market is overwhelmed with bearish sentiment for it.

A user on 8btc forum, China’s first and largest bitcoin community, recently posted his rational reflection after losing 50% of his crypto investment within 6 months, which made clear the problems torturing those crypto investors who are losing money.

It has been 6 months since I invested in cryptocurrencies, and half of the investment has been gone. While looking backward, I realized what led to my failure:

1. “Buy the rip and sell the dip”. Considering it is no surprising that a cryptocurrency goes up 30% or even higher in a day, I hurriedly bought in more cryptos when their price rose 5%; likewise, it is common for a cryptocoin to lose half its value one day alone, which led to my panic selling once the price fell. So the reason for my loss is I fail to hodl them. Looking backward, as long as I hold a coin long enough (longer than 3 months), it is very likely to make money.
2. Buy the fork coins. Almost all the fork coins have lost much of its value (BCH excluded). These coins are easily manipulated by whales, and their trading volume are much less than their circulating supply, of which the majority is grasped by some project teams and individuals.
3. Quickly cash out those value-losing coins, and buy in coins with “potential”. I have no spare cash in an exchange, and am unwilling to transfer more fiat into it when seeing the upward momentum of a coin, instead, I will hurriedly sell those falling coins and then make the bet on the potential one. Well, it turns out to be another bad bet, again!

Summary: Starting with the ambition of lambo-model-villa, after 6 months, now I realized I could absolutely buy one with the money lost.

Some investors also post their sadder stories and give their advice: do not try short-term trading if you are a noob; select the right cryptocurrency.

Some bitcoiners say “the market is bearish, be easy, everyone is losing money”.

The HODL theory has been repeated over and over, but the vast majority of crypto investors are still losing money. They are drowning in the unholy trinity of crypto investing: fear, uncertainty and doubt (FUD), which directly lead to panic dumping and rash buying.

Though the heart says HODL, their anxiety drives them to sell all of it. As the Chinese saying goes, “lookers-on see more than players”, only the players can feel the pain as well as delight.

Let’s hope the bull comes back soon…