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Survival Tips
10 tips for surviving the bear market from a @coinbase engineer π§΅
1. Cut your losses
If you don't have 6-12 months of cash saved up in an emergency fund, sell whatever you need to get there.
Food, shelter, and health take precedence over profits.
If you don't have 6-12 months of cash saved up in an emergency fund, sell whatever you need to get there.
Food, shelter, and health take precedence over profits.
2. Get to cash flow positive
If you already have a job that pays the bills, you're good.
If you've been trading for your income and depending on an up-only market, those days are over for the forseeable future.
Make sure that money is coming in.
If you already have a job that pays the bills, you're good.
If you've been trading for your income and depending on an up-only market, those days are over for the forseeable future.
Make sure that money is coming in.
3. Reflect
What did you do right during this cycle? What went wrong? When were you too emotional? Which signals did you miss?
Write it all down.
Your experience will be worth a lot in the next upturn.
What did you do right during this cycle? What went wrong? When were you too emotional? Which signals did you miss?
Write it all down.
Your experience will be worth a lot in the next upturn.
4. Meditate
Mindfulness is powerful. The ability to recognize your own thoughts and emotions will not only bring you greater inner peace, it will also make you more resilient to the turbulence of markets.
Here I strongly recommend @SamHarris' @wakingup app.
Mindfulness is powerful. The ability to recognize your own thoughts and emotions will not only bring you greater inner peace, it will also make you more resilient to the turbulence of markets.
Here I strongly recommend @SamHarris' @wakingup app.
5. Eat healthily
Take stock of what's going into your body. You no longer need to be pinned to your computer monitor, so invest time into a varied, nutritious diet.
I myself have been trying to lose weight, and the @loseit app has been great for this.
Take stock of what's going into your body. You no longer need to be pinned to your computer monitor, so invest time into a varied, nutritious diet.
I myself have been trying to lose weight, and the @loseit app has been great for this.
6. Go outside
A ray of sunshine makes a world of difference. Especially as summer approaches, appreciate the beauty of nature. Even if the metaverse is coming, the physical world is still there to envelop you in all of its grandeur.
In other words, touch grass.
A ray of sunshine makes a world of difference. Especially as summer approaches, appreciate the beauty of nature. Even if the metaverse is coming, the physical world is still there to envelop you in all of its grandeur.
In other words, touch grass.
7. Reconnect with friends and family
Speaking personally, I know that my obsession & deep love for crypto have at times come at the expense of maintaining contact with people who matter to me IRL.
Reach out and talk to them. They will appreciate it too.
Speaking personally, I know that my obsession & deep love for crypto have at times come at the expense of maintaining contact with people who matter to me IRL.
Reach out and talk to them. They will appreciate it too.
8. Keep shitposting
The point above notwithstanding, the thing that makes crypto so special is that we are a global community with a common culture, language, and purpose.
Just because ETH is sub-2000 doesn't mean we can't keep encouraging each other.
WAGMI.
The point above notwithstanding, the thing that makes crypto so special is that we are a global community with a common culture, language, and purpose.
Just because ETH is sub-2000 doesn't mean we can't keep encouraging each other.
WAGMI.
9. Dollar Cost Average
When your house is in order and you're emotionally ready, start buying again. Don't risk more than you can afford to lose. But realize that high quality assets will trend up-and-to-the-right over the long term.
Fortunes are made during bear markets.
When your house is in order and you're emotionally ready, start buying again. Don't risk more than you can afford to lose. But realize that high quality assets will trend up-and-to-the-right over the long term.
Fortunes are made during bear markets.
10. Build
We are all responsible for creating the future of crypto that we want to see.
This is the time to put our heads down and keep our nose to the grindstone.
Build far, build wide, build creatively, build expansively, build, build, build.
We are all responsible for creating the future of crypto that we want to see.
This is the time to put our heads down and keep our nose to the grindstone.
Build far, build wide, build creatively, build expansively, build, build, build.
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