How to Survive the Crypto Bear Market

Transcript

i um you know one thing that's helped me through these times because you know been through bear markets before as have you david and i'm i'm wondering if this could help some of the bankless listeners is all of you guys are probably going through like the five stages of grief grief here right like you got got the denial phase you've got the anger phase bargaining depression acceptance is the last phase and you probably oscillate between some of these early phases like back and forth in a given day like sometimes you're denying it sometimes you're angry sometimes you're you're like well it's not so bad and then sometimes you're just straight out depressed um one thing i think we can help you with is getting to that end stage which is the acceptance stage and that's the stage you want to be in if you're going

to get productive again to get to that stage you have to accept some hard truths and i think one of those hard truths is you mentioned earlier david you're fully ready to capitulate and we're in a fully like full-on bear market right now that's getting to the acceptance phase and i just want to say this out loud for people we are in a bear market right now things will get worse before they get better this will take a while okay hear us when we're saying this we are in a bear market things will get worse for a while and it could take a while now once you've accepted that then you can get to a phase where you can be productive again and one of the decisions you have to make if you accept

that truth and that reality is what do i do what do i do with my crypto portfolio and you have kind of three options ahead of you number one you just sell it and leave crypto my conviction's gone you know if we're entering at you know kind of uh sort of a very sad global state i'm better off with like food and supplies and like you know shelter and like i don't know gold i don't know what you're gonna do with your money but maybe something else maybe that's an option for you right uh the second thing you do people could do is trade the pumps and the dips right so they see these and they're like ah you know it's it's dipping now's the time to buy and then they sell it goes up another 200 300 they sell i think a lot of people choose to do

that the third thing you can do is just hold through the pain all right um of course if do the first one if you're not convicted on crypto right it's like and again uh i think holding through a bear market requires conviction you can't get conviction through listing someone like david or myself you have to develop that on your own so if you don't have a conviction maybe number one is the right option it's not an option for me i do have a tremendous amount of conviction in this asset class so that's not the one i choose but a lot of people who have conviction in the asset class they default to two where david they start like trying to trade the dips and the pumps and they try to think they can make money on that so many people in these bear market

scenarios get wrecked by that david like you do not know that you are a traitor then you're not a traitor don't do it that's what i'm saying so like i i'm i'm i'm kind of encouraging the bankless audience to be very careful before they start trying to trade these dips and the pumps and that sort of thing if you good at that game maybe you could do it but most people 95 of people should not be playing that game and so you come to acceptance and the third option which is just hold through the pain is hold through the pain you have conviction and if you decide to hold through the pain there's some things you can do for your mental health right now okay one of the things you can do is delete your price apps for a bit all right stop checking daily hourly every 10 minutes every five

minutes stop doing that that is not good for your dopamine levels all right it's like not good for your psychological health it's not going to help you if what you're deciding to do is holding through the pain anyway you're not going to trade any of these moves so why check it number two i think you can start working on yourself a bit more and maybe this means hitting the gym maybe this means reading some books that you have on economics on philosophy on on history maybe this means learning to code there's so many disparate skills that crypto requires to be really good and you know you can draw these out and you start learning them during the bear market the third thing is you can go build something david you mentioned like you and i started a podcast in a

newsletter the last bear market uh maybe art nftc is gonna come back it's gonna boom again maybe learn to code maybe get into a community we talked about layer twos being incredible opportunities for the future maybe you decide to join governance in one of these layer two ecosystems that opportunity is in front of you it's way less crowded there's way more signal go do that number four you can level up all right forget price just learn about the new d5 protocols david you put out a great uh alpha leak episode on volts protocol how much do you know about interest rate swaps guys because i don't know a ton but i can level up through bankless content and start to use some of these d5 protocols and then number five i think you get to

a place in acceptance you start doing these things where you're like ah okay we've it's not over it's not actually over uh everyone in crypto went through this before this is how you earn the crypto appreciation people think you get lucky with prices of crypto going high in a bolt run you don't you do but you also don't this is very much about your ability to hold through these deep dark crypto winters uh and that to me is how you get out of this this is what i did the last bear market and i came out with more conviction stronger than ever incredibly excited about the future no that i think those are some fantastic bits of advice ryan and just had to add

on more clarity and color to that uh my mental health uh is actually bad in bull markets like it's like yeah things are noisy they're hard to reason about i'm confused like they're i can't look away from crypto twitter like there's like my attention is being pulled in every single direction and like what a bear market is is a bear mark is a return to fundamentals and you can apply that same lesson to your own psychology and your own personal well-being like take this opportunity to take a step back go touch some grass go go exercise because if you are exercising it's hard to have bad mental health that is a there's a connection between these two things and then just like zoom

out and think about not like the the forced one to four week time frame perspectives of the bull market but the one to four year perspectives of the bear market and that is how you like maintain your sanity and so just to reiterate what ryan said what do you want to get done in the next one to four years do you want to like get fit and get out there and see the sunlight and get away from crypto twitter do you want scenes and like if you need help gaining conviction about like what we're here to do in this space get educated like understand why we're going through a bear market understand federal rate in federal uh reserve like monetary policy and the choices that they're doing

understand the history of fiat currencies and the choices that nations have made to uh to manage those things to get a long-term perspective and to prepare yourself and your family and your loved ones and your bags for the future and just just so like again zoom out get rational get get sober the bull market's over we got the time the hangovers here and so as soon as we can skip forward like you said into that acceptance phase we can start to actually plan for the future and rebuild ourselves our portfolios uh and like our industry there you go guys i hope that was helpful to some of you listening who are feeling the pain right now that's how david and i get through it and cope and

how many crypto investors do as well many of the ogs that uh that you hear about in crypto people stick around do these things yeah absolutely hey we hope you enjoyed the video if you did head over to bankless hq right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence we recommend joining our daily newsletter podcast and community as a bankless premium subscriber to get the most out of your bankless experience you'll get access to our market analysis our alpha leaks and exclusive content and even the bankless token for airdrops raffles and unlocks if you're interested in crypto the bankless community is where you want to be click the link in the description to

become a bankless premium subscriber today also don't forget to subscribe to the channel for in-depth interviews with industry leaders ask me anythings and weekly roll ups where we summarize the week in crypto and other fantastic content thanks everyone for watching and being on the journey as we build out the bankless nation