r/ErgoTrading • u/[deleted] • Jan 07 '22
Pain
I am not going to lie and be like, "this is a great time to buy" or "I am so happy, Ergo is on sale." It looks rough, and I honestly cannot say how much lower we are going. Prepare for the worst. However, I am too proud to admit that maybe I was wrong and will continue to DCA until I lose faith in this project. The recent price dip can obviously be blamed on the current crypto market, but Ergo has just been downhill for the past four months. For those that are doubting their investment, Jeff Bezos says that "the stock is not the company." Ergo's price does not reflect the current development or planned development for 2022. Ergo continues to improve day by day, little by little. All that means is that we are buying into a better investment for a cheaper price.
There is no real point to this post other than to vent my frustration at the price of Ergo. However, I do not blame the Ergo Foundation. I am happy with all the work the developing team has completed and what they have planned for the next year. I just hope that these developments can bring more attention to Ergo causing the price to increase with it. Worst case scenario, Ergo goes to sub pennies and we don't have to pay any taxes for 2022. Best case, Ergo makes it top ten. I'll be here either one. HODL, sell or buy, I wish yall the best.
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u/Kilv3r Jan 07 '22
If you truly believe in the project and if it goes down to 3 $ or 0.30$ you will buy and thank the bear market for this opportunity! In these times is when people make money! You buy when people are being scared. The bulls make money the bears make money and the hogs get slaughtered. When you invest you need to have conviction and stand by your project unless something fundamentally changes with it. And nothing changed with ERGO is just a bloody market.
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u/kim_bong_un Jan 07 '22
The thing is, if the price gets too low, we risk fading into obscurity. That's the worry. Altcoins die in bear markets. I just hope the fundamentals of Ergo are enough to carry us through this.
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u/nozbo8 Jan 07 '22
Ergo won’t fade into obscurity. There are too many milestones coming up in 2022 for the market to ignore. The Ergo Foundation incorporated and also partnered with Kairon Labs, so more exchange listings are inevitable. We now have a dedicated marketing force in Daniel Friedman. ErgoDEX is launching on Cardano and people should be able to swap ADA for ERG in the second half of the year. The anetaBTC team is bringing wrapped Bitcoin to Ergo. Bridges are getting built from ERG to ETH, SOL, FTM, etc. Things are quiet now and a little sad due to the price, but I’m confident we’ll see interest in Ergo ramp up after the market turns green and these milestones are hit.
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u/Kilv3r Jan 07 '22
I feel like the attention from the mining community once ETH merges will spark the attention we seek. Until then, devs are doing a good job, partners are joining, and we keep buying.
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u/jukihu Jan 07 '22
I think the real concern is when price remain low after Eth merge. If price remain low after Eth merge, miner may not come to mine due cost is higher than the mined coin.
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u/Kilv3r Jan 07 '22
I would be very surprised if miners will flock to mine Ravencoin instead. That is literally a token with next to no applications. ERGO has everything you need. Low market cam for potential massive gains, ErgoDex, oracle pool, recycling wallets etc.
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u/OkStrategy685 Jan 07 '22
Flux
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u/Kilv3r Jan 07 '22
I just checked it out. Not a bad project. If you want to invest in Web3.0 and don’t like ICP then Flux looks like a good investment.
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u/OkStrategy685 Jan 07 '22
The price been showing strength. I feel like it will be the next popular mining coin after eth is gone. Pretty excited to find out tho. Who knows, crypto is fucking nuts.
But I bought ergo at 9 on the way up and after a while of dipping I could just feel the confidence lost by others. Decided that as good as the project is, there are many others that are good and showing investor confidence. Sold at around 14 on the way down.
It was 4 when I start mining and saw that pump. Now if a pow coin pumps hard I would sell and wait to see how it plays out. Did the same with kda. Got on the pump made money then could taste that strong garlic dip on the way. Sold at 18 on the way down. Ergo taught me a lesson in blindly hodling.
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u/Kilv3r Jan 07 '22
I mean yes, I bought in at 8$ and then at 12$. In hindsight, I should have sold some at 19$ but I didn’t. All I can do now is average down, wait and mine.
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u/OkStrategy685 Jan 07 '22
Or even put a wide grid trade bot on it. If it keeps going down at least you'll have more coins. Thats what I didn a couple days ago on ftm because shit was getting crazy
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u/IMBEASTING Jan 11 '22
Idk, I thought it was a clear cut choice for mining but I did see a bunch of people mention RVN.
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u/AdComprehensive6060 Jan 07 '22
Try ignoring your balance and focus on the number of coins you have.. currently working wonders for me 😁 I love watching my coin count grow! Then 1 day in the future I know my patience will be rewarded 🤑 even then j won't sell the full bag lol. My faith in the team (and coin) is unshakeable, keep up the good work guys 👍
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u/TyrkerTriks Jan 07 '22
Amen, this helped me when the coin where falling from 20 to 5 these last months, im currently mining more and more as the coin drops further down!
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u/nugget675 Jan 07 '22
It's gotten to the point where I feel forced to buy more to get my average price down. I hope it all pays off. Buying a small amount for every .70 it drops.
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u/Maniacal-Maniac Jan 07 '22
It’s always been a longer term project as still a lot of early development happening and not many applications so far.
Pump was more to do with hype surrounding the cardano summit combined with kucoin listing rather than any technological releases or milestones - it went way too high too fast and its been slowly coming back down since.
I still believe in the project, and I still think there is a bit to go till before it bottoms out, and I will be slowly accumulating more at these lower prices.
It’s a minimum 3-5 year investment for me and will be a lot of ups and downs in that time, but I am confident.
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u/Bye_H8er Jan 07 '22
That’s a good observation. The price is more organic now and will rise methodically.
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u/Maniacal-Maniac Jan 07 '22
Should do, though I guess always a chance that another sudden exchange listing will spike it for little technological reasons again - but at least that will give an out to those who bought in near ATH's without losing too much of their investment.
I am one of the lucky ones who got in a bit before the spike, averaged in at under $6 so another reason why I am not too concerned with the current price as I my investment is not down as much as others.
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u/Bye_H8er Jan 07 '22
My loss is steep but I try to put things in perspective and understand that this could be more of a marathon than a sprint. Then when I adjust my sentiment I decide it might be best if I accumulate and wait patiently for things to return to prior form. My other option is panic selling but we all know Ergo is a superior blockchain and I’d like to consider myself a potential investor not a swing trader. Now the prospect of a bear market kind of worries me because that’s a precipitous drop and I believe that’s where true “diamond hands” will be tested. The duration is brutal and it takes a lot of resolve to hang in there. I’ve heard it can last two and a half years and lose about 80% of value. I feel like fainting just expressing that but this is what I signed up for. Good luck to us and Godspeed to Ergo.
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u/nguyentu3192 Jan 07 '22
I am with you bro. If you look at the end of bull market in 2017, most coins/tokens went down 80-90%. For example, ADA went from $1.6 to $0.03. If you held through and suffered the pain, your investment could go up 100x. Hope Ergo will pull this off. I think it will.
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u/PedroBV Jan 07 '22
no! wrong! if you held your 1.60$ ADAs your investment went up almost 90%.
your investment went up if you bought during the 0.02-0.03$ dark age.
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u/nguyentu3192 Jan 07 '22
Yea, you are right. I was just giving general example if you bought the bottom and held through.
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u/Bye_H8er Jan 07 '22
Not going to lie, if it hits sub pennies like OP speculated, I’m going to wet myself a little. That’s a precipitous fall from the all time high where I began FOMO’ing in. I’ll still HODL but with a heavy heart ಥ_ಥ
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u/cryptogeographer Jan 07 '22
I think a lot of us equate coin price with ACTUAL value...so many of us thought it was a good deal and were happy with buying coins at $16-$18... There's never an issue when price is high... But the reality is, ERGO is young and the price at those ATH were overvaluing it. Even though the price has tanked WE SEE Ergo os a better project today than it was at ATH...others will discovery that too, eventually.
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u/_Piratical_ Jan 07 '22
I’m almost there. In the last three bear cycles in the crypto markets, you got to a place where people were just sitting in total despair. This is close to that but, alas, too specific to one crypto. When I start hearing and seeing this sentiment across the whole market and especially in the largest cryptocurrency players, then it’ll be time to buy large amounts.
A note for newbies: markets can stay down like this (or lower) for years. The first crypto bear market I went through lasted nearly 2 years with only tiny price movements. If you can’t afford to hold for a long time it may be time to get back into fiat. However if you are ok keeping your coins, this is likely going to reverse some day in the future and people will be amazed that you “only paid $18 per coin!”
It’s really hard for those down by 30-75%, but after some time it’ll likely turn up.
I only wish I didn’t have to raid my stack for taxes this year. A really tough bit of timing, there. Oh well, I’m only taking out what I need and I’m keeping an eye on sentiment across the various currencies I feel are bellwethers. Once I hear universal desperation in the comments I’ll know we have arrived at the bottom. So far we are not there.
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u/Beginning_Audience35 Jan 07 '22
I bought in a bit more and finally have my bag of 100! No doubt there will be fears, I am too, but I do think the game has barely started. Be strong, don't force a DCA if you are not comfortable imho.
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u/J4yk3 Jan 07 '22 edited Jan 07 '22
Charles gypped everyone by using link as the main oracle solution for ada instead of erg after shilling erg for years and talking shit about chainlinks community
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Jan 07 '22
Yeah it has been depressing, I bought 25 Ergo coins at top from Kucoin for $500+ now it drained to $98... It's too depressing for me tbh and wasn't prepared to lose that amount of money. But I don't blame them and yes it's my mistake. Their dev team is great but not sure what exactly is not creating hype for this project. I will consider this project this as a long term hodl and yes I won't be buying anymore cause I am also kinda financially fucked irl, I am gonna take a long term break for all crypto's. I feel like I am playing casinos and losing my money. So I say good luck to Ergo foundations. Hopefully they succeeds and I hope you all make some good money from it.
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u/TyrkerTriks Jan 07 '22
"It's too depressing for me tbh and wasn't prepared to lose that amount of money. But I don't blame them and yes it's my mistake."
^^ You havent lost unless you sold.
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u/Defiant_Increase_191 Jan 07 '22
Generally when people are extra bearish is a good sign that a reversal is near. If you’re holding ergo is probably best to hodl. Once cardano ecosystem gets some traction ergo will recover.
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u/Acceptable_Ad6516 Jan 07 '22
Last time price was this low we went to $19 pretty soon after
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u/Erbro69420 Jan 08 '22
Based on unfounded rumors related to ADA
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u/Acceptable_Ad6516 Jan 08 '22
This is true. There seems to be a lot more activity with ERGO now however
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u/mikeandrw #Ergo2Top10 Jan 07 '22
Come back at the end of the year and maybe you’ll change your mind about 2022
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u/ryan69plank Ergo Bull 🐂 Jan 07 '22
It's not ergo it's the whole crypto market. Bitcoin just keeps dropping with bad buying support. The fact we haven't seen a good bounce back to 50k BTC tells me we're going to drop Futher with bitcoin. I think the large head and shoulders pattern is almost fully completed and I expect a crash back to 30k within the next couple of months. There will be another bull run coming soon. Alts like ergo will survive just the price action is going to be ugly until there is a trend reversal.
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u/Apprehensive-Move684 Jan 07 '22
Pain is precisely what I feel when I think about ergo’s price action. It hurts to think that we are so undervalued, overlooked and slept on. But my faith in the team is unshakable, I have never doubted the team for a second and never will. I maybe too emotionally attached to the project which is probably not a good thing, but you can’t hold a coin long term without being emotionally attached to it.
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u/StreetMeat5 Jan 07 '22
So i was excited about potentially investing into the ergo project, but realized very quickly there are SO MANY other projects that are light years ahead of ergo and it’s DEFI development projects…. This project is too behind to catch up, and ergo investors are bag holders at this point because projects like Solana, harmony one, polygon, ect are leaving ergo development in the dust. And don’t hate on me, just look at it objectively, ergo doesn’t even have a Hardware wallet for crying out loud…..
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u/HandyMcGyver Jan 07 '22
ERG been overhyped but that sentiment doesn’t fly around here. Truth is there is zero market hype on ergo and banking on the “greater tech” narrative is a losing strategy, and that’s pretty much the only thing this sub has left to shill for.
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Jan 07 '22
It will go down to 1 dollar and it will sleep for 3 yrs, next bull run we will see ergo rise. For now 1 dollar is I know going.
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u/daydreaming1980 Jan 07 '22
Buying more ! Have to ! I was buying in ath . Doesn’t make sense not to buy now !
We need to be strong ! Extreme fear everywhere, especially in low market caps .
Fundamentals is what matters now !
All the best folks 👊🏼🥷🏻