Oddbean

3 Ways to Cope with XMR Losses 1. Realize it hurts twice as much to lose, so stop looking at the price It’s been well documented that losing hurts more than the joy of winning. Psychology Today cites a Khaneman 2011 study: “We are more upset about losing $10 than we are happy about finding $10. Roughly speaking, losses hurt about twice as much as gains make you feel good” (Khaneman, 2011) So if your net worth fluctuating up and down is causing you more distress than joy, consider not sitting and looking at it. If you’re holding for the long-term, then follow through on that. I know this is tough because you may want to use XMR for your daily living, and need to see the price to function. While it’s true that you may need to keep the price in your wallet, don’t keep the actual life savings in your daily driver wallet. Then you’ll really feel the effects of the rollercoaster of market news mostly outside your control. 2. Write down your plan Every trader needs a plan. By writing down or recording yourself doing something, it creates a record to hold yourself accountable. The problem with keeping your plan or ideas just purely in your head, is that your perception of what you agreed to do will change. I remember over 10 years ago, when I was smoking Marijuana every day, I kept saying I was going to cut back and quit. But I never did. I let life pass me by…. It wasn’t until I recorded audio of myself saying how I hated this life, and then listened to it sober, that I had the inspiration to not go buy more. I know, you may want to keep your XMR private, but you can write down your plan with your seed phrase. Or write it out on physical paper, but don’t even use the word monero. With Monero, you need a plan for the following: a) what are you going to do if they put sanctions on Monero? b) what are you going to do if no KYC exchange offers it? c) what is your plan for hyperinflation? Like okay you got Monero, but how you going to use it? Do you know a local farmer? If you left the area or country, where would you go? d) What will you do when the CBDC comes? How can you diversify into the Agora economy? Start preparing your devices for privacy. Assume the worst is coming. Do not think that because you got Monero on an iPhone with a VPN that you’re ready. You need a Linux computer for essential privacy. You know there’s only like 20 Linux commands I actually use. You’re telling me you speak English with thousands of words, but you can’t learn 20 words? Like “cp” is copy, c’mon bro. Assume they are corrupt and malicious. Prepare yourself. 3. Eventually the bad news is baked-in There’s only so long that they can say its going to be banned or delisted. Eventually it is and then there’s only one result: it’s undeniable and essential utility. To deny Monero, is to deny basic human instincts. So as you sit there, trying to make sense of it all, know that you are not alone. I’m right there with you. How do they not get it? How can they value government paper? The CBDC is coming because they can’t even afford to print the paper, the central bank just types it on a computer. Someday, people will realize that they were born free. And all these institutions just talked them out of it. Because the tools they needed were there all along. And when that day comes, I hope you got a plan. Because the joy of that day’s gain, will not make up for the pain along the way.