Whatever the market is doing, no matter how euphoric or devastated you feel, never sell all your tokens. Always keep a fixed percentage of your position. I call it your dream bag.
Some people will surely think that Mad Lads gave everyone a huge amount of BP back then, and that it’s now worth over $1,000.
But the reality is that you spent $5,000 or $6,000 on Mad Lads back then, waited patiently, and finally, after completing the registration, received 1,000 tokens worth just $100. You sold them in frustration and watched your Mad Lads NFTs become worthless.
A long time passed, and then the price went up tenfold. That’s when the hindsight experts showed up, saying how great the Mad Lads NFT airdrop had been. Only those who actually lived through it know that the reality was very different.
It’s really hard to have such a long-term perspective. That’s why trading rules matter so much: don’t sell emotionally. There are many people on CT who were very bullish on Backpack early on and were loyal supporters. But often, the most loyal supporters are the ones who get hurt the most at the beginning, because their expectations were so high. BP opened at around $0.25. It may have rallied a little early on, but then it kept falling, at one point dropping below $0.10, before eventually taking off. It went through many ups and downs before reaching where it is today. Many people were disappointed and left early on, forced to cut their losses. So they often won’t choose to believe in BP again, because they believed too many times and got hurt too many times.
But only those who can hold on get to enjoy the rewards we’re seeing now. And the prerequisite for being able to hold on is a lock-up rule: no matter how far the price falls, you must strictly control the percentage of your holdings that you absolutely will not sell. Only then might you be able to hold on to $BP.
It’s like how many people look back at the Binance Life coin now and think that when it was worth a fraction of a dollar, it was an amazing opportunity. They say that if they’d been around for the ICO back then, they would have gone all in, even selling their house, and held for the long term. But only those who actually participated know that it fell below its offering price as soon as it opened. CZ also mentioned in his Binance Life story that things were far from smooth sailing.
There are many similar cases. Take $BTW , for example. I really agreed with something the founder of BTW once said: investing in a project means investing in its people. So at the time, I put what was, for me, a relatively large amount into Kaito and received 500,000 BTW. But in reality, when half unlocked the first time, the price got stuck around the flatline—basically at my cost basis—and even fell below the launch price. I thought it wasn’t performing well, so I decided to sell half early, effectively cutting my investment in half and reducing my risk exposure. I sold 250,000 tokens without making a profit. When the second unlock was approaching, the price also dropped sharply soon after the tokens unlocked. To lock in some gains, I decided to take profit at $1,000, selling everything. I sold the other 250,000 tokens. And now? If I hadn’t sold those 500,000 tokens, they’d be worth more than $500,000.
Sometimes, wealth isn’t about having owned a coin at some point. You might have held Niulai when it had a market cap of $100,000, or even $1 million. But how many people could really have held on until it reached a market cap of $100 million? I remember Thor Cat once said that no matter how much things fluctuated or how the value of his positions changed, he would never sell everything. He would always keep a fixed core position. And often, that core position can bring people enormous excess returns. If I’d stuck to that habit back then and kept a core position in BTW, I’d probably be just as happy as the other holders now.
I hope I can stick to this discipline strictly in the future. I can accept losses, but missing out on gains on this scale is terrifying.
The same goes for BP. No matter where you think the price is right now, I don’t think you should ever sell all your tokens. Always keep a core position.
That core position is your dream bag.
@Backpack_CN
DYOR. The above is solely my personal opinion and does not constitute investment advice.
Some people will surely think that Mad Lads gave everyone a huge amount of BP back then, and that it’s now worth over $1,000.
But the reality is that you spent $5,000 or $6,000 on Mad Lads back then, waited patiently, and finally, after completing the registration, received 1,000 tokens worth just $100. You sold them in frustration and watched your Mad Lads NFTs become worthless.
A long time passed, and then the price went up tenfold. That’s when the hindsight experts showed up, saying how great the Mad Lads NFT airdrop had been. Only those who actually lived through it know that the reality was very different.
It’s really hard to have such a long-term perspective. That’s why trading rules matter so much: don’t sell emotionally. There are many people on CT who were very bullish on Backpack early on and were loyal supporters. But often, the most loyal supporters are the ones who get hurt the most at the beginning, because their expectations were so high. BP opened at around $0.25. It may have rallied a little early on, but then it kept falling, at one point dropping below $0.10, before eventually taking off. It went through many ups and downs before reaching where it is today. Many people were disappointed and left early on, forced to cut their losses. So they often won’t choose to believe in BP again, because they believed too many times and got hurt too many times.
But only those who can hold on get to enjoy the rewards we’re seeing now. And the prerequisite for being able to hold on is a lock-up rule: no matter how far the price falls, you must strictly control the percentage of your holdings that you absolutely will not sell. Only then might you be able to hold on to $BP.
It’s like how many people look back at the Binance Life coin now and think that when it was worth a fraction of a dollar, it was an amazing opportunity. They say that if they’d been around for the ICO back then, they would have gone all in, even selling their house, and held for the long term. But only those who actually participated know that it fell below its offering price as soon as it opened. CZ also mentioned in his Binance Life story that things were far from smooth sailing.
There are many similar cases. Take $BTW , for example. I really agreed with something the founder of BTW once said: investing in a project means investing in its people. So at the time, I put what was, for me, a relatively large amount into Kaito and received 500,000 BTW. But in reality, when half unlocked the first time, the price got stuck around the flatline—basically at my cost basis—and even fell below the launch price. I thought it wasn’t performing well, so I decided to sell half early, effectively cutting my investment in half and reducing my risk exposure. I sold 250,000 tokens without making a profit. When the second unlock was approaching, the price also dropped sharply soon after the tokens unlocked. To lock in some gains, I decided to take profit at $1,000, selling everything. I sold the other 250,000 tokens. And now? If I hadn’t sold those 500,000 tokens, they’d be worth more than $500,000.
Sometimes, wealth isn’t about having owned a coin at some point. You might have held Niulai when it had a market cap of $100,000, or even $1 million. But how many people could really have held on until it reached a market cap of $100 million? I remember Thor Cat once said that no matter how much things fluctuated or how the value of his positions changed, he would never sell everything. He would always keep a fixed core position. And often, that core position can bring people enormous excess returns. If I’d stuck to that habit back then and kept a core position in BTW, I’d probably be just as happy as the other holders now.
I hope I can stick to this discipline strictly in the future. I can accept losses, but missing out on gains on this scale is terrifying.
The same goes for BP. No matter where you think the price is right now, I don’t think you should ever sell all your tokens. Always keep a core position.
That core position is your dream bag.
@Backpack_CN
DYOR. The above is solely my personal opinion and does not constitute investment advice.