Help. I Don’t Know What to Do
Market Meditations | November 9, 2022
It’s all over your social media and you’re panicking. You think you need to take action but you’re not sure what to do. A million thoughts are swirling through your head and your heart is beating faster. But you’re not alone and the outcome is not yet certain.
The potential insolvency of FTX is at the forefront of all of our minds and we are all hurting right now. In times like this we need to focus on what we can control. Here are a few tips:
- Prepare for Withdrawal: it may be that FTX survives and all tokens are honoured 1:1. If this is the case, then you will have a choice to continue using FTX or withdraw your tokens. If you would like to withdraw more than $2000 of assets per day then you will need to be verified at Level 2. Go into your account and follow the ‘Identity Verification’ steps.
- Review your Portfolio: we don’t know if there will be a knock-on effect of such insolvency in the crypto world. If you have assets in multiple locations, consider the risk of leaving them in each place. A decentralised wallet where you own the keys is the safest place to hold your crypto. You may also consider cashing out a portion of your assets if you have a fiat off-ramp available.
- Talk to a Friend: humans make bad decisions when under duress and working alone. Reach out to friends and family, especially those not in crypto. They might be able to give you some good advice or at least a different perspective.
- Turn off the Screen: if you’re constantly feeding your anxiety with pessimistic messaging, you’ll get no relief. Maybe make this newsletter the last thing you read about crypto today. During the pandemic, we shared tips for maintaining your mental health, including going for a walk and keeping in contact with people.
And remember: our community will be here when you get back.