Still Smiling After My Biggest Crypto Loss: What's Yours?

in cryptocurrency •  6 years ago 

cry_smile.jpg

At the moment there is no denying that the crypto market is depressed. We have moved from the exhilarating highs of last year to the depressing lows of today. Some cryptos are still up if you take the average over 18 months or so, like Bitcoin and Verge to name but two, however most of us are in the doldrums.

Laugh When You Want To Cry

If you've read any of my motivational stuff then you'll know that I am a big advocate of positive thinking and training your mind to react positively in the face of adversity. So I felt I should write this short piece on my biggest crypto failures and invite you to share yours too!

Zed Is For Zero

So as you're probably aware in January everything was very much rosy in the crypto garden. We had a nice high Steem price, Bitcoin was still five figures and the whole market was generally buoyant.

So like most of us, I was using up a portion of my profits to buy up cryptos whilst trying to increase the size and spread of my portfolio.

As I was perusing Bittrex one afternoon I spied upon Z-Classic and used the stupidest criteria I think I've ever used when it comes to buying a cryptocurrency for the purposes of investment.

My thinking went something along the lines of this;

"Hmm yes, I'm still a bit upset that I slept on the whole Zed Cash thing. I could have bought that for a dollar, indeed I meant to but for some reason didn't.

This Z-Classic seems good, there's been a fork or something hasn't there...?

Ach, things are going well, I'll buy some . . .

Huh, they're worth about $150 each, ah well, things are good I'll get a couple and see how it goes."

Seriously, my thinking was not much less woolly than I describe above, so I bought two.

Crash Bang Wallop

One week later as I was cashing in some SBD, I decided I wanted to get some MANA and for some reason that simply escapes me now, some Dogecoin.

So I had a look at the value of Z-Classic and it had fallen from about $150 to around $139.

Luckily I decided to sell one in order to buy the MANA and Doge and I think a couple of others I was looking at.

Today Z-Classic is worth approximately $8.82

LOL

Zed actually fell to around $2.70 about a week later and when I logged in to check the price I actually laughed, seriously; what else are you going to do?

"Oh well"

I told myself;

*"At least I managed to sell one for only around a 15% loss."

I flirted with the idea of buying more, but seeing as I had bought it on a whim in the first place, I had no idea if it was undervalued or not so decided not to. Which is a shame as I could have made quite a bit of money back as it soon bounced back to roughly $8 and went to over $17 a few weeks ago.

Ho-Hum

So there we have it, my biggest loss on a single coin, I make that roughly 94ish%

Don't even get me started on Einsteinium which I purchased with zero research purely because the legendary physicist is my hero.

"Hmm, what did I say above about using stupid criteria to buy a coin?"

I bought 100 for around $1.58 and a few days later another 100 for more or less $1.85. Today Einsteinium (EMC2) is worth around $0.08.

I am actually laughing as I write this, what else is there to do?!

Oh well it reminds me of the old adage, don't invest what you can't afford to lose. I would definitely have preferred to have made money on those investments, and I could do with some extra cash at the mo, but at least it hasn't ruined me.

*“That which does not kill us, makes us stronger.”

- Fredirich Nietzche

WHAT ARE YOUR BIGGEST LOSSES IN THE CURRENT CRYPTO CRISIS? OR MAYBE YOU'RE ONE OF THE SMART ONES WHO HAS CLEANED UP WHILE THERE IS BLOOD ON THE STREETS?

AS EVER, LET ME KNOW BELOW!

Title image: Sydney Sims on Unsplash

Cryptogee

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My initial investment is down 80% :( but still HODLing strong, I believe patience is key!

Patience indeed, it's the only thing we have left! :-D

Cg

I haven't invested a penny but i started earning steem and sbd when they were around 7$, and today they are below dollar!
should i count it as lose or not?
but i have earned it with hardwork and fully dedication.

Yeah that's tough one, it is a loss because your time is worth something, however it is not as painful as losing actual money I guess.

Here's hoping that at least Steem bounces back!

Cg

I hope the coins you have invested in will allow bouncing back to the value you have bought it, in the next bull run.
My prayers are with you.

Hmm, I don't want to say sorry, because I know you are much more stronger than that... Smile

I'm not one of the early adopters of anything, I want to see many people doing it before I do it, this habit is bad as I have lost so many opportunities as a result, but it has saved me from fallen into some troubles as well. For this reason, the only money I've ever lost on cryptocurrencies are as a result of drop in value of my steemit reward and the loss of my first steemit account. At least, I've lost something too, and I need to laugh instead of crying.... Smile

Yup, caution will definitely protect you in times like these! :-D

Cg

Smile, sure...
I do hope that all the coin bounce back very soon. It's getting discouraging already

I put about 10kUSD into a company called DPW that just opened a bitcoin mining operation when bitcoin was flying. I made the biggest rookie mistake and chased a stock that was shooting up. I bought at $5 a share. It quickly plummeted, and to make matters worse, they immediately started diluting the stock. It's at .40 now and it's so low it's not even worth selling at a loss. I'm just stuck holding the bags and hoping it goes back up someday.

Oh man, sorry to hear that... I don't think bitcoin mining is profitable unless you own dozens of miners and even then...

Well hopefully they'll bounce back when the Bitcoin prices bounces; here's hoping!

Cg

I hope you are aware how lucky you are! The sums you are talking about is really not much.
In December I made 40k+ and a lot of that I exchanged for Steem and did the biggest mistake in converting it into SP!
Now this was really the worst move to make, because my money got locked into Steem and all I could do was watch my investment get lower without being able to park it in USDT as everybody in his right mind would have done.
So by now, I have not only lost all my gains, but also most of my initial investment of several thousand US$.
And you know what? Even I am lucky compared to people who have lost MUCH more...

Ouch, I'm really sorry to hear that, the only (slightly) comforting thing I can say about that is Steemit does seem to be cyclical, so hopefully around November you'll see a boost, not sure if it'll go back to 8 bucks though :-(

Remember next time, you can power down and get back 1/13th of your total SP every week, small consolation but it helps.

Cg

Yeah, I'm already powering down, but this is a slow process and it hurts to just be able to sit and watch week per week.
Well, at least I learnt a lot. One thing being, that in crypto you should never bind your investment longterm. Lesson learned...
Thank you!

I don't know your situation, but if you can hang on I would do it. I'm just speaking from personal experience.

I'm an early adopter and joined in May '16, after the initial payouts the price rocketed to $5 and I had at one point about $140,000 worth of SP, I was so high...

Then the price started to slip $5, $4, $3, $2, $1.50, $1.25...

I started powering down around the $1.50 mark (also powerdown ratio changed from 2 years to 13 weeks), and watched the price go down and down. Managed to cash in roughly $15,000, almost all my SP, by that point the price was around $0.50.

Then I watched the price go up again and saw how I could have been a whale if I had just been patient...

Anyway, whatever you do make sure you DO NOT POWER DOWN EVERYTHING as then you won't be able to use your account, leave at least 1 Steem in there.

Health, wealth, and a $10 Steem price!

Cg

All the very best. @cryptogee

Also see: FOMO, HODL

I do believe right now:

HODL == Hold On for Dear Life

Can't find a good phrase that'd work for FOMO though, darn !

HODL == Hold On for Dear Life

That's cool. @pbock

How about FOMO?
Freakin' Outrageous Money Opportunity [Optics]?

My account here was over 16 grand, now its barely 3. The part that hurts is I knew better and was even telling my friends to take some off the table. I took out some, but not nearly enough!

Yeah I hear ya! When mine went up to around $30,000 or so, I thought to myself 'should I power down about $5k and just stick it in a fiat account?'

'Nah, wait it'll be even more in a few months and you'll regret that' I said to myself.

In the words of one H. Simpson Doh!

Cg

Yo soy de las personas que piensan que cuando una moneda está baja, es momento de invertir en ella, porque seguro va a subir...
Dejando de lado esto (el aspecto monetario) me concentraré en hablar del aspecto social y emocional, es natural que tengamos incertidumbre, pero no por esto debemos dejar de publicar nuestros artículos.
Steemit es una excelente plataforma para drenar nuestras emociones, sentimientos y cualidades, yo soy un blogger a tiempo completo y steemit ha cambiado mi vida, estoy seguro que como a mi, "mucha gente es feliz gracias a Steemit"
Este es el mejor momento de invertir en nuestra plataforma, pero no solo dinero, sino también nuestro conocimiento, habilidades y destrezas y dar lo mejor de nosotros.
PD: Gracias @cryptogee por tu apoyo con mis post, amigo
I'm one of those people who think that when a currency is low, it's time to invest in it, because it's sure to go up... Leaving aside this (the monetary aspect) I will concentrate on talking about the social and emotional aspect, it is natural that we have uncertainty, but this does not mean we should stop publishing our articles.Steemit is an excellent platform to drain our emotions, feelings and qualities, I am a full-time blogger and steemit has changed my life, I am sure that like me, "many people are happy thanks to Steemit"
This is the best time to invest in our platform, but not only money, but also our knowledge, skills and abilities and give the best of us.
PD: Thanks @cryptogee for your support with my post, amigo
Again...
THANK YOU!

Work is slow so all I put in is time. I still learn something every once in a while so its worth it.

Ohhhhh everyone sad for down market....everyone hopes market going up soon....some peoples says market going up for december....the cryptocurrency continous to suffer a major this below this...coin is going down with the market dip....The outlook for next year rising and rising rates...thanks for sharing..

Well, that's cryptocurrency markets. They go up and down quite drastically.

If you are playing the short-term game it's very risky. If you are here for the long-run, then it doesn't matter, just wait for it to raise again from ashes :)

Also, due diligence is needed when investing. Did you look what Z-Classic, MANA, EMC2 and the others do and don't do? Do you know how they work? How they are maintained? What consensus algorithm they use? What about the developer team, how active is the project? And so on... If any red flag, just don't speculate buying into it.

Ultimately, good luck and enjoy the ride :D

Lolz, as I mentioned in the article, my due diligence for Einsteinium was that I like Albert Einstein. :-D

Cg

I've lost money on Blackcoin and Viva, just to name a couple. Not all my picks have been winners. Happens to the best of us.

Vaguely heard of Blackcoin, but not Viva... Do you have a stop loss or just a hodl and hope policy?

Cg

I came with nothing, raised it up to about $650 at its near high - and through circumstances, I had to power it down, so turned it into dollars at $5 - 3.50 range.... Well 80 % of it or so..

So while it hurt for me to do it at the time ..( I really had to do it)

I'm not feeling too bad about it now....
😂 😂

(this had nothing to do with skill, it was just life deciding the timing)

Timing is one of the most underrated ingriedients to success. Like I mentioned to @kunschj, I sold 2 bitcoin for a sum total of €1800, two and a half weeks later they were worth over €18,000 :-(

Glad you managed to get some fiat out :-) If I have funds when Steem dips below $0.50 I'll buy up a load I think.

Cg

Ouch!!!!!!!!!!!!!

...one second...More ouch!!!!!!!!!!!!!!

Yeah, especially when all my non-crypto friends were saying stuff like, 'oh yeah, you're into crypto aren't you? You must be making a fortune from Bitcoin at the moment.'

Mmm hmm, I would answer back. Lolz

Cg

I haven't had any gigantic losses yet, given I've only invested 5 Euros of actual currency.

Maybe the 80$ worth of Eth I send into Tron so as to test out cropbytes is a loss, given it's been months and there's still no actual playable game (and I can't be bothered to wait for their stupid "game asset flash sales" that make the entire game right no just buying assets in the sales and trying to trade them on at a higher price)

I have spend quite some ETH/STEEM playing around with DApps and such, though I made most of it back with my little artworks on superrare.

That's great stuff building up a small initial investment into something tangible, well done!

I didn't even realise Tron was meant to be a game; so is it a scam, will the game ever come out?

Cg

  ·  6 years ago (edited)

there are games that are going to be using TRON, and one of them is called Cropbytes.

It's been a couple of months and I still haven't seen any progress on actually making it possible for the in-game animals to feed/produce resources, etc...

Right now it's mainly a trading game between those that are super-hyped up about it and those that manage to buy the critters that come out in the regular flash sales.

I just check in from time to time to see if there's been any change.

TRON seems to have migrated to it's Mainnet alright, but I don't know much about what it is being used for. I only got some because I thought the concept of Cropbytes sounded fun, and stupidly didn't check how far along they were in making it actually playable through the app...

Right now you can just see everyone's farms in a Google Map type view and go in the farms and buy other peoples assets that are for sale, nothing else XS

Aha I see, well that definitely explains that big price rise it went through. Hopefully it will still come to fruition, and a game that uses crypto - if it becomes popular - will definitely be a winner for that currency.

Thanks for the info :-)

Cg

They're not losses until you sell, so I'm HODLing. I did sell 6 BTC at $800 in March 2017 to pay my taxes, only to cry at the highs last winter. That's a loss.

I hear ya pain, I had a 2K bill to pay which couldn't wait, so I sold 2 BTC at €900, less than 3 weeks later I could have sold point one at that price! Arrrrrgggghhhh.

Seriously though, I doubt ZClassic will ever get back to those heights, if it goes back to high 2 figures or low 3, I'll sell and cut my losses :-)

Cg

recently i just invest into ACM TOKEN from GCOX, i think this is a quite new concept project and not bad.. u can have a look too :)
https://gcox.com/
they just finished their 1st ITS, feedback not bad
since they launching their ITS now and the price quite reasonable, maybe can try to invest into it maybe can bring us double or triple return XD

Unfortunately due to taking such a hit lately I have nothing left to invest :-)

Cg

Oh, I hear this token before, is from Singapore ,they was doing those celebrity coin too, the super star Jason Derulo also join it too ,quite attract

Actually they launching their ITS and the price is low now XD

Hope your losses becames profits. And i wish your crypto coin matket go up. I am very hopeful about crypto market

Yeah me too, if Steem is the only one that goes up I'll be happy, or even Bitcoin.

Cg

  ·  6 years ago Reveal Comment

EDG I haven't heard of that one, I must admit that's the kind of news that would have had me buying... Since all this debacle, I think the best bit of advice I have received is; buy the rumour, sell the news.

I will bear this in mind in the future, I bought XVG news that they'd partnered with Pornhub at between 700 and 900 Sats., now just over 200.

Cg

  ·  6 years ago Reveal Comment

Yeah from now on, if I get any mad rises I will cash out investment and some profits, then sit back and enjoy the free ride.

So true about keeping USDT, I don't think I've ever bought it, but will probably start now.

Btw, why the hell were your comments flagged?!

Cg

  ·  6 years ago Reveal Comment

Berniesanders has a hard on for me and has put me on his flag list. So all my comments receive a flag from his bot.

Shit sorry man; at least it's just a small flag, just lay low and hopefully he'll remove you at some point.

Cg

Not a fucking chance in hell.

Aw man, can't we all just get on?

Cg

  ·  6 years ago Reveal Comment
  ·  6 years ago Reveal Comment

Smacked down like that mutt you call your girlfriend.