Monday, September 10, 2018

Guys Im finally losing money in Crypto

Been crazily busy with work, life and of course crypto the past month plus.
Things should start slowing down for me in late Oct or Nov, and hopefully I will be posting a lot more then.

The BTC 2013-2014 bubble pop saw BTC price decline 92%. That's scary. It took 3 years odd to reclaim back those ATHs.

ETH is currently sitting at an approximately 85-86% drawdown.
If we match those 92% drawdowns, we are looking at $110.
(Why would we? Why should we?)

The past month has been particularly brutal. Can you imagine that I've managed to stay abovewater the entire time until just recently? I thought I was doing really well until I got clubbed over the head.

I am fine to share that I have finally sunk below my capital that I've put in. Yup, that's right. Even with all my good ICO flips, long swing trades, short term trading and arbitrage profits to buffer me, along with an average entry that I thought was pretty low, I am finally in losses.

Not trying to hide it.
It is what it is, what more can I say?

That's right, you could actually enter now and you'll have a better average price than me.
But of course you won't. Heh.

There is a lot of concerns and worries about ETH in particular. I am largely unfazed.
I've broken into my warchest and I'm buying the dip.

Yall might think I'm crazy, but let's be real for a moment.

No one cares what's your portfolio IRR on 10 Sep 2018.
And why is that? Because the only value that matters is the day you sell.

Unfortunately for me, my journey involves my portfolio going into the shitter first, before it subsequently (hopefully) takes off. And I'm okay with that.

My eye is on the prize.

I didn't sign up for slow and steady, low risk, low drawdown returns.
That's a rolling fixed deposit.

I knowingly and willingly signed up for this crazy crypto shit.

If it was so easy, we'd all be millionaires, right? Heh. But as always:

No guts, no glory.
No brain, same story.

Stay safe in crypto. If you're uncomfortable doing anything, I suggest you just sit on the sidelines and watch me make a fool of myself.

As always, feel free to counter-trade me and profit from your wisdom that cryptocurrencies will all go to zero. No point having such knowledge and making no money from it, amirite?

2 comments:

  1. I really think it will get up someday, but I personally think not this year, perhaps even not next year.
    Now the hard times come, there is too much fraud in the market has to be washed out before crypto can get back to a normal market:

    https://www.investing.com/news/cryptocurrency-news/crypto-news-weekly-310818-top-crypto-exchanges-faking-volumes-1594587

    https://ambcrypto.com/bitcoin-btc-used-in-wash-trading-crypto-investors-spot-unusual-high-trading-volume-on-bithumb/

    https://www.bloomberg.com/news/articles/2018-09-06/crypto-exchange-kraken-reduces-staff-amid-digital-downturn

    https://www.newsbtc.com/2018/09/08/ethereum-co-founder-blockchain-growth-based-on-marketing-is-hitting-a-dead-end/

    ReplyDelete
  2. i like how you get into crypto and being so honest about yourself.

    I have been following you since before you get into crypto and i am following you more that now you are into crypto.

    I am one who also believe in crypto and did some nice flipping in 2017 dec. However, good things dont last. Anyway, i always like to tell my friends what they want to hear. So those are negative about crypto, i would tell them that i have lost 80-90% from the peak. For those who are ok to crypto, i tell them that i am still in the profit. Cheers.

    ReplyDelete

Observe the house rules.