We all clapped and cheered our way to a 3 trillion-dollar moon, and then were violently ripped back down to Earth by gravity's ferocious velocity in a hail of blood and tears...enough imagery??
When BTC was hitting the $40,000 lows in January, Michael Saylor was touting that Bitcoin only had a 1% chance of falling to lower lows. Nayib Bukele was tweeting about "sniping" the lows at the same price.
Instead of realizing the obvious truth that BTC and cryptocurrencies had coupled up with tech focused Nasdaq stocks which had literally been calling for a huge correction for years; we bought more under the assumption that crypto will be the safe haven when stocks crash.
We have a very sick obsession in our society of heralding so called "experts" opinions as truth, especially in the cryptocurrency space, because so many of us are unsure and uneducated, and we looking for someone with more experience to show us the way. In some sense, crypto "news" is in a large part reports on quotes made by high net worth individuals or individuals with a grip of Twitter followers. See here...
"Elon Musk says he's buying the dip."
"Warren Buffet calls Bitcoin 'rat poison squared.'
"President Biden says crypto is 'ok'.
You get my drift. It's toxic. How about this for toxic?
"Wen Moon? Wen Lambo?"
How can investors expect to be able to always hit the moon and buy Italian sports cars but also expect prices to always soar and never come down? It's foolish, it's childish, and not forward thinking. It should be shaken from crypto markets like the perpetual shorts.
Besides being scared out of the market twice so far, without making too much profit or taking too much loss (in 2018, and early 2021), my biggest mistakes in the crypto space has been:
1. Terra
2. Node Passive Income
In general, instead of listening to my heart and stacking USDC at a 10% yield, I started going back into crypto heavy in November '21. Instead of listening to calls for a drop, I wanted to believe that there was only upside. I wanted to believe all the shills.
Some experts pointed out that it was foolish for TerraForm Labs to buy up bitcoin for its reserves. They tried to tell us that UST's algorithmic pegging system was flawed. But I wanted to believe in decentralization. I wanted to buy the lows. I wanted to believe Do Kwon's smooth arrogance and stand behind his disregard for the SEC, like "fuck the man! decentralization forever."
It should have been obvious that a "stablecoin" which finds it's stability through purchases and burns, is literally a Ponzi Scheme. It should have been obvious when BlackRock, the biggest asset reserve manager on the face of the Earth, took over the reserve assets of USDC, and that Circle keeps USDC pegged by dollar to dollar reserves.....
But no, crypto is all "fuck the man, fuck BlackRock, decentralization forever!" Wake up call. The man doesn't like to be fucked off.
Node Passive Income? Oh sure, these protocols can deliver daily rewards forever, it's completely sustainable to give rewards for investments earned by more crypto investments which rely on more purchases while early investors constanly cash out...the definition of a ponzi scheme. But watch out, the players in the Discord channels may be abusive if you have too many questions... If you haven't heard of Node Passive Income, read about it here...
But we millennials are always looking for a new way. And that's completely fine, as long as we learn from our mistakes, to grow the space.
Mistakes: Shaking out too early in the beginning years of crypto adoption out of fear of the space dying, then having too much faith and blindly riding unsustainable protocols to the bottom. In other words, not enough faith, followed by too much faith.
Best Move: Never invested more than I could afford to lose.
What about you????
Comment below and tell us your mistakes the past few years, as well as your best moves which has kept you in the space.
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