This update in the Musk-Dogecoin 258 billion Dollar lawsuit where someone claims to want to represent everyone who lost money on Doge because of Musk, got me reminiscing on my own failures in the crypto sphere.
In short, Musk filed a motion and is trying to dismiss the lawsuit: "Musk’s lawyers argue that the claims are “a fanciful work of fiction” and that tweeting in support of a legitimate cryptocurrency with a market cap of nearly $10 billion is not unlawful."
So I didn't jump aboard a useless meme train, I jumped on the sinking Shipchain. I'm pretty sure I talked about this one already so to keep it short and sweet: They immediately threw in the towel after the SEC ordered them to cease and desist all operations in 2020. I'm not sure on the losses on this one to be honest, I got aboard at a rather good time and held on to it all till the end, which cost me some good profits of course, but ultimately the loss was not even close to half my total investment in it, which is actually quite remarkable considering the circumstances.
The one I did take a big hit on and lost the total investment was something you probably never heard of and the only reason I did is because I was keeping my ears to the ground looking for those unknown hidden gems, but ended up with a counterfeit stone made out of pure hardened 💩. The name was Paymon and in the very first weeks when I re-entered the crypto world I went looking for this one specifically because I vaguely heard about them once or twice.
Sounds like something I should put a few hundred in and see where it goes right......right?🤨 It was at this moment I learned an interesting lesson: DYOR can be quite useless if you do it wrong and just rely on that one research you did without reevaluating your findings. You see, as interesting as this Paymon sounds, the PMNT token named "Paymon" available on very few exchanges had literally nothing to do with the Iranian developed crypto. A real rookie mistake but remember, that's exactly what I was at the time.😁 So afterwards when I found out what a stupid mistake I made, the value was so low I just let it sit in my wallet hoping for a miracle. It is still sitting there now without any use other than maybe trolling some of my neurotic friends who just have to have exactly 10 Quant or 1.25 ETH all neatly rounded up in their wallets, and then I'll send them 3.618 PMNT.😂
But this 300 or some Euros was not lost in vain as it bought me a valuable lesson which I used many times afterwards, most notably on CargoX. I already talked wayyyy too much about this one, so to keep it short: behold.
There were one or two others I lost a bit on, like NFY but the final message is this: Di-ver-si-fy. Yes as much as I've lost and remember, don't think those few hundred Euros is just a small loss, go back and see how much 300 Euros in July 2019 in e.g. Quant would be worth today, the point is it ended up being a marginal loss because I diversified. Yes as rookie as I was back then, the most important thing I did was to diversify. I might have missed out on bigger gains on Quant, but at least I still got some back then. Imagine if I went all in on SHIP or PMNT and decided to just leave QNT out. There are numerous examples like this as well where I made the right choice. Counting only your losses will drive you crazy and prompt you to make irrational decisions.
So if these things happened to you as well don't let it get you down, we all make mistakes. The important thing is we are still here, we are still hodling, we are still in it. Those smaller boats may have sunk, but when diversifying you'll always have several other boats waiting to pick you up, destined to be solid huge ships in the future with you aboard.
