2023 - It's like this in the crypto market. When you realize your coins are perfectly fine on a ledger rather than on some exchange or site that offers staking, it's too late. It happened with Celsius, it happened with Blockfi, and now with Stakecube. Now I find myself with my crypto portfolio almost completely wiped out, because fear is always present, except for those long-time users who have decided to HODL on important cryptocurrencies.
I'm trying to recover my losses, but as always, it's hard to start over. Not too long ago, due to the mismanagement of the Expresscrypto site, I lost about $20 worth of crypto I had staked. That was completely gone, as were the 100,000 satoshis I sent to a site (which later became a scam). My losses also multiplied when Celsius announced the halt to withdrawals. I had about $30 in staked, and this isn't even the last episode.
When good old SBF decided to buy Blockfi, I was a little suspicious. I'm a forward-thinking investor; I'm not thinking about cashing in right away. I moved a third of my BTC to Nexo, saving them from yet another industry bankruptcy. It's 2023, and this market should be regulated to prevent those who decide to overexpose themselves.
Legislate on what happened
Why isn't this happening? Because there are still many interests at stake, the sector is new, and no one yet knows how to navigate it, given that things change so quickly. My goal, as always, is to invest with a very long-term perspective (10 years) and try to make a profit to reinvest in the stock market with the right timing. I've always considered staking an essential tool for limiting losses, as compound interest is very useful if you know how to use it well. However, institutions are legislating little in this regard, as cryptocurrencies are and must be treated as assets, not currencies. Anyone who doesn't understand this should realize that once cryptocurrencies are considered currencies, governments will have an interest in doing what they do with traditional currencies: creating new money in times of crisis, to stem debt, or simply to help the economy. The economy has always had ups and downs, and if they aren't respected, if the market is artificially inflated by injecting money, it only causes (in an uncertain time) a greater collapse, which will take longer to recover.
Legislate cryptocurrencies? Yes. Because we investors want a minimum level of protection. People like SBF, who have accumulated so much wealth in a short time, are not reliable in the long term.
How to recover losses 2 years after the incident
So far, I've been trying to recover as much ground as possible from the huge loss I've incurred. I invested a small portion of my money in XTZ and tried to use crypto.com to continue trading coins. Recently, Trump also expressed interest in the platform, announcing a purchase of $105 million in CRO, and the platform purchased $50 million in DJT shares. This trade boosted the CRO price by over 20%, allowing me to recover some ground from my losses. But I still have a long way to go; it will take years to recover the $8,000 hole I suffered.
Passively, I invested and waited patiently, recycling every coin I received with CRO. I locked the ones that were eligible for staking, allowing for further earnings thanks to compound interest. Atomic Wallet has been giving me several problems lately. I can't update my history, and I've tried various procedures. Thanks to poor management of Zcash on their platform, I have no idea where my $10 that I traded and which is currently invisible has gone. Management definitely needs improvement. Meanwhile, Trust Wallet has earned my respect, proving reliable despite its limited trading pairs. Most trades are done on other chains (sol, eth, base, etc.) rather than switching from token to token. I'm reworking my single-coin trading strategy since Coinbase now blocks anything that isn't certified (how do you certify that the coins came from a faucet rather than a wallet?). Now many companies want KYC and that's not a problem, the problem we have to accept is that if you decide to release cryptocurrencies onto their platform, there must be reserves behind them, useful for covering any damage that has already occurred in the past. Trump's move didn't surprise me. Until a few months ago, CRO was stagnant at $0.9 and then the accumulation phase began. Noticing this, I decided to convert to CRO and then resell it at $0.20 as I had done previously. Result? We're currently at $0.23/$0.25. I swapped CRO>USDC>LION and locked them in for 60 months. In just a few months, they've seen a 500% increase in value (and 20% below ATH), given that in the previous months they've been released almost everywhere via giveaways, superchargers, and airdrop arenas. In the previous months, the interest on staking was over 200%, now reduced to 60% with staking for 60 months. This 5-year staking block should become the norm for certain coins suffering from massive price fluctuations. It would significantly reduce the percentage of people buying only to resell, negating a potential 5/10/20x. The last big bet I'm making is ETH, which is too low compared to BTC. I'm sure that in the next few years, it too will make the necessary leap in quality, reaching a target of at least 10k. SOL and LTC are no exception, but it takes time and patience. In the meantime, I continue to flip coins and bet on projects like PI Network (code: saso94) and BEE Network (code: cryptosaso). We'll see how they turn out.
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This article is based on my experiences and is not an incentive to invest. DYOR.
