No boring day in crypto, isn't it?
Today, I'll tell you a story that is ripe with wisdom, stupidity and fast paced crazyness.
STR is a coin that was about 420 for a few weeks or so when it seemed that it will go up. It's basically a Ripple clone, even shares a cofounder. Anyway, it looked interesting and about to pump. Many people were buying at 420
.
This is where the magic started to happen
It went up and up to 1000 or so and then, last night....the PILE STARTED. I can not tell you how crazy it was...every few minutes it went up again and again.
2500
WOW
.
.
5 minutes later: 3500
OMG!!!
People in the trollbox were chanting: SRT SRT SRT SRT BUYYYYYYYYYYY
The volume was in the tens of thousands of btc.
5 minutes lsater : 4000
WTF IS GOING ON!
Someone in the trollbox said : I want to give srt a hug and cuddle it all night.
5 minutes later: 4800
HOLY COW TERRITORY!!!
24hr volume: 118.940btc. <---- seriously, take this number in for a second.
And then...as it was expected maybe: calamity. It all came crushing down.
![71ef8e915ec31b9da257679539755ba7.jpg]
(
AHH, the highs were so high...
With one sell at 4700 everyone panic sold. I guess people expected the bubble to burst but hoped it will go EVEN higher. Those greedy basterds...10x-12x was not enough for them. And, as we know from all tales, greediness is a sin that has dire consequences!!!
THE SITE WENT DOWN.
LAG.
CONNECTION PROBLEMS.
DOOM!
I could not see the marketplace. After about 5 minute I got a glimpse: it was at 3700. Then lag again for minutes and minutes. The trollbox was live though. People were panicky. I imagine that's what people felt during the crush of '29 but this was like a super-turbo view on it because it all happened in literally minutes.
I got another glimpse at the market: it was 2200. You can not imagine how bad this is if you are margin trading. It's basically disastrous. In the trollbox, a lot of people were having it bad. No one could put out offer, could not sell, things were going down and fast.
From the Trollbox with all my sympathy to these people :(
"AlanWatts: well I thought I was retired. There goes that"
"leonardobernardi17: Wolfofbitstreet, i cant do nothing..."
"matthewd: I lost it all boys and girls, i lost it all!!"
"Coinwatch: man o man how to kill a good day"
"sakioka: someone13, ooooo 2k bruh that aint bleep. I just lost 20k... stop being a bitch"
When all the dust settled, it was at about 2500 but the damage was done for a lot of people. It was scary to watch it happen, so much value and wealth lost in the span of minutes.It's not often that a man can see his wealth dissapear before his eyes so fast. It's really like nothing else in this life, it's impossible to be prepared for it unless you are a trader or gamble of sorts. They say losing a lot in crypto is what you need to experience AT LEAST once, or else, your stupidity and stupid optimist will fk you over hard down the line.
Maybe. No one said it will be fun though.
And a lesson, for me:
As we go through this super pumpy period of crypto, it's easy to remember this is a lot like gambling, all can be lost fast and god damn, some will be surely lost fast. Remember this and think of the trolls that could be you one day.
What a ride!!