‘I’m afraid I missed the opportunity and tried to make money fast,’ said Roberts, a venture capitalist. This loss caused me financial ruin ‘
Heavy loss of words
Pete Roberts, who lives in Nottingham, is one of many venture capitalists who have poured money into electronic money when they rose sharply last winter.
Now, eight months later, the $ 23,000 he invested in a digital token is about $ 4,000 and he still remembers what happened.
‘I’m afraid I miss the opportunity and try to make money fast,’ he said. ‘This loss has ruined me financially.’
Roberts, 28, has a lot of companies. After the biggest drop, a lot of electronic money has returned all the great benefits that they experienced last winter. The value of all digital coins has fallen by about $ 600 billion, or 75%, since the peak in January, according to data from coinmarketcap.com.
It is difficult to know how many e-money investors are currently losing money. Damage is likely to be especially bad in places like Korea and Japan, where there is relatively limited e-money activity by 2017, and where ordinary investors have little leverage in investing.
In Korea, the largest trading floor has opened physical decks to make it easier for people who do not feel comfortable doing online. The offices of a large trading floor, Coinone, have only one customer for a period of two hours in a day.
It’s a chance to change life but …
Kim Hyon-jeong, a 45-year-old teacher and mother of a suburban Seoul resident, said she spent 100 million won, or $ 90,000, on electronic money last year. Her investments are down about 90%.
‘I think electronic money will be a breakthrough only for those who work hard like us,’ she said. ‘I think my family and I can get away from it and live comfortably, but it turns out they are going in a different direction.’
In the United States, Charles Herman, a 29-year-old small business owner in Charleston, S.C., was haunted by virtual money last September. He says now he feels like he has wasted 10 months of his life joining the market.
Investors are even more upset with smaller virtual currencies, or alternatives, offered during ICOs. These coins are considered the payment mechanism for new software that entrepreneurs are building.
Bitcoin is a better asset to investors. It’s only down about 70% from the all-time peak, not a 90% reduction as other smaller tokens. But the currency also has difficulty in shaping as a useful tool rather than speculation.
‘We also found that Bitcoin was not ready for mass adoption and daily use,’ said Herman.
Despite this pessimism, there are still many who talk about their intention to keep their money, hoping they will recover once the technology has time to catch up with the ads.
Tony Yoo, a 26-year-old financial analyst in Los Angeles, invested more than $ 100,000 in savings last year. At times, the virtual currency he holds has dropped nearly 70% in value.
But Yoo still has the great belief that these tokens can provide a new way to trade online, without the big mediators we rely on today. ‘This new wave of technology and innovation will surely take over our society in the future,’ Yoo said. When prices drop too much, he says he is really looking to put more money into the market.
That thought was encouraged by people investing in Bitcoin in 2013, when it first hit $ 1,000. The next bull market was a collapse in which Bitcoin prices fell more than 80%. But after a long forgotten time, prices have recovered. As soon as it fell sharply, the value of a Bitcoin is fluctuating around $ 6,500–500% more than the peak of 2013.
Mr Roberts, a British investor, has seen his $ 23,000 total disappear, as he still holds virtual money and expects it to recover. But now he has stopped the transaction and is looking for another job.
‘I am living on the small savings that I have left in my bank account,’ Roberts said. ‘I made a mistake and now I’m going to be unlucky in the next few years.’
-Translated by Twogap -
Visit our website https://twogap.com/ and the whitepaper for more information
Ask us if you want to buy TOKEN SALE
And don’t forget to reach the news on https://twitter.com/twogap_officialand send us your questions on https://www.facebook.com/twogapofficial