I'd like to share a small story about greed and stupidity. Some of you have heard of Chaincoin (CHC), probably in a bad way. About 5 months ago it had a huge rise in price, as you can see in a graph bellow:
As you can see, price literally went 100x (from 2k satoshies to 200k). I invested around 400$ in it while it was in early stages of this rise, following a fellow Max Lee and his advice on youtube. He was very enthusiastic about it and he promised a price of 100$ per coin (was 6$ at it's peak). He said that Masternode that CHC has will create us passive income, similar like with Dash.
While it all sounded good in theory, the actual development of the coin was non existent (and still is). Quick lookup on their github reveals very little to no commits in the last 2-3 years. But I had a blind eye for that one, believing Max and letting greed take the best of me. When price hit the top (see on the chart), I had around 7k$ (around 15x increase). It all happened within 2 days after I invested. I had around 3.5 BTC value of CHC in that moment (and that was before BCH fork).
Obviously they (Max and company) dumped huge loads of CHC at the top and took the money/BTC. I never went out of it while it was crashing, hoping the price will bounce up eventually. And that's not the worst part. Learning some Technical Analysis made me believe at one moment that price started bouncing up (around mid crash in chart), and I actually borrowed some BTC from a friend to invest in, hoping to regain my lost profit. Long story short, I ended up in loss overall, and if I sold it somewhere close to high (as my friend suggested at one point), I would have had around 3 BTC (+ 3 BCH and 3 BTG if I would have stayed in it) which is more than 60k $ at the moment total.
Anyway, lesson from this short post is to try your best not to be greedy (and stupid), take your profits and reinvest it further. Funny thing is that Technical Analysis screamed to sell when it was on it's high, but I started learning it only few days after it all happened. I actually went out of CHC only few weeks ago, after finally accepting fully what happened.
Hope this article helps someone, check your coin fundamentals, research about it from different sources etc. There are a lot of pump and dumps in this markets, CHC was just one of them, but one of the biggest for sure. An example to be learned from.
I'll be writing more of my experience in crypto world occasionally, upvote and comment if you liked this one. Cheers!