At the moment there is no denying that the crypto market is depressed. We have moved from the exhilarating highs of last year to the depressing lows of today. Some cryptos are still up if you take the average over 18 months or so, like Bitcoin and Verge to name but two, however most of us are in the doldrums.
Laugh When You Want To Cry
If you've read any of my motivational stuff then you'll know that I am a big advocate of positive thinking and training your mind to react positively in the face of adversity. So I felt I should write this short piece on my biggest crypto failures and invite you to share yours too!
Zed Is For Zero
So as you're probably aware in January everything was very much rosy in the crypto garden. We had a nice high Steem price, Bitcoin was still five figures and the whole market was generally buoyant.
So like most of us, I was using up a portion of my profits to buy up cryptos whilst trying to increase the size and spread of my portfolio.
As I was perusing Bittrex one afternoon I spied upon Z-Classic and used the stupidest criteria I think I've ever used when it comes to buying a cryptocurrency for the purposes of investment.
My thinking went something along the lines of this;
"Hmm yes, I'm still a bit upset that I slept on the whole Zed Cash thing. I could have bought that for a dollar, indeed I meant to but for some reason didn't.
This Z-Classic seems good, there's been a fork or something hasn't there...?
Ach, things are going well, I'll buy some . . .
Huh, they're worth about $150 each, ah well, things are good I'll get a couple and see how it goes."
Seriously, my thinking was not much less woolly than I describe above, so I bought two.
Crash Bang Wallop
One week later as I was cashing in some SBD, I decided I wanted to get some MANA and for some reason that simply escapes me now, some Dogecoin.
So I had a look at the value of Z-Classic and it had fallen from about $150 to around $139.
Luckily I decided to sell one in order to buy the MANA and Doge and I think a couple of others I was looking at.
Today Z-Classic is worth approximately $8.82
LOL
Zed actually fell to around $2.70 about a week later and when I logged in to check the price I actually laughed, seriously; what else are you going to do?
"Oh well"
I told myself;
*"At least I managed to sell one for only around a 15% loss."
I flirted with the idea of buying more, but seeing as I had bought it on a whim in the first place, I had no idea if it was undervalued or not so decided not to. Which is a shame as I could have made quite a bit of money back as it soon bounced back to roughly $8 and went to over $17 a few weeks ago.
Ho-Hum
So there we have it, my biggest loss on a single coin, I make that roughly 94ish%
Don't even get me started on Einsteinium which I purchased with zero research purely because the legendary physicist is my hero.
"Hmm, what did I say above about using stupid criteria to buy a coin?"
I bought 100 for around $1.58 and a few days later another 100 for more or less $1.85. Today Einsteinium (EMC2) is worth around $0.08.
I am actually laughing as I write this, what else is there to do?!
Oh well it reminds me of the old adage, don't invest what you can't afford to lose. I would definitely have preferred to have made money on those investments, and I could do with some extra cash at the mo, but at least it hasn't ruined me.
*“That which does not kill us, makes us stronger.”
- Fredirich Nietzche
WHAT ARE YOUR BIGGEST LOSSES IN THE CURRENT CRYPTO CRISIS? OR MAYBE YOU'RE ONE OF THE SMART ONES WHO HAS CLEANED UP WHILE THERE IS BLOOD ON THE STREETS?
AS EVER, LET ME KNOW BELOW!
Title image: Sydney Sims on Unsplash