Bran said:
You spent $16000 and now your account is down to $5300…
But I thought crypto was a way to get rich quick.
Bran said:
You spent $16000 and now your account is down to $5300…
You gotta risk it to lose it.
Bran said:
You spent $16000 and now your account is down to $5300…
Yes! Most of that $16,000 came from buying and selling during the rises of many of these coins.
Bran said:
You spent $16000 and now your account is down to $5300…
Yes! Most of that $16,000 came from buying and selling during the rises of many of these coins.
So you spent $1600 on altcoins that you earned from trading?
@Fintan
Yeah, I’m not sure what my original investment in altcoins was, but it was probably around a couple thousand.
Bran said:
You spent $16000 and now your account is down to $5300…
Why is this surprising? Every dollar made by someone locking in 150% returns has to come from somewhere. There are way more losers than winners.
Ethereum at $4690 (ATH $4867)
Did you really FOMO that hard?
Why didn’t you dollar-cost average since then?
EdwardGenesis said:
Ethereum at $4690 (ATH $4867)
Did you really FOMO that hard?
Why didn’t you dollar-cost average since then?
Wow that’s surprising haha. I’ve mentioned that in another comment too. I’m writing this post to help others understand that DCA investing is honestly a much better strategy than any other option. It’s really hard to predict when something will go up or down, so DCA is a smart choice. I haven’t averaged in since then. Looking back, that would have been a great idea, but hindsight is always 20/20.
@mckambodian
I started buying crypto near the top in late 2017 or early 2018. Like you, I bought a lot of altcoins. I spent two years constantly down 40-90%, but I kept buying throughout. I ended up with over 10 times my total investment in 2021 and even bought an apartment.
DCA is the key, and avoid holding altcoins during bear markets. Don’t hesitate to take more risks during bull markets. Right now seems like a smart time to start holding altcoins.
@Kari
That’s awesome about your apartment.
You bought a lot of bad coins.
Noe said:
You bought a lot of bad coins.
+1.
Noe said:
You bought a lot of bad coins.
Well, they were making profits before. I just made poor timing choices. It’s gambling, and I didn’t do very well. My goal with this post is to help others with their choices!
Most altcoins perform poorly.
Griff said:
Most altcoins perform poorly.
I agree, but back then they were doing quite well. So I guess it’s a lesson learned for me right?
I invested in two coins over six years, XRP and XLM for about 5-6k, and now it’s valued around 29k.
OMG has been a poor performer since Boba. You should have sold that ages ago.
Chance said:
OMG has been a poor performer since Boba. You should have sold that ages ago.
That’s unfortunate! Thanks for the update. It shows how little I’ve checked this wallet since deciding to just hold what I had.
I bought at the peak back in 2021, but I learned my lesson. In October 2023, I began dollar-cost averaging into Cardano. Now, I own two coins: one is still down 71%, but ADA is up 151%. I’ve already recouped my initial investment plus some gains.
@Leif
Awesome job! You learned from your own experience. I’m still in a learning process, and I hope this post helps me recognize my mistakes!