invest in altcoins

From 600 BTC to 200 BTC, or how not to invest in altcoins

From 600 BTC to 200 BTC, or how not to invest in altcoins

From 600 BTC to 200 BTC, or how not to invest in altcoins

We bring to your attention the story of one unlucky trader on Reddit under the nickname stupidfoolishwhale, who told about what “success” he was able to achieve by investing his impressive savings in bitcoins in a variety of altcoins. Probably our guide to investing in cryptocurrencies could help him avoid at least some of the losses.

“Before I tell you how I got stuck, I would like to point out that I am fully aware of how many teapot-level mistakes I have made. Do me a favor, laugh at my shameful decisions … At least my stupidity can make someone laugh.

In May / June I bought about 600 bitcoins at $ 2700 apiece. You can calculate for yourself how much it cost me. But I believed in bitcoin. Initially, I planned to keep it until the end of my days. I was convinced that Bitcoin would shoot up to $ 10,000 by 2018. If I had just left the bitcoins in my wallet and did nothing, now I would not know grief at the rate of $ 4,000.

But no. I decided to try myself in altcoin trading. I started with Siacoin (while the hype around Siacoin was rising).

So, I invested 10 bitcoins in Sia at 450 satoshi per unit. The next day, Siacoin rose to 600 satoshi. I thought, “Cool, it was easy and I made a couple thousand bucks in a day.”.

The next day, I invested 20 bitcoins in Antshares (now NEO). Three days later, his rate also went up. “Cool, I made 10 hay in 3 days. All you have to do is buy altcoins cheap, sell high. Lightness. If I keep them, not giving in to panic and not selling, and wait for the rate to go up, everything will turn out in my favor “.

I think you understand where this is going. There will be no happy ending.

In general, in June I invested almost ALL bitcoins in alts, thinking that everything will continue to grow. A blind greed guided my actions. Of course, you just had to hold Bitcoin. Of course, it was necessary to learn more about each of these altcoins. Of course, you shouldn’t have bought them at the fucking peak, after reaching which they collapsed.

Interesting to see how much I flew?

Here is a list of all the altcoins I bought, indicating the amount of bitcoins I invested in them and their current rate. Feel free to criticize, because something dumber cannot be done (especially considering how much faith and money I put into some of these altcoins).

  • Siacoin = 246.82 BTC → 72.94 (minus 70%)
  • CloakCoin = 139.27 BTC → 41.59 (minus 70%)
  • Factom = 120.72 BTC → 44.17 BTC (minus 63%)
  • Monero = 18.76 BTC → 12.96 BTC (minus 31%)
  • BitShares = 13.18 BTC → 4.54 BTC (minus 66%)
  • Crown = 10.26 → 4.05 BTC (minus 61%)
  • ZCash = 9.77 BTC → 4.13 BTC (minus 58%)
  • Golem = 9.13 BTC → 2.7 BTC (minus 70%)
  • GameCredits = 8.49 BTC → 3.1 BTC (minus 63%)
  • LBRY Credits = 5.71 BTC → 2.55 BTC (minus 55%)
  • BitcoinDark = 5.03 BTC → 1.96 BTC (minus 61%)
  • Ripple = 4.98 BTC → 2.03 BTC (minus 59%)
  • EmerCoin = 4.76 BTC → 2.02 BTC (minus 57%)
  • Digibyte = 4.38 BTC → 1.55 BTC (minus 65%)
  • Waves = 4.05 BTC → 2.76 BTC (minus 31%)
  • Ubiq = 3.89 BTC → 1.74 BTC (minus 55%)
  • Vertcoin = 3.35 BTC → 1.2 BTC (minus 64%)
  • Lumen = 3.06 BTC → 0.95 BTC (minus 69%)
  • Stratis = 2.96 BTC → 1.78 BTC (minus 40%)
  • SysCoin = 2.76 BTC → 0.98 BTC (minus 64%)
  • Ethereum = 2.53 BTC → 1.43 BTC (minus 43%)
  • MaidSafeCoin = 1.94 BTC → 0.96 BTC (minus 50%)
  • Komodo = 1.93 BTC → 0.94 BTC (minus 51%)
  • Voxels = 1.35 BTC → 0.67 BTC (minus 50%)
  • NEM (XEM) = 1 BTC → 0.88 BTC (minus 12%)
  • BitCrystals = 1 BTC → 0.41 BTC (minus 58%)
  • Ardor = 1 BTC → 0.34 BTC (minus 65%)
  • Wings DAO = 0.25 BTC → 0.15 BTC (minus 37%)
  • Expanse = 0.14 BTC → 0.05 BTC (minus 60%)

Why haven’t I placed stop losses? Because I was a jerk. Why did I continue to hold these coins despite the severe depreciation? Because I believed that everything would change.

Do not hesitate, every day I wonder how you could have made SO MANY bad decisions at the same time..

I understand if you say that I am writing because no one in their right mind would invest 200 BTC in Siacoin. Simple greed. I thought Siacoin would continue to grow and I would make a profit quickly.

The only mistake I didn’t make was that I didn’t sell any of these coins at a loss. Even when I saw that the course was falling, I urged myself to continue to hold.

I keep holding, still hoping that eventually some of these coins will return to the levels they were at before, and I can at least break out..

Naturally, my hands are itching to sell everything. Extract all BTC from them to the last. Maybe invest in NEO (although this train has already left) or in another altcoin, hoping it will go off. But, of course, that would be an impulsive mistake. I’m just scared as shit, so I keep holding. I made all but one mistake – I didn’t sell everything at a loss..

“Just hold,” everyone says. I keep it. But those who say “hold” did not invest 600 BTC in altcoins, after which their portfolio depreciated to 200 BTC.

By the way, if we compare the rates in dollar terms, not all altcoins have dropped so much. But I don’t look at it. The dollar value is deceiving because BTC continues to rise.

I am looking at the BTC price. I would give anything to get my 600 BTC back (which would naturally be worth a lot more than at the time of purchase).

I understand that the chances that these altcoins will ever rise before the June / July peak are slim. The higher bitcoin rises, the less satoshi each of these coins is worth. Don’t hesitate, I understand how much I flew.

Some of you don’t believe that a person who had so much money could have lost it so stupidly. Making money, storing and increasing savings requires different skills. It turned out that in the last two points I have problems.

I don’t have NEO. I sold it when it hit zero and then it took off. So I invested not only in altcoins that fell, but also came out of a single coin that subsequently rose.

Thanks to everyone who answered”.

Similar articles