Reading Time: 3 Minutes
“Hahahahaha…”
Turns around.
Oh hello!
Glad to see you here, welcome welcome.
Gestures to a warm, comfortable seat.
Please, sit down.
That’s better right – can I get you anything? Drink? Water? No?
Fair enough.
Forgive me, because you caught me in the middle of reading through some of my older posts.
Like this one here, “4 Things I Learnt Investing in Cryptocurrency” (read here).
Ah the innocence of youth…
What’s that? I only wrote it less than a year ago?
But it feels wayyyyy longer than that!
After reading this, I think it’s time to revisit and see what’s been happening in the crazy world of Crypto.
In a word:
Not a lot.
(Mathematics was never my strong point).
Ahhh but do you remember the renaissance days of Crypto?
Those glorious weeks of Late December 2017/Early January 2018.
When the terms “moon rocket” and “lambo money” entered popular vernacular?
I do. I remember them fondly.
Fast forward to March 2019… and well, there’s not a lot going on.
You may remember (or just read the last update post), that I tipped a full $3k into cryptos – just to see where I will end up.
Annnnnnd I think that’s the last time that I’ll be seeing that 3 large, to be honest.
POOF! Up in the air it goes.
Although to be fair, I do still keep my ears on the ground by virtue of a few Telegram (new Whatsapp…er, app) chat threads which I joined in those giddy days.
It’s actually a good microcosm of the whole market, because what were once 7,000 and 5,000 and 3,500 member strong chats, have now dwindled to a tiny fraction of that.
What were once 800 or 1,200 messages a day group threads… have changed into a message every 8 or 12 days…
And it’s very interesting/sad to see that the mood of these threads have changed from one of Euphoria, irrationality and pure speculation to one of despair, frustration and finger-pointing.
Looking back, y’know I can’t believe I got suckered in and missed the warning signs – I mean, some of my friends who were invested, were pulling out ridiculous numbers of when they will sell.
$10 million, $5 million, enough to buy a Lambo etc. etc.
What’s more they were being dead serious about it.
Oh and how to evade capital gains tax was a common topic as well…
FACE PALM.
As for me, what was once a 50% loss less than a year ago has now turned into a 90% CATASTROPHE.
Shame on you The Frugal Samurai, SHAME ON YOU.
But there is hope yet!
Or rather… there is only one hope, and that is the only cryptocurrency which I am invested in has at least, been very consistent and transparent (I hope) in it’s updates to the community.
Surely that is a good sign right?
But alas… they don’t anticipate any major announcements until at least 2020, something about regulations or government oversight or “can you send us some more dollars, US please?” (joking, joking).
Although… rubs chin… aren’t cryptocurrencies meant to be some hipster new-age asset class working outside of the government and red-tape and bureaucracy?
Hmmmm.
Come to think of it, what actually ARE cryptocurrencies? I’ve never actually understood what they represent.
And I think that is my biggest mistake.
Investing in something which I do not fully understand nor appreciate the risks.
So you see, guys and gals – even the most humble yet visually appealing personal finance and development blogger can be lured into the premise of get-rich-quick and complicated schemes.
I think going forward, I’ll just stick to things which I kinda understand and are more comfortable with… property, shares, love-mak… juggling oranges, juicing oranges, eating oranges, don’t you just love oranges?
There’s something so damn sexy about a nice, round, juicy oran… stop it The Frugal Samurai.
Sorry, sorry, got side-tracked.
Honestly though, I’ll leave you guys with this graph from the last post which I think is a very timely reminder for everyone on the investment cycle vs emotions.
It’s very apt and I have stuck it to my wall, in readiness for the next big thing – see you guys soon!
What do you think? Did you enjoy this post? Please help me out if you enjoyed this and put your email in and click on the little “subscribe” button at the top right. This way, you’ll never miss my words of awesomeness! So do the right thing, be a subscriber and get it straight to your inbox fresh out of the oven!
30 Comments
Joan
I honestly have no idea about crypto currency and what it all entails. I have heard about it here and there but never really bothered to look into it. I think I should educate myself more in this subject
The Frugal Samurai
Ah yeah – it’s a wee bit complicated though! Certainly not for everyone but go on ahead if you can make sense of it all!
GiGi Eats Celebrities
I never fall for anything cryptocurrency. Nope, because exactly what happens is what I thought would happen. It’s very much “fad” like.
The Frugal Samurai
Lucky you had the foresight better than all of us! Man o man, it was pretty crazy but aye! Good for you and well done!
Krysten (@WeirdGirlBlog)
Oh man, that is no good that it’s all gone. I don’t know a lot about Cryptocurrency but I think I’ll probably stay away from it.
The Frugal Samurai
Haha it’s never gone until you take profits! But yeah… kinda as good as gone really… smart. VERY smart of you.
crisshex88
I feel a bit uncomfortable with this topic, perhaps because I still don’t completely trust this financial sector.
The Frugal Samurai
That’s ok – I’m also very uncomfortable with it now as well haha!
Michael David Oyco
Hearing about this for quite sometime now.. I need more information really. Investing is possible right?
The Frugal Samurai
Yes, 100% it is – what kind of information did you need?
Amber
I had no idea what crytocurrency even was before reading this. You learn something new every day!
The Frugal Samurai
No problemo, glad someone found a bit of value from this!
Priyanka
That is why it is said Investing is an art.. And ine has to learn it.
The Frugal Samurai
Touche… love the saying.
Aishwarya Shenolikar
Concepts like cryptocurrency is so difficult to understand! I like dthe way in which you’ve structured this post to make it simpler to understand!
The Frugal Samurai
No problemo, thank you for reading and for saying so!
Sudipta Dev Chakraborti
It is risky investing in something we do not completely understand – from cryptocurrencies to stock markets – investments should be made only after due diligence.
The Frugal Samurai
True… very true “hangs head in shame”.
Alexandra Cook
This stuff hurts my brain. I have a friend who is really into cryptocurrency though.
The Frugal Samurai
Hurts my brain too don’t worry! Oh yeah? How have they done out of it?
Tara
I’ve never heard of a get rick scheme actually making long term money.
The Frugal Samurai
I KNOW right? Geez what are we thinking far out.
toastycritic
I just don’t think I could ever get involved with crypto currencies. I would be too nervous about the outcomes and to have anything I put in just vanish. Not only that but going through that kind of market fluctuation would drive me crazy.
The Frugal Samurai
I agree with you, it’s a crazy, crazy investment class – more volatile than a rollercoaster! Too true!
Dalene Ekirapa
When it comes to cryptocurrency, count me out! Well, they started so well but at the moment there are too much shackles. Read of a story where a crytocurrency platform owner dies and everything was encrypted. Every one lost every coin banked up since no one could hack into the system.
The Frugal Samurai
Yes, there are wayyy too many shackles being implemented now. Oh yeah I read that story as well! Sad for the holders of all those cryptos… man that would SUCK.
Blair Villanueva
I’ve heard about cryptocurrencies before, and your guide helps to explain it a lot. Thanks for sharing.
The Frugal Samurai
No problem, thanks for reading!
Bindu Thomas
I’ve heard about cryptocurrencies before. Thanks for sharing.
The Frugal Samurai
No problem, thanks for reading!