Reading Time: 3 Minutes
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?
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…
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?
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!
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