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Bowl Leader
11 likes please
How much hike and bonus is expected this year ?
Heroes we need not the ones we deserve
Coach
Chief
Bowl Leader
11 likes please
How much hike and bonus is expected this year ?
Heroes we need not the ones we deserve
Coach
Don’t be too hard on yourself. You could substitute DocuSign and Peloton for crypto and you’d be in the same place. A lot of smart people are down bad. Just keep buying and make sure you’re diversified.
Great advice that I’m sure will be lost in this thread. Take the $150k lesson now. Spend a few days reading advice from professionals on novice investing mistakes, the get a robo trader or head to the etfs.
Bowl Leader
OP, an alternate take. Such stories come out every down round, I remember when a 95% drop happened in 2017-18. Reddit was filled with such stories. My stance would be to completely disconnect from crypto for a while, don’t read the news, don’t check your accounts. And tell your wife. This will turn around in the next up round - but constant stressing won’t do u good. Also if you’re ever in a lot of emotional distress please use the helplines and remember that money will come and go, but your life and health won’t.
Yeah this is good advice. I originally bought in 2017/18 and was down about this much but just held it and didn't look at it for years. No point selling. My original investment wasn't anywhere near OPs but still stressful to feel you lost so much.
How many of you wouldn’t tell your wife? I don’t think I could hide $150k…
Don’t worry. If you didn’t sell you haven’t actually let anything.
Better you lost $150k now, instead of $1.5M in the future. This will force you to be more disciplined in the long run when you are playing with more money.
Lots of us are in the same situation. Buy one less nice car in the future etc . You will be fine
OP - I’m in a similar spot. Had all my stuff on Celsius - total net deposits of $110k. My friend , who was also once a depositor on there, begged me to withdraw everything with all the negative news in crypto. I chalked it all up to “FUD”, and got greedy and didn’t want to give up the weekly rewards every Monday. Tough lesson to learn, but not your keys not your coins is def true. Told my wife we lost a lot of money and she was supportive. Still hoping they find a resolution that doesn’t screw us with pennies on the dollar. As far as moving forward, I’ve accepted that the money may be gone for good and I want to take advantage of these low prices now but in a much smarter more responsible way. So, I’m focusing only on BTC for now, and I am doing a daily DCA into a Nano ledger . At some point I’ll prob start adding ETH again too. I am thinking we can recoup those losses from Celsius if we stay the course, be consistent with DCA, and in 10 years, will hopefully be happy.
Love that you still a crypto believer. Amen that we will recoup the money
You had it all in Celsius + Voyager? I feel your pain. I luckily took most of mine off of Celsius. I’m down $70k after putting in $125k. Had roughly $225k during the peak.
Lessons learned are to not use any yield bearing platforms and stick mainly to ETH + BTC. I’m mostly split among ETH/BTC/SOL, I’m confident the blue chips will bounce back, but damn is it hard to be HODLing through this type of drawdown. Global Macro environment doesn’t help either.
I think when we see a dovish stance from the fed (they start lowering rates) we can see a catalyst. My best guess is sometime next year.
SC1 - I’m still bullish on those. I took this time to reallocate my positions. I’m probably at 50% BTC now but want to get that to 60%. If you’re going to buy anything now I would just stick to BTC.
M2 - yeah. Celsius, voyager, Gemini earn, etc. I stopped using all of it. Even though I feel that Gemini is pretty legit. The only true staking I have is on Exodus wallet because it’s non-custodial (no counter party risk) for my SOL.
It's still early. You'll be fine.
I've been in the space since 2015 and this has grown leaps and bounds since then.
This is still one of the best hedges against a crazy inflationary fiat environment.
***But inflation is at all time highs right now!***
Since the Fed pivoted from mass $ printing, we entered into a deflationary mode where all assets are tanking, not just crypto.
Once the Fed realizes they must go back to printing and lowering rates, crypto will go 3-4x ATH.
Nothing says “decentralized finance” more than crypto brokerages partnering with banks to claim they can offer FDIC insurance. Zoom out enough, it’s all intertwined
Tell your wife. Or in a year you’ll be posting how you lost $150k and your marriage to crypto.
I have also 25K in voyager. What are our options? Is there any group or forum for all such ppl who has funds in voyager n trying to get out . Thanks
They filed chapter 11, reorganization not shutting down. Some people have hope, but I think I think it’s gone. Fortunately, I only had my gambling money in there. For a while it was doing better than betting on cfb.
Sounds like a good tax write off for years to come and the wisdom gathered for a lifetime.
I’m down $150K, which represented about 20% of my NW… and most of that was in Celsius. I sadly feel you pain. This did teach me a valuable (but costly) lesson…
Double or nothing
Co-sign. Trickle another 20-25k in over the next few months.
Greed is the foundation of a financial market. You are just on the wrong end of it, at this point.
I’m down the similar amount stock+ crypto combined compared to ATH. Life moves on.
Visual Storyteller
Is taking profit against your religion?
My savings in BTC since 2017 are 30 percent down, now DCA all the way in future.
Chief
Tell your wife.
If she's going to find out, it's better she finds out from you.
Lots of people lost money in the housing bubble, dot com bubble, investing their 401ks in GE/Boeing before they crashed, Madoff, Enron, etc. Losing money on investments turned sour is not something that only you have done and it's not something you can't recover from. In a lot of ways these types of events are not so easily foreseeable so you shouldn't blame yourself for not seeing them.
The only way to protect yourself from business failures is to diversify so when they happen, it doesn't hurt so bad.
Chief
I had a professor who taught a class that was like "business for engineers" in grad school.
He was a semiconductor executive for a long time so he probably had a lot of wealth to protect.
He hired 12 different money managers to manage his wealth in case one of them screwed him over.
One was Bernie Madoff. He only lost 8.3% of his money because Bernie was only 1/12.
A semiconductor executive fell for a ponzi scheme...but he was protected by diversification.
We lost 8 figures in this downturn. My wife and I share our accounts.
Lost my bets on SHOP, AFRM, PYPL, SPOT, NIO, RIVN, and many more this year. Losses over 50% in these stocks.
Tough lesson in risk management. There’s no free lunch. Someone’s always left holding the bag and you should always be thinking it could be you
What is your YOE?
Not relevant...