[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]

2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

File: 61 KB, 480x640, 1603360602727.jpg [View same] [iqdb] [saucenao] [google]

23730461

An Open Letter Anonymous Thu Nov 5 02:03:29 2020 No.23730461 [Reply] [Original]

I wanted to get it on paper my feelings on the market.

I first started accumulating ETH in early 2019. I had a few thousand dollars of savings to begin with, and I was working a part-time job with a weekly income of $100-$140. I was able to get an eth to an eth and a half per week, which I was excited to do. I soon learned how to leverage my ETH using MakerDAO, which I loved. It made the emotional highs even higher.
Eventually--after an excruciatingly boring bear market after the 2019 summer bullrun--I found myself, then 18 years-old, with $50k when ETH hit $280 in February. I was amazed, but the mirage was quickly broken when ETH cratered on Black Thursday. I had a mental health crisis, and all of my money was in a MakerDAO CDP. As some might remember, that was when liquidated vaults were sold for zero. I managed to pull a total of $6,000 out after suffering the extreme leverage losses, thankfully avoiding the liquidation of my vault.

>>	Anonymous Thu Nov 5 02:04:53 2020 No.23730472 didnt ask

>>	Anonymous Thu Nov 5 02:05:45 2020 No.23730477 riveting, keep us updated

>>

Anonymous Thu Nov 5 02:07:00 2020 No.23730484

cont.
At that point, I had $6,000 and ETH was soon hovering at $110. I made the decision to put it all into a MakerDAO CDP again, telling myself that I absolutely couldn't afford to miss out on the 2020 summer bullrun. It was my only chance to get back even my initial investment, which had accrued to $20,000. From that point, the market slowly went back up to $220. At that pricepoint, I had reached break-even. From there, we all know what happened--at the peak, I reached $90K.

However, I didn't get out fast enough, and I got out at the tail-end of the crash. At $320, I deleveraged my MakerDAO position, ending up with $60k in Ether. I sold the ether progressively from 320-390 on the first recovery leg. I was frustrated with the market, and it showed in my decision making.

>>

Anonymous Thu Nov 5 02:09:37 2020 No.23730499
File: 242 KB, 850x1879, 1603360117987.jpg [View same] [iqdb] [saucenao] [google]

cont.
At this point, I was all cash. I had no market direction positions. This change when I started shorting LINK at around $11 with a third of my portfolio. That position remains open today, and I shorted BTC at $13.3K with extremely low-leverage with about 20% of my portfolio.

Now, I have slightly over $53K. I am totally and completely lost on what to do. I have no idea whether to keep holding cash / being short on the market, or if I should just FOMO in. I've been extremely depressed lately--crypto is basically the only thing I have in my life.

>>	Anonymous Thu Nov 5 02:11:32 2020 No.23730516 File: 7 KB, 400x400, TOMObros.jpg [View same] [iqdb] [saucenao] [google] >>23730461 How much Tomochain to put my head between them milkies? Vietnam trip wen. sigh.

>>	Anonymous Thu Nov 5 02:12:19 2020 No.23730522 >>23730499 You're a faggot degenerate gambler. Buy spot and hold

>>	Anonymous Thu Nov 5 02:12:34 2020 No.23730523 >>23730499 Desu, just buy oversold ALTS and wait. the changes of say, most of them being up at least 50% by Q1 is high. Some maybe much much more. $50K x 50% x some maybe a bit higher, well.... then you can sell halves and keep going with NEW shit.

>>	Anonymous Thu Nov 5 02:13:34 2020 No.23730530 BOOBAS

>>	Anonymous Thu Nov 5 02:15:11 2020 No.23730550 Nice blog post faggot

>>	Anonymous Thu Nov 5 02:48:21 2020 No.23730810 File: 111 KB, 787x1112, 657.jpg [View same] [iqdb] [saucenao] [google] I don't have any friends, and my family doesn't care/know about crypto, so this is the closest I can get to expressing my feelings

>>

Anonymous Thu Nov 5 02:55:35 2020 No.23730873

>>23730499
well with the LINK short you didn't do too bad, i'd keep it open. but better close that BTC short asap, watching it going up should be something to celebrate as a crypto user, but for you it is adding to your depression.
just allocate a bitcoin stack and maybe some ETH if you're feeling funny and step aside and watch it ride. there will be another alt season where you can try to increase your stack, but it is not coming any time soon.

>>	Anonymous Thu Nov 5 02:57:39 2020 No.23730895 >>23730461 lookin good niko

>>	Anonymous Thu Nov 5 02:59:27 2020 No.23730918 nico booba gf