How I lost my 10k crypto portfolio in 2022
I feel pained every time I remember how I lost my crypto portfolio which was worth nearly $10k in the year 2022. I know you will want to know how I managed to get $10k worth of crypto in the first place.
It all started when I joined read.cash, a platform for writers to earn BCH. I was determined to make it big and so I work hard with sleepless nights writing articles every day. As luck would have it, I got tips quite a good number of times from generous readers who appreciated my work. In most of those lucky times, I got tipped with over 3 BCH in one day, and that was the time BCH price was around $600
Moreover, I soon became one of the top writers and top earners on the platform. The least amount I was making in an article daily was between $13 to $15 in BCH. In a month that I didn't get a special tip, my earnings was reaching around $400 in BCH.
Luck was really on my side at the time, and since the money was coming every day I soon stopped my day's Job to focus on blogging full-time. And that was when I got the most from my blogging. It was as if I was always hitting a top topic before anyone else could write about it, and I was getting tipped by the biggest sponsor of the platform.
In a few months, I had saved up around $3k in BCH, and that's when I decided to invest in some smartBCH projects. It seemed like a great idea at the time since these projects were just starting. I went neck-deep into smartBCH putting my money into every new project that came on. Most of the projects ended up being a rug pull or dead before arrival.
The only project that made me real money was the Tropical finance Daiquiri tokens. I was lucky to join the presale for the token where I invested 4 BCH. Staking was provided as soon as the token was launched to prevent dump. I staked my tokens and started compounding every day. In 2 weeks my 4 BCH has reached 6 BCH. I was so excited about it and continue to compound my earnings daily.
I was so careful about this investment since I have lost money in previous trials. Anytime I noticed a sign of a dump, I quickly swap my tokens to stablecoins and buy back again when it eventually dumped. In that way, I was able to raise my portfolio to $10k in 3 months.
I didn't want to sell anything, instead, I was looking for the next germ of a project to invest in. Then came Emberswap, a new dex on the smartBCH chain. With my success in Tropical finance, I was very confident that I was going to make a Lambo from the new investment.
Unfortunately, things didn't go as planned and the project failed to deliver on its promises. The tokens started dumping a few minutes after the launch. It was a fair lunch, which gives most people the chance to buy before others. And these early buyers started dumping as soon as more people came on.
It was horrible to see my $5k go down to around $1.5k before my eyes in a few minutes. I thought there will be a bounce back but instead, the token plummeted more and I lost all my investments within 2 days. The token never recover, I only got back $150 from my $5k investment. It was heartbreaking to see my money go down the drain.
As if that wasn't enough, I invested again in a new project which happens to be the nail that ramped the coffin. This one was the greatest rug pull I have witnessed. The 3 BCH I invested were gone in a few minutes. I was so devastated that I had to take a break from investing in shit tokens.
Then, the hype for NFT started, and I decided to give it a try. I invested the rest of my crypto in some NFT projects, but they didn't do well either. smartBCH had a problem with their bridge at that same time which leads to a collapse of almost all the projects on the chain. I never got a chance to sell any piece of the NFTs I bought. That was how my $10k portfolio turned to dust.
It has been almost a year since then and every time I remember, I feel sorry for myself. I am starting over again to build a portfolio, but this time I am more careful and wiser. I have learned a lot from my mistakes and resolve never to invest in shit coins ever again.
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Article Posted first on LeoFinance.