List of My Losses Part 2 — FOMO, Hype, Scam, and Shitcoins

I got so many mistakes and losses from the past year and I already shared some of them in the part one of this blog series “List of My Losses in 2021”. To be honest, I had a lot of it to the point that I am not sure if I can include it all. The following are just the ones that I remembered while writing. 

I can say that these mistakes also gave an advantage to myself as it serves as my lessons to avoid the same mistake in the future investments. I think I am still young to experience it, but it is great to fail while you are young to learn earlier. However, these are the things that I never want to do again or maybe repeat it.

Photo is made with Canva.

Axie Infinity (Scam)

You might be confusing with this, “Axie Infinity is a scam”. I do not believe in this statement despite of hearing it from many people. I was not a fan of this game and told myself that I will never invest on it…but I saw some of my friends earning a good amount of money from it despite of being a scholar. Hence, I decided to buy my own team to get 100% SLP earnings from my gameplay.

I had a good time playing the game—except for being stressed because lose streak games—because somehow, the concept of the game is good, the Pokemon look-alike Axies are cute and so tempting to play. Unfortunately, after 9 days of playing, I lost my Axie Team because I got scammed by someone on the internet. I will not tell the detailed story but…

For being into crypto for a short time, as a student and a minnow enthusiast in the crypto-verse, I will say that this is my biggest loss in my whole life. I couldn’t even believe that it happened to me. Until now, I am still in the process of recovering my loss in the game by working harder and smarter. I even applied for the Axie scholarship in the Hive community.

(Should Be) Short Trades

I am still a noob trader; I am not that great in trading since I am more into holding my assets. As they say, “holding is the safest risk in the crypto-verse”. I am trying my luck with trading other coins and I got some losses instead of a profit. It is unfortunate in my side as I listened to Telegram Channels that gives Trading signals (where to buy and sell) ...sadly, I bought some coin and later on, it goes down.

I also tried future trading before where I trade with leverage but I also got losses and never get profit.

XVS (Greediness)

It was last year when Binance announced that it will support the XVS airdrop where we can get VRT token as an airdrop if we hold XVS for the specific time and date. As a greedy noob, I decided to buy XVS and let hold it in my Binance wallet. There is a lot of roars from other people with regards to possible price of VRT, they said it is possible that it has a huge launch price.

Unluckily, it ends up having a low price and got a small portion of VRT token. I actually got an airdrop but it is not enough to cover my losses. As of now, I am holding XVS and staked it in Harvest Finance to get little amount of interest while holding. I am hoping that its price will soar in the future.

CUB

Having CUB tokens in my wallet is also part of my diversification of my portfolio. It was last year when my friends bought this token and got hyped with its promising interest which is more than 50% annually.

Since my friends invest on it, I did the same and bought my own CUB. I still remember the price where I bought it…it was $2.82 per CUB. However, its price did not last longer because it started to go down after a few days of holding it. So, I decided to stake it in CubDefi.com. Nevertheless, I got an airdrop from Polycub which is under the Polygon network.

CAKE

DeFi was the hype in the past year to the point that CAKE token became popular and soar nearly $50 per CAKE. I got hyped with this token not because of its price but because of its high interest annually. When I bought this token, the interest is between 80% and 112% APY so I decided to buy a lot.

Unfortunately, together with other coins and tokens, it also started to go down and the interest that I got from staking in the pool cannot cover my losses. Until now, I am still holding it and waiting patiently for its spot light, hopefully, soon.

Conclusion

After writing this, there is one thing that I realized; you really need to do your own research and never rely on other’s opinion and judgement. You must decide in your own and look deeper on the project if it is worth to invest in.

Before I end this, let me leave this to you. “Not all hype today is still hype tomorrow.”

Published: March 14, 2022