@OldBastard
"Investing" In Crypto Back in March of this year, I put about $6,000 USD into various crypto. I had this crypto stashed in various wallets and exchanges, so to keep track of everything I created a spreadsheet which I update monthly. As of March, 2022, combined with all my previous crypto investments, my crypto holdings were worth about $10,200 USD. As 2022 lumbered along, I continued to add to my crypto stash. I would guess that over the course of the year I invested another $4,500 or so into crypto, waiting (in vain!) for the darn bear market to become bullish again. So, as of the end of August, 2022, what are my crypto holdings worth? $14,000? $16,000? $10,000? Nope, those silly things are now worth a measly $8,800. That's a LOSS of value over the course of the year of about $6,000, or about FORTY PERCENT!! Whipee! Let's invest in crypto, everybody! It will surely make us rich! (NOT!!) To be fair, I believe the long term outlook for crypto is very good, but if you need a return from your investment NOW, I'm afraid you would be screwed. The silver lining to this cruddy cloud is that maybe a prolonged bear market will finally shut up those stupid BTC maximalists? Maybe, but those folks are remarkably thick headed, so they will probably cling to their maximalism forever. :-(
3 comments
The biggest hurdle for me, to invest more in this whole idea, is the question of whether or not it has any actual value long term? I mean, I can tell you what I think Ford stock will be worth a year from now based on a crap ton of information. Find information on crypto? Almost nonexistent and even when you get into some "good" commentary on a particular project it all just sounds like wishful thinking, hope, and guesses to me. Financial information on crypto never reads like any financial information I read about anything else, so I have to, as one who has invested in other things for years, take it all with a bit of a grain of salt. For whatever it is worth, which it isn't worth much these days, I have not unloaded a single penny of anything I have invested in and still continue to earn whatever measly amounts I can earn in the meantime. But I have not invested a penny for several months.
Technically you have not lost money though. Hopefully you should smile when market rebounds. The risk we take investing in crypto
Yeah that sounds familiar. 40% losses very accurately reflects a lot of holdings in crypto and nfts, too. Bears are still in.