The worst crypto mistake I ever made and what I learned from it

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Avatar for kukaichi
3 months ago
Topics: Crypto

I’ve been in the crypto space for a few years now, and I’ve made some good profits and some bad losses. But the worst crypto mistake I ever made was not doing my own research and following the hype.

It happened in late 2017, when the crypto market was booming and everyone was talking about Bitcoin, Ethereum, and a new coin called Ripple (XRP). I heard that XRP was going to be the next big thing, that it had partnerships with banks and institutions, and that it was going to revolutionize the payment industry. I also saw that it was cheap compared to other coins, so I thought it was a bargain.

I decided to invest all my savings in XRP, hoping to catch the wave and become rich. I bought it at around $0.8 per coin, and watched it soar to almost $4 in a matter of weeks. I was ecstatic. I felt like I had made the best decision of my life.

But then, things started to go downhill. The crypto market crashed in early 2018, and XRP was one of the worst hit. It dropped below $1, then below $0.5, then below $0.2. I panicked. I didn’t know what to do. Should I sell and cut my losses? Should I hold and hope for a recovery? Should I buy more and average down?

I decided to hold, thinking that XRP would bounce back eventually. But it never did. It kept falling and falling, until it reached $0.1 in March 2020. By then, I had lost more than 90% of my initial investment. I felt like a fool. I realized that I had fallen for a scam.

I learned that XRP was not a cryptocurrency at all, but a centralized token controlled by a company called Ripple Labs. I learned that XRP had no real use case or adoption, and that most of its partnerships were fake or exaggerated. I learned that XRP was facing legal troubles and regulatory uncertainty, and that it could be delisted from major exchanges at any time.

I learned that I should have done my own research before investing in any crypto project, and not blindly follow the hype or the advice of strangers on the internet. I learned that I should have diversified my portfolio and not put all my eggs in one basket. I learned that I should have set a stop-loss and taken profits when I had the chance.

I learned from my mistake, but it cost me dearly. Now, I’m more careful and cautious when it comes to crypto investing. I don’t chase pumps or fomo into coins. I do my own due diligence and look for projects with real value and potential. I diversify my holdings and manage my risk.

I still believe in crypto and its future, but I’m not naive or greedy anymore. I’m smarter and wiser now.

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Avatar for kukaichi
3 months ago
Topics: Crypto