Friday Open Thread: What was your biggest mistake in crypto?
Everyone has scars, regrets. We’ve all been wrong before. Sometimes the best way to level up is to make mistakes. Better yet…learn from someone else’s.
Leverage. I took some in 2017 to amplify upside. Not much. I knew it was dangerous. I knew crypto could see a 90% drop. I was informed. Smart.
Cut price in half. Then again. Again. That’s 87% down. But you have to cut price in half TWICE MORE to get from 87% to 97% down which is almost how far ETH dropped from it’s all-time-highs.
Imagine falling off a cliff. That’s crypto. Now strap 20 pounds of C-4 to your chest will being projected off a cliff by a cannon. That’s crypto with leverage.
No, I didn’t get liquidated. I was hedged. But you know I couldn’t do? I couldn’t take as much risk in 2018 and 2019 when prices were lower. It sapped me of dry powder. Opportunity cost. Never again!
What was your biggest mistake in crypto?
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