80% down on Crypto to Zero

Was 80% down on 35k in crypto from my TF, and I was of the many fortunate to hold in FTX, it's all gone now. My dad told me not to touch that shit and stick to ETFS, but all my friends were making bags in doge and I was a bag holder in that and Shiba. My dad is going to kill me. What do I do?!

Comments (34)

Most Helpful
  • Analyst 1 in IB - Cov
Nov 14, 2022 - 11:33am

Fuck man that's terrible. Hopefully you're still a banker so you can build back some cash over the next year. I lost a much smaller amount in this whole thing but the lesson should be self custody. I feel stupid for not doing it earlier, but I just bought a ledger. Plan on transferring in my largest positions (just ETH and BTC, the others are like $20 of shitcoins).

The issue is not with the fundamentals of major coins like BTC and ETH but with holding on centralized exchanges. I still trust Coinbase, but we shouldn't have to trust anyone but ourselves. A main principle of cryptography is trustless / permissionless exchange. Through smart contracts you can leave a lot up to unbiased code given everyone agrees to the terms of execution.

  • Intern in IB - Cov
Nov 14, 2022 - 12:42pm

You sound like the type of person to buy the dip again 10 years later and lose all of it again

Nov 16, 2022 - 10:45am
Deter6895, what's your opinion? Comment below:

Blockchains sell blocks an can accrue value back to token holders either via supply burn (akin to stock buyback) or staking rewards (akin to dividends). Harder to value BTC as it has most of its value in the form of monetary premium (similar to gold - value of gold is much higher than the value of all its uses such as jewelry and electronics), but ETH which distributes staking rewards you can literally do a DCF on - see link below.

https://docs.google.com/spreadsheets/d/1_IqNzqm-_Jlk-cK4twQ-bzhJKrsOhrckdQA2isTwKRA/edit#gid=0

  • Analyst 1 in IB-M&A
Nov 14, 2022 - 1:35pm

Already did that for options trading, down 700k for the year. Not worried. 99% of gamblers quit right before they hit big I won't quit

  • Intern in IB - Cov
Nov 14, 2022 - 6:01pm

You have to get that grindset mentality and eat like an elementary student--that's what warren buffett does and he's a billionaire

You can also basically mint money by selling naked options. And then you can take those proceeds and reinvest in the dip at to get a lower dollar average

*def not financial advice that will make you a billionaire

  • Analyst 1 in IB-M&A
Nov 14, 2022 - 3:29pm

When it's money from my trust fund and he asks me a lot that's why I have to tell him

Nov 15, 2022 - 1:46pm
Hvtgok5511, what's your opinion? Comment below:

Ask your dad if he has a need for a crypto loan for a legitimate purpose like a mortgage or a business loan. If he is willing to take out a loan in crypto then you can loan him your coins and he can pay you interest, helping you recoup some losses. 
 

Oh wait, I forgot, nobody legitimate takes out a loan in crypto because normal people do business in dollars, get paid in dollars, pay for houses in dollars, take out loans in dollars, owe taxes in dollars, and can spend dollars anywhere. 
 

And now you know why these so called crypto banks can't make money. There are no legitimate borrowers to whom they can make low risk loans and earn interest. Fortunately you can sell the rest of your fake money and invest real dollars in a number of ways to earn interest and help recoup your losses. 

  • Associate 1 in IB - Cov
Nov 16, 2022 - 1:21am

Incredible comment…

But for good measure - our simple minds can't understand the use cases! I do have to say that I'm really surprised at the FTX situation. I feel like dogecoin and NFTs are a solid cap stack in any environment.

  • Developer in PE - Other
Nov 16, 2022 - 1:17am

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Nov 17, 2022 - 1:34pm
Lester Freamon, what's your opinion? Comment below:

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