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?!
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.
You sound like the type of person to buy the dip again 10 years later and lose all of it again
I’m already buying the dip. Have bought a ton of ETH this fall
Explain the fundamentals of BTC and ETH and what you believe an intrinsic value should be?
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-bzhJKrsOhrc…
just tell him you donated it to Biden / Ukraine (which you technically did) and if he says anything tell him he's a Trumptard / Russian spy.
Just explain exactly what happened to the money in current crypto-cope - insert a little bit of cognitive dissonance and say crypto is not the problem; it's just the bad, centralized entities/actors in the space
"That wasn't real DeFi bro" is the new "That wasn't real communism"
1 buy the dip
2 recoup all your money
3 voila
Totally do this, in fact, you should take out loans in your dad's name to leverage yourself because this is foolproof.
while you're at it go ahead and reverse mortgage the house because real assets are dumb
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
What if the dip keeps dipping? Maxed out all my credit cards to cover my losses then FTX goes under and I have nothing now. I’m making 105 base yet I’m eating like a college student because of this
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
cut up those credit cards / delete the apps.
get new credit cards with new banks
continue winning
Moron
....whoosh
You work full time and still answer to your dad regarding money?
When it’s money from my trust fund and he asks me a lot that’s why I have to tell him
Ah I see... well in the spirit of effective-altruistic-empathy, you work in banking and have a trust fund... Not weeping for you.
I maxed out my personal line of credit to invest and now I owe the bank 20K... I guess just promise to pay him back by the end of the bonus season with some premium you\ll be fine
35k is not much. especially for somebody in IB. people are losing much more on blue chips this year. I lost 25k this year without any crypto.
Don't feel too bad, some of us lost 6 figs in FTX.
I guess, the advice is, don't put in more money to crypto (or anything at the end of the risk spectrum) that you aren't going to be ok with if it goes to zero.
Username checks out.
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.
I’m crying this made me burst out laughing. The employees at FTX were paid in crypto. So wonder what their TC is ~0?
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.
At least you have arms and legs bro
Not after his Daddy is through with him when he hears what he did with his trust fund money...
Everything is simple. Now sell everything. Then buy when bitcoin is below 20 and sell when it reaches 60
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