There are a lot of ways to lose money in crypto. I could name 20 huge failed projects or rug pulls in the last 6 months.
We all understand that people are taking advantage of this new market with scams like any new industry, especially when there is a lot of hype and fomo. Cough cough nfts.
I have seen my friends invest in things like Catgirl coin and cum coin as a joke but with some money that makes you think, this is degenerate gambling.
And when they invest in 32bit crypto games that eventually rug pull you think, I saw that coming. I always felt the wiser.
I lost the majority of my portfolio that I built up for years to Celsius’s bad financial choices that left the company insolvent with my and many other peoples money.
Years of progress and gain wiped away. It had finally made me understand the “not your wallets not your coins.” I believed, at the time, that the phrase was just a paranoid old head crypto phrase of the people who had been burnt back in the day.
The industry has grown I thought. People are really missing out on staking and lending gains. I get it now Ok. I get it.
I have been force fed the truth of why have cold storage is crucial in the long term. And after watching a hundreds projects come and go and finally being caught in one’s downfall it is time to get a cold wallet. I am sure many other people have learned this lesson as well recently.
Making a few extra percent APY gains a years is not worth the risk of losing it all. And from now on I will be more conservative with my coins.