My Crypto Nine-Lives are now all Used up

I don’t care if anyone reads this post, but I have to get this off my chest.

I am a 21 year old who has done quite well, and I put a solid chunk of my net worth into Anchor Protocol with UST around 7-8 months ago. I figured that it was safe as chips, and I even got the insurance just in case something happened (although I stopped re-financing the contract because I got lazy, so it wouldnt have helped me anyway). But my reasoning was I didn’t have to look too deeply into the protocol because it was a stable coin. Stable coins don’t crash, right? Or so my dumb ass thought.

Unlike every other coin, stock, commodity I invest in, I put pretty much zero effort into learning the protocol, because I sub-consciously equated the UST with USD, and figured that there was no way it would crash. This was to be my little nest egg that I would keep pouring money into.

Had it not been for my need to draw on capital for a property purchase 1 month ago, I would have copped the biggest L in my investing history, and I’ve copped some fat L’s before. But this one would have been unique. It was unique because I stupidly assigned complete trust to Anchor Protocol. I didn’t even think about the possibility of a crash and what that could mean. To have a protocol you put complete trust in – and that was backed by a cashed up foundation – go from hero to zero in a matter of days is surreal.

I have so much empathy for the people who thought the same as me and were caught in the death spiral. Had I been buying a property a month later, I would have lost a huge portion of my net worth. To all those experiencing this very thing, I don’t know what to say. Just keep going. That’s all you can do. You will eventually rise back up with some deep trading battle scars, but ultimately you’ll be wiser for it. Godspeed.

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7 thoughts on “My Crypto Nine-Lives are now all Used up”

  1. Well said.

    The biggest ‘L’s that we take in life are sometimes the best learning experiences. I can attest that I had a MASSIVE L in my mid 20s and I had a wife and two kids to feed at the time (now 3 kids) and absolutely tanked a huge company I had built (95+ employees) taking 3 large government contracts that didn’t pay for 9 months. At any rate, we went from living extremely well, to sticking together and going back to eating ramen and scraping by, as a family unit. It made us stronger as a family and as a team. Now, 11 years later, I have a few companies, all doing quite well, and I read my contracts and know who I am doing business with 100% better than I ever did before. I put protocols in place to make sure I do not get burned like I did back then. I also am a much more conservative, and savvy investor.

    These things are all part of life and to anyone out there down and depressed, almost everyone that I know is backwards right now with most of their investments. Don’t let it get you down and don’t let it define you. Keep pushing forward, one of the best feelings in life is overcoming odds and learning from setbacks. Things will get better and you all will be better investors moving forward. Remember that the sweet would not taste nearly as sweet if not for the bitter that we have tasted before.

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  2. They will spend billions to get peg back. Why are you guys selling????
    Just like mim list peg and got it back… People are losing money over emotions not facts.

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  3. Looks like you are doing still extremely well for being so young. Not that losses don’t matter because of age ofc.
    I do feel for you. I have taken losses from smaller higher risk projects though i have only always invested relatively small amounts.

    My plan now was also to start putting my savings from my new job in anchor but luckily i only started with a couple 100s now. I knew the risks of anchor protocol but who would think that the most successful ecosystem of the last year would die in literally 2 days.

    Though these things don’t happen without a reason. What happened with UST was a coordinated attack from big boys of wall street that saw a big opportunity to manipulate this market (which is so easily manipulated).

    As we speak USDT is also losing capital heavily and everyone I know are moving out of it. If this also loses peg it’s game over.

    I was extremely bullish on crypto an year ago and with all the decentralized narrative. Sadly in this last year I’ve learnt a lot in how finance work, how markets are easily manipulated and how the whole crypto marketcap is laughable in the eyes of the big boys who could literally spin it all on the tip of their fingers.

    We all were hoping crypto could be an easy way to free money but there’s nothing free in this world and the only way to get truly decentralized is to get some land and self sustain. And that comes with a lot of work

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  4. This Crypto space requires serious patience. You just have to be patient.
    My portfolio is in the red now.
    I am just glad that I find solace in my p2e games, especially Gamestarplus which will be launching its token GSTAR this Q2.
    Sony, Disney and Marvel have all aped in, so why not us.

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  5. Thanks for stating your age at the very top of meeting on this post again thank you for saving my time you are my hero

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