How low can Steem go? (investing entire life savings into crypto a second time)
I have been patiently waiting for the last 10 months in the darkest corners of the internet for the proverbial "bottom" to arrive. With what seems like an never ending race to the bottom, desperate to make everything back I lost ($50,000) in Dec 2017 - Mar 2017, I sit here idle, waiting for the right moment to pounce. However in the same breath, I am a nervous wreck. Considering that crypto destroyed my life, took all my life savings and made me homeless and mired in debt, I want so badly to take back what is rightfully mine. So much so, that I am willing to invest the entire amount I received from my father who just died.
Most would take this chance to get off the streets and get a solid roof over their heads - not me. Unless I can turn this $30,000 inheritance into something substantial, chances are I will end up loosing it all to the daily costs of surviving and be back on the streets in a year or two. Now, considering that I can buy back my original portfolio - which I am still holding, for under $4000, I am enticed by how much crypto I can accumulate at todays prices.
Nevertheless, this begs the question, is this the bottom, or will crypto continue to sink deeper and deeper until there is not a single ounce of confidence left in the market? For now, my experience of loosing everything is just a joke to everyone around me and is just another blemish on my already tarnished reputation. But for the most part, I can live with being the black-sheep in the eyes of my family and peers, but I cant sit idle by and do nothing to prove them wrong.
I am so hungry for crypto to be my solution, but in another breath, I don't want to seem like a degenerate gambler in the process. I would have been fine loosing 50% of my investment, but to loose over 90 percent is just unreal. From the ICO's that turned out to be scams, to the never-ending bitconnect saga, coupled with the fact that most alt have lost 90 percent of their value, it easy now while taking a macro view of history to see how the cards were stacked against me from day one.
Tomorrow I have a meeting with someone from localbitcoin to buy $30,000 in bitcoin. One part of me is excited for the future and another is sick their stomach based on the proposition of loosing everything my Dad saved in his entire 70 year life for, just to pay off a bunch a greasy Wal street bankers that know everything about the crypto industry before it even happens.
Here is to nothing !!!!!!!!!
Hey mate, putting something into Steem could very well pay off. At least with Steem your invested funds can be used to generate more funds.
Not many crypto can do that. So even if the price falls, you can still turna profit on your investment.
Your story sounds fascinating, if not a little sad. I'll have to go through your old content to learn more about your life.
Thanks for reading. I hope now is the right time. I don't know how much lower crypto can go from here. I just want to make my dad proud. Hopefully this isn't another mistake. Id be happy making half my money back. At that rate I could at least buy a small 1 bedroom apartment.
Hi, I'm not sure if you remember me but I remember you!
I have followed your story for a while and even helped you a little bit along the way! I sincerely wish you all the best, because you deserve it brother.
It's a shame crypto ruined your already challenging life, but I hope that someday (for you and me) that crypto will bounce back and Steem will be amongst the top 10 once again! Right now and for the past few months, I've been pretty much all in on Steem haha. Do you plan to all in on Steem or diversify?
I've personally "diversified" a little into Steem Monsters a little, which has actually been super profitable, you should check it out! Disclaimer, that link is a referral link.
If you have Discord, feel free to contact me! My username is cryptoeater #5209.
Thanks for the support brother. I do remember you, I am glad to see you are having tons of success. I may put a few k into steem, but for the most part I am going to top up my current holdings and get my dollar cost averages down. Everything is for sale at this point 80-90 percent off. You certainty have balls of steel if you are continuing to invest into crypto during these dark days. Though I didnt sell anything, I stopped accumulating many months ago because I was tired of loosing. Hopefully it turns out for the best for both of us.
I'm glad you remember me!
That's a good plan, and since you've been burnt before maybe don't put it all in at once so you can further dollar cost average in case it goes south.
I'm glad you've decided to maybe put a few k in Steem, I'm very bullish on our future but sadly I've been wrong many times before, hoping Steem is where I'm right though!
Good luck brother