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RE: Still Smiling After My Biggest Crypto Loss: What's Yours?
I hope you are aware how lucky you are! The sums you are talking about is really not much.
In December I made 40k+ and a lot of that I exchanged for Steem and did the biggest mistake in converting it into SP!
Now this was really the worst move to make, because my money got locked into Steem and all I could do was watch my investment get lower without being able to park it in USDT as everybody in his right mind would have done.
So by now, I have not only lost all my gains, but also most of my initial investment of several thousand US$.
And you know what? Even I am lucky compared to people who have lost MUCH more...
Ouch, I'm really sorry to hear that, the only (slightly) comforting thing I can say about that is Steemit does seem to be cyclical, so hopefully around November you'll see a boost, not sure if it'll go back to 8 bucks though :-(
Remember next time, you can power down and get back 1/13th of your total SP every week, small consolation but it helps.
Cg
Yeah, I'm already powering down, but this is a slow process and it hurts to just be able to sit and watch week per week.
Well, at least I learnt a lot. One thing being, that in crypto you should never bind your investment longterm. Lesson learned...
Thank you!
I don't know your situation, but if you can hang on I would do it. I'm just speaking from personal experience.
I'm an early adopter and joined in May '16, after the initial payouts the price rocketed to $5 and I had at one point about $140,000 worth of SP, I was so high...
Then the price started to slip $5, $4, $3, $2, $1.50, $1.25...
I started powering down around the $1.50 mark (also powerdown ratio changed from 2 years to 13 weeks), and watched the price go down and down. Managed to cash in roughly $15,000, almost all my SP, by that point the price was around $0.50.
Then I watched the price go up again and saw how I could have been a whale if I had just been patient...
Anyway, whatever you do make sure you DO NOT POWER DOWN EVERYTHING as then you won't be able to use your account, leave at least 1 Steem in there.
Health, wealth, and a $10 Steem price!
Cg