Buying my way out of a crypto hole - is this the right strategy ? Or should I try something else?

in cryptocurrency •  6 months ago

Well after losing about 90 percent of my life savings buying 100 percent of my Crypto portfolio in mid December 2017 all this free time has left me thinking of how I can make some of this money back. Currently living in the back of my suv has taught me an important lesson, that nothing comes easy in life. Though when I made my first investment in crypto I wasn't looking to make 10x or 100x, I was essentially trying to turn $40,000 into $55,000 so I could cash out and buy a camper to live in. Sadly Investing at the wrong time, I wasn't even able to realize a 25% gain and now I am homeless. Just my luck.

Nevertheless, that brings me back to my original question. Is there a way that I can make some of the money back that I lost by doubling down once again? I have my miner - the only thing I have of value left running fulltime at my father old age home, lol I just hope no one ever ask's the wrong question and I lose that stream of income. I also have unemployment insurance coming from the government. I have been taking a large majority of that - $300 or $400 a month and buying as much crypto as I can. I have tried making money on Steem, but have only been able to make a dollar here and a dollar there and beside that, for the most of us, I do not think that is what steem is all about.

Unfortunately, I cant live in my car and collect unemployment forever. But after seeing so many people make money on crypto, I starve to make a profit - shit I am willing to live in my car in Canada where it gets down to minus 40 sometimes, just for a chance to break even. Many nights I choose to buy crypto over food. I am in desperate need of dental work and am in constant pain from all my teeth being cavity riddled, but instead of seeing a dentist, I choose to buy more and more crypto. I do not know if it has become a sick obsession or simply a fruitless endeavor.

I want so desperately to take back what is mine, I want so desperately to show all the people who made fun of me for investing in crypto - you can only take so many I told you so's, to eat their words, but to go through all this, just to loose out to a computer or a swing trader that can visualize things that are beyond my comprehension and exploit the market, makes me think that I am better off having a gambling addiction. At least a portion of gambling proceeds in Canada go to social assistance programs instead of just moon Lambos.

So in summation, do I give up or do I just continue to press forward? I am willing to live in my car for another year and invest every dime I have into crypto, but if I continue to loose out, eventually I will have to either cut my losses or cut my wrists. These last 5 months seem like one bad dream and I do want to make informed and intelligent decisions when it comes to investing, but right now, huddled in my cold car, staring out at the "real-world", I do not know if my decision making processes are keen or misaligned from my inherent need to succeed. In my opinion, crypto is worse than any drug. Under the guise of legitimacy, it is no more legitimate than binary options or derivatives. Projects are pumped based on randomness and fud, rather than qualitative and quantitative metrics that are utilized in other capital markets. For now, I will just keep trying. Dollar by Dollar, day by day, until it either frees me or kills me.

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It’s your choice, but maybe you should use some of your cash for your needs and sit on your investments for a while. Buying into crypto is a lot like gambling. It’s dangerous to risk more than you can afford to lose. I wish you luck.

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Thanks for the kind words. In reality, who can afford to lose anything? There could always be an ulterior use for ones money. Either way, crypto does have some very strong use cases. Going to the casino and playing the slot doesn't. If crypto is nothing but a gamble, I think the thought of that is worse than losing all of my money. Crypto was designed as a mechanism to take the power away from the elites, if its just a tool to part gambling addicts with their money, it has no use.

Maybe if that is the case, I should just let my miners mine and the only thing I will be loosing out on is the depreciation of the video cards. Power is free at my dads old age home at least for now until they find out lol.

I have been taking a large majority of that - $300 or $400 a month

With loving kindness I say: Crypto is a gamble. You are an addict.

Now, this means nothing; because you have to admit this fact. First, of course you have to prove it to yourself. That can only be done by not 'investing'.

I smh as I say, cut your losses on anything retro. It's gone. Of course, the gambler (addict) in you will play the odds for that one win that never comes.

Please consider talking to someone who can offer tangible advice. If you so choose, here's the Gambler's Anonymous Hotline:

1-800-522-4700

Prayers for your best.

Peace.

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So I guess the only option is the .5 percent interest that the banks are paying you on your money? Man I thought $300 or $400 a month was tame when you consider that I put $40,000 in, in the course of 3 weeks in December. Making crypto sound like gambling just breaks my hear even further. I hate the idea of conventional gambling. I also believed strongly in the ideas behind crypto, I really thought that some projects were legitimate and were going to take power away from the elite. I really hope that crypto isn't just another form of gambling.

Thanks for the kind words though

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