Haejinality vs. Reality (CANN Review)--Cannabis Coin-- 76.6% LOSS in 2018
Haejinality vs. Reality (CANN Review)
In continuing the series I started here:
I am now reviewing the CANN calls made by @haejin for accuracy.
Around January 9th, 2018 CANN (CANNABIS Coin) was .273 cents, @Haejin called “an express pathway to $1.72 or 537% Profit Potential”.
His chart stretches until September of 2018 so I cannot say whether his ultimate target will or will not be correct. I can only judge the shorter range targets and buy recommendation he presented.
https://steemit.com/bitcoin/@haejin/cannabis-coin-cnn-knows-how-to-go-higher-and-kill-poverty --* Title should of been bringer of poverty, lol
Haejenality: “an express pathway to $1.72 or 537% Profit Potential”.
Reality: Within a week CANN would shed 47% of its value hitting .1456 on January 16th, the losses however would not stop there and it would slide another 56% each day thereafter to its current price of .064 cents on February 5th, 2018; bringing the total loss to 76.6%. Before I am asked yes 47% and 56% are more than 100% while the total loss was only 76.6%.
Think of it this way.. I have $1, I lose .50 cents or 50%, from this point I further lose another .37 cents or 75% of the already depreciated amount leaving me with .13 cents for each dollar I initially invested, my total losses are actually 84%; not 50%+75%.
Ergo based upon his call and when you entered or if you averaged down you had the opportunity to continually lose half or more of your investment with each new purchase.
Other factors: BTC was in a very obvious corrective decline at the time this call was made, trading around $14,425, some 28% off of its $19,989 high; and having just been rejected for a lower low at $17,252 on January 7th. In fact the day prior on January 8th BTC slipped from an open of $16,213 to a close of $14,906 or an 8.1% decline further indicating a very bearish market.
As we all know BTC began to crash at this point and would lose approximately 49% of its value from the time this call to the current price of $7374.00
Opinion: Had you of purchased CANN at the time @haejin made the call and HODLED till now your losses would be 76.6%. Had of purchased BTC in an obvious decline and HODLED till now your losses would amount to 49%. Basically the smarter move would have been to purchase an obviously declining asset in a bear market than to purchase on the buy recommendation made by heajin. You would of saved yourself 27.6% in losses to have HODLED BTC; a move which we all would agree at this point would have been dumb in and of itself. Lastly his chart does stretch until September of 2018 so I cannot say whether his ultimate target will or will not be correct, but I can say that buying into a 76.6% loss is not a winning strategy under any circumstance.
We shall See
0 for 4 so far since January
- REDDCOIN 75% LOSS IN 2018-https://steemit.com/cryptocurrency/@pawsdog/haejinality-vs-reality-rdd-review
- VERGE 76% LOSS IN 2018- https://steemit.com/cryptocurrency/@pawsdog/haejinality-vs-reality-xvg-review
- RIPPLE 76% LOSS IN 2018- https://steemit.com/haejinality/@pawsdog/haejinality-vs-reality-xrp-review-ripple-76-loss-in-2018