GIVEN THERE ISN’T A GREAT DEAL OF TRADING TO BE DONE ATM, I DECIDED TO START A NEW SATIRICAL BLOG SERIES, DOCUMENTING THE DAILY LIFE OF A CRYPTO TRADER. IF PEOPLE LIKE IT, I WILL POST SOME MORE. IF NOT, I MIGHT POST SOME MORE ANYWAY. DON’T TAKE IT TOO SERIOUSLY AND REMEMBER, HODL.
I wake up to the sound of my alarm blaring, reaching over with bleary eyes to hit the snooze button. At least I slept through the night, or at least 6 hours of it… I remember the days when I would hit snooze two or three times, falling back into a deep slumber between each alarm. Now snooze only serves to limit the amount of time I spend looking at Blockfolio before hitting the shower and heading to the office.
Damn, another red day for the long term holds. Everything was going so well. I dread to think how badly the short term holds are doing as I open the Binance app and refresh. Wow, now more than 50% gone in a week, and that’s just in BTC value. FIAT wise things are looking even worse. I remember when I started trading crypto, I was planning on getting a new Macbook if things went well. A week ago I was browsing apartments online, trying to pick one out for next month. Maybe I should go back to looking at the Apple store, I could probably still stump up for a MacPro. For now at least…
Kucoin is even worse, the massacre has turned into genocide, I’m beginning to wonder if this really is a dip. HODL… HODL… like a fucking mantra in my head. I know that if I sell it will be the bottom, but I can also hear the fucking petulance in the voices of my non-crypto friends, taunting me as they repeat “I told you so” or “it was obviously a bubble”. My wife rolls over and asks me how things are going, and then reminding me that I should cash out my initial investment so that I don’t lose anything.
“Not now, it’s a really bad time to cash out,” I reply as I reach down to grab my laptop. Maybe something on Cryptopia mooned? Why don’t they have an app? All these exchanges, raking in money, and they are all varying degrees of shit. Things are even worse on Cryptopia, my holdings look like a series of leveraged Bitcoin longs, probably not even worth logging in to look at them. Best get to the office as clearly still need my day job for the time being, early retirement will have to wait for the bounce. It will bounce. I’m sure it will bounce. Won’t it bounce?
I’ve noticed my mood was much better when I was making a month’s salary every morning and sometimes another one by the evening. Life was way more fun. This market sucks, watching all of those hard earned gains disappear. Should have cashed some out and got half an apartment…
On the positive side, I’ve been able to focus much more on real life the last few days. With the market bleeding out, I managed to eat dinner in a restaurant last night, holding entire conversations with my wife and only felt the need to check my portfolio once the entire dinner. Granted I lost about 100x the cost of the dinner by the time we got home but it felt like 2016 again; where I slept all night and enjoyed socializing. Crypto meetups and conferences count as socializing right?
In the office, the mood is grim. My co-workers are now also invested in Crypto, unfortunately some of them much later to the game than I was and clearly they are not happy; starting to take real losses from their buy-in, rather than just disappearing profits. “It’s only a loss if you cash out,” I reassure them, wondering if it’s time to take the last of my profits and run. One of my colleagues makes a semi-convincing argument about how little cash there may actually be in Crypto as compared to the marketcap, as well as the liquidation value of Bitcoin (or lack thereof). Has the music stopped?
Quiet day in the office so I have some time to get to the bottom of this; usually there is a catalyst for drops like this so I’m sure there is one, waiting to be found in the depths of the internet. South Korea FUD, nah, it was all smoke with no fire. I glance at some fairly convincing charts talking about Chinese traders cashing out to buy Lunar new year gifts; granted there does seem to be a dip every year for the last four around the same time, but sounds too farfetched – would need to be some bloody expensive gifts.
I can’t find anything. There is no explanation. I look at my portfolio again. Another few Macbooks gone. Bitcoin heading towards $10k. If it breaks that support, well, maybe I will still be able to get a Dell…
AS ALWAYS, IF YOU LIKE THE CONTENT I PROVIDE, PLEASE CONSIDER A TIP USING THE QR CODE ON THE RIGHT, OR JUST MY BTC ADDRESS: 13iC9jLRwmgMLscpi13PCSd9C3qu6mpGWr.