During this market downturn, I lost 1million+ US dollars due to the UST depeg and other tokens going down 80-90%. And I’m back to my net worth 2 years+ ago. I took a really long time building that portfolio, from farming defi governance utility/tokens, meme coins, your blue chip stocks. I thought I was smart, but I was merely early in the mania phase.
It felt…. Nothing. I know it can’t be compared to people who are worst off than me.
I feel so desensitized until I blew it all away. I was arrogant at the point to not have diversified properly especially with super high risk on assets like crypto.
I thought anchor protocol has a yield that was unsustainable but still decided to go for it and held it all the way down because ultimately there’s so many smart/VC people backing it. Nothing can go wrong right? And here I’m selling it at 10cents on the dollar.
I’m a really frugal person and even when I had that million + dollars I scrimped like someone who only had 100 bucks in the bank. Because I don’t cash it out at all. No one even knew I was worth that much. When I reached a million, I aimed higher with the same risk taking strategies but I didn’t know that it would be way harder. I would definitely work on my allocation strategies next time.
Anyone who had lost majority of their wealth >90%? How did you guys pick yourself up again?
I probably am able to make it through this phase and 2 more years of uni but I’m not sure if I’m ever going back to my peak net worth again. On the bright side, I still have my family, lifelong friends that see me for who I am and a healthy life. And that to me is more important than numbers on a screen.
Here are what netizens think:
- If it is just paper loss, you never really own it in the first place. Avoid putting all your eggs into the same basket next time specially in very speculative yet unproductive investments.
- Sigh I can empathise your situation cos I’m in a worse shit. But just bite the bullet and move on, believe market will go back up and believe the money can be earned again. Chin up and move on
- What you have lost is only 2 years of time. Take it as a learning opportunity. You are still young, with many years ahead to rebuild it.