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Monday, August 15, 2022
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MAN WITH ONLY $100 IN HIS BANK BUT $1M IN INVESTMENTS, LOST ALMOST ALL OF IT

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.

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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.

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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.

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