I thought i'd start writing about how I missed out on securing lifelong financial security despite positioning myself correctly years before your mum, dad and grandma were talking about crypto. Maybe there is some wisdom you might pick up.
I joined the crypto revolution in 2012. In my Chinese introduction, I wrote about my initial involvement as a miner. Back then, it was viable to mine crypto currencies such as Litecoin with GPU's. The difficult was low, and there was really only the question of scaling your operations. Ironically it was with the advent of ASICS for scrypt that I left the mining ecosystem. By then, I had seen the rise and fall of LTC all the way to 40 dollars and then back again down to 2 dollars.
My competitive advantage was simple. I had access to 1000 machines with industry rendering radeon GPU's. Over the course of several years, I amassed what would later become a reasonable fortune, but then my greed resulted in me holding LTC all the way to the bottom before selling it all way below 10 dollars. Though I suddenly had a fair sum of money to invest elsewhere, I could all but feel like a jackass for selling too early.
Today, the same LTC stash would grant me 8 digit dollar wealth. Truly life changing amounts of money and yet I cry myself to sleep each night watching LTC go up 100x in a single year. Sometimes I wonder if the LTC rally began when I sold my stack at the bottom.
As much as people are excited now, every bubble will result in a fairly extended bear period. Nobody wants to believe that 90% of the value can be lost before a reversal, and that is why it is going to happen.
More than ever, I must echo what respectable investors and personalities in the industry have been warning. Be prepared for when the market turns and don't hold for 2 years just to sell at the bottom like I did.
