When I say cryptocurrency is not my safe word, I don’t mean this in a sexual way. I say it in a financial sense. I spent more money in 2019 then I would have liked. I had an expensive ex-girlfriend and spent way too much going out at night. There were plenty a Monday where I looked at my bank account and simply sighed. However, I don’t consider that the most financially irresponsible thing I did in 2019. Unfortunately for myself, I got back into cryptocurrency. Now let’s make one thing clear, I didn’t lose that much money. Really, I mean it. Okay maybe a little more than I would have liked, but I’m out. I wiped my hands of the slots machine high of that digital currency. After much thought and a quick text conversation with my dad, I took my investments towards the more traditional route.
I honestly believe if sports gambling was legal in Texas I would have not invested in Litecoin and I would have known when to call it quits. You see the thing with crypto currency is the volatility. For instance, towards the end of my stint in crypto I invested in Orchid. This coin was new to Coinbase and in the matter of a day I had grown my $30 to $80. In hindsight, I should have taken the $50 win and bounced, but like most degenerate gamblers I was going to ride the high. Well that was stupid on my part because in the following day it dropped to $25. Okay, so a five dollar decrease from my original investment may not seem like much of a loss. But its frustrating. It’s the FOMO on the quick financial gains of crypto that traps you. At least with sports betting, it’s clear whether you win or lose. You have your out. With crypto it never ends. Let us say you do pull your money out at a profit, it’s easy to keep your head glued to your phone to see where the next point of entry should be. Or you listened to the shills on twitter and entered a coin that was supposed to go to the moon and instead it drops like a rock. There is a myriad of ways that you can get sucked in and trapped. Unlike the stock market which has a clear opening and closing bell. Bitcoin never sleeps. I have had times where I went to bed net positive, only to wake up $30 below the meridian.
The whole reason I got into cryptocurrency in the first place was to make a quick buck. I knew I wasn’t going to become a bitcoin billionaire and that pushes me to believe that if sports betting was legal, I would have taken my money elsewhere and learned my lesson real quick. No one gets rich betting on the patriots, but you probably don’t go -50% on you gambling fund either. So, I will be the first to say that it is my fault that I came out net negative, but honesty I was casually vested. I have a job so its not like I had the time to day trade, and I didn’t have time to learn about graphs and candles. But can I be real? Who can predict the price based off of a chart? I have seen many people be way off the mark on twitter. Also, people who are really into crypto are the worlds most optimistic people. Five months ago I read a pundit predict that bitcoin was going to climb to $20,000. Well flash forward five months and it dropped $5000.
Hammared 