The beginning of degeneracy

The concept of cryptocurrency was shared with me at the very beginning of this year when Bitcoin really started to take off and hit a new ATH from the previous bull cycle. The idea of ownership, censorship-proof and a decentralized currency really resonated with me. At that point in time, I am just a college kid that had no finance knowledge but I roughly know how flawed the traditional banking and financial systems were.

Just like every other degenerate out there, I took out the tiny bit of savings I have and bought some ETH and BTC on Binance. The first month into crypto was definitely great, everything was going to the moon and so I thought I’m a great trader. I started trading on the futures market and leveraged up to 10x at times. In a bull market, it is really difficult to lose money but obviously I was clueless. I doubled, tripled and multiplied my holdings really quickly but it was until February when I learnt things the hard way.

Almost every coin out there corrected for about 20% and being me, leveraged to the tits, I got liquidated.

It got me scared for sure but I was so drawn into the technology and wanted to take another shot at making my money back, I loaded up more money into my Binance account.

I became a lot much more conservative after that scare. I went back to just holding things in spot, rotating around things that were booming and reading up a lot more on the various whitepapers and tokenomics. I was definitely feeling a lot better and saw that my portfolio is slowly growing back to where I like and then the crazy sell-off in May happened.

Once again, I took a massive L but at least I am not liquidated, it is just that the dollar-value of my portfolio shrunk by more than half. With the newfound knowledge I acquired over the past couple of months I started to DCA into defi projects that gave a very good yield by staking or providing liquidity knowing that I can still make a profit even in a sideway or bearish market.

Come August-September and the market slowly recovered and I’m glad I stayed around this far. I hope you’ll stay around too!

Moving forward, I’ll be here to share whatever I found/understand that may or may not be useful for anyone.



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