{"id":45479,"date":"2020-10-28T18:11:06","date_gmt":"2020-10-28T10:11:06","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=45479"},"modified":"2020-10-28T18:11:06","modified_gmt":"2020-10-28T10:11:06","slug":"my-greatest-investment-loss-ever","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/my-greatest-investment-loss-ever","title":{"rendered":"My Greatest Investment Loss Ever &#038; The Lessons I Learned"},"content":{"rendered":"<p>On the 8th of January 2018, I invested RM9,000 into a mix of 9 promising cryptocurrencies. You\u2019ve probably never heard of their names, though I admit some sound pretty cool, like \u201cStellar Lumens\u201d and \u201cICX.\u201d (Yes, apparently we still live in an era where putting \u201cX\u201d into anything is supposed to make it cool.)<\/p>\n<p>Today, almost three years on \u2014 that RM9,000 is worth ~RM1,046, an 88.38% loss. It gets worse if you break it down by individual cryptocurrencies, as we\u2019ll see later.<\/p>\n<p>What happened? How did we get here? Why did someone who publicly calls himself stingy burn money on some crazy trades?<\/p>\n<p>This is the story of my greatest investment loss ever.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Throwback-to-Q4-2017\"><\/span>Throwback to Q4 2017<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In Q4 2017, crypto markets were at an all-time high. If you think the hype surrounding crypto today is crazy, you probably don\u2019t realize how insane it was when Bitcoin was touching 20,000 USD. But while Bitcoin was (and has rightfully remained) king of the cryptocurrency world, there was something even hotter in the space.<\/p>\n<p>People called them ICOs: Initial Coin Offerings. An innovative way to raise money for startups by giving investors\u00a0cryptocurrencies\u00a0(tokens\/coins) in exchange for cash. Unlike traditional finance, everything was 100% done online. You didn\u2019t have to walk into a bank or heaven forbid \u2014 even sign a single form.<\/p>\n<p>Get into the right coin, and you could 10x your investment within months. Put enough into the right ICO and get out correctly<em>,<\/em>\u00a0and you could retire.<\/p>\n<p>Never mind the lack of government regulation and other red flags.<em> \u201cF*** the old ways of investing in startups. Too slow, too many rules, and too many greedy consultants sucking up fees. F*** that and f*** the boomers.\u201d<\/em>\u00a0This was the start of a revolution. And I wanted in.<\/p>\n<p>Additionally, I had just made about RM9,000 of clean profit through a\u00a0business venture. I was thinking, \u201cThis is profit money. I can afford to take risks with this.\u201d<\/p>\n<p>It was my chance to get rich quick. Only one question remained: What was I going to invest in?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gambling-is-fun-especially-if-you-think-you-can-win\"><\/span>Gambling is fun, especially if you think you can win<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This isn\u2019t an article on how to value cryptocurrencies. But if I had to give you my hot-take assessment of the thousands of cryptocurrencies that exist today, I would say:<\/p>\n<ul>\n<li>A few might change the world. Some would argue Bitcoin already has.<\/li>\n<li>2% might become viable projects.<\/li>\n<li>Probably &gt;97% will fail.<\/li>\n<li>Some are outright scams (Or as Margot Robbie in\u00a0<em>The Big Short<\/em>\u00a0called subprime mortgage bonds:\u00a0<em>\u201cShit.\u201d<\/em>)<\/li>\n<\/ul>\n<p>Of course I know this today, but back in the euphoria of December 2017, this was the furthest thing from my mind. All I could think of was prices going UP.<\/p>\n<p>I already owned the two most important cryptocurrencies \u2014 Bitcoin and Ethereum \u2014 which had already given me profits of\u00a0&gt;500%.<\/p>\n<p>But I wasn\u2019t satisfied. No, I was going after even bigger gains. For that, I needed to buy newer cryptos that had potential to go up\u00a0<strong>1,000%<\/strong>.<\/p>\n<p>So I dived into the research to figure out which coins to invest in. And by \u201cresearch,\u201d I don\u2019t mean reading investment analyst reports by JP Morgan. It wasn\u2019t even 800-word articles on CNBC. F***, I was watching \u201cTop 10 Underrated ICOs\u201d YouTube videos and reading \u201cHottest ICOs This Summer\u201d articles on dodgy websites.<\/p>\n<p>So many coins, how to choose? I decided I was going to play amateur venture capitalist. RM9,000. Invest RM1,000 each into nine coins. Even if most die, surely one will go up 10x and make me money right?<\/p>\n<p>You can probably guess what happened next.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Life-changes-and-crypto-losses\"><\/span>Life changes and crypto losses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>I made the investments and promised myself I\u2019d be patient. I\u2019d give it a couple of years to rake in my profits.<\/p>\n<p>And then life got busy. I started a new job and focused all my energy there. Every once in a while I\u2019d check if my coins were making money. But apart from a few small spikes of hope, the downward trend was clear. With Bitcoin (\u201cXBT\u201d in the chart below) going down from its peak, every other coin was following \u2014 and almost all were performing much worse.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\">\n<div id=\"attachment_45489\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-45489\" class=\"size-large wp-image-45489\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/10\/16163741\/Bitcoin-Price-as-of-Sept-2020-800x404.jpg\" alt=\"Bitcoin price decreasing\" width=\"800\" height=\"404\" srcset=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/10\/16163741\/Bitcoin-Price-as-of-Sept-2020-800x404.jpg 800w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/10\/16163741\/Bitcoin-Price-as-of-Sept-2020-300x152.jpg 300w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/10\/16163741\/Bitcoin-Price-as-of-Sept-2020-768x388.jpg 768w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/10\/16163741\/Bitcoin-Price-as-of-Sept-2020.jpg 940w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><p id=\"caption-attachment-45489\" class=\"wp-caption-text\">Aaron\u2019s Law of F***ery: Immediately after I buy, it always crashes :'(<\/p><\/div>\n<p>Eventually, I detached myself emotionally from how the coins were doing. I stopped checking in. I guess it was my internal protection mechanism for not getting upset.<\/figure>\n<\/div>\n<p>Almost three years on, as of 6th September 2020, here\u2019s how our nine coins performed (in USD terms):<\/p>\n<ul>\n<li>ZRX: -69.95% (Yes that\u2019s a\u00a0<em>minus<\/em>\u00a0sign)<\/li>\n<li>VET: -73.43%<\/li>\n<li>OMG: -85.05% (Seriously, even if you don\u2019t like crypto you\u2019ve gotta admit owning some OMG is pretty cool)<\/li>\n<li>XLM: -88.11%<\/li>\n<li>ZEC: -91.38%<\/li>\n<li>MOD: -96.45% (Potentially 100%, since it\u2019s not trading actively anymore)<\/li>\n<li>ICX: -96.52%<\/li>\n<li>NANO: -97.13%<\/li>\n<li>REQ: -98.29%<\/li>\n<\/ul>\n<p><strong>Total value: $252.06, or RM1,046.<\/strong><\/p>\n<p>As the saying goes: The quickest way to have a thousand bucks is to start with nine thousand and buy a bunch of shitcoins.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What-were-you-thinking\"><\/span>What were you thinking?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It seems silly now, but in retrospect I was actually pretty confident I would make money. Wrong.<\/p>\n<p><em>Logically<\/em>, I knew most of the coins were probably going to crash. But\u00a0knowing\u00a0something in your mind and actually believing it\u2019ll happen is something else.<\/p>\n<p>Besides, all the hours I spent \u201cresearching\u201d the coins convinced me I knew what I was doing. That my picks would outperform.<\/p>\n<p>Why haven\u2019t I sold? It\u2019s gotten to the point where selling the &gt;-95% losing ones isn\u2019t gonna be worth the effort. A small part of me also believes some coins can recover one day. (To be fair, there are interesting things happening with ZRX, so I\u2019m giving it time.) I\u2019m also waiting for another spike in the Bitcoin price \u2014 to see if that rising tide will lift my sinking shits.<\/p>\n<p>I don\u2019t regret anything, but did I learn some lessons? Hell yeah.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Lessons-from-burning-money\"><\/span>Lessons from burning money<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Trying to get rich quick usually makes you lose money.<\/li>\n<li>Prices cannot go up forever. But in the heat of the moment, you can be blinded by greed. You convince yourself into doing crazy shit.<\/li>\n<li>Don\u2019t underestimate the time cost of monitoring\u00a0<a href=\"https:\/\/www.imoney.my\/articles\/how-invest-money-malaysia\" target=\"_blank\" rel=\"noopener noreferrer\">investments<\/a>. It\u2019s easy to monitor one asset. But monitoring 20 can be a full-time job, which most of us don\u2019t have time for.<\/li>\n<li>I am not a venture capitalist.<\/li>\n<li>Understand you might lose everything when investing in speculative assets. Only use extra money you don\u2019t need.<\/li>\n<li>If you\u2019re serious about\u00a0<em>not losing<\/em>\u00a0money, set exit prices and be disciplined about getting out.<\/li>\n<li>Be\u00a0<a href=\"https:\/\/www.mr-stingy.com\/downside-everything\/\" target=\"_blank\" rel=\"noreferrer noopener\">cautious<\/a> when people are overly excited about any money-making thing. As the old saying goes: When even your cab driver is talking about it, it\u2019s time to sell.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"The-silver-lining\"><\/span>The silver lining<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Last week, as I started writing this, I was angry. It was painful revisiting my greatest loss.<\/p>\n<p>But today, looking back I can\u2019t help feeling a sense of nostalgia. That feeling of exuberance in the air in late 2017; of feeling invincible; that our time had come. That we, the agents of\u00a0decentralization\u00a0were going to take over the world. Those are vibes I haven\u2019t felt for a long time. It was naive of me back then \u2014 it was way too early. But it felt like something special.<\/p>\n<p>The world of cryptocurrency has since moved on from ICOs. Today, the hot trend is\u00a0<a href=\"https:\/\/theconversation.com\/what-is-defi-and-why-is-it-the-hottest-ticket-in-cryptocurrencies-144883\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a>, where we\u2019re starting to hear of incredible gains in short times again. I\u2019m heeding my own advice \u2014 I haven\u2019t had time to study deeply, so I\u2019ve stayed away.<\/p>\n<p>Meanwhile, Bitcoin and Ethereum continue to march on. Despite not recovering to their all-time highs yet, I\u2019m more bullish than ever. Especially as more and more governments and traditional institutions continue to get into cryptocurrencies.<\/p>\n<p>If you\u2019re interested in crypto, I think starting with a bit of \u201cexperiment money\u201d in Bitcoin is a good idea. I wrote a detailed article about why\u00a0<a href=\"https:\/\/www.mr-stingy.com\/why-believe-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n<p>And if you\u2019ve lost money investing before, I hope you can also get over the pain, and use that as a lesson too. What\u2019s the story of your greatest investment loss ever? Feel free to share in the comments.<\/p>\n<p>Some lessons are expensive, but hey, what\u2019s valuable that isn\u2019t?<\/p>\n<div class=\"block\"><div>Aaron Tang is the founder of\u00a0<a href=\"http:\/\/www.mr-stingy.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">mr-stingy.com<\/a>. He writes about optimising time, money, and relationships \u2013 to make the most out of life.<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s what personal finance blogger Mr Stingy has learned from investing in nine Initial Coin Offerings.<\/p>\n","protected":false},"author":41,"featured_media":45486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[367],"class_list":["post-45479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","tag-mr-stingy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>My Greatest Investment Loss Ever &amp; The Lessons I Learned<\/title>\n<meta name=\"description\" content=\"I invested RM9,000 into a mix of 9 promising cryptocurrencies. 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