Sayonara Crypto

This week I finally liquidated all of my crypto assets. At the end of it all I put in $1,700 in purchases, and mined $50. I sold at a loss at $1,100. I had mostly Ravencoin (RVN), Cosmos (ATOM), and Algorand (ALGO).

As it turns out, I don’t have the fortitude to stomach the volatility. I started my Crypto Journey dollar cost averaging Ethereum to the amount of $500. That then grew to $1,000 and I pulled out and bought $100 of Cosmos and Algorand each. The rest went in Ravencoin. This was all in 2020. I doubled my money in 2020 alone.

Then in mid 2021, I started mining Ravencoin on my laptop which ended up getting me 500 coins until I shut down about a month ago. My laptop was getting me about $7/month until the coin halved, and then it was more of a nuisance to deal with as it bogged down my computer. And if I wanted any decent return, It needed to run 24/7 minus my commute.

I “bought the dips” a couple times, and those dips were not the bottom. So My $1,700 in brought me to this week.

If I would have gotten into mining before the pandemic hit and been able to make a decent rig, it could have been a profitable endeavor. But I think I jumped on the bandwagon too late and was there when the tide went out with my pants down.

I definitely see the use of Crypto. Especially when it comes to having to pay someone internationally and not having to pay extreme fees. Or have an easier way to transfer money between each other. But now with systems like Venmo, and Cash app, I’m starting to see the second reason a little less.

When I look at investing, I personally want something that I can see how it makes a return. A lot of these coins are a get quick rich scheme for those that get in early or create the coin. I like my boring stocks, and real estate. They are usually predictable and are tangible.

In the short term, I basically used crypto as a forced savings account. It got me excited to see a massive dip and hope that the $100 bucks I threw at it double one day, and then return the next. But even crypto can’t be truly regulation free. The second the government realizes that they can get a cut of the profits, it’ll settle down to be mostly stable and utility coins. Meme coins are going to dry up the second that regulations hit.

At least I have $1,100 to throw at debt and get that much closer to Financial Freedom.

Published by personalfixerupper

An Entertainment Tech's journey to financial freedom, less gut, and inner happiness

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