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I found bitcoin in 2017.
I was new to the technology, private keys, public keys, seeds. It was pretty tough to get your head around. But even so, I could see some value in a censorship resistant currency.
I FOMO'd pretty hard.
It rose from $1,000 where I first met it to $20,000 in the space of a few months. It was a wild, wild ride. I was making more from my new investments than I had made from work each month. I got used to waking up each morning and seeing higher highs.
I'd wake up in the middle of the night sometimes just to check my portfolio's growth.
Then came all the ALT coins.
All the coins that could beat Ethereum and Bitcoin. I fell for the whole, Bitcoin is old and bitcoin is slow narrative. (I want to explain why it doesn't need to be fast somewhere here). I'd already diversified a fair bit by the time the Bitcoin Cash chain split happened. It was confusing and distracting for many people but by this point I started to see what was happening. I sold my Bcash for the real bitcoin as soon as it was viable. All of these 'new' and 'better' coins were just a distraction and a way to separate us from the very, very limited amount of bitcoin that are available. I mean really, there has never been a scarcer asset.
2018 came around.
Bitcoin dropped back down. You can check the charts to see just how low but it didn't help with bitcoin's 'store of value' narrative much that's for sure. The bitcoin I had spread into projects like COSS, ARK and OMG had withered away to almost nothing. Dragging my entire portfolio down to depressing levels. A lesson and a reminder to remove your original investment in crypto if your portfolio rides a certain percentage above what you paid for it. You NEED to set goals and stick to them. Write them down. Be disciplined.
The further we got into 2018 and the deeper the value of my portfolio dived the more research I did into what I was actually involved in. Not once did I think I was going to sell. Not at such a loss anyway, the money was gone to me and this investment was always a moonshot. It goes to zero or it goes to the moon. My only options were stop investing or average down my buy in prices. I did a little of the later, but not as much as I would now.
I'll try share some of my resources with you later on.
But anyway, 2020 comes round and DEFI is the buzzword being thrown around.
Just like the Ethereum and Bitcoin killers of 2017, DEFI projects are popping up all over the place. Yearn, Yam, Spagetti, SushiSwap, Tendies, Wifey. They get worse, I'm sure. I just don't bother to remember them. I've spent the last few years watching youtubers and influencers, cutting off the ones that start pushing their viewers onto shit coins. It honestly doesn't leave you with many reliable sources.
Many of these DEFI coins are doing the same thing that the platform and proof of stake (POS) coins did in 2017. Pulling in your bitcoin, or ETH in the DEFI example.
Also, Coinbase? You know how long it used to take before they added new coins? Now they're throwing on one new defi coin after another. Just seems like unorganised madness.
I will wait for the stories of defi collapses and exit scams. If I invest in any of them, it will be in a few years time. When the best have established themselves.