A lesson to not chase pumps: My $1,000,000 mistake.
1 min read
As people have been celebrating ADA’s meteoric rise, I have been hiding in bed crying with each new ATH.
Over the last four years, I was researching which coin I personally thought would do well next cycle. I dove into ADA and fell in love with its potential. It wasn’t even in the top 20 coins when I bought in at $0.03. I thought it had the potential to replace ETH, and so I sold 99% of my diverse portfolio and purchased nearly $10,000 worth of ADA (about 327,000 ADA). This was in January of 2019.
For the next 8 months I watched my investment barely move, and my other coins that I sold for ADA pump higher and higher. At this point, FOMO kicked in.
“What if ETH is just the king of smart contracts?”
“Cardano can never compete”
“I’ve picked a shitcoin that doesn’t do anything”
“Once ETH 2.0 comes out Cardano will be irrelevant”
So yeah, I sold all but 1000 ADA and put it back into the spread of coins I had originally at a big loss.
Yesterday is the day I would have been a millionaire with Cardano touching $3. So yeah, I’m having a day in bed to think about my choices lol.
Hope you all have better luck! Remember, have patience, don’t chase pumps, and HODL your quality projects!
(Re-posted as I posted it on my non-crypto account by accident)
submitted by /u/Olorin_The_Gray
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