Saturday, 30 October 2021
Crypto Crash Context
Although on many occasions, I’ve repeatedly stated in my posts that you shouldn’t invest what you’re not prepared to lose. This statement is entirely faithful. Nothing, however, prepares you for the shock of the crypto crash when it happens.
Many people suffered magnificent, temporary losses when Bitcoin had its crypto crash. A friend’s investment dropped by over AU$400,000. At the same time, I’d read an old post by Daniel Puzny of Speed Dragon on LinkedIn re Bitcoin’s drop. The implication was that putting money into crypto is like riding a roller coaster. Daniel said, “This is why I remind people that the crypto market is highly volatile and that they need to have the stomach to invest in it“.
The Roller Coaster
I’ve now experienced one of the crypto roller coasters Daniel’s mentioned, and it’s scary. It was with the money I could afford to lose. Notwithstanding, there comes the point when you begin to trust the system, even with its highs and lows.
But what you don’t count on is your attachment to the increase and the incremental increases until it becomes something more significant. The rewards start to look promising, with the projected APY (Annual Percentage for the Year) forecasting happy growth – even with a modest investment. Your hope builds.
Then in an instant, your investment plummets, leaving you with nothing or what feels like next to nothing. You breathe a sigh of relief that it was only money you could afford to lose, but it hurts nonetheless, even if you do have the stomach for it.
So, what happened? Simply put, AutoShark, while “super secure”, had its ecosystem abused. A vault on their site had low liquidity and low fees making it vulnerable. AutoShark’s ownership of the issue and its Compensation Plan – Telegram announcement – saved an angry outcry. To me, it felt like a pump and dump (cnbc.com), and I was left holding the bag. Only time will tell if the recovery plan will work. But for now, I’m just coming to grips with the reality.
To think only four days ago (Day 299), I extolled with the progress the cryptoverse was making and my confidence in it high. But experimenting means failures as well as successes. We learn more from the loss but are stronger when we heal from it.
Today's Cards
The Cards - Crypto Crash Analysis
Carryover Cards
Four cards carried over from yesterday; Intensity moved from Hopes & Fears to Influence, Turning In stayed in Goal, Participation moved from Others’ Views to Recent Past, Adventure moved from Influence to Outcome.
Cross
In the Distant Past, Transformation in my mindset led me to establish Control today. The emotions surrounding or influencing me are that of Intensity, and to get a grip on inner turmoil, I’m setting the Goal of Turning In.
In the Recent Past, Participation has been fun. Still, something was holding me back, encouraging me to re-evaluate my position around how much money I sank into the cryptoverse.
Future Energy is about Traveling to new locations and talking to my crypto sensei.
Base
Despite the plummet and the shock of the breach, I still have Feelings of Friendliness toward the environment. Of course, it helps when you go to the AutoShark Telegram site and read the positive comments from the AutoShark faithful.
Others’ Views is that I appear like The Master and remain seemingly unaffected by the suddenness of the crypto crash.
My Hopes & Fears are hopeful that the team at AutoShark and Atlantis, the underpinning platform, use Creativity to bounce the tokens back to life after the crypto abuse. Hope is the Creativity employed to reinvigorate the site. On the other hand, I fear other people’s Creativity might cause a mass departure from the site.
In the end, Adventure is the Outcome. It’s about learning and experiencing something new – although – disappointment isn’t a new feeling. The challenge from the crypto crash is to HODL.
References
- Osho, Osho Zen Tarot – The Transcendental Game of Zen, St Martin’s Press, ISBN 0-312-11733-7
- Tarot Layouts per month
- Day 163, My First Cryptocurrency
- Day 276, Danger of Crypto Addiction
SEO – Although I’ve preached not to invest what you’re not prepared to lose, you feel mortified when crypto crashes and you’ve grown your initial crypto play money.
