In an informative, funny, comic tweet and acutely touched yesterday, What did Bitcoin do Podcast host Peter McCormack explains how he has accumulated – and lost – his crypto-fortune in the last two years.
From $ 32K to Millionaire and Back
He starts the Twitter post said:
So here's a discussion of how I turned $ 32,000 into $ 1.2 million and get back to practically zero (once you've paid your taxes). Note, I'm not at all bitter or salty, the last 2 years have been an incredible race – I've traveled the world, I've been rich, I've been poor.
Peter's story is not so rare, though perhaps not everyone is so sincere about the irrational and irresponsible behavior that led them to lose their fortunes.
As many have invested in space, in 2016 Peter saw the potential first of all in Bitcoin. At the time, his advertising business was shrinking and he decided to risk it. All he had left was $ 32,000. He sank every cent in BTC and ETH.
Peter jumped on the scrambled train at the right time and place. It did not take long before he expanded his portfolio into a myriad of other altcoins. He admits he has no trading experience and does not conduct his research properly. It was only taken by the cryptic momentum and the clamor that many others have done, saying:
As it began to rise, I diversified into everything, Monero, Dash, this, any crap – even Ripplecoin. Everything continued to rise.
By the summer of 2017, its profits have reached half a million dollars. But, he admits, it was when he started to become greedy. Instead of religiously eliminating 25% of his profits as he had previously, he reinvested everything by closing the year with a $ 1.2 million fortune.
When my balance was high I went crazy: new clothes, first class flights, giving money to the family, charity, rice at $ 25k lost on Confido … the list is endless.
Then everything started to fail
You can pretty much guess how the story ends up here. As the markets began to spiral, Peter could not react, convinced he would recover everything. He was so heavily invested in crypto at this point and only knew that he was going up and up.
He was making five sources of income, from trading, mining, a mining pool, his podcast and advice. He had no intention of abandoning space.
As the market began to crash, I simply ignored it, I kept thinking it would come back, crashed like 4 times in 2017. But it did not. Mining is what struck me most:
– 70 S9
– 70 DragonMint
The above with the installation was like $ 300k.
Despite the loss of money for the mining sector, he could not disconnect and was blocked by the payment of fixed data center rates. "Every month I dig into my BTC to pay my bills," he says.
At its peak, Peter had 150 BTCs. But when prices began to slip and the various altcoins and shitcoins he had invested began to plummet and fall, his holdings soon fell to around 80 BTC and fell.
Basically greed and ambition have destroyed what could be life-changing money. After paying my tax receipt practically everything is finished.
Peter McCormack has a silver lining for his story
Peter admits he has to sell more of his bitcoins than he wanted because of the responsibilities of being a father. Moreover, he did not lose everything since he still has a modest income from his podcast.
And has some advice for other HODL crypts and traders out there:
If there's another race to the bull and you make a lot of money, remember to take profits. Do not strain yourself too much. People say do not invest what you can not afford to lose, well, do not keep Crypto profits that will change your life.
He ends his thread with a change that puts the whole crazy path in context and brings home the message that there is more in life than obsess over wealth.
In the last 5 years I lost a marriage (after 3 months), I lost my mother (cancer) and I almost died of an overdose. Rich or broken, money made little difference to happiness.
What do you think of the experience and lesson learned by McCormack? Share your thoughts below!
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