Friday , June 22 2018
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My million dollar crypto-trading fuck-ups will make you cringe

Mistake #2: Tribal thinking and emotional trading

After TheDAO Incident, Ethereum Classic was born. Being a true Ethereum fanboy, I was grossly offended by its mere existence, and as a matter of loyalty, pride, and yes, moral imperative, it was my duty to dump all my ETC as quickly as possible for more ETH.

So I did. And three days later the price of ETC quintupled from an organized “marketing” campaign by its chief proponents. Bloody Hell. My blind devotion to a project that owes me nothing cost me dearly.

Later that summer, Monero gained some notoriety by being an acceptable currency for a popular darknet market site (you know, where you buy nefarious items via Tor sites in the name of ‘freedom’). Privacy coins became all the rage, and Monero and Dash started seeing daily gains in the neighborhood of 30% to 70%.

Surely this was a mistake, as these were shitcoins compared to BTC and ETH, right? Right?!? Well, what goes up must come down, I thought. So I dusted off my Poloniex account, click the Margin Trade tab, and went to town selling Monero and Dash.