Thread by @RetailReplyGuy

The end of my crypto journey (part 1 of 2) A farewell to CT from a guy who knew nothing about finance or computer science. Never had owned a stock or any financial instrument, but made life changing gains.
Hope people who see this can use some of the info to their benefit

For context in 2016 I’m working full time with a salary of about $90k. Read about Btc in an article written by @richardbranson in a local paper waiting for the train in 2016. Sounded interesting.

Bought first btc at about $500 on a now defunct exchange. Was sceptical I would get money back as their bank account was in Estonia. $500 became $2500 in a few months and managed to cash it out into bank account. Thought I was a financial wizard and used money for ski trip! Watched btc go up & up late 2017. Bought another btc at the literal top tick of 20k with all my savings

Watched it crash in 2018. My 20k dropped to about 3.5k . Slowly started buying $500 per month all of late 2018 into 2019.

Lots of calls that Btc would drop to 1k as it hovered around 3k. Then the Spring 2019 “echo bubble” started . Sudden jump from 3.3k upto 4.5k in a few days. Then going up each day, up to about 9k. Loving it. Saw something about $bnb coin (@cz_binance ) at $3. Thought “that’ll never work out”

Watched btc come back down to about 7k. Then the covid 50% one day drop to 3.3k in March 2020. Over the next few weeks bought with all the money I had as obvs btc wasn’t dead & this was once in lifetime opportunity

Started cashing out about 50k each week into bank account during 2021 bull. Also lost about $500k on
-Leverage trading (no stop loss)
-Sending money to wrong address
-Buying dogshit coins after watching @Alexbecker_yt “insurance on the blockchain or gamefi” .. anyone ??

Bought about 2m of real estate with gains . Quit my government doctor job. In July 22 started buying $2k btc , sol, eth , ada , avax, imx , sand in equal amounts each week mid 2022

Realised I fucked my taxes just before @SBF_FTX debacle - so when portfolio went down in late 2022 didn’t have enough liquid cash on hand to pay them.

Managed to make money by working like a dog to pay tax and mortgages. Pulled kids out of nursery, stopped gym membership & went full austerity. I said to myself “whatever u do don’t sell now!”Didn’t want to sell the real estate as housing market stagnant & would take huge loss on tax

Came across this @cobie vid and it unironically helped give me strength to keep at it. Such well articulated fantastic advice

Sol crashing to sub $25. Had been using @phantom wallet for @AuroryProject (a cool concept gaming project - don’t check the chart 😂)Was amazed how much easier, quicker & cheaper than using eth. Good UX. Started seeing @blknoiz06 @0xMert_ @aeyakovenko tweets and felt this thing has legs with this triumvirate getting a clear message across. Got payday loans to help pay bills while buying more sol. Converted all my imx, avax, sand to sol around time Robinhood delisted it & it was going to be deemed a security by @GenslerArchive. (Sol $12) as thought this thing has cool community & a clear value prop

Things started picking up 2023. Now holding mainly only btc, eth and sol. Also a load of $omi (metaverse project that I had become a community member 🤦🏻‍♂️) that had fallen about 90%

Euphoric when @realDonaldTrump won the election. Not buying more but just holding. Upto mid 7 figures.

Had a target to sell sol at 300. Watch it touch this on trump meme coin release on a Sunday but decide not to sell cos it’ll mean I’ll pay taxes in 13 months and would rather wait til April so it’s deferred to next year!

See @TheFlowHorse tweet sol is gonna crash late on a Sunday night a month or so later. Altho feel hes right I can’t be assed to transfer from cold storage

So instead watch the drop from 290 to 98 within the space of a few weeks and feel like an idiot. Thought I’d learned over the years! See eth drop to 1500. Net worth down 50%. See a mum of my kids friend at nursery drop off - “how’s it going” , tell her I’m down about 5 houses worth of $ in space of 5 days but yeah all good. She thinks I’m mental. This meme hits home

Seems like capitulation in March 25 so go in heavy (first crypto big buy in over 2 years) . Thinking no way Trump lets markets crash like this for long !

Read @level941 article about late stage crypto cycle & poker final table similarity. Puts things nicely into context. Start selling eth & sol from July. Cash out high 7 figs into bank account. “Once youve won your freedom make sure you don’t lose it”. Left 1m in trading account

During/after the March 25 crash I tried an experiment. Unfollowed everyone but the top 50 CT accounts. Ran statistical analysis on their posts (prospective data collected to account for deleted posts 🙄). Only one account passed the test for actionable trades : @trading_axe

With this in mind once I saw this went all in with my 1m to $pump . See above @level941 reasoning

Cashed it almost all out today except for 500k split 50:50 between dodge & pump. Net worth invested now NASDAQ 20%; SBET & MSTR 20%; 6 month bonds 20%; Gold etf 20%; real estate 20%

TLDR:
•This was a 10 year learning experience
•The asymmetric risk:reward in my mind was this is going to be the future of money in some shape or form & majority of people (>99%) thought it’s a scam. This is no longer the case!
•When you’ve secured life changing money take it. The market can turn quicker than u can imagine (when u least expect it)
•CT is for entertainment. After 5 years I found only 1 account that had real actionable advice
•Shoutout to @trading_axe @cobie @blknoiz06 for being a significant part of my journey
• Still money to be made ofc but at this point probs best to think of the crypto market as periods of expansion and contraction rather than 4 year cycles
• All the best in your future endeavours

Footnote @gainzy222

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