I Lost $6,000 in Bitcoin: Here’s What That Taught Me

I’ve been wanting to create this video for a few months now,
but I wasn’t exactly sure how to approach it, partly because I don’t have visuals to go along with this story.
So it’s going to be a little bit different than most of my other pieces.
That being said, I think this is an important video to share with the world,
because at least in my experience
I’ve really enjoyed watching videos of people online talk about their addictions, or some of their struggles,
or some of their dumb mistakes.
It’s both entertaining and I think there’s also value in it so that you can avoid making the same mistakes yourself.
With all that being said,
the title is indeed not clickbait.
Okay, I really did lose $6,000 with Bitcoin.
So this story takes place at the end of 2017
Okay, so about a year and a half ago.
But first, let me give you a little bit of context as to where I was at in my life at that point in time.
2017 was really the year where I started my career as a filmmaker and I had spent the first like eight months
looking for work and not finding any.
I didn’t have contacts in the city that I was living in.
I was just I didn’t know how to look for work, honestly.
It was all new to me and it was very frustrating,
and even the little bits of work that I got were very unfulfilling,
and didn’t pay well.
So I struggled through the first like two thirds of the year
and then my luck started to change and I started to make some money. I started to get some cool work.
I wanted to put that money to work.
I wanted that money to multiply so I was looking for ways to kind of invest it.
Right around this time,
Bitcoin was getting a lot of mainstream attention.
The price kept increasing the value kept increasing and it was something that was exciting and new.
So, I started to do a little bit of research and I think I put like
250 dollars into it, to kind of experiment.
I was treating it as like a hobby.
I wanted to learn about the technology.
I wanted to see what the community was like,
and I was swept into this whirlwind of hype, and excitement, and
just so much activity.
You have to understand that there were all kinds of stories coming out of people that made like
$200,000 from cryptocurrency and then went on to buy a house with that money, you know.
Like these huge success stories of people that had got involved early.
And so I started spending time every day on the
forums watching videos of people talking about their predictions, and what they thought was going to happen,
and it was just a really exciting time because basically there was this uptrend with basically all cryptocurrencies.
You practically couldn’t make a bad investment.
You could close your eyes randomly pick like four different cryptocurrencies
and you could all but be assured that that value of your investment would increase and a lot.
Of course, I was new to all this.
I had not spent any time in the cryptocurrency space before so this seemed normal to me.
I didn’t realize what was going on was not typical.
That this was a huge run-up and the build-up of a bubble,
in terms of the value of all these different cryptocurrencies.
So I got swept up into the excitement and I started putting a little bit more money in, you know
50 bucks here 100 bucks there.
I didn’t think I was being unreasonable.
On top of it, I thought I was being smart.
I was buying the dip. So if
cryptocurrency would drop in value temporarily
I would try and catch it when it was low, because I would assume I was thinking that it would keep going up.
Once again, I didn’t have the perspective to realize that everything was massively overvalued.
There were a couple of interesting
factors at play here that really affected my behavior.
First of all, there was a lot of talk about the fact that very few people were invested in cryptocurrency,
so your investments would increase massively as more and more people would discover it.
So there was this pressure to get involved as quickly as possible.
And that’s actually tied to the other factor
which is FOMO, right, fear of missing out.
And things were moving so so quickly, you know,
the value of a cryptocurrency could double in a day or more.
And every time that that would happen and that you weren’t a part of that, it would feel like..
strangely like you were losing money.
There were all kinds of head games going on and it became very emotional.
Especially as I put more and more money in.
The scary thing is that before I realized it I had invested six thousand dollars into
Bitcoin and other cryptocurrencies.
All within the span of like a month, month and a half.
This was like December of 2017 and like the first half of January 2018.
You also have to realize that
this was all my money.
I don’t come from a rich family. I didn’t inherit any of this money, okay?
This was money that I worked for and this represented a huge
percentage of my entire net worth.
And of course in January
that’s when things really started to turn around and the value of all this cryptocurrency
started to plummet.
And as we all know or if you didn’t know
Bitcoin and pretty much all
cryptocurrencies have lost like 90 to 95 percent of their value on average.
So the value of my investments evaporated.
Unfortunately, there’s a lot of talk in forums in the cryptocurrency community of
hodl, which is to hold on for dear life and
so even as I saw my assets dropping in value,
I held on to them because
I kept thinking. “No, it’s gonna go back up.”
I was making really emotional decisions,
especially as I felt like all of a sudden I was up to my eyeballs with this investment.
Now, I don’t blame you if you think I’m just some stupid kid that wasted a lot of money
on a very obviously risky gamble.
I feel that way with the benefit of hindsight.
But I think that what happened to me in this situation actually happens to many of us
in more ways than I think we realize or want to admit.
Looking back at that stage of my life
I realized that I didn’t have the habits or the tools at my disposal
to give myself a little bit of perspective.
You know, I wasn’t meditating, I wasn’t going on runs regularly.
I never gave myself the opportunity to take a step outside of the community,
and everything that was going on to have a little bit more perspective, and reflect on things.
Again, things happened really really quickly,
and I never once gave myself a chance to stop and think about things.
I feel like when I think back to the person that was making these decisions
and these, you know investments,
it feels like it was a different person.
It doesn’t feel like it was me.
And of course, I’m trying to tell this story in kind of like a light-hearted manner,
but it really hurt. It really sucked to lose that much money, especially when you don’t have a lot of money.
And that this represented like I said,
most of my money.
You know, for a long time I had such a sinking feeling when I thought about all the money
that I wasted with this endeavor,
and what I could have done with it.
But I think that only by facing this was I able to move on and be able to share this openly with the world.
It’s incredibly easy to get swept up into things especially when we were surrounded by excitement.
Either like in real life from the people that we interact with, or on the internet.
This has happened with real estate.
This has happened with in the stock market and that’s part of the reason why I wanted to share this video.
It’s embarrassing. This was a really stupid thing that I did, but it happens to a lot of us.
Honestly, most people spend most of their lives kind of just going along with things.
Going with the masses.
It’s a lot easier to go along with things than to question what’s going on and take a minority stance.
I think one of the positives that came out of all this is that this was one of the major events
that led me to
my search for greater mental clarity.
If you’re sleepwalking through life
this sort of thing is bound to happen.
All kinds of
people out there want access to your money,
or want to influence your decision-making.
And for better or for worse,
that’s the world that we live in.
I could easily spend my life pointing the finger and blaming
the forums for example for misleading me on where to put my money in terms of the cryptocurrency world, right?
But that is
also super destructive, because if I don’t take accountability for my actions,
this sort of thing could happen to me again.
I believe that awareness is a process.
That it requires
the right kind of habits and behavior on a daily basis.
Things that bring you back on track, that center you, that ground you.
I’m really glad that this happened to me
this early in my life.
That it was only $6,000, even though that’s a lot of money,
and that it wasn’t like $60,000 or $600,000.
I think that we have to be really careful with the worlds that we create for ourselves online,
because of the fact that you can filter things, that you choose who you follow,
that you can unfollow anybody.
It’s too easy to fall into an echo chamber and to hear over and over again
only things that you agree with.
Finally, I think it’s really important to talk about our mistakes online.
I think a lot of people are afraid that it will discredit them,
but the truth that I am who I am because of my mistakes. A lot of my mistakes.
They have informed my decision-making.
This video was inspired by a video by Furious Pete where he talked about his poker addiction.
That was very eye-opening and
I really appreciated his honesty and honestly it’s kind of scary.
So yeah, this was kind of a simple video.
If you’re interested in watching more videos on the topic of mental clarity and productivity
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I think that pretty much covers everything.
Thank you for watching. See you soon.


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