Warren Buffett once said that it's wise for investors to be “fearful when others are greedy, and greedy when others are fearful.” I lost 60 000 dollars in cryptocurrency and will share the secret of how I got them back today. I'm not a financial analyst and what you will hear in this video is my personal opinion on cryptocurrency.
My first crypto investment was In 2018. I went to my friend's car service. There, he asked me what I think of cryptocurrencies like Bitcoin, Ethereum, Etcetera. At that moment, I was negative and told him I am not interested in cryptocurrencies and investing in them. He and his brother were thinking of starting investing in cryptocurrencies with a farm. Then I heard from another of my friends that they began a cryptocurrency mining farm.
At the beginning of 2019, I bought video cards but didn't know how to assemble the machine for mining. I purchased everything necessary for around $100 000. I forgot about my conversation with my friend from the car service when I was in the middle of assembling a mining machine, and my friend comes home for something and sees the devices.
So I just shared with him that I bought video cards and everything I want to begin a cryptocurrency farm. He asked me what I have waited for more than a year and told me that he would help me. But I made a big mistake buying video cards for mining exactly when people searched for cryptocurrency, and the price was high. For example, Ethereum was 1 000 euros when I was about to start mining. When everyone thinks about investing in something when you hear the same idea from everyone on the street, you need to double-think about that! It usually means that it’s not a good deal at this time.
I assembled the machines, started mining, but difficulty went higher, and the price started going down. I was seeing how the merge with which I started is going down every single day. In that moment I thought that everything would fit, but see how I am losing from my cryptocurrency investment. Months later, I started selling the machines because the price of Ethereum was under 200 euros. However, after I calculated everything, I found that I have lost nearly 60 000 dollars on cryptocurrency. I was thinking about my experience, how I sold the machines. I had about 30 000 or 40 000 dollars left and started thinking about what would happen. When I sold everything I learned one lesson. When everyone is selling, you must buy, and when everyone is buying, you must sell.
Everyone around me who already had a cryptocurrency farm started selling them. I saw how the price of Ethereum would grow again after a time. For me, there was no meaning of how much I would lose in this beginning. It was essential to get my investment back again. At the beginning of 2020, I invested money that was left after I sold all machines and bought Bitcoin, and in the beginning of this year 2021, I sold them and returned my loss. Now I wait this summer to see if everybody starts selling video cars to buy some and start again. When everyone sells, I will buy. This is my strategy. Do not forget the lesson which I learned.