- Felix's Monthly Newsletter
- How I lost 100% of My Crypto Portfolio (Again) - And How I'll Make It All Back (A 17yo Broke Boy)
How I lost 100% of My Crypto Portfolio (Again) - And How I'll Make It All Back (A 17yo Broke Boy)
Whoops, broke boy again.
Here are the broke boy's subjects for this month.
Gaining it all back (or even more)
Webdev (2 & 3)
Yeah, it happened again. Here's the first time.
And here's the second time...
Shush shush shush. Didn't lose anything I wasn't willing to lose.
Sadly I was willing to lose quite a bit xD.
Had all my money in an exchange called FTX.
The best one in my opinion.
At least used to be.
Now the CEO ran away with all the money.
And everyone lost everything.
That's the crypto world.
If you want a more detailed version of the story, here are some great threads:
FTX was the world's 3rd largest crypto exchange.
Today it's said to be insolvent and in the midst of an acquisition by Binance.
Here's everything you need to know about Alameda Research and the collapse of FTX:
— jonwu.eth (@jonwu_)
Nov 8, 2022
— SBF (@SBF_FTX)
Nov 14, 2022
1. Keep your crypto off exchanges
Keep them in decentralised wallets like metamask/phantom/...
Since when you put your money in an exchange, similar to a bank, you actually don't even own the money.
The exchange does.
They can do whatever they want with it.
As you can see with FTX.
2. 10-30% on exchange
The reason I kept in on an exchange was so that I could long and short the market.
Which is super handy, no need to just buy and hold.
You can actively trade your capital.
But from now on I'll just keep my ETH and BTC on a decentralised wallet.
And trade with a small amount on an exchange.
At least when I have capital again xD.
3. Don't trust your initial research
I did my research on FTX when it still was a baby.
Everything seemed alright.
So I trusted it ever since.
Without renewing my research.
If you just did a little research on FTX, you could see that it wasn't gonna last that long.
Sadly, I didn't.
4. Trust the FUD (Fear Uncertainty and Doubt)
If the FUD is high in crypto, it's time to short baby.
People start pulling their money away since they don't know what'll happen.
So everything goes down, and if you're shorting, your making money.
But, if there is FUD about the exchange where all your money lies.
Stupid to keep it there.
Usually FUD goes away after a while.
But with an exchange you have the possibility of a bank run.
Don't watch the building burn like I did.
Just take your money away when there is FUD about an exchange
Gaining it all back (or even more)
Since I don't have an income stream anymore, I'm kinda fucked.
There went a huge part of my savings again.
So logically I gotta grow my income stream.
Get a consistent stream of income.
So I can consistently lose the income in crypto 😎
A timeless skill/art that will always be needed.
This month I mainly studied short-form copy such as emails and a bit of long-form copy like landing pages.
Right now I'm collecting a list of prospects to contact to redo their campaigns and take charge of the email sequences.
Goal is 40 prospects.
I'm over the half way mark right now.
Both web2 and web3.
On the web3 part I'm focussing on Solana.
Learning everything about it.
Right now I'm working on an NFT minting platform to expand my portfolio and knowledge.
Do me a solid and subscribe if you enjoyed reading this :)
Personal Portfolio where you can see all the cool shit I'm building.
Medium articles to see longer format content on self-improvement and blockchain.
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