The friend of mine who I helped stake in COTI a few weeks ago is so excited to see his earnings. This is his first ever gain in crypto and for him this is such a big deal as he has only known losses when getting involved before. At least he was smart enough to reach out and ask for help and is now on the journey of learning how things work.
Yesterday when he phoned me for some reason he thought he had to log into Huobi (HTX) and told him his crypto s staked in COTI and we don't need the exchange anymore. This was literally the first time he had logged into the COTI Treasury since we staked his COTI on the 19th September.
He sent me these screen shots as I could not explain to him over the phone and it was like the blind leading the blind. Once explained to him he has earned 25.2 COTI and 5.3 GCOTI in rewards he was so excited and says this is a win for him as he has only known losses. He is what we would consider dumb money buying high and panic selling when the price drops. I do think he lost more than 75% of his investment back in 2020 all because he bought and sold at the wrong time.
The rewards he has eared thus far are worth slightly under $3, but it is the principle of how they have been earned that is the positive here. I will see him tomorrow when we will stake his rewards and get him into understanding the power of compounding.
The good news is he bought at the right time so he is already in profit and now he has no idea what is going to happen. I think we can grow his stake from the 5700 COTI to possibly around 6500 COTI by the time it is ready to sell much later next year.
His $570 investment could or should be worth anywhere between the low end of $6K or the high end of $30K so anywhere in between would be great and a wild ride awaits. Those people who only got involved in crypto after the last Bull Cycle have no idea what it is like experiencing an investment you have going parabolic.
I have doe my research and why I selected COTI for myself and where my friend benefits as he is just piggy backing on my work. The hope is over the next 12 months he learns what to do and he can the go o his own once this cycle has finished. He will cash out his $570 investment so what he is left with will be pure profit. This will be reinvested once the Bear cycle hits and the prices have dropped and then he should be ready to go on his own steam.
Having someone show you the basics is something we would have all liked to have when we started out so he is very fortunate that he will be in good profit. If this stake is played correctly this could help him retire in two cycles time or at least offer a decent passive income stream. We are definitely still so early and anyone in crypto now has a head start over those who have no clue.
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