If you are having a bad crypto year, recall that back in May, one of the most celebrated Blockchain and supposedly Blue Chip crashed despite being a Billion Dollar assets in Market Capitalization. Also remember the victims which I am one of them, strangely I wasn't affected with Luna but it's Stablecoin UST!
In my wildest dreams, I'd never thought of getting hammered by holding a stablecoin, a top 5 on market cap coin/token at that. Fresh from the total collapse, I had $10500 plus in $UST lending for interest on Anchor Protocol and the value crashed to almost zero. From $10500 to $75 approx!
Calculating my losses in my local currency, It dawned on me that i had lost a fortune, a little short of Seven Million Naira had gone down the drain despite not holding a volatile token but a supposed stablecoin that should never deppeg from it's one Dollar pegging. I was devastated, angry and confused pondering what I have done wrong. If you ever reside in my country, you would understand how nerve wrecking it is to lose almost 7 million irrespective of the safer investment strategy I was practicing.
Nine deaths or more were recorded, people resorted to commiting suicide considering how hopeless they suddenly became. I never contemplated killing myself, that was not my biggest loss.
Back in 2017-2019, my first taste of an all-out Bullrun and then a bloody dip. Been a foolish diamond hand and a Steem believer, I didn't take any profit when my entire Steem both liquid and vested was worth around $27000. The quest to be a Steem Dolphin blinded my rational thinking and I forgot the harsh reality of my country and didn't sell to buy back. I was still a noob but with a bit of experience then, an idiot thinking Bullrun happens every year and as I anxiously wait for the next wave of surge to sell some of my Steen stacks.
That was it, Justin Took over and shameless I was, migrated to Hive and lost a bit of my content creation Wits.
Fast forward to 2022 May, I had a taste of yesteryears but this time as an experienced crypto user and investor. This ascertain that no matter your user level, noob or Expert, the space finds a way to deal with everyone proportionately and relentlessly.
THE LESSONS:
Although losses and gains is part of this game, yet it could be heartbreaking to have some unrecoverable losses that could send you into the Trenches. By trenches I mean financial difficulty that we all are trying to be liberated from.
Firstly some things are too good to be real in crypto hence you could be trapped and be forced to ride hard a crash like I did with $UST. I was lending on Anchor Protocol and by the time I got the news of the crash and had to withdraw from the lending pools, it was damn too late for me. So I end up getting burnt just because of a $34 a day profit in interests.
Also, you hunch, inner voices are just trying to save you from some bitterness, listen to them always!
I didn't listen to mine late April while i was been tempted to ditch the lending pool and convert my funds into fiats. Although it would be stupid to do that cos of the rapid rate of devaluation happening in my country's economy, but that could have been much better than losing it all.
My losses are nothing compared to some people, yet it hit me hardly since it's an hard earned one and pure. Same for others like me who took a big blow in one of the biggest heist as I like to refer to it and probably make it into a movie which I'll title: THE LUNAPOCALYPSE!
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