Here is an image of Pain!
An alternative name for this type of pain is a cryptocurrency named Luna. This is a 99.8% LOSS in a mater of days from its all time highs.
From a lofty $120 a coin down to $0.07 in less than a month with the vast majority of the collapse in pricing happing in the last 6 days.
There are a lot of theories floating around for why this has happened. We won’t get into those now but may do when there is more certainty.
What we will do is 2 things
Remind you that things can go to zero
Shitcoins are not the same thing as Bitcoin
If you are still struggling with this concept then we suggest that you start with reading or re-reading the Bitcoin Standard by Saifedean Ammous.
Can Bitcoin go to zero = Yes
Is Bitcoin susceptible to 99% of the crap that takes Shitcoins to zero = NO
The Risk : Reward is hugely skewed toward Bitcoin in this regard. Most investors are greed led (making money is the game) and very few even consider the technology behind the products they are buying into. Hype and marketing and the chance of rapid returns distract the mind from using Logic and Reason. Sound first principles are forgotten and replaced with the hopium of huge percentage returns.
We urge our readers to go back to the fundamental basics of understanding Bitcoin is the only valid Proof or Work system. Everything else is essentially a gamble or a trade.
All other issued Coins or Tokens are essentially securities and have issuance / control and “leaders” all susceptible to a huge myriad of regulatory and financial restriction, action and risk.
You can’t call the CEO of Bitcoin!
Stay savvy, don’t play with fire.
HODL and Stack, play the long game!
The Wealth Gap