We Knew This Would Happen

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It’s like you’ve seen the movie. You know how it goes. And yet you pull the trigger, because you’re afraid of missing out, or you think this time is different, or because you think you’re smart enough to avoid the potholes on the road seemingly everyone else has traveled before you.

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It might even go well for a while. But then, almost inevitably, splat! The thing that happened to everyone else happened to you, despite your smarts, despite not wanting to miss out. It does beg the question, why do sometimes we do things we do, even when we know they’re likely to end badly?

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I’ve been thinking about this hypothetical dinner at Masa a lot lately. Not because I would ever pay this amount of money for a meal, but because I recently lost $500 more than the price of this meal after buying some altcoins that collapsed in price earlier this year.

Late last year a friend of mine who had made 10x in crypto in 2021 tweeted about what coins he was recommending for 2022. Having no exposure to the space, I saw his tweet and thought it was about time for me to get involved.

So, I took less than 1% of my net worth and let it ride on a few of these coins. After all, what’s the worst that could happen? Well…I found out.

Almost immediately after I bought the altcoins in early January, the market started to unravel. To stop the bleeding, I exited my positions in late February. When all was said and done, I had lost 70% in less than 6 weeks.

But the ironic part of my altcoin experiment was that I knew it was a bad idea, and yet I did it anyways. In fact, I had written about why the crypto market was overhyped back in November 2021. I had written about how things had gotten a little too far ahead of themselves.

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