How I just lost $20,000 in the dumbest way possible
If you are into crypto currencies, you probably heard of the the ZCL fork.
Basically, everyone bought ZCL because it was about to be duplicated into BTCP (Bitcoin Private) in the end of February.
To make it simple, there were 2 possible smart moves to do:
Selling at the All Time High (ATH) right before it drops because of the fork
Moving the ZCL from the exchange to a private wallet for them to be «snapshotted» so you can claim your free BTCP after
At the ATH, I had $25,000 worth of ZCL. It was about 6x what I bought them.
My plan was to get the BTCP for free and to sell all of my ZCL after.
You already guessed what happened?
Nothing.
I didn’t know the exchange was not supporting the fork and left my ZCL there on Cryptopia.
More irony: 3 days ago I was taking all of my coins from the exchanges to get them into private wallets. And I just forgot my ZCL.
That’s the best illustration of why you should do things for which you can actually give enough time and attention to do it well.
I could complain and blame myself for a while about those $20,000.
And some may even argue that I technically didn’t lose them since I never sold the coins anyway.
But that wouldn’t change anything.
It’s lost.
The only thing to do is to move on and focus on the next steps, while keeping in mind this 5 figures lesson.
Sorry to hear that. We are only in the beginning of this asset class, while now it feels like a big loss. I am sure over time it will be nothing more than a funny story to tell in the future.
Onward and upwards!
I also think it will go up in the future. Thank you for your valuable comment.
That does suck, I guess its a hard earned lesson.
I also own some ZCL but bought it after the fork figuring it may go up in the future. At one point the discrepancy in price between Bittrex and Cryptopia was huge, and I found myself technically 50% up.. for a while.
However, the gap narrowed to nothing, and now I'm around 20% down. I learning all about this too, what to do and what not to do!
I think if we both wait, ZCL will go back up... just need to be patient.
Yes, patience is the key to success. We learn from our mistakes only.
And now if I buy a new coin selling zcl, and if the coin goes further down from my buying point then I will be at more loss. So, I will wait for some time.
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