Monday, 8 January 2018

Did I just upgraded to a crypto-fund manager? LOL

The cryptocurrency market had never failed to surprise me. With many fresh funds coming in today, the cryptocurrency market capitalization continues to scale higher. As I'm writing this today now, it is standing at $783,950,270,825.

Seriously? 783 billion?!

Yes. That is right. Please take a look:
From coinmarketcap.com
You know that this game is going to to get started when news all around are reporting about cryptocurrency. Now it's getting worse! People are all starting to get involved and throughout the past few weeks, I've been asked by many people the same few questions. The amount of funds coming into this game is unreal to the extent that Binance stopped accepting new users LOL! (link here)

'Have you heard of Bitcoin?'
'Do you play crypto?!'

My answer towards them are the same - No, I don't :)  

To be honest, it's not that I'm selfish to not share with them on my journey in cryptocurrency this far. I just do not want to be personally involved with their affair in cryptocurrency. 


Following which, I asked them a couple of questions. But it seems to me that the situation is starting to worsen as many of the 'new birds' in this game have no experience and is totally unaware of things that is going on which is rather frightening. 

Among those who have asked me, I would have believed that they have do some simple research to know about the different coins in the market. However, I'm very surprised to receive one common question - 'Ripple is so cheap. It's only $2, while Bitcoin is $16,000. It had risen 1000% over the last month, it's gonna be the next Bitcoin and I'm going to be a millionaire when I sell at $16,000 next year' 

LOL. Probably, I should do a write up on this issue soon. 
Anyway, back to being a fund manager..



I remember speaking to one of my friend earlier not long after I've started with this journey and I've written briefly about it in one of my post (link). Shortly after, something funny happened and I received a call from him telling me that he and some of his friend had pooled a sum of money for me to do the work for them as I 'have some experience' with cryptocurrency

LOL..Wait.. I've just upgraded to a funds manager?!!

Obviously, I've rejected the offer and told this friend of mine that I'm no longer involved in cryptocurrency anymore and feel the bubble will be bursting :) 

Right after the call, I'm laughing and scratching my head at the same time. 

Please take note that I'm not here to advocate on cryptocurrency and I DO NOT recommend investing in cryptocurrency.

8 comments:

  1. sleepydevil,

    Remember this experience next time you migrate to other asset classes ;)

    That's how your seniors lost money "investing":

    Wow! Tech stocks so hot! Buy, buy, buy! Then Nasdaq crashed in 2000.

    Wow! Property flipping is easy! Then the 2008 Sub-prime came.

    And locally, China stocks super hot! Everyone chase S-chips! Now say S-chip people scared...

    Water stocks? Flavour of the year once. Now...

    Mynmar stocks fever anyone?

    The O&G play of the month... What Ezra, what Ezion...


    Everyone wants the easy money; no one wants to put in the effort.

    Now you know how easy it is to entice those with greed to fall into scams ;)


    ReplyDelete
    Replies
    1. Hi Jared,

      Indeed, this experience is truly out of the blue and remarkable. I guess, I entered the market at the right time before 'the next 10 year come', which in a way, my lesson might be faster and earlier than most around the same age.

      As much as I try to do a review on previous market crash, this is the true feeling of being in the situation of an ever-running bull market LOL!

      Delete
  2. Replies
    1. Hi KPO,

      Truly.. it makes me wonder if I'm having a funny friend. Or am I the funny one :(

      Delete
  3. Replies
    1. Hi UN,

      Sounds like a nice way to get another stream of income hahaha! But, I better not get involved with them!

      Delete
  4. I'm facing the same situation too! honestly am so sick of helping people buy, my answer is gonna be a firm NO from now on. I literally wasted 2 hours of my life (which I could have spent reading whitepapers) trying to explain to someone who asked me to help buy bitcoin why I can't guarantee the price of bitcoin, why I cannot guarantee how fast they'll receive the transaction in their wallet, and why we can't reverse the transaction or pay more to "jump queue" for "processing" if it gets delayed because network gets clogged up. not to mention why there's a fee charged by the exchanges for buy/sell trades, a withdrawal fee, and also margin spread if they buy OTC.

    ok rant over -.-

    ReplyDelete
    Replies
    1. Hi Budget Babe,

      Indeed. Due to the tedious process of getting an account now, I've in fact been told by several friends that they would like me to help them with buying certain coins and sending it to them to their wallets.

      Despite even till this moment, I have not helped anyone this far with the purchase of any coins, I've received questions as per your comment above.

      'Why have I not received my coins?'
      'How come it takes so long?'
      'Is my money gone? Shit'
      'Why am I charged 0.01ETH for withdrawal'
      'Why do DBS charge me for withdrawals'
      'In that case, wouldn't it make me lose money if I withdraw?'

      Damned.

      Delete