Ooooh, bull market memories
Ooooh, bull market memories
As above, I don't want to name the project for security reasons (probs paranoia but still...). Not SOL! Far smaller project even at its peak.
It was a fair launch with no VCs and no presale (a clue!). He didn't know the guys who launched the project, but met a well respected person in the industry at a conference who was effusive about its prospects when it was trading at a 2m or 3m market cap (trivially small). So his 20k was actually a somewhat material proportion of the total.
Certainly a fairly extreme example but there were many other 100x's and a quite a few 200-500x. I remember hanging out in the Thorchain discord were some of the node operators had dropped 100k into RUNE at 0.01 to 0.03 and then seen it go to a high of 20. Ridiculous.
Another friend of mine was one of the first LPs in Curve in January 2020. He was a little unsure about smart contract security so was only comfy risking 10k in there, almost as an experiment.
Fast forward to the CRV airdrop in August 2020, where Curve is now established with 100s of millions in LP (soon to be 10+ billion). Airdrop rewards LPs retrospectively. My friend's peak value of his airdrop? Over 15m. Ridiculous.
I guess he only realised perhaps 3m as it vested over 12 months and price came quickly down from that peak, but he realised that 3m in the early to middle part of a bullrun for the ages and was very active there, so God knows what he ended up with now. I don't think there will ever be another 2020/2021 for these extremes of crypto prices fluctuations and early access for retail ppl.
Have any of your friends cashed in yet? or tried to cash in? Was these millions in value just paper wealth as nobody would be stupid enough to buy at these peak prices?
I'm curious how these people buying obscure coins can convince someone to buy at clearly ridiculous rates when surely the point for most speculators is to buy cheap?
Completely agree. Not sure I'd be encouraging anyone to buy CRV or CVX now though.
Yes, everyone I speak to regularly has cashed in significantly (group of 4 or 5 of us).
The guy who locked up his coins till September was only happy to do so as the outcome didn't matter for his day to day life. I don't know of anyone who market dumped the absolute top as that's almost impossible, and hence it is a battle to not get too attached to peak net worth.
I'm sure there are many, many people who never sold anything and are down 70-95% from 6 months ago.