left: Retail investors new to crypto, photographed December 2017
right: The same people, photographed February 2018 pic.twitter.com/Mgf6FvPCwY
— LIL CO฿IE (@CryptoCobain) February 12, 2018
Remember when people used to be so hot about crypto?
I guess with the market still down from all time highs, a lot of that heat has dissipated away and along with that, lots of newbie money just lost in this sea of red.
Strangely, I am not too affected. Reason being is that I came in early enough and heavy enough that the average cost of my positions are still deep in the money.
For the new people, especially those that plunged into Bitcoin without understanding it’s investment thesis, they got destroyed.
Why were people plowing into $20k BTC when fees were pushing over $20 USD per transaction? Now the price has dropped 50% to ~$10,000 and transaction fees have plummeted and amazing …