Definitely Not Financial Advice
I got in to crypto around the ATH (All Time Hype) of Bitcoin between December 2017-March 2018. Probably the worst time to get sucked in to this wild west of finance and blockchain technology and spend some of that money... which I definitely should have saved for even more travelling but that's the beauty of hindsight!
Thankfully, I held on for the last 2.5 years and am actually about 25-30% up overall although looking at the list below, it might be hard to believe! I'm sure we have all made some absolute shockers when it comes to buying our bags of shit! There's no point in even selling these hodlings because... well... I can't!
This is definitely not financial advice and doing this purely for a laugh... because I can laugh it at now. I certainly wasn't laughing when I saw a 95% drop in my total portfolio though! Let's have a look!
Dogshit 1 - Musicoin
Being a music producer and co Founder of a global electronic music community of 150+ musicians, I was sold on the idea of musicians finally getting some fair compensation, at least for streaming of their tracks compared to Spotify, Soundcloud, Youtube and the like! I stumbled across musicoin through @atomcollector and saw that their coin was $0.02 and you can earn this through fans streaming your music, along with tipping others so we can all get our pizza.
They didn't really seem to listen to user feedback, kinda developed a mobile app but never had playlists and it wasn't really a smooth user experience after all the potential and road map developed. Once the Cryptopia exchange collapsed, there didn't seem to be any drive from the team to get listed on another exchange and so there was no way to buy or sell the token. I have no idea what's going on with that project any more or if it's still going but as an investment... whoops!
Down 95%
Dogshit 2 - Reddcoin
Sold on the idea of a social tipping token, this seemed to be a good looking project and one of the first I came across that was looking to tip content creators. Saw the price and thought, damn, that's really cheap, I'll get some and use it to tip some of my favourite musicians on their FB page.
Couldn't figure out how to do that, wasn't too versed in crypto mechanics and kinda lost the interest/ability on what to do with them so just got myself a paper wallet and shoved it all in there and check my blockfolio from time to time, sadly.
Down 94%
Dogshit 3 - Lisk
No idea why I bought some of this, seemed like a promising coin for developing applications on from what I remember but I'm not a developer so was a bit of a punt... certainly hasn't paid off!
Down 95%
Dogshit 4 - Ark
Again, seemed like a great concept with an all-in-one place for all blockchains to become intertwined, can't even remember how I would access the coins I bought but looking at blockfolio, not really much point in that!
Down 94%
Dogshit 5 - IOTA
I liked the sound of the tangle technology and seemed to be an interesting concept. At the time, there were links with Amazon on this and so naturally, I lunged straight in to the hype trap. The hacks on the network probably haven't helped, don't know if I even still have my tokens but I remember moving them on my ledger nano s so hopefully they're safe, shame they aren't worth anything!
Down 92%
Dogshit 6 - Digibyte
I was speaking to my friends about this one which peaked my interest as a gamer as I used play quite a lot. They were mentioning on how Digibyte at the time was looking to integrate in to the gaming market and if I remember rightly about Call of Duty but that could have just been a shot of hopium more than anything! Think it's still going and calls itself one of the "original blockchains" but we know that BTC really is the original! One thing that's original is the amount I'm down with this one as well although from the list above, it sounds like a profit lol!
Down 68%
Dogshit 7 - Cardano/ADA
As I was saying to @chekohler - fucked by FOMO here lol! With potential for financial institutions to use it and build their dapps on, it seemed to be growing in popularity and a good choice. Again, I did say this was definitely not financial advice right?
Down 67%
Dogshit 8 - RaiBlocks/Nano
Sold on the instant and free transactions with this "lattice" blockchain idea and again, combining different chains a bit like ARK, I thought this would be a good one as well due to seeing non-stop fees with BTC with every transaction. Seems I was sold up the river here...
Down 94%
Conclusion
This is the wild west of money and I've definitely become a lot more cautious about what I spend my money on over the last 2.5 years. There's been plenty of lessons learned and I've put enough of my money in to crypto now (about 33% of my total net worth, which is not a lot LOL) that I'll be looking at other investments and hope not to see 90+% losses! Certainly grateful for the stomach boosting resilience it's given me though!
As always do your own research and give me some chocolate - LOOK AT THOSE LOSSES! Haha! This post is to be read in jest so keep your tribalism to yourself - I know what you crypto folks are like!
So what complete dog shit crypto coins have you bought but wish you hadn't?! Let me know in the comments!
Nicky