Earlier this year, when the Dow
was riding high, there was a curious — and completely disturbing — trend taking shape across the internet: Freshly-minted millionaires were bragging about their returns by posting screenshots of their 401(k)s.
Let’s just say, that’s not happening in the cryptocurrency space these days, considering the group’s market cap has been halved since the start of the year.
To some, the derailed crypto freight train comes as a bit of a relief, because it means less of this kind of “satire” from guys like Erik Finman, who reportedly turned $1,000 worth of bitcoin into $4 million:
whipsaw reversal has been well-chronicled, but it’s the other digital currencies that the 600,000-plus members of Reddit’s busy cryptocurrency community were talking about when someone suggested, “Let’s play a game called ‘How much down is your (alt) portfolio?’”
Sounds like fun, right? Not to everyone:
But the crew tried to keep a sense of humor about it, which isn’t easy in light of the steep losses that have befallen some of the lesser-known cryptos.
Brockm92: “I’m no longer planning to buy my own island.”
Doubleplugger: “I have decided to aim for a Lego Lambo.”
Kite66: “100% down….don’t ask how. When food?”
AugustusCactus: “$70k –> $9.5k currently”
Others shared the details of their demise.
Markhalliday8: “I’m down 70%. Coss, Icon and Ripple are my main investments with Icon being destroyed on a daily basis for no apparent reason.”
Monsieur_Albert: “Feeling for everyone that bought PBL at ATH like me, more or less 95% down hahaha – haha – ha… * silently sobbing *”
Then there’s THIS portfolio of horrors:
For now, the bravado seems to have been, for the most part, sucked out of the group. But that will likely only last until the next double-digit rally.
At that point, expect more of this: