You did not imagine that with the inflation of DeFi projects and of total supply, circulating supply for each DeFi project, price of token will be damaged dramatically. It is the fact and you can not avoid it.
You entered with high price, and get loss now. I don't know the % or times of loss you have currently with DeFi but if it is in % (less than 50%) you can think of exit when they bounce back. If the loss is in times, sure you have only one choice, hold.
Holding them can cause you more loss if current loss is < 50%. More tokens in circulating supply, more loss for you because more sellers will dump their tokens.
Topic: I regret selling BTC for entering DeFi. HODLing is the way! - page 5. (Read 751 times)
I'm the smallest defi fan in my world but... I thought you don't sell BTC to get into defi, you just "wrap" it up and get some defi token to play with, and then redeem it back for BTC?
I mean, isn't that the whole premise of Bitcoin defi that you don't have to let go of your BTC to pretend you're farming meaningless tokens?
In any case, hope it wasn't too expensive a lesson to learn. Don't forget to use as you hodl too;)
I mean, isn't that the whole premise of Bitcoin defi that you don't have to let go of your BTC to pretend you're farming meaningless tokens?
In any case, hope it wasn't too expensive a lesson to learn. Don't forget to use as you hodl too;)
Your mistake was entering a very risky and shady investment with all the bitcoin you had. You could have just tested the waters using a smaller amount such as 0.1 instead of 1 bitcoin.
Your other mistake is that when you saw the useless token was dumping and bitcoin was rising you still didn't do anything about it for over a month. The correct move would have been to cut your losses early, dumped that token and came back to bitcoin again.
Your other mistake is "investing" in shitcoins instead of trading them. Basically any method that involves you locking some money in an altcoin for any long period of time (yield farming, staking, or any other buzzword the shitcoins use) is a terrible idea. Altcoins are only good for short term trading.
Your other mistake is that when you saw the useless token was dumping and bitcoin was rising you still didn't do anything about it for over a month. The correct move would have been to cut your losses early, dumped that token and came back to bitcoin again.
Your other mistake is "investing" in shitcoins instead of trading them. Basically any method that involves you locking some money in an altcoin for any long period of time (yield farming, staking, or any other buzzword the shitcoins use) is a terrible idea. Altcoins are only good for short term trading.
I learned the hard way that Hodling BTC is the only way. I wanted to grow my BTC so i sold my 1BTC @32K a month ago and put that money in DeFi for yield farming in those high APY. I took some losses and some gains. Now BTC jumped 47K. If i would have just HODL all this way i would have more USDT then if i buy BTC now. Lesson i Learned: Yield farming is useless. People put so much at risk entering smart contract not to mention the daily time waste. Just HODL and you would have more more money than anyone yield farming in long run.
We wont find it coming until we cross the line and you have just want to explore the market and no wrong about that.I assume that at least you did not lose that whole 32k because you mentioned that you already have Loss and Gains so that means you enjoyed the trade right?
you are just feeling bitter seeing the Rise of bitcoin again but if this not happen ? for sure you are happy in that Defi thing.
but indeed , that Only Bitcoin has assurance and safeties , so the next time try to be patience and calm.
Not your fault, I expected the prices to increase by more than 40k mid year but Elon bought 1.5 billion worth of bitcoin and here we are, in a hindsight you could have hodl but there is no point in regretting it too much, you didn't know that the prices will go up real fast and you are already earning in DeFi, we always magnify our failures when there is a lot of things that we achieved and we don't appreciate them.
More experienced users were always warning newbies to stay away from things like DeFi and ICO that are completely unpredictable in short term and are bound to underperform in the long run because of their bad fundamentals. People like Elon Musk or Michael Saylor would never invest billions in some risky centralized platforms that have nothing but empty promises. It's rally not surprising that Bitcoin outperformed high-yield DeFi. "In retrospect, it was inevitable".
I learned the hard way that Hodling BTC is the only way. I wanted to grow my BTC so i sold my 1BTC @32K a month ago and put that money in DeFi for yield farming in those high APY. I took some losses and some gains. Now BTC jumped 47K. If i would have just HODL all this way i would have more USDT then if i buy BTC now. Lesson i Learned: Yield farming is useless. People put so much at risk entering smart contract not to mention the daily time waste. Just HODL and you would have more more money than anyone yield farming in long run.
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