5 Brutally Honest Lessons I Learned After Losing Thousands in Celsius and Voyager
Celsius filing for bankruptcy protection one month after pausing customer withdrawals surprised absolutely nobody. Here’s what I’ve learned.
Many people have a tequila story. You know the one- They don’t drink tequila because…(insert story here) happened after tequila shots. I’ve got a similar story with spiced rum. I was in college, trying to impress some new friends, and I drank nearly an entire bottle of Captain Morgan’s Spiced Rum. I forgot most of what happened that night, but when I awoke the following day in my apartment’s hallway in my boxers, I immediately realized I had failed to impress anybody.
You can probably guess the sickness that followed. I haven’t drank a sip of spiced rum since that night. Sometimes, you must drink into a drunken stupor to learn an alcohol lesson. Unfortunately, I have to lose thousands of dollars worth of crypto to learn financial lessons. The sickness I’m feeling is less in my stomach and more in my brain’s anxiety and stress centers. As a form of personal therapy, I’ll share some of the brutal lessons I’ve taken away from this experience.
A quick note on lessons and why I have written this article
I‘ve learned a lot of lessons in crypto over the past year. However, I believe it’s important to recognize our mistakes to avoid repeating them. For example, during my 2018 portfolio decimation, I learned that Bitcoin and Ethereum should be the cornerstone of my crypto portfolio build. I had next to no exposure to Bitcoin and a slight amount in Ethereum during the last bear market, and during this bull market, I continually accumulated Bitcoin and Ethereum.
I believe building a portfolio on Bitcoin and Ethereum is one gigantic lesson I learned from my first foray into crypto. This lesson served me well as I have avoided destruction and wreckage during this bear market (so far) because of my continual accumulation of Bitcoin and Ethereum. That said, this article may have a cynical tone, but its purpose isn’t to merely rant.
I have three goals with this article: 1) If you have lost money from Celsius, Voyager, Vauld, UST, or any other…