Admiano
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From December 2022 to February 2023, Mike turned his $13,000 portfolio into $72,000. Fast forward to July, Mike has less than $4,000 in his wallet.
Let's find out how that happened. We'll also see lessons we can learn.
The bottom was in, and Mike saw the opportunity to make it big. But he needed to convince his wife before putting much money in, as any failure would harm the family.
After a very long conversation, his wife agreed to it. His plan worked, and he made a killing with BTC leverage long. His wife told him to sell, and he promised to do so.
He didn't.
He round-tripped everything, and he's too ashamed to tell her what happened.
The Lessons?
🔸 He didn't practice risk management
🔸 He didn't take profits
🔸 He was overconfident
There are many traders out there like this. Don't be one of them.
#Admiano
Let's find out how that happened. We'll also see lessons we can learn.
The bottom was in, and Mike saw the opportunity to make it big. But he needed to convince his wife before putting much money in, as any failure would harm the family.
After a very long conversation, his wife agreed to it. His plan worked, and he made a killing with BTC leverage long. His wife told him to sell, and he promised to do so.
He didn't.
He round-tripped everything, and he's too ashamed to tell her what happened.
The Lessons?
🔸 He didn't practice risk management
🔸 He didn't take profits
🔸 He was overconfident
There are many traders out there like this. Don't be one of them.
#Admiano
"I made over $2,000 from Arbitrum ARB Airdrop. This was life changing money for me here in Ghana where I live. Today, that money is gone, and I have no idea what to do"
How did Adjo manage to lose all that money? For context, $2,000 is 22,564 Ghanaian cedis. Enough money to pay university fees for a year, get a car or start a small business.
So yes, it was life changing money for Adjo.
He was very excited when the airdrop was given, and he quickly sold the tokens like most persons did.
Then he thought: "What if I just do a 10x leverage on SOL, that will give me $20,000, and I'll never be poor again."
He opened a 10x SOL long. SOL dropped more than 20% sometime later, and he got liquidated.
This is a lesson in protecting capital. SEI and CYBER will do an airdrop soon, do not be like Adjo. Use the money wisely.
#Admiano
How did Adjo manage to lose all that money? For context, $2,000 is 22,564 Ghanaian cedis. Enough money to pay university fees for a year, get a car or start a small business.
So yes, it was life changing money for Adjo.
He was very excited when the airdrop was given, and he quickly sold the tokens like most persons did.
Then he thought: "What if I just do a 10x leverage on SOL, that will give me $20,000, and I'll never be poor again."
He opened a 10x SOL long. SOL dropped more than 20% sometime later, and he got liquidated.
This is a lesson in protecting capital. SEI and CYBER will do an airdrop soon, do not be like Adjo. Use the money wisely.
#Admiano
Between December 2021 and June 2023, Liam lost 90% of his portfolio by selling all he had and going all in on BSV.
He soon learned a lesson: not to go against the trend and also not to chase after wild goose.
Liam saw tweets from Craig Wright where he claimed he was the founder of Bitcoin and that BSV is the real Bitcoin. Liam liked what he read and went on to spend two weeks doing deep research.
At the end of the two weeks, he was convinced BSV was the real Bitcoin. He believed BTC would collapse before the end of 2022 and BSV would take over, just as Craig predicted.
He sold everything he had and bought $BSV at around $375 each. BSV is now $35, with no hope of ever replacing Bitcoin.
Liam is hoping BSV goes up a bit so he can sell and move on.
💡Never invest based on other people's opinions.
#Admiano
He soon learned a lesson: not to go against the trend and also not to chase after wild goose.
Liam saw tweets from Craig Wright where he claimed he was the founder of Bitcoin and that BSV is the real Bitcoin. Liam liked what he read and went on to spend two weeks doing deep research.
At the end of the two weeks, he was convinced BSV was the real Bitcoin. He believed BTC would collapse before the end of 2022 and BSV would take over, just as Craig predicted.
He sold everything he had and bought $BSV at around $375 each. BSV is now $35, with no hope of ever replacing Bitcoin.
Liam is hoping BSV goes up a bit so he can sell and move on.
💡Never invest based on other people's opinions.
#Admiano
Many times, some of the Twitter accounts with smaller followers give better and more accurate crypto analysis than the bigger accounts.
I've heard of people's experiences where a call from a small account turned out well for them. One such experience is that of Awawa.
Awawa subscribed to the paid group of a Twitter influencer who has over 300k followers. Three months went by, and he was down 30% in his portfolio.
One day, Twitter (X) suggested a tweet of a SOL long chart from an account with 734 followers. Awawa looked at the chart, and the analysis was good. He took the trade and made a 33% profit.
Within six months of copying this trader, Awawa turned $900 into $22,000!
The lessons?
🔸Some small accounts have better alpha than bigger accounts
🔸Paid groups are no guarantees for profit
🔸Vet ever call
#Admiano
I've heard of people's experiences where a call from a small account turned out well for them. One such experience is that of Awawa.
Awawa subscribed to the paid group of a Twitter influencer who has over 300k followers. Three months went by, and he was down 30% in his portfolio.
One day, Twitter (X) suggested a tweet of a SOL long chart from an account with 734 followers. Awawa looked at the chart, and the analysis was good. He took the trade and made a 33% profit.
Within six months of copying this trader, Awawa turned $900 into $22,000!
The lessons?
🔸Some small accounts have better alpha than bigger accounts
🔸Paid groups are no guarantees for profit
🔸Vet ever call
#Admiano
Have you ever been tempted to sell something valuable so you could invest in crypto?
If you haven't, maybe you shouldn't. Such risks may work out, yes. But if it doesn't, it can be very ugly.
That's true in the case of Taofeek. Taofeek is a mechanic, and he's very hardworking. He has a beautiful wife, and a healthy son.
In his spare time, Taofeek trades crypto. One day, he saw a tweet of a Punk NFT collection on a new chain. Hoping it would be the next Crypto Punk, he decided to buy. He didn't have up to 2 ETH to mint, so he sold his wedding ring.
Two weeks later, the project rugged. Money gone, ring gone. Whenever his wife asked, he would lie that he forgot it at his workshop.
Eventually, he took a loan to get another ring. His wife found out, and she got mad.
What have you sold to invest in crypto, and why?
#Admiano
If you haven't, maybe you shouldn't. Such risks may work out, yes. But if it doesn't, it can be very ugly.
That's true in the case of Taofeek. Taofeek is a mechanic, and he's very hardworking. He has a beautiful wife, and a healthy son.
In his spare time, Taofeek trades crypto. One day, he saw a tweet of a Punk NFT collection on a new chain. Hoping it would be the next Crypto Punk, he decided to buy. He didn't have up to 2 ETH to mint, so he sold his wedding ring.
Two weeks later, the project rugged. Money gone, ring gone. Whenever his wife asked, he would lie that he forgot it at his workshop.
Eventually, he took a loan to get another ring. His wife found out, and she got mad.
What have you sold to invest in crypto, and why?
#Admiano
Sometimes, put happiness doesn't result from the success we have in our trades. Today, many successful traders are depressed.
Consider the case of Omar. Omar was one of the few who have been very successful in crypto.
In March 2022 when Algod and GCR made their $22 million bets with with Do Kwon that LUNA price will drop, Omar opened a LUNA short on Binance.
Few months later, following LUNA crash, he became a millionaire. You might think he would be enjoying his life by now.
He actually did. He got a nice house for himself, bought everything he ever wanted. Somehow, he is depressed.
Can you imagine that?
Money isn't everything, yes. So what can help anyone avoid the same situation?
I think it's a matter of perspective, and being grateful. We need to spend more time appreciating what we have.
What do you think?
#Admiano
Consider the case of Omar. Omar was one of the few who have been very successful in crypto.
In March 2022 when Algod and GCR made their $22 million bets with with Do Kwon that LUNA price will drop, Omar opened a LUNA short on Binance.
Few months later, following LUNA crash, he became a millionaire. You might think he would be enjoying his life by now.
He actually did. He got a nice house for himself, bought everything he ever wanted. Somehow, he is depressed.
Can you imagine that?
Money isn't everything, yes. So what can help anyone avoid the same situation?
I think it's a matter of perspective, and being grateful. We need to spend more time appreciating what we have.
What do you think?
#Admiano
My Binance account was compromised. All my long positions were closed, and the tokens I was holding were sold and swapped to BNB.
I was shocked. "Did I do anything like this in my dream?". No one else had access to my account, so what could have happened?
I looked at my withdrawal history, and there was no withdrawal. That's wired. When I went to check on my NFTs, I saw that all of my money was used to buy NFTs from a new collection.
I contacted Binance support immediately, and reported the matter to the police. I got a police report and sent it to Binance.
Two days later, all of my funds were returned to me, and Binance froze the account of the owner of the NFT.
My account was compromised because I didn't use 2FA, only my email and phone number. If you haven't set 2FA, please do. Stay safe.
As told by Felix
#Admiano
I was shocked. "Did I do anything like this in my dream?". No one else had access to my account, so what could have happened?
I looked at my withdrawal history, and there was no withdrawal. That's wired. When I went to check on my NFTs, I saw that all of my money was used to buy NFTs from a new collection.
I contacted Binance support immediately, and reported the matter to the police. I got a police report and sent it to Binance.
Two days later, all of my funds were returned to me, and Binance froze the account of the owner of the NFT.
My account was compromised because I didn't use 2FA, only my email and phone number. If you haven't set 2FA, please do. Stay safe.
As told by Felix
#Admiano
Leverage Trading Gone Wrong: Harsh Lesson In Risk Management
It's been four years in crypto, and I have been mostly profitable until recently. It hasn't been so smooth, though.
I have suffered a number of rug pulls, once had one of my wallets botted, and was scammed by a paid group leader. But I was always profitable.
The Good Times
I come from a family with a modest background, and my father always taught me to treat money with respect. I always did, even when I got into crypto.
I never made huge returns, but I always made profits. Isn't that what matters most? I used crypto profits to renovate my father's house, and also opened a provision store for my mother.
I wasn't living large, but I was comfortable. My ruthless approach to the market helped me a lot. I traded spot only, and I never bought any meme coins or newly launched coins.
Problem Upon Problem
I lost my day job due to COVID. But I was able to manage well with profits from trading. With increased responsibilities, the pressure to make more money kept increasing.
One evening, a close friend was in a tough financial situation. He reached out to me for help, but I was unable to. I felt bad, but there's nothing I can do about it.
My younger brother is now at the University, and he needs my support. I want to be his big brother in any way I can.
I Had To Take On More Risks
"I am a profitable trader", I thought to myself. "What if I just used leverage, just a bit? I will be able to make more money and meet my responsibilities". This was my thinking at the time.
I started using leverage and stuck to using no more than 3x. It was going well for me, and I was happy. I sent some money to my brother to assist with school fees, and he was grateful.
I led myself to believe I could make more money if I increased leverage. I increased to 5x, and soon I was using 10x leverage. I was making money here and there but also losing some.
Overall, it wasn't so bad.
I Blew It
I got so comfortable with using 10x leverage that I began thinking of using higher leverage. I tried 20x once and made 20% in a 1% move.
So I thought I'd take profit for every 1% move. I would be disciplined and stick to the plan.
I opened a 20x long one day, and I was looking at the chart. I noticed the chart wasn't moving anymore at some point. It had to be network issues, and it was.
I couldn't close the trade or do anything else. The network was horrible for almost 30 minutes. By the time the network was stable, I quickly opened my Exchange app to see what was going on.
There was a huge sell-off in the market, and I lost 75% of my portfolio.
Ever since then, I have never used leverage again.
If you enjoyed this story, do give it a like and share with others around you. Here at #Admiano I share crypto lessons in the form of stories, along with other analysis and market insights. Do well to check them out.
And while you're there, do well to follow me. Catch you later!
I have suffered a number of rug pulls, once had one of my wallets botted, and was scammed by a paid group leader. But I was always profitable.
The Good Times
I come from a family with a modest background, and my father always taught me to treat money with respect. I always did, even when I got into crypto.
I never made huge returns, but I always made profits. Isn't that what matters most? I used crypto profits to renovate my father's house, and also opened a provision store for my mother.
I wasn't living large, but I was comfortable. My ruthless approach to the market helped me a lot. I traded spot only, and I never bought any meme coins or newly launched coins.
Problem Upon Problem
I lost my day job due to COVID. But I was able to manage well with profits from trading. With increased responsibilities, the pressure to make more money kept increasing.
One evening, a close friend was in a tough financial situation. He reached out to me for help, but I was unable to. I felt bad, but there's nothing I can do about it.
My younger brother is now at the University, and he needs my support. I want to be his big brother in any way I can.
I Had To Take On More Risks
"I am a profitable trader", I thought to myself. "What if I just used leverage, just a bit? I will be able to make more money and meet my responsibilities". This was my thinking at the time.
I started using leverage and stuck to using no more than 3x. It was going well for me, and I was happy. I sent some money to my brother to assist with school fees, and he was grateful.
I led myself to believe I could make more money if I increased leverage. I increased to 5x, and soon I was using 10x leverage. I was making money here and there but also losing some.
Overall, it wasn't so bad.
I Blew It
I got so comfortable with using 10x leverage that I began thinking of using higher leverage. I tried 20x once and made 20% in a 1% move.
So I thought I'd take profit for every 1% move. I would be disciplined and stick to the plan.
I opened a 20x long one day, and I was looking at the chart. I noticed the chart wasn't moving anymore at some point. It had to be network issues, and it was.
I couldn't close the trade or do anything else. The network was horrible for almost 30 minutes. By the time the network was stable, I quickly opened my Exchange app to see what was going on.
There was a huge sell-off in the market, and I lost 75% of my portfolio.
Ever since then, I have never used leverage again.
If you enjoyed this story, do give it a like and share with others around you. Here at #Admiano I share crypto lessons in the form of stories, along with other analysis and market insights. Do well to check them out.
And while you're there, do well to follow me. Catch you later!
How much capital do you need to start trading?
What strategy is the most profitable?
What are the best trading tools?
Satoshi Flipper, one of the most profitable trader, and who has been around since 2017, shares his insights. You can benefit too!
Don't be stingy though, like and share with others. Alright, let's dive in!
💡On how much capital you need, he said, "Capital is relative"
He highlighted the following:
🔸 Education
🔸 Execution
🔸 Planning
🔸 Patience
💡His most profitable strategy? He said to always be "flexible, as things changes quickly!"
💡But he uses basic technical analysis plus fundamentals. And that has worked for him.
All in all, his biggest advice is to educate yourself and keep grinding. This is the only way to win.
If you found this helpful, like and share with others.
#Admiano
What strategy is the most profitable?
What are the best trading tools?
Satoshi Flipper, one of the most profitable trader, and who has been around since 2017, shares his insights. You can benefit too!
Don't be stingy though, like and share with others. Alright, let's dive in!
💡On how much capital you need, he said, "Capital is relative"
He highlighted the following:
🔸 Education
🔸 Execution
🔸 Planning
🔸 Patience
💡His most profitable strategy? He said to always be "flexible, as things changes quickly!"
💡But he uses basic technical analysis plus fundamentals. And that has worked for him.
All in all, his biggest advice is to educate yourself and keep grinding. This is the only way to win.
If you found this helpful, like and share with others.
#Admiano
The Crypto Trap: How Tom Lost It All To Binance FUD
This is Tom. Tom is in great despair with no one to console him. He listened to a Binance FUD, tried to play smart and lost his entire life savings in the process. How did that happen?
Chad Tom Makes Crypto Gains
Tom got into crypto for the first time in 2020. He bought $BNB at $13, some cheap $SOL, $DOGE and $FTM on Binance. He held all with his diamond hands through the bull run and sold at the top. He's smart.
When Bitcoin took a dip, he stopped trading and kept all his funds on Binance. He made his money on the exchange, and trusted the exchange. I mean, why not?
What Tom knows how to do best is buying dips, hold and sell at the top. That was his plan for the next bull run, until something happened.
The Waves Of Binance FUD
Time was scrolling through Twitter one day and he stumbled on some Binance FUD. One of the news said Binance was insolvent. Another said Binance was commingling user funds.
Initially, he believed it was just one of those FUDS that pops up every now and then. Few days later, however, he saw a tweet that said CZ haven't tweeted for more than 19 hours, that he must've been arrested.
Tom got scared and decided to withdraw all his funds to his wallet. It's his money, so he can do whatever he likes with it. But something happened.
Tom wanted to deposit his money in a lending protocol to earn some yields. He felt his money will be safer that way till whenever he is ready to buy dips again.
All Money Lost, No Hope For Tom
His money was on the BSC network, but the lending protocol is on Ethereum network. So, he decided to use a bridge to transfer his money over.
What bridge did Tom Use? None other than Multichain, the bridge his friend recommended. Tom made the transfer and was waiting to receive his funds on the Ethereum blockchain.
Two minutes, 10 minutes, 1 hour... the funds never arrived. Tom was wondering what was going on. He asked his friend, Jude, who recommended Multichain to him what could be wrong. Jude told him to wait a while, that such transfers may take much time sometimes.
When Tom couldn't take it any longer, he went online to find out if anything was wrong with Multichain. What he found out shocked him to his bones.
He soon found out that the bridge was paused as a result of an exploit that saw $120 million stollen, weeks after the founder was arrested for fraud. Tom's funds was gone, and there was nothing anyone can do at this point.
Money he had held on Binance for almost two years, now lost just the one time he decided to withdraw. You can imagine how Tom was feeling at this point.
On top of it all, CZ later tweeted that day, and he has been active since. Apparently, it was all a coordinated attack on Binance. Maybe to drive prices down, or for some other reasons we will never know.
Are There Any Lessons We Can Learn From Tom?
Oh yes. Many actually. I'll share some, and you can add yours in the comment section below.
Never take action based on FUD. When in doubt, verify
Don't make huge decisions with emotions
Before transferring large amounts, always send a test transaction
What did you learn from Tom? Share your thoughts below.
If you enjoyed this story, do give it a like and share it with others around you. Here at #Admiano I share crypto lessons in the form of stories, along with other analysis and market insights. You would do well to check them out.
And while you're there, do well to follow me. Catch you later!
Chad Tom Makes Crypto Gains
Tom got into crypto for the first time in 2020. He bought $BNB at $13, some cheap $SOL, $DOGE and $FTM on Binance. He held all with his diamond hands through the bull run and sold at the top. He's smart.
When Bitcoin took a dip, he stopped trading and kept all his funds on Binance. He made his money on the exchange, and trusted the exchange. I mean, why not?
What Tom knows how to do best is buying dips, hold and sell at the top. That was his plan for the next bull run, until something happened.
The Waves Of Binance FUD
Time was scrolling through Twitter one day and he stumbled on some Binance FUD. One of the news said Binance was insolvent. Another said Binance was commingling user funds.
Initially, he believed it was just one of those FUDS that pops up every now and then. Few days later, however, he saw a tweet that said CZ haven't tweeted for more than 19 hours, that he must've been arrested.
Tom got scared and decided to withdraw all his funds to his wallet. It's his money, so he can do whatever he likes with it. But something happened.
Tom wanted to deposit his money in a lending protocol to earn some yields. He felt his money will be safer that way till whenever he is ready to buy dips again.
All Money Lost, No Hope For Tom
His money was on the BSC network, but the lending protocol is on Ethereum network. So, he decided to use a bridge to transfer his money over.
What bridge did Tom Use? None other than Multichain, the bridge his friend recommended. Tom made the transfer and was waiting to receive his funds on the Ethereum blockchain.
Two minutes, 10 minutes, 1 hour... the funds never arrived. Tom was wondering what was going on. He asked his friend, Jude, who recommended Multichain to him what could be wrong. Jude told him to wait a while, that such transfers may take much time sometimes.
When Tom couldn't take it any longer, he went online to find out if anything was wrong with Multichain. What he found out shocked him to his bones.
He soon found out that the bridge was paused as a result of an exploit that saw $120 million stollen, weeks after the founder was arrested for fraud. Tom's funds was gone, and there was nothing anyone can do at this point.
Money he had held on Binance for almost two years, now lost just the one time he decided to withdraw. You can imagine how Tom was feeling at this point.
On top of it all, CZ later tweeted that day, and he has been active since. Apparently, it was all a coordinated attack on Binance. Maybe to drive prices down, or for some other reasons we will never know.
Are There Any Lessons We Can Learn From Tom?
Oh yes. Many actually. I'll share some, and you can add yours in the comment section below.
Never take action based on FUD. When in doubt, verify
Don't make huge decisions with emotions
Before transferring large amounts, always send a test transaction
What did you learn from Tom? Share your thoughts below.
If you enjoyed this story, do give it a like and share it with others around you. Here at #Admiano I share crypto lessons in the form of stories, along with other analysis and market insights. You would do well to check them out.
And while you're there, do well to follow me. Catch you later!
Support And Resistance Explained In The Most Basic Way Possible!
You have heard a lot about the two words, support and resistance, and how it is used to make profit in crypto.
In this post, I'll explain what they are, why they are important, and how to use it. Your feedback is important to me. If you understand it, let me know in the comments section.
Support: The point where buyers are willing to buy. Usually, it's the same point buyers bought in the past.
Resistance: The point sellers are more likely to sell. It's usually the same point sellers sold in the past.
Why is it important?
💡 It helps you identify entry and exit points. Buy support, sell resistance.
How To draw your lines:
💡 When you look at the charts, your line should be drawn at the point where price had the most reactions. Either to the upside or downside.
Reversal to the upside is your support line. Reversal to the downside is your resistance line.
Note though: Support and resistance alone will not always give accurate results. But if you master it, you have gained one of the most important knowledge on your way to becoming a profitable trader.
Like share and follow!
#Admiano
You have heard a lot about the two words, support and resistance, and how it is used to make profit in crypto.
In this post, I'll explain what they are, why they are important, and how to use it. Your feedback is important to me. If you understand it, let me know in the comments section.
Support: The point where buyers are willing to buy. Usually, it's the same point buyers bought in the past.
Resistance: The point sellers are more likely to sell. It's usually the same point sellers sold in the past.
Why is it important?
💡 It helps you identify entry and exit points. Buy support, sell resistance.
How To draw your lines:
💡 When you look at the charts, your line should be drawn at the point where price had the most reactions. Either to the upside or downside.
Reversal to the upside is your support line. Reversal to the downside is your resistance line.
Note though: Support and resistance alone will not always give accurate results. But if you master it, you have gained one of the most important knowledge on your way to becoming a profitable trader.
Like share and follow!
#Admiano
Between Friday July 28, a total of 7 futures ETH ETFs have been filled, waiting for the SEC's approval.
And guess what? According to a Publication by Block works, "the SEC has indicated its readiness to publicly consider such a product."
What can this mean for ETH price?
When BlackRock filled for spot Bitcoin ETF, BTC price moved up 20% to a local high of $32,000. Will we see similar price action when ETH futures ETFs gets approved?
It's interesting to see what will happen, as they are all expected to be approved around October 16 this year.
It's looking like ETH will outperform BTC from here. What do you think?
Here are the firms that applied for ETH futures ETF:
Volatility Shares
Bitwise
Roundhill
VanEck
Proshares x 2
Grayscale
Imagine when institutions like Microstrategy starts buying ETH. The smell!
#Admiano
And guess what? According to a Publication by Block works, "the SEC has indicated its readiness to publicly consider such a product."
What can this mean for ETH price?
When BlackRock filled for spot Bitcoin ETF, BTC price moved up 20% to a local high of $32,000. Will we see similar price action when ETH futures ETFs gets approved?
It's interesting to see what will happen, as they are all expected to be approved around October 16 this year.
It's looking like ETH will outperform BTC from here. What do you think?
Here are the firms that applied for ETH futures ETF:
Volatility Shares
Bitwise
Roundhill
VanEck
Proshares x 2
Grayscale
Imagine when institutions like Microstrategy starts buying ETH. The smell!
#Admiano
When a coin makes an all-time high and then there's a pullback in price, when should you buy if you want to?
Consider the experience of Hamzai. Hamzai missed the ETH run to all-time high in November of 2021. ETH was above $4,800 at the time.
Many were tweeting that ETH was going to $10k, and Hamzai secretly believed this. However, he was waiting for a pullback to buy.
ETH dropped by 25% and was trading at $3,700 on February 15, 2022. He took out a loan of $20,000 and bought ETH with $10,000.
By the 25th of February, ETH had dropped another 30% to $2,600. Hamzai bought with the remaining $10,000.
He's still holding ETH today and doing three jobs to pay back the loan.
💡Understanding market cycle and structure would've helped Hamzai to wait and buy lower.
Should he sell or still hold ETH?
#Admiano
Consider the experience of Hamzai. Hamzai missed the ETH run to all-time high in November of 2021. ETH was above $4,800 at the time.
Many were tweeting that ETH was going to $10k, and Hamzai secretly believed this. However, he was waiting for a pullback to buy.
ETH dropped by 25% and was trading at $3,700 on February 15, 2022. He took out a loan of $20,000 and bought ETH with $10,000.
By the 25th of February, ETH had dropped another 30% to $2,600. Hamzai bought with the remaining $10,000.
He's still holding ETH today and doing three jobs to pay back the loan.
💡Understanding market cycle and structure would've helped Hamzai to wait and buy lower.
Should he sell or still hold ETH?
#Admiano
Can ICP Get Back To All-Time Highs?
ICP was one of the most promising crypto projects, with a vibrant community. Currently trading at $4.009 per coin, getting to all-time high of $2,826 will be 709x the current price. Can this ever happen?
In this episode of #CryptoForensics I'll cover:
What happened to ICP before and after launch?
How the ICP and Dfinity teams sold billions of dollars in tokens
Details about the $ICP tokenomics
The possible future of ICP
Let's dive in!
The Promise Of A New "Internet"
After waiting for over 4 years, Internet Computer launched its $ICP token. The price went to an all-time high of $2,826 that day, before dropping to a low of $375. Ever since then, the ICP price has been on a downward spiral, reaching an all-time low of $3.4 in December 2022.
The idea of ICP was to have an 'internet computer" that would replace not just Web2, but also Bitcoin and Ethereum. They called themselves the "NASA for decentralization," powered by the ICP token.
Two years after the token launch, the technology is still in the development phase. And you can tell how disinterested people are in ICP with the TVL it has at just $2.63 million, according to data from DeFi Llama.
$2.6 million in TVL
Predatory Tokenomics And Team Dumping Billions Of Dollars
Below are the details of the ICP tokenomics according to data from Messari.
ICP tokenomics
In a seed round in 2017, the team raised $3.9 million from 370 investors. All of their 115,986,694 tokens were released monthly from the day the token launched. They paid $0.03 per ICP in the round, and these people made between 12,000 and 50,000x on their investment after four years!
For context, a person who invested $10,000 would have made $120,000!
Arkham, which launched its $ARKM token on Binance, revealed in a report that the ICP team dumped billions of dollars on the market after launch.
“Our analysis has led us to believe that possible insiders connected to Dfinity have been dumping billions of dollars of ICP on exchanges at the expense of small early supporters and retail investors.” - Arkham
When the ICP team was asked about the investors' tokens being unlocked, they confirmed it in a tweet (Xeet), as you can see in the image below.
Following Arkham's report that the Dfinity team was selling $ICP tokens, Dominic Williams, the founder of Dfinity, confirmed in a tweet that 23.8% of the tokens were not locked, as seen in the image below.
Arkham's report revealed that they transferred 18 million ICP tokens worth $3.6 billion to exchanges from its treasury in May and June of 2021. This was aside from the team tokens, which comprised 18% of the total supply worth $31 billion at TGE, reserved for only 200 people.
What did the community get? 0.8% of the supply is to be shared by several thousand. And if you ever wondered why almost no one is building on ICP, that is because only a meager 0.48% of the token supply is reserved as incentives for developers. This is less than $10 million at the current price, while the team sold billions.
What Does The Future Hold For ICP?
This is crypto, after all, so it's hard to be accurate. We often forget things very quickly. But we won't forget what ICP (Dfinity) and its team did. For the following reasons, I am of the opinion that ICP will slowly fade away, just like Elastos ad projects with similar business models faded away.
The idea of having everyone in the world using their "internet" is unrealistic
The team selling billions of dollars of tokens is a lack of confidence in what they are building
With no incentives for developers, no one will build on the chain
The world is a better place without ICP and its drama
ICP price may yet go up when the next bull run starts. Before you invest more than you can afford to lose, remember that the team still has tokens to sell, and some investors still hold tokens that are still up 130x, even though the ICP price has dropped 99.8 percent!
If you love analysis like this one, do well to share your thoughts below. Like, share with others, and do well to follow me #Admiano
This article is for educational and entertainment purposes only, not financial advice.
In this episode of #CryptoForensics I'll cover:
What happened to ICP before and after launch?
How the ICP and Dfinity teams sold billions of dollars in tokens
Details about the $ICP tokenomics
The possible future of ICP
Let's dive in!
The Promise Of A New "Internet"
After waiting for over 4 years, Internet Computer launched its $ICP token. The price went to an all-time high of $2,826 that day, before dropping to a low of $375. Ever since then, the ICP price has been on a downward spiral, reaching an all-time low of $3.4 in December 2022.
The idea of ICP was to have an 'internet computer" that would replace not just Web2, but also Bitcoin and Ethereum. They called themselves the "NASA for decentralization," powered by the ICP token.
Two years after the token launch, the technology is still in the development phase. And you can tell how disinterested people are in ICP with the TVL it has at just $2.63 million, according to data from DeFi Llama.
$2.6 million in TVL
Predatory Tokenomics And Team Dumping Billions Of Dollars
Below are the details of the ICP tokenomics according to data from Messari.
ICP tokenomics
In a seed round in 2017, the team raised $3.9 million from 370 investors. All of their 115,986,694 tokens were released monthly from the day the token launched. They paid $0.03 per ICP in the round, and these people made between 12,000 and 50,000x on their investment after four years!
For context, a person who invested $10,000 would have made $120,000!
Arkham, which launched its $ARKM token on Binance, revealed in a report that the ICP team dumped billions of dollars on the market after launch.
“Our analysis has led us to believe that possible insiders connected to Dfinity have been dumping billions of dollars of ICP on exchanges at the expense of small early supporters and retail investors.” - Arkham
When the ICP team was asked about the investors' tokens being unlocked, they confirmed it in a tweet (Xeet), as you can see in the image below.
Following Arkham's report that the Dfinity team was selling $ICP tokens, Dominic Williams, the founder of Dfinity, confirmed in a tweet that 23.8% of the tokens were not locked, as seen in the image below.
Arkham's report revealed that they transferred 18 million ICP tokens worth $3.6 billion to exchanges from its treasury in May and June of 2021. This was aside from the team tokens, which comprised 18% of the total supply worth $31 billion at TGE, reserved for only 200 people.
What did the community get? 0.8% of the supply is to be shared by several thousand. And if you ever wondered why almost no one is building on ICP, that is because only a meager 0.48% of the token supply is reserved as incentives for developers. This is less than $10 million at the current price, while the team sold billions.
What Does The Future Hold For ICP?
This is crypto, after all, so it's hard to be accurate. We often forget things very quickly. But we won't forget what ICP (Dfinity) and its team did. For the following reasons, I am of the opinion that ICP will slowly fade away, just like Elastos ad projects with similar business models faded away.
The idea of having everyone in the world using their "internet" is unrealistic
The team selling billions of dollars of tokens is a lack of confidence in what they are building
With no incentives for developers, no one will build on the chain
The world is a better place without ICP and its drama
ICP price may yet go up when the next bull run starts. Before you invest more than you can afford to lose, remember that the team still has tokens to sell, and some investors still hold tokens that are still up 130x, even though the ICP price has dropped 99.8 percent!
If you love analysis like this one, do well to share your thoughts below. Like, share with others, and do well to follow me #Admiano
This article is for educational and entertainment purposes only, not financial advice.
My friends call me "Chad" because of how successful I have become. I don't trade much, but when I do, I always win.
I am Arjun from India, and this is my story. I hope you find my strategy helpful.
I got into crypto in 2020, and I learned three lessons:
🔸Always buy when it's low, and sell high
🔸Invest and be patient
🔸Never paper hand good stuff
I bought Doge when no one was talking about it, and sold when Wallstreet Bet community fueled the run. I didn't trade again after that, and I was waiting for the perfect opportunity.
I only buy after there's chaos or a major sell off in the market.
I bought the Luna/UST crash, and sold after. When FTX crashed, I bought SOL and sold after 3x.
I wait for these opportunities. When they come, I go in big. That's how I win, and that's why my friends call me "Chad."
#Admiano
I am Arjun from India, and this is my story. I hope you find my strategy helpful.
I got into crypto in 2020, and I learned three lessons:
🔸Always buy when it's low, and sell high
🔸Invest and be patient
🔸Never paper hand good stuff
I bought Doge when no one was talking about it, and sold when Wallstreet Bet community fueled the run. I didn't trade again after that, and I was waiting for the perfect opportunity.
I only buy after there's chaos or a major sell off in the market.
I bought the Luna/UST crash, and sold after. When FTX crashed, I bought SOL and sold after 3x.
I wait for these opportunities. When they come, I go in big. That's how I win, and that's why my friends call me "Chad."
#Admiano
At what point do you sell? Do you call the top and close your trades?
May and November 2021 saw Bitcoin make all time highs of 64 and 69k respectively. Many secured life-changing money, others didn't.
Mike was one of those others who didn't secure profits. He managed to move his portfolio from $7,500 to around $85,000 at the top of the bull run.
He was doing great, and he was happy. The Bitcoin price started dropping, and alts followed. Before you knew it, his portfolio was down to $65k.
Mike didn't sell because he believed the drop in price was down to fud. Mike is now down to less than $5k, wondering how he managed to lose all that money.
What can we learn?
🔸Always secure profits
🔸Don't be a 'moon boy', trade with a plan
We'll have a bull run soon, don't fumble. What else did you learn?
#Admiano
May and November 2021 saw Bitcoin make all time highs of 64 and 69k respectively. Many secured life-changing money, others didn't.
Mike was one of those others who didn't secure profits. He managed to move his portfolio from $7,500 to around $85,000 at the top of the bull run.
He was doing great, and he was happy. The Bitcoin price started dropping, and alts followed. Before you knew it, his portfolio was down to $65k.
Mike didn't sell because he believed the drop in price was down to fud. Mike is now down to less than $5k, wondering how he managed to lose all that money.
What can we learn?
🔸Always secure profits
🔸Don't be a 'moon boy', trade with a plan
We'll have a bull run soon, don't fumble. What else did you learn?
#Admiano
By the end of 2021, Tabi had 10 ETH in his wallets. Fast forward to August 2023, and he has less than 1 ETH remaining. How did that happen?
Tabi got into crypto in 2020. He started with $600. At some point in April 2021, his portfolio had an all-time high of over $16,000. Even when BTC topped in May of that year, he kept on trading, ignoring all the warnings:
- There was a clear shift in market structure
- The FED was hiking rates, which was bad for risk-on assets like crypto
- The stock market was experiencing huge sell off
Tabi believed that all of those didn't matter. He kept telling his friends that the gains from stocks would flow into crypto.
Well, it's been a long bear market, and Tabi has managed to retain 0.87 ETH in his wallet
Tabi's story is a warning example of what happens when we ignore the facts.
#Admiano
Tabi got into crypto in 2020. He started with $600. At some point in April 2021, his portfolio had an all-time high of over $16,000. Even when BTC topped in May of that year, he kept on trading, ignoring all the warnings:
- There was a clear shift in market structure
- The FED was hiking rates, which was bad for risk-on assets like crypto
- The stock market was experiencing huge sell off
Tabi believed that all of those didn't matter. He kept telling his friends that the gains from stocks would flow into crypto.
Well, it's been a long bear market, and Tabi has managed to retain 0.87 ETH in his wallet
Tabi's story is a warning example of what happens when we ignore the facts.
#Admiano
Two years ago, Sahin bought a number of NFTs with the hope that the prices would rise. The NFTs were advertised as the "next BAYC."
A total of $16,300 was invested in buying five of these NFTs at the time. Fast forward to June last month, and those NFTs are now worth $100 each.
Let's hear from Sahin...
Unsure what to do, I discussed it with my wife. She came up with the idea for us to sell all the NFTs. I knew the idea was bad, but I said "ok" to it.
She launched a "Women In NFTs" campaign at her workplace. She taught them the basics of NFTs: how to mint, buy, and sell.
Then she told them to buy the next "big thing in NFTs" for "cheap" at $4,000 each. She sold my NFTs to them without them knowing what happened.
We made the money back, but I have a guilty conscience. I think about it every day.
#Admiano
A total of $16,300 was invested in buying five of these NFTs at the time. Fast forward to June last month, and those NFTs are now worth $100 each.
Let's hear from Sahin...
Unsure what to do, I discussed it with my wife. She came up with the idea for us to sell all the NFTs. I knew the idea was bad, but I said "ok" to it.
She launched a "Women In NFTs" campaign at her workplace. She taught them the basics of NFTs: how to mint, buy, and sell.
Then she told them to buy the next "big thing in NFTs" for "cheap" at $4,000 each. She sold my NFTs to them without them knowing what happened.
We made the money back, but I have a guilty conscience. I think about it every day.
#Admiano
Remember that guy that made over $500,000 with $500 from $BALD? Newsflash: $BALD rugged!
And you know the worse part of it? He didn't sell any of the tokens. He literally saw his investment of $500 go up to over $800,000 and then back down to $200!
He didn't sell because he was waiting for the value of his BALD tokens to get to $1,000,000 before selling.
Ha! What do you call this? Greed? Stupidity? Ignorance? I don't have the right words for it, maybe you do.
This is a meme coin after all, and on a new chain. He's supposed to know better right?
I hope be doesn't go bald because of this. Lol.
If you want to find out what BALD is and how it rugged, read this article 👇
#Admiano
And you know the worse part of it? He didn't sell any of the tokens. He literally saw his investment of $500 go up to over $800,000 and then back down to $200!
He didn't sell because he was waiting for the value of his BALD tokens to get to $1,000,000 before selling.
Ha! What do you call this? Greed? Stupidity? Ignorance? I don't have the right words for it, maybe you do.
This is a meme coin after all, and on a new chain. He's supposed to know better right?
I hope be doesn't go bald because of this. Lol.
If you want to find out what BALD is and how it rugged, read this article 👇
#Admiano
LIVESeitastic
--
From $83m Market Cap To $17k: The First Major Rug On Base Chain That Got Holders... $BALD
"I bought my $BALD for $5,000 two days back & now its worth $250,000. I am at a loss for words right now."
"Bought 2% under 50k mcap. This is going to be a make it play. I’m Not touching the bags until 100M mcap."
These are just some of the comments showing the excitement of early buyers of $BALD just hours after the token launched. It was going to be the biggest token on Base Chain, and bigger than PEPE. Or was it? 👀
BALD deployer pulled liquidity of over 7,000 ETH ($13m) and the token price came crashing down, dashing the hopes of many along with it
Let's see what happened and what we can learn from this.
BALD Brings Gains
BALD was launched on July 30, 2023, on the new Base Chain from Coinbase. It had only a Twitter account. No website or other social accounts. As the price of the token went up, more and more people wanted to buy it.
I actually didn't know of BALD until when I saw a tweet of a guy by the name cheatcoiner who turned $500 to over $500,000. It was actually over $800,000 at its peak. He said he wouldn't sell until BALD got to $100 million market cap, 1,000x for him.
As I was scrolling through the BALD cashtag search results on Twitter, I saw tweets of several others who claimed to have made gains with BALD. For a moment, I wondered where I was when BALD was less than $50k market cap. Lol
The Cracks On The BALD Head Or Wall?
A few threadors started making threads of how BALD is linked to the owners of Coinbase, as the BALD deployer was adding liquidity with cbETH. In truth, none of those claims were verifiable.
But the fact that the deployer should get more people worried. Rather than worry, degens saw it as a positive sign and people aped more. They never learn, do they?
Fears of a rugpul started creeping in when some users couldn't swap on LetsSwap, the #1 Dex on Base. The LetsSwap put out a tweet to address this concern, adding that "no one is rugging" 👀
Few hours later, the BALD Twitter account tweeted "steady lads." Sounds familiar? 😂
The Collapse... The Head Goes BALD!
News broke out that the BALD deployer added more liquidity shortly after the "steady lads" tweet. This made some degens to impulsively buy more BALD.
Then what was expected happened. BALD deployer pulled 7,000 ETH liquidity, causing the price of BALDt o fall by more than 90%.
While many were wondering what had just happened, the BALD Twitter account tweetd "still here 👀". Whoever was behind the account tried to justify his actions by making the tweet in the screenshot below.
Was his action justifiable? Was he actually innocent, as he tried to claim? While he didn't sell any tokens. In truth, what he did was no different. Pulling liquidity effectively meant telling the contract to sell BALD tokens for ETH.
So, he actually got way more ETH than he added as liquidity. If that is not a rugpull, what is it?
The Lessons
Unfortunately, this won't be the last token to rug on Base Chain or even any other chain. What happened to BALD is beautifully summarized in a tweet by CoinMamba.
Let's see the lessons that we can learn:
Don't buy because others are buying. DYOR and be sure of what you are doing
Do not be hasty to buy shiny new tokens, you can get rekt
If you make huge profits, secure them. The market is not owned by you!
As for the cheatcoiner guy, I hope he's okay. He didn't sell any of the tokens. I wonder how he must be feeling to see over $800k in his account, and then back to zero.
The guy is adamant, though, and believes this isn't the end for BALD. Sighs
If you enjoyed this report, do give it a like and share it with others around you. Here at #Admiano I share crypto lessons in the form of stories, along with other analysis and market insights. You would do well to check them out.
And while you're there, do well to follow me. Catch you later!
"Bought 2% under 50k mcap. This is going to be a make it play. I’m Not touching the bags until 100M mcap."
These are just some of the comments showing the excitement of early buyers of $BALD just hours after the token launched. It was going to be the biggest token on Base Chain, and bigger than PEPE. Or was it? 👀
BALD deployer pulled liquidity of over 7,000 ETH ($13m) and the token price came crashing down, dashing the hopes of many along with it
Let's see what happened and what we can learn from this.
BALD Brings Gains
BALD was launched on July 30, 2023, on the new Base Chain from Coinbase. It had only a Twitter account. No website or other social accounts. As the price of the token went up, more and more people wanted to buy it.
I actually didn't know of BALD until when I saw a tweet of a guy by the name cheatcoiner who turned $500 to over $500,000. It was actually over $800,000 at its peak. He said he wouldn't sell until BALD got to $100 million market cap, 1,000x for him.
As I was scrolling through the BALD cashtag search results on Twitter, I saw tweets of several others who claimed to have made gains with BALD. For a moment, I wondered where I was when BALD was less than $50k market cap. Lol
The Cracks On The BALD Head Or Wall?
A few threadors started making threads of how BALD is linked to the owners of Coinbase, as the BALD deployer was adding liquidity with cbETH. In truth, none of those claims were verifiable.
But the fact that the deployer should get more people worried. Rather than worry, degens saw it as a positive sign and people aped more. They never learn, do they?
Fears of a rugpul started creeping in when some users couldn't swap on LetsSwap, the #1 Dex on Base. The LetsSwap put out a tweet to address this concern, adding that "no one is rugging" 👀
Few hours later, the BALD Twitter account tweeted "steady lads." Sounds familiar? 😂
The Collapse... The Head Goes BALD!
News broke out that the BALD deployer added more liquidity shortly after the "steady lads" tweet. This made some degens to impulsively buy more BALD.
Then what was expected happened. BALD deployer pulled 7,000 ETH liquidity, causing the price of BALDt o fall by more than 90%.
While many were wondering what had just happened, the BALD Twitter account tweetd "still here 👀". Whoever was behind the account tried to justify his actions by making the tweet in the screenshot below.
Was his action justifiable? Was he actually innocent, as he tried to claim? While he didn't sell any tokens. In truth, what he did was no different. Pulling liquidity effectively meant telling the contract to sell BALD tokens for ETH.
So, he actually got way more ETH than he added as liquidity. If that is not a rugpull, what is it?
The Lessons
Unfortunately, this won't be the last token to rug on Base Chain or even any other chain. What happened to BALD is beautifully summarized in a tweet by CoinMamba.
Let's see the lessons that we can learn:
Don't buy because others are buying. DYOR and be sure of what you are doing
Do not be hasty to buy shiny new tokens, you can get rekt
If you make huge profits, secure them. The market is not owned by you!
As for the cheatcoiner guy, I hope he's okay. He didn't sell any of the tokens. I wonder how he must be feeling to see over $800k in his account, and then back to zero.
The guy is adamant, though, and believes this isn't the end for BALD. Sighs
If you enjoyed this report, do give it a like and share it with others around you. Here at #Admiano I share crypto lessons in the form of stories, along with other analysis and market insights. You would do well to check them out.
And while you're there, do well to follow me. Catch you later!