Never Marry a Coin/Project - Practically Example

[michellee]

If it is Bitcoin, it is normal if someone does not sell it immediately, even if the price of Bitcoin has already reached $60k at the previous ATH. But if it were Dogecoin or another altcoin, it would not be a wise decision but maybe he had predicted everything so he is still holding his Dogecoin until now.

But if I were him, I would sell at least half of the total amount and use it to buy Bitcoin or buy Dogecoin again. He can really take it all well and hopefully, he can reach his target price of Dogecoin.

Maybe it's not easy for someone to keep holding their altcoin, especially since it's Dogecoin. But he is truly a strong holder and if he were also a Bitcoin holder, he would make huge profits in the next bull run.

[Faisal2202]

You have shared an eye-opening story, we all should definitely keep this point in mind. I hope the person in the picture has the patience to bear the marriage with Doge. He must first talk to the parents of Dogecoin before making marriage with it. (hehe) well, talking to parents is not that easy, but still, I am one of the persons who think that Dogecoin can reach to $1 milestone, But to be honest, even with my little knowledge, I can not say for 100% that in the bull run of 2021, Dogecoin could achieve that milestone.

It might take it decade to reach $1 per coin, the person in pic, really made a big mistake, and we all should keep this fact in mind while sticking only to a single coin every time. Despite marrying a coin or token, in the crypto sphere we should not move or take actions according to emotions or sentiments, instead, we should make bold decisions, and If I were in his place I would try to at least book the investment that I have made in Doge. I just can not see how much the victim has lost and how much he has bear till now.

[tjtonmoy]

The first mistake, he put all his eggs in one basket. Second mistake, he never sold anything from his holdings. The third mistake, not taking profit while he had the chance and lastly, he never bothered to withdraw the main invested balance from his profits.

There is much more to learn from this than just the fact 'marry a project'. Diversifying your investment is the first lesson. Never put all your assets in one investment. The crypto market is uncertain and anything could happen at any point. so rather than investing all in one thing. search for an alternative or better option. That will ensure that you are at a minimum risk.
Always look fro opportunities to book profits from your investment. That's why people set a target and when the target is reached, they sell no matter what. This helps us to control our emotions and not fall for greed or fear.

And this is my personal opinion tho. Whenever I get the chance to separate the invested money from my profit, I will do it. That way I can continue my investment in the future with that profit and also whenever there's an opportunity I will be able to buy again with the invested money that I have separated from it.

[ZAINmalik75]

If it is Bitcoin, it is normal if someone does not sell it immediately, even if the price of Bitcoin has already reached $60k at the previous ATH. But if it were Dogecoin or another altcoin, it would not be a wise decision but maybe he had predicted everything so he is still holding his Dogecoin until now.

I think we should not even marry the BTC too. Because sticking to something and expecting a target from a token or a coin which that token or coin have no potential then that's totally hopeless for the investors and in the end, we will lose our funds too just like the Glauber Contessoto is facing the downtrend of his investment. He will be wishing to sell his dogecoin for 3 million dollars.

But if I were him, I would sell at least half of the total amount and use it to buy Bitcoin or buy Dogecoin again. He can really take it all well and hopefully, he can reach his target price of Dogecoin.

I will too, I will at least try to book the amount which I have invested in Doge meme coin. Because I knew that meme coin are highly driven by community and the most impact on it comes from Elon's tweets or statements then we should not play by his rules instead we should avoid to marry the coin and should book some of the investment too.

Maybe it's not easy for someone to keep holding their altcoin, especially since it's Dogecoin. But he is truly a strong holder and if he were also a Bitcoin holder, he would make huge profits in the next bull run.

Yeah you are right, but in 2021 the price of BTC was higher then now, which indicates that he might not have made huge profits till now, but if he would wait for the next bull run then he will make some good profit in 2024's halving.

[Hamza2424]

Greed has no space in the financial world, So in trading greed is like cancer an incurable disease, if you are infected then no one can help you except for yourself, and if you are currently exploring the market as OP cover a decent story you should take it as an idle lesson for yourself to avoid the greed. Bitcoin accumulation is the favorite topic with the Bitcoiners but they also raise that on-time profit booking is good at least a specific amount should be taken out to avoid such consequences.

I used to follow the advice of "be greedy when everyone is fearful," a mantra I learned from this forum where I honed my strategic and mental skills with the guidance of experienced members. Investing in shitcoins isn't a dependable long-term strategy due to their highly volatile nature. When the market is riding the wave of hype, they might appear profitable, creating a lush garden of gains. However, when the overall market fundamentals take a hit, this garden could quickly turn into a barren desert.

[cafter]

it's a expensive mistake which taught him about crypto, patience, experiencing bear market, Hodling, etc. because he invested his life saving and borrowed money he remembers every thing he learned in between.
Glauber Contessoto said he is buying the dip which is good practice in bear market, some people instead may had sold everything and never looked at cryptocurrency.he need to play safe like when his $250k was around $3million, he should had to took profit of $300k.

[Fatunad]

The big lesson here is to never marry a coin, no matter how good you think the project is, be it
Bitcoin
Ethereum
BNB or any other, always take profit.

Not really new into this kind of situation on which investment do kiss out almost on the floor and leaving you having that huge regret that you havent been able to sell out on the right time.A totally kind of devastated situation on which it might lead out on huge stress and disappointment that you wont really be able to forget in your entire life. Come in mind that the person mentioned did take up some loan which totaled on $250k
and im wondering if he had been able to repay those back in time knowing that the current value of the DOGEcoin that he had been holding is already just that mere 6k.? This is why its always been that ideal on taking up some profits whenever bull run market hits or having those peaks because once you do miss out that point then you would really be waiting for another cycle which we do know that it do last for long years or almost half a decade on which it is really just that a long time wait. If you dont know on how to take those profit taking chances then for sure you would be most likely having on this kind of mistakes which would lead into deep frustration. Even myself had experiences but only on altcoins or on bounties on which i might be able to take $60k-100k on bounties but due to greed i was able to cash out when it hits 2k which even up to now
i cant really be able to avoid not to think with those money making opportunities that i had missed out.

[Smartvirus]

This is a boat I’ve rocked before with some altcoins when I was still a beginner in the cryptospace and was always out there looking out for profit. I still have some of my bought coins the. Up to this moment because I was the die hard kind of investor and had a deep believe in the coins I chose to invest with haven’t done my analysis.
Thighs, I didn’t have a sky rocket profit like the case was with this particular investor in the OP but, I had a minimal profit that wouldn’t have been bad tacking profit. At the moment, I’ve had my coins dump to nothing.

This is how my focus shifted from anything altcoins and is very focused on bitcoin right now. The assurances on it is much more than any coin out there and when it dumps, it’s sure to pump.

I just hope the user was able to pay back his debt as I feel that would be a wise option  I mean, how do you be $3m in profit and then, you don’t get to pay back your debts at least. That’s would be some dumb and greedy move. I like to think he did though. Still, it’s not really over with Dodgecoin is it? He could as well be faithful to his vows with Dodgecoin.

[dunfida]

^ Im asking the same, if that person did make out some take profit even on some % and repaying up his debt to make himself that completely risk free for whatever things that might happen ahead.
It is really indeed a very greedy move but doesnt mean that its over for DOGE considering that we are still on consolidation or bear period then there's no way that we could really be able to say that it is really over for this meme coin. Surprises do lies ahead and this person is really that hoping for those things specially for some tweet by Elon which no doubt that could pump out the price like hell
but it seems the market is really that too silent. Mental stress is immense on this one specially that you had missed out millions of dollars in profits which you should have supposed to cherish it out.

[libert19]

How relevant! Sometimes I feel like we all are pretty much same.

I often marry a coin but I sell it asap if there is financial hanging over my head without bothering an inch further.

To think that doge could go to $1 is insanity but then again we all tend to repeat same during bull markets.

In just 69 days after investing in Dogecoin, Glauber's $250,000 dollar investment had turned to about $3,000,000 dollars(three million dollars).

That's quite a co-incidence.

[michellee]

If it is Bitcoin, it is normal if someone does not sell it immediately, even if the price of Bitcoin has already reached $60k at the previous ATH. But if it were Dogecoin or another altcoin, it would not be a wise decision but maybe he had predicted everything so he is still holding his Dogecoin until now.

I think we should not even marry the BTC too. Because sticking to something and expecting a target from a token or a coin which that token or coin have no potential then that's totally hopeless for the investors and in the end, we will lose our funds too just like the Glauber Contessoto is facing the downtrend of his investment. He will be wishing to sell his dogecoin for 3 million dollars.

Of course not. We only use Bitcoin as a long-term investment. Of course, in long-term investing, we also have to have a target selling price to know when we will sell the Bitcoin. But it will be different if we have altcoins because the movement of these altcoins follows the movement pattern of Bitcoin so we also have to know when to sell the altcoins. Maybe after the altcoin reaches the next highest price, that's the right time to sell the altcoin.

But if I were him, I would sell at least half of the total amount and use it to buy Bitcoin or buy Dogecoin again. He can really take it all well and hopefully, he can reach his target price of Dogecoin.

I will too, I will at least try to book the amount which I have invested in Doge meme coin. Because I knew that meme coin are highly driven by community and the most impact on it comes from Elon's tweets or statements then we should not play by his rules instead we should avoid to marry the coin and should book some of the investment too.

That's why if we have seen the highest price and the price still holds there, we can sell it and take the profit. Altcoins will reverse direction and will decline and there is a possibility that they will return to their lower prices again. We've seen it happen so if we sell half of the total, we can take advantage of it. We can also buy altcoins after their prices decline sharply.

Maybe it's not easy for someone to keep holding their altcoin, especially since it's Dogecoin. But he is truly a strong holder and if he were also a Bitcoin holder, he would make huge profits in the next bull run.

Yeah you are right, but in 2021 the price of BTC was higher then now, which indicates that he might not have made huge profits till now, but if he would wait for the next bull run then he will make some good profit in 2024's halving.

Yes, it's bigger. And I'm sure many people sold their Bitcoin at that price because I did too

But it seems some people are still calm and have not sold any Bitcoin because their target price has not yet been reached. By having a target selling price, we can prepare ourselves when the Bitcoin price has started its long rally. We will also not be late in taking the benefits we want.

[HONDACD125]

It is my personal believe that most of us know this above guy on X(click the image above to visit his profile on X).

His name is Glauber Contessoto, popularly known as the Dogecoin millionaire; he is a 33 year old guy from Los Angeles, according to his story, he used his life savings, and also borrowed money to invest about $250,000 in Dogecoin in February of 2021; just before Elon musk started making rounds of tweets about Dogecoin and also before the 2021 bull run reached its peak..

In just 69 days after investing in Dogecoin, Glauber's $250,000 dollar investment had turned to about $3,000,000 dollars(three million dollars), But Glauber did not sell, neither did he take profit, he held onto his dogecoin strongly believing that dogecoin will hit $1 per coin before the 2021 bull run ends, bull eventually came to an end and prices started going down, but Glauber never sold or bothered to take profit..

As of between August and September of 2023, the screenshot below, taken from his official X account, tells the current state of that $250,000 dollars investment, which was once worth $3 million dollars..



The big lesson here is to never marry a coin, no matter how good you think the project is, be it
Bitcoin
Ethereum
BNB or any other, always take profit.

You have brought up some excellent points in your post. I have often seen people, even though the value of the coin they invest in goes up and they are getting good returns, but they still don't bother to sell it, instead trying to get more profit, while the coin falls again. So whenever we get a good profit, we should sell the coin. We should love our profit rather than love a coin.


This is the best rule, take profit and exit and forget about this coin. Now find a new coin to get good returns after investing in it. It often happens to me that I invest in a coin and it goes up in value, but I want more profit than to get less profit and often the coin goes down again, and to make a profit Instead I have to sell at a loss. I think it would also be a good strategy, that if the price of the coin you bought goes up, you withdraw your investment, and keep the profit you have. After that you don't have to worry about loss even though its price is lower.

[LogitechMouse]

~
The big lesson here is to never marry a coin, no matter how good you think the project is, be it
Bitcoin
Ethereum
BNB or any other, always take profit.

The famous DOGE holder. If only he wasn't been interviewed by an influencer that I always watch on Youtube, I will not know him... maybe.

I wonder how is he feeling right now. I wonder if he can still hold it right now. Well, the bull run is coming in a few years, so he might've learned in his mistake already, and for sure he will sell all of that DOGE that he bought during the bull run.

As for me, this is also my problem last bull run. I chose to hold all of my assets instead of just selling it, and then re-buying at the bottom. Bull run is coming anyway in a few years. Just a little patience and I will unload all of my assets whether it is crypto, or even my stocks. Most of them are earning passively (staking in crypto, and thru dividends in stocks), but the amount of profit that I can get when I sell them is far more than just holding it. I made this mistake, and I will never do it again. I already have an "ESCAPE PLAN" when it comes to my investments.

As to OP's advice, always put it into your mind because there might be some out there who are holding long term, and then they decided to hold it for at least 5 years or even more. There's nothing wrong with it though, but I would suggest to sell it then buy again when the bear market starts. Markets move in cycles we know that.

[stompix]

Sorry, but this doesn't make sense!

Let's assume that he had those $3 million at peak doge value, that's $0.731578, doge is -91.59% at $0.061578.
He would still have $246 575 so he just lost $4 000 of his initial investment.
Those numbers are impossible!

OP said he also borrowed money, if most of the doge has been sold to pay off the loan+interest it might make sense.

Then it makes even less sense as he must have sold way earlier, that is at a bigger price so he would still be in green even now, plus even if we assume he has sold prior to the last three screenshots, the last two don't make sense either, he claims he is holding and suddenly the value drops from 21k to 6k, how would that be possible since doge dropped only 20% in those whole two months, not 3 days!

He is either trolling or doing it for attention, the numbers don't make sense unless he is moving and trading coins actively, so he's lying about hodling!

[doomloop]

In just 69 days after investing in Dogecoin, Glauber's $250,000 dollar investment had turned to about $3,000,000 dollars(three million dollars), But Glauber did not sell, neither did he take profit, he held onto his dogecoin strongly believing that dogecoin will hit $1 per coin before the 2021 bull run ends, bull eventually came to an end and prices started going down, but Glauber never sold or bothered to take profit..

As of between August and September of 2023, the screenshot below, taken from his official X account, tells the current state of that $250,000 dollars investment, which was once worth $3 million dollars..

Did he know that Dogecoin is actually a meme coin when he invested in it and when his investment became worth $3m? If he knew about that, he should have done some research about what a meme coin is and how their nature basically is. You can't even trust a normal altcoin that has a good project and a team backing it up because once they come down, they barely go back up so quickly and crossing their all-time high is a very far thing to happen.

He was probably too confident with his investment and that made him bear the consequences of it. One should obviously at least withdraw the initial investment along with some profits if they don't want to sell everything. He could sell $1m worth of Dogecoin so that he could at least repay the loan or get back what he had invested.

[kingvirtus09]

He invested $250000 and now he has $250000, that means he neither gain nor lose. I will advice him to leave the coin, doge has reduced in value so much and there may only be little fall before the next bull run. I think doge may hit $1 in the next bull run. It is just a guess though.

According to the screenshot and his tweet, His 3M is now 21K and the last screenshot show it's only 6K.

I'm not sure on how this happened since the current price of Deogecoin is still above the price before Elon Musk shill Dogecoin on his twitter. The screenshot of his losses somehow prove that he purchased during the start of the hype on the Doegcoin because I remember seeing Dogecoin at 0.004$ before Elon pump this token.

Did contessoto sell his doge that was worth 3M$ before ATH? because if it's still on hold and he hasn't sold anything, that means he still has hope. And if in the coming Bitcoin halving next year it is possible that dogecoin will reach 1$, imagine when that happens the 3M$ will come out before he should have earned it and he can earn more than that.

But honestly, if I were the one to cash out even 1M$, that would be a huge amount here in our country. That's why we can't do anything, it's Gaubler's decision, we don't know his deep reason, and we can't say that he has greed.

[irhact]

He was probably too confident with his investment and that made him bear the consequences of it. One should obviously at least withdraw the initial investment along with some profits if they don't want to sell everything. He could sell $1m worth of Dogecoin so that he could at least repay the loan or get back what he had invested.

This should be the first step we should take when we invest in risky investment like memecoin or when we invest in any other cryptocurency that isn't Bitcoin. When we do this, we won't be at loss if the investment was to stop been profitable like we entered a bear market and the whole was collapsing as we experience sometimes in the cryptocurency market just like last year when the crash of some stablecoin affect the entire market and many projects dipped.

This individual didn't do his research as he would have noticed that dogecoin is a pump and dump project just as every other altcoins are and this isn't something that happens to only meme coins but all altcoins get pumped and dump which is the reason to always take profits.

[DanWalker]

What a big mistake from that guy. Even with that $250k, if it's me I guess I'll take profit when it doubles and becomes $500k. But he did really give himself the space for greed and thought himself that he's cool by just holding it for too long. Remember that this market is totally brutal for most of the altcoins. It's totally fine if it's with bitcoin because it's for sure going to recover but uncertain with Dogecoin. We knew it that it had become a trend because Elon gave it space to his own platform and kept on tweeting about it. But we're seeing that without him shilling it, Dogecoin remains to be the funniest meme coin that it has ever been but investing wise, it's not.

I agree with OP more than you, even if it is bitcoin, once we have profit, we should take some or all profit. Bitcoin is many times safer than dogecoin, but that does not mean it is 100% certain that bitcoin will increase in price again, when talking about the future, we will not know what will happen. So, whether it is bitcoin or any other asset, taking profits is never wrong in investing.

Another thing I disagree with about this guy is that he used his life savings and borrowed more money to invest in dogecoin. He was gambling rather than investing, even if he invested that money in bitcoin, he was wrong to use money he could not afford to lose or borrow money to invest.

[TheSpiral]

It's true that a person's greed deliver him to a path which lack a success. The person first choose dogecoin which is a Meme coin so it was necessary for him to take the reward on time because more patience in such situations is dangerous.

If you wait that your profit will become double than present one will be profitable but not in meme coins but will be in bitcoin. utilising strategies are good but utilising same strategies for every coin is not good.

Meme coin cannot give you enough profits always so pick your profit whenever you have in order to stay away from upcoming bear market.

[Lanatsa]

What a big mistake from that guy. Even with that $250k, if it's me I guess I'll take profit when it doubles and becomes $500k. But he did really give himself the space for greed and thought himself that he's cool by just holding it for too long. Remember that this market is totally brutal for most of the altcoins. It's totally fine if it's with bitcoin because it's for sure going to recover but uncertain with Dogecoin. We knew it that it had become a trend because Elon gave it space to his own platform and kept on tweeting about it. But we're seeing that without him shilling it, Dogecoin remains to be the funniest meme coin that it has ever been but investing wise, it's not.

I agree with OP more than you, even if it is bitcoin, once we have profit, we should take some or all profit. Bitcoin is many times safer than dogecoin, but that does not mean it is 100% certain that bitcoin will increase in price again, when talking about the future, we will not know what will happen. So, whether it is bitcoin or any other asset, taking profits is never wrong in investing.

Another thing I disagree with about this guy is that he used his life savings and borrowed more money to invest in dogecoin. He was gambling rather than investing, even if he invested that money in bitcoin, he was wrong to use money he could not afford to lose or borrow money to invest.

Taking profits is something that a normal or common target that we do have in investing space doesnt matter on which area or type you've been dealing but as long we are sharing on the same targets/goals then

profit taking would really be the one that we should really be prioritizing.We know that market does have different cycles and if you do miss out one then you would really be ending up on holding for longer years to see those prices again but it would really be entirely on what project or coin you've been holding since not all would be having those huge dumps would eventually be making out some recovery on which to those coins
which does have potential would be having the chance and to those shit ones would eventually kiss the ground and die.

These kind of acts do really shows that people are really that greedy! We are hoping for more and despite of saying that we do support the project but its impossible to deny that making profit
is what we are really that mainly aiming which its normal.It is really just that people do make out different decisions on a particular time or condition which neither it could be considered
to be a good or bad hit or such action.