It was a pretty lame Friday night when you break it all down. My wife and I were sitting at home waiting for the Michigan/Michigan State basketball game to come on when I got a direct message on Discord. Typically, I have direct messages turned off for most people who aren't online friends of mine, so I knew it was something that required my attention.
Someone I follow on HIVE had reached out to me telling me that I should check out this token called MOLT and I should look at what was happening with it.
Full disclosure, they never told me to buy it.
No, that was something I did completely on my own. Of course, you can probably guess, I bought at pretty much the absolute top. It drives me crazy, because even as I was sliding the slider to make the trade, I knew I was probably buying at the top. In fact, if I had to guess, I was probably 95% certain I was buying at the top. That's usually the way it goes anyway, I hear about a token after the hype has already happened. I think hey, there could be a bit more room to run, so I throw a few bucks in, then sure enough, it just goes down down down.
Like I said, I don't blame the person who told me about MOLT at all. I knew what I was getting into, and they never even gave a hint that I should buy. In fact, looking back, I am pretty sure they didn't even buy any. I've talked with other people before about how although I pretty much hate meme coins, I don't mind throwing a couple $20 to $50 into them from time to time. I could go to the casino down the road and spend at least that much money and not feel too badly about it.
Somehow it stings a little more with meme tokens though.
Even more so when you see people posting about how much money they made off of them. It's a bit maddening to think that I have been in crypto for eight years and I have never had "that" moment. Either that, or I could have had that moment, but I miss-played it. Of course, that's totally on me, but it still stings.
Worse yet, you have Chet in some subdivision with a stay at home partner who just decided to play around with crypto a month ago, threw some money at a token called MOLT because why not, and boom the millions rolled in (assuming he got out in time).
I saw a post on Twitter the other day that said
"If you had put $100 into MOLT 48 hours ago, you would have $1,000,000.00 right now".
I made a reply,
"I put $40 into MOLT 12 hours ago and now I have $0".
That's not entirely true, it's about $20 now, which is half of what I put in, but the idea is the same. It's going to zero, there is doubt about that, and even a $100 profit is probably off the table. The funny thing is, there was a point where I was up something like $20, but I decided to hold out for more.
I think that's part of my problem... where I live, and at this point in my life/career, $20 is nothing. It doesn't even buy me a perch dinner on Friday night at my favorite bar. Those run about $24 per plate. Throw in a beer or two and you are over $30. Some might argue, if you throw together 100 $20 wins then it looks a bit better, but you can't count on that.
In fact, $2000 isn't really that helpful either. Once you strip away the 40% you are likely going to pay in taxes, you can maybe make a mortgage payment and half a car payment. If you are lucky. In many areas $1200 won't even cover half your mortgage or rent.
Trust me, I know it's all a gamble. It's all luck and timing, but just once, I'd love to have that lottery ticket moment. After all this time, I deserve it right? I know, I know, that's the fallacy that all gamblers fall into. Chasing that big win, and getting burned over and over and over again.
Sorry if this comes across as a bit of a whine session. It's honestly just me kicking some thoughts around, because like I said, I know it's all chance. With the price of everything being down across the board right now, it's easy to focus on the big wins. It's not like the thing you have been slowly building over time as a passive form of income is doing anything right?
I'd love to say this is the last time I ever do something like this, but I think we all know that is probably a lie. Just like people keep buying lottery tickets every week. I'll likely get burned by at least a dozen plays like this in the next ten years.
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At this point, I just automatically assume I would be buying on top when I hear about a new token, so I don't even bother. If money is burning a hole in my pocket, I just throw it into BTC or maybe SPY on Robinhood.
Probably the smarter play!
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This actually didn’t read like a whine to me, it read like honesty. A lot of people in crypto pretend they’re immune to this feeling, but most of us have had some version of this exact experience: coming in late, knowing we’re late, still clicking buy anyway, and then watching the chart do what it always does.
I once lost my $10 rushing to buy a coin I saw was listing on Binance. I went to bed smiling, ready to wake up to “hundreds” the next day. Woke up instead to dust. Ngl it was really painful and I swore never to follow the hype anymore 😂
I'm glad I am not alone. I mean I know it happens to a lot of people, but it's just frustrating. I feel like it's mostly the people who already have tons of money to throw around that benefit from stuff like this.
You have to be get in very early on a token like that to come out ahead. Unfortunately the definition of "early" keeps changing and 9 times out of 10 it's a rug pull orchestrated by an inner circle. It's fun to take a chance from time-to-time though as long as you aren't putting too much at risk. It's pretty terrifying how people are trying to connect Bitcoin to Epstein now. I don't believe half of what is being said about it at this point, it's open source after all so there were many different people involved, but I'm worried about how it'll tarnish the coin and the community. Of course, the media will try to squeeze every drop of controversy out of the connection to whip up FUD.
Yeah, that's the problem, you usually think you are still getting in really early, until the bottom drops out and you realize you weren't. I hadn't heard anything about Epstein and BTC it about figures though. The sad thing is, a lot of this is all starting to feel like a Greek tragedy. That's actually not what I was originally thinking, but I just got an idea for a post, so I want to hold onto it for now :)
Right! You almost have to be close to the devs to come out ahead. Yeah, sentiment isn't great on CT right now—even long term HODLrs are expressing doubts about BTC's future. But then I can't help thinking about how so many banks, WS funds, and governments now hold Bitcoin and how this could be a ploy to get even the diamond hands to sell before BTC goes parabolic. The crypto framework bill is about to pass, a crypto friendly FED chairman will likely be appointed, all stars are aligning. Still it all feels more like a gamble now than it did before.
Well, as you said, we know it isn't out of the realm of possibility that it is all orchestrated. I'd bet on that more than I would anything else based on what we have experienced so far. Best just to hold firm and maybe even accumulate if you can afford it.
That's the direction I'm leaning as well. The price would be dumping hard if there were any shred of truth to this—in fact, the big entities never would have invested in such a toxic asset in the first place knowing the info is in the Epstein files and there would be the possibility of a leak.
Yeah, that is a good point.
Don't beat yourself up over the $40 think of it as a $20 entry fee for a front-row seat to the Moltbook chaos. At least the perch dinner is still a sure thing, even if the lottery ticket wasn't.
Haha yeah, that is a good point. Man, now I am hungry for some perch!
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