I’m going to try my hardest not to cuss and yell through this whole fuckin thing, but I can only handle so much stupid in my life. When I saw this amount of stupid in this project, I couldn’t help but yell and cuss at everybody in the Discord. It did no good, of course. Communication is an art, and the art of communicating well with stupid motherfuckers is reserved to the master alone. So forgive me if I can’t describe properly the stupid I saw, which could cause my critique of said stupid to lose the plot somewhat.
So there was this project, right, Project X (PX), that looked really good, and everybody bought into its Copper Launch at like $0.60. Unfortunately, because of the market’s turnaround and certain monetary policies from core leadership, the token tanked to a price of like $0.06 in 45 days. You might imagine that everyone in the Telegram and Discord were mad. Yes, they were mad. But they were mad for all the wrong reasons.
First of all, it makes no sense to give a shit about the “price” of a token vs. USD when less than 5% of the fucking supply has been handed out. If the project isn’t an outright scam, that means you’ve got 5% of the float dictating the “price” of 100% of the tokens. This is something you have to get over if you want to do well in crypto. I’ll try to give a real world example.
You buy a house in a nice neighborhood for $500k. A month after, the neighbor loses his job and needs a firesafe to take care of his dying kid. And wife. And pet. So he sells the house next door for $200k. The HOA is livid because they think this guy’s sale devalues the entire neighborhood. “Look at this!” They say. “Our homes all appraise for $500k, and now, because you sold your house at $200k, people will look at us like we’re fucking losers!”
I ask you, is your $500k house now a $200k house just because the last sale in your neighborhood was $200k? No. You still have all the amenities of a $500k home. You have the 3 car garage, the dual chimneys, the 3.5 acre yards-ace, the embedded smart apps, all of it. Even if an appraiser comes by and appraises your home that day at $200k because “duh market,” you still get to live in $500k worth of luxury. You don’t have to sell that day. The value you get from the home didn’t go anywhere. And when your other neighbor sells her home for $550k, appraisals all return to a more rightful number.
The secret to not devaluing your home when the market does is to denominate that asset in its proper terms. Homes are denominated in home, not in dollars. 1 home = 1 home. Unless something ridiculous happens, like an earthquake destroys the foundation of your home or you drastically overpaid for value that wasn’t there, 1 home = 1 home.
So when PX tanked 90%, all of the stupid fucks in the Discord who bought at $0.60 were now valuing their PX tokens in dollars AT THE WORST POSSIBLE TIME TO DO SO. It’s hilarious how fucking idiots take the worst denomination as the source of value instead of seeing things as they are.
So these fucks were eager enough to value their dollars in PX tokens when PX was at $0,60. They couldn’t WAIT to denominate their investment in PX then. But when PX tanks vs. the dollar, now they want to switch the denominator back to dollars and yell and scream. There is no more STUPID action in investing than this. It’s literally retarded and leads to comments like this:
“Your project sucks because my $600 investment is now worth $60! I feel poor even though I have the same amount of PX tokens and the fundamentals haven’t changed on the project at all!”
Not only that, but PX was offering a significant yield on their PX tokens. So just for holding PX, you got 1000% APR of PX. That’s like an additional 3% of PX tokens per day.
Because of technical difficulties, the PX project had to migrate smart contracts while the “price” of PX was $0,06. Remember the fucking morons bought at like $0.60. And the project’s on Ethereum, so switching contracts created a fixed cost of like $200.
But here come the idiot fucks. Instead of saying, “I’m going to migrate my PX so I can continue to get my PX yield with NO INTERRUPTION, thereby ensuring myself the largest amount of PX possible when PX/USD is more favorable,” they say, “Dude, migrating my $50 worth of PX for $200 isn’t worth it! The PX/USD price needs to be higher before it’s WORTH IT to migrate!” In the meantime, they are missing out on their yield of PX tokens while smart people take the hit and continue to amass a higher percentage of the project.
Do you get what I’m saying? If you have 10000 PX tokens, and you’re getting 3% more per day, it doesn’t matter what the PX/USD ratio is at the time. It is ALWAYS worth it to immediately migrate so you don’t miss out on any tokens. When the ratio returns to proper value, i.e., when the other neighbor sells his house for $500k, you maximize your yield. If you’re not going to migrate, or if it’s not worth it to you, then you apparently believe the project has lost its value and you should sell out regardless of price. If the shit fails, it goes to 0, so you are better off cutting your losses.
But you stay. So you must believe the PX/USD ratio will eventually return to a more favorable value for PX.
Not migrating because the fee outpaces the dollar value of the investment at the time is like not upgrading your house because your neighbor sold his for $200k and temporarily messed up the market. “I don’t like what my neighbor did with his sale, so I’m not going to fix this leaky hole in my roof until SOMEBODY sells their house for $550k!” THEN it’ll be worth it to fix the roof!” In the meantime, your fucking kid gets black mold in his lungs because your dumbass is so smart about price that you’re dumb.
If you get this, you’ll do 50 times better than the average fucking idiot crypto fuck. Once you master this, you’ll end up making a living directly taking the money of the average fucking idiot crypto fuck.
I feel better, because trying to explain this to fucking poverty fiat punk fucks just made me mad. Those who understand will understand. And get rich off those who don't.
