On Jan 1, 2018 it was hard to imagine things turning out the way that it has these days. At the beginning of the year, I had made over $50k on the crypto market, and I had the opportunity to make an additional 40% ($20k) by transferring it to my Korean gf’s crypto account that she made for me and selling it in Korea, since Korea was trading crypto at a 40% premium at the time. I was on pace to having the best financial year of my life, and I had a beautiful, sweet, loving Korean gf who was waiting for me in Korea. All I had to do was transfer it to Korea, sell everything, quit my job, move to Korea, and I was set.
Easy right? Well not so much. I was reluctant to sell my crypto assets because I was too greedy. All my friends had made more money in crypto and I was envious. I wanted to make more. I didn’t trust my gf fully enough because we had only dated for a few months at that time and I felt uneasy transferring such a large amount to her bank account. I wanted to make just a little bit more on the arbitrage before transferring it. I wanted to get a loan so I could dump more in it and take advantage of the arbitrage. I called my bank and they were unwilling to offer me anything. I tried another bank and they declined as well. Frustrated, I began looking online for anybody that would give me a loan. As luck would have it, I found three lenders, who were willing to lend me $85k in loans but the problem is – the loans came in too late. By the time the loans arrived, the South Korean justice minister announced a crackdown in crypto, slashing the premiums down by half. I was devastated. I decided to put the loans into crypto anyways, since the market was dipping, and wait for the premiums to go back up.
It never did. I watched in horror as the crypto market slide 30%, then 40%, then 50%, then all way down 70% – taking down more than $150k worth of my savings+loans with it. That’s where I am right now. I had the opportunity to be up $70k but now I’m down $150k. That’s a $220k swing. Crazy right? To make matters worse, the Chanel bag I bought for my gf, she didn’t like it so I sold it on eBay instead. I didn’t know mailing options that well – I chose first class instead of priority shipping. What I didn’t know was that first class mail does not offer tracking in Canada. So the bag inevitably became lost, the buyer asked for their money back and now I’m down a further $2300 because of my stupid mistakes. What’s more – because of the crypto downmarket and the loss of all this money, I had to work longer in the USA. I originally had planned to be out of the USA and back to Korea by April. The crypto downturn set me back 2 years worth of salary. But obviously I cannot work another 2 years, so I settled on working another 2 and a half months instead.
The tension of the long distance relationship got to my gf and she threatened to break up with me several times. Even now, our relationship is all but certain to fail. In addition she closed our crypto account in Korea. Even if the premium goes back up, I cannot take advantage of it anymore. Also alot of my money is now stuck in ICOs – because I took even more risk, all that money is basically tied up and lost at this point.
So I went from having potentially $240k in savings (yes my savings are only worth $20k now + the $220k I would have gotten), the opportunity to live in Korea without working and living with the girl that I loved – to having next to no savings anymore, no crypto account in Korea, no way to get funds to Korea, and an imminent breakup with my gf. How much can change in just 3 months right? Depressed doesn’t begin to describe me anymore.. it was my fault, lesson learned, don’t be too greedy, don’t take too much risk.