Coinfessions Portrays The Dark Side Of The Bear Market

The Coinfessions Twitter account shows something that’s not easily accessible. Their tagline says it all: “anonymous crypto confessions.” The little stories it presents paint a scary picture. An industry full of sharks and unfulfilled promises. Secretive individuals that hope never to confess their mistakes or the size of their earnings. Naivete and the people who exploit it. All of that mixed with Terra’s collapse and the beginnings of the crypto winter it apparently brought. That is to say, Coinfessions is extremely entertaining.

Related Reading | Terra’s Do Kwon May Face Charges In The U.S. As Money Laundering Accusations Emerge

Let’s dive into some of the latest stories to see what we can learn about the crypto market in general.

Coinfessions About Losing Money

Hoping to buy a house next year:

“I still haven’t told my wife we lost 50% of our savings in Anchor. I’m putting what’s leftover from my paychecks into restoring it back to the initial amount, hoping she won’t notice. It will take me approx. 5 years with my current salary. We planned to buy a house next year.”

That Do Kwon guy really did a number on a whole generation, huh? Or was it the investors’ fault for falling for a too-good-to-be-true offer with unrealistic yield? In any case, this Coinfession points to another disaster on the horizon. This person should know that the wife will find out eventually. They always do.

Hoping for rehabilitation

“Throughout the past bull run, I convinced myself I was a better sh*tcoin trader while on uppers. Now $250K in unrealized gains have vanished and I’ve spiralled into depression and a substance problem no one knows about.”

Yikes! Good luck to this person. Let’s hope he or she finds the help this Coinfession implies he or she needs.

Hoping for recovery:

“It has been the most devastating 7 months of my life, I have never seen something as difficult as trying to be a trader. I came with the intention of making money and I was clickbaited by most accounts claiming absurd gains. I am ashamed of my losses, of myself. I sold my car, lost 6 years of salary, took out stupid loans, and worst of all, lost a big part of myself, emotionally. I’m now really antisocial and unwilling to do anything but I will not accept defeat as an option. I will go on with my head held high because one day, even if very slowly, I will recover what I’ve lost.”

The truth is, only exceptional traders make money. Everyone else is their food. This person should reassess his or her strategy.

LUNA price chart on Binance | Source: LUNA/USDT on TradingView.com

Coinfessions About Making Money

Rich person problems:

“I made it in crypto. I’m from quite a modest background, and haven’t told my mom I was rich. I’m really scared that money could change our relationship and she will see me as a walking ATM more than a son. I discreetly make sure she doesn’t need anything (bought her a car when hers broke down, but nothing fancy, same with new appliances for her flat) but always in a range that a regular middle-class son could afford. I see people in the ecosystem that gives unlimited credit cards to their parents and I don’t know if I’m a cheap *ss bad son or if what I do is right.”

This man is smarter than most, and his Coinfession clearly shows that he’s prudent with money. He might be a “cheap *ss bad son,” though.

4:20 all day, every day:

“I work for 3 different DAOs making between 150-200k at each. I do about 10 calls per week, chime in, and go back to smoking w*ed. What bear market?”

This person seems to have it all figured out. His Coinfession suggests guilt, though. In any case, where can we inquire about those jobs? Let us know in the comments. 

A trick to make money in the crypto space:

“I have been trading these markets full time since 2017. It has not been easy. But ever since I stopped giving a f*ck about anyone or any project in this space I finally started making money. I am here to steal from you.”

Yikes! You’ve been warned. Don’t say this Coinfession didn’t warn you, because it did. People like this are all around you, be aware. 

Miscellaneous Coinfessions

The problem with communities:

“I am the founder of a large blockchain project. I secretly hate our Discord community. They are the most toxic ungrateful, disgusting, and idiotic group of people I have ever seen. They all have terrible ideas and we would have tanked our project many times over if we had implemented even just one of them.”

Related Reading | Is SafeMoon A Billion Dollar Fraud? Coffeezilla Thinks So – Pt.1: Rug Pull

Wow, tell us how you really feel. Something tells us this situation is akin to what a lot of DAOs go through. However, even if it’s offensive, this is the most harmless of the Coinfessions we selected. Secretly hate all you want, blockchain project founder. As long as you don’t rug pull your community, everything’s fine.

Featured Image by Shalone Cason on Unsplash  | Charts by TradingView

FED, dollar bills