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Currently, as I write this opinion piece, I am at a huge loss (don’t even want to put this in numbers). I really thought I had figured out the secret to success. I invested most of my money (which was about $4,000) in Ripple’s XRP because it had so much potential according to media, investors and experts. I basically went all in on XRP. As few weeks went by I started seeing my money rising and profits started gaining by 10-20-30%. It felt amazing. Few week later I decided to apply for consumer loan and borrowed $10,000 (with the interest rate of 20% per year). I bought more Ripple (XRP) and added many other altcoins to my portfolio. I had already made about $10,000 in profits and I did not want to stop there.

Mortgage and more consumer loans

I felt confident and ambitious. I did not want to stop there and told my dad about the whole blockchain and crypto concept. He said he was interested and asked me to invest in his behalf another $5000 which I obviously agreed to. Just few days later I told my dad that I almost doubled his money (it was almost true). Believe it or not, but I turned to another bank (I think it was a bank) and borrowed another $10,000 (interest rate of 29% per year). It is quite easy to get the money in my country if you have a steady income and not too many financial obligations. Bear in mind that I already had a mortgage and few other financial obligations, so I really went too far with all of that, but I honestly thought that in few months I would sell everything with huge profits, return my mortgage and consumer loans and be a free man. As you might assume, it doesn’t end here.

I decided to add to my mortgage and get another $20,000 just so I can buy more coins. I obviously lied to my bank and hide my other financial obligations. With this money, I bought more of XRP, Bitcoin, Ethereum, Dogecoin and many other coins. This time, it was the peak for the crypto markets and I purchased most of them in the highest price point. Everything went downhill from that point.

Stress, depression, and huge debts

Just few weeks ago I realised I can not repay my loans anymore. I lost my job in February, so I do not have an income anymore, and I do not have any savings left. Emailed my loan officer in my local bank and asked for a grace period for my mortgage.  That will give me 11 months to figure things out, but I still have to repay my consumer loan with huge interest rates and monthly payments. I lost my dad’s money and he has his own financial difficulties, so I can not even tell my dad. Stress and depression has gotten to me, I am worried about my future. I know I will get through it, but it won’t be easy.

I realise that the markets can and probably will eventually recover, but I have to be honest with myself and bankruptcy. I honestly do not know what to do, one thing is clear, I learned a huge lesson and will probably remember this situation for the rest of my life. I know most of you probably think I am some uneducated and naive guy who clearly showed a very poor judgement, but we all make bad decision in life and make bad judgement. Little bit about my background (maybe someone can relate) – I finished college with business administration degree (almost all A’s) and worked in an insurance company and was good at it (before they closed down the business).

This is my story. I know I am not the only one. These are indeed exciting times and times when a lot of people can get ”rich” very easily and fast, but do your research, know the risks, learn from others’ experiences and situations and invest what you are willing to lose.