I briefly thought about calling this post "Imagine All the $PEOPLE" but that's both corny and drawing more attention to a song that's solid marketing for terrible ideas. We really should find another track to ring in the new year. Did you see Mr de Blasio dance at Times Square? A fitting end to that particularly star-crossed reign.
When ConstitutionDAO was launched I put 0.5 ETH into it (then around $1.5K or so I think). Because what would have been cooler than helping to buy a part of the constitution? In exchange I was allocated 500,000 $PEOPLE, a future governance token that meant we could vote in the DAO.
Then to all our disappointment, Ken G (my wife's ex-boss, she seems to like to remind me) thwarted everyone's plans. And so, given that there are always fun things to play with in crypto, I couldn't wait to get my money back out. And as soon as was possible I withdrew it back into ETH in my wallet.
The zero-utility $PEOPLE token is now trading at approx. $0.12, so my $1.5K would have been $60K. Not life-changing money in my current situation, but that's a 40x right there.
Which, yes, isn't quite $LIT of the last two weeks. And overall the crypto returns of the last year have been very good. But it does drive home the lesson that in this space it pays to sit and wait and, oh, do your own research. And not just pull the trigger so quickly.
It's a lesson I won't soon forget.