I just became a new Crypto Millionaire.
My Story and Observations
The only two coins I hold are Bitcoin and Ethereum. Most of my gains came from ETH.
I was lucky (smart?) enough to buy the vast majority of my ETH below $13. My logic was twofold:
- Until Bitcoin resolves its scaling issues, it’s a sure-fire bet that other currencies will take the lead over time. The longer Bitcoin scaling remains un-resolved, the more other currencies will grow.
- The best choice to me appeared to be Ethereum, based on its development roadmap. I have learned (mostly from reading these sub-reddits) to invest in something with utility and value. To me, Ethereum is such a coin. Bitcoin really only has first-mover advantage left and Core devs are presently destroying that.
I used the above knowledge to my advantage when investing. And it paid off. Also it’s worth noting that even if Bitcoin Scaling does get resolved, the resolution process itself (forking) will likely be a messy bloodbath. I consider this another invaluable piece of investing knowledge. I invite you to use it.
You don’t always have certainties in investing, but I feel point #1 above and Bitcoin’s scaling-resolution-bloodbath are two certainties you can use to your advantage.
I think Bitcoin will eventually recover, but not after a forceful removal of the current devs. This may be at their own hands by forking themselves off the main network via a very foolish UASF.
I hope many of you are achieving similar success in your investing.
And if you have any advice for me, please share. I think one should never stop learning.
If you have any questions for me (that are non-revealing), please ask and I will answer to the best of my ability.
Coin Cap (for iOS) is the app I use to track my money. I recommned it for an easy way to track your crypto holdings. You can fingerprint lock it too, which I find nice for security.
I’d like to thank everybody in r/btc, r/ethereum and r/ethtrader for your insightful posts and friendly correspondence. It’s a great community. Let’s keep it that way (not not like the Bitcoin space which is highly toxic right now and very unpleasant).
Also, I’m going to take this moment to share my viewpoint on Bitcoin scaling. I am a “big block” supporter in the Bitcoin space. Yes, we do exist. And we do have skin in the game. Bitcoin should be allowed to scale with on-chain capacity like satoshi intended. And I do NOT feel Segwit is the solution. In fact I feel Segwit is the worst thing to enter the Bitcoin space since Blockstream arrived and since Gavin handed over his keys to the goons in charge now.
But I suppose I should be thanking all the toxic trolls and fake accounts from r/bitcoin, because if it wasn’t for them, I wouldn’t have moved 80% of my BTC into ETH. And hence why I became a crypto millionare. I couldn’t have done it without you guys. Thanks.