Readers Story: I Bought A BMW M2 For 8.000.000 Dollars
Over the last 3 months, the market is pretty boring, confusing and full of thrills. While people lost, other made a fortune. The grass is always green on the other side. And yes, it is. How bad is it when you sold your cryptos to buy a BMW M2, if that portfolio was worth 8.000.000 just 5 months later.
For the April edition of our Magazine, we asked Premium Readers about their biggest mistakes, gains, most stupid and funny things. Out of all stories, Alex stands out.
At the left the BMW M2 that our reader bought for 60 grand. At the right, the house he could buy if he waited five months.
His Story Started Just Like Yours
´'At the beginning of November 2016, a friend told me about the blockchain and I really did not know what the F he was talking about. It sounded as total ''blabla'' about a new 'decentralized system' to me. He told me about a report that discussed Monero. An impossible to trace privacy coin. It sounded pretty anarchical and therefore I liked it.
After some research I bought 500 pieces with a part of my savings money. Almost 2800 dollars, a big deal at that moment. But, I realized people did get rich with this kind of stuff. The months after my purchase was all about studying cryptocurrencies. I was, and I am, convinced about the future of blockchain.
At the beginning of January, my Monero's almost 3X in value, so I wanted to sell. My friend convinced me it was the worst decision I could take (weak hands) and advised me to buy Ether. Again, that 942USD was a serious amount of money to me, but I trusted him. Somewhere in march, everything was doing great. My total portfolio grew from 4000USD to around 25.000USD, when my friend advised me ´The Chinese Ethereum´ for around 12 cents. 'This was going to be very big' he said. So, I invested my last saving dollars in 41.500 NEO. Yes. 41.500 NEO.' For 5000 dollars.
It was like diving into the water without knowing how deep it is. Anyway, my buddy already made me 20 grand - on paper - so he was a real expert to me.
The 16th of June was the worst day of my entire life, so far
In the weeks before the 16th of June NEO already shot up. I discussed ´the best thing to do' with my friend.
He was convinced NEO was going to hit 10USD. But, I doubted it because China was already talking about bans and stuff. Anyway, I was reading everything about bull-runs, greed and convinced myself that 'somewhere around 2USD' was a very good deal for something I bought for 0.12USD.
So I sold. Not for 2USD but for 2.70 and I cashed out 112.050 dollars, a 97.000 in just 3 months. My plan was to buy a part back when it was going to dip. But IT DID NOT.
One day later I made the second worst mistake to sell all my XMR for 25.000 USD. At that moment I was so overwhelmed. I just earned 137 grand with some stupid online currencies. I told my buddy. And, of course, he tought I was an idiot and convinced me (thank god) to hold my ethers.
During my great period of extreme wealth (for about 1 week) I decided to buy a BMW M2 for 60K. I felt like I PIMP, until I waked up from my fucking dream. NEO was not dipping. XMR was not dipping. The price increase was unstoppable. In a flip of a coin, NEO was worth almost 40 box or 1.660.000USD in my situation. I paid 800K for a BMW M2, was my feeling. And then, the december and january bull-run arrived. Really, since then I hate Christmas. If I just had patience. If i just listened to my buddy. If I was put in jail that 16th of f*cking June, I had the possibilty to cash out more than 8.000.000 USD. So, my advise for everyone. Don't be like me, be like my buddy and have some patience. Yep, he is that person that sits on a portfolio of over 5 million USD. And Yes, he also cashes out. To pay his rent of 1000 USD a month ;-).
My best advise to people in fear? Just hold. The current market is so small and big things are on its way. Now is the moment to buy more, I already did, and I am thinking on spending more. This is really the next big thing.
If I still have the BMW M2? Yes: I sell when one M2 is worth 8 million dollars.
THE MATHS
Transactions
Bought 500 XMR for 5,57 in November 2016 dip for 2785USD
Bought 100 Ether at 9,42USD in the beginning of January 2017 for 942USD
Bought 41.500 NEO at 0,12USD in the beginning of March 2017 for 5000USD.
Bought 500.00XLM at 0.021USD on October 7th for 5250USD (this was my first happy moment since a while)
Value when sold
41.5000 NEO June 16 2,70USD per NEO = 112.050USD
500 XMR June 17 50USD per XMR = 25.000USD
ETH not sold
XLM not sold
= 137.050USD
Value during Peak
500XMR priced 488USD = 244.000
100ETH priced 1389.18USD = 138.900 USD
25.000 NEO priced 188.97USD = 7.842.255USD
250.000XLM priced 0.91USD = 227.500
8.452.655 USD
Current Value when just HODL
500XMR priced 200USD = 100.000
100ETH priced 480USD = 48.000 USD
25.000 NEO priced 188.97USD = 1.500.000USD
250.000XLM priced 0.23USD = 115.000USD
1.705.500 USD
Current Value Of Readers Portfolio
100ETH = 48.000
250.000XLM = 115.000
163.000 USD
- 1.542.500 USD from current value
- 8.289.655 USD from peak value