This is a story about how sometimes forgetting is the best option.
So a long long time ago in a galaxy far far away I had purchased a nice chunk of DAO. The promise of a decentralized corporation that would invest funds algorithmically was super exciting to me and so I jumped headfirst the Ethereum that I had from my pre-sale investment. I actively monitored the price for the first few days. It was climbing high, and I was certainly was feeling high.
Then, one morning I wake up and see this:
NOOOOOO. My heart sinks and I crash along with my only savings account. I've never seen a cliff like that in any market. Ever.
I was a victim during the DAO attack which led to the loss of over 60 million dollars worth of ether. And this is where my learnings began.
That day I decide to forget about active investment in crypto currencies and I moved on to living my life. Moving to Lebanon, working in refugee camps and generally getting on with my life and ignoring the tiny moving percentage points on the screen.
A year later, I look back into my account and I find that after selling most of my dao and diversifying my assets across cryptocurrencies I believe in. Things like Bitcoin, Ethereum, and Lumen I found that the tiny bit of money I had left in my account had 10xed in the last year.
That was my lesson. Don't day trade. The real change is massive. Cryptocurrencies are changing the way money is going to work, I love this post by James Altucher where he describes humanity evolving from Theism ==> Humanism ==> Data-ism. For currencies he describes it as
- "Theism: “In God We Trust”
- Humanism: Let’s throw a President on there. Let’s get the signature of the Secretary of Treasury up there. “Don’t worry, we’re good for it.” While we print a few trillion without telling anyone.
- Data-ism: The natural evolution: Cryptocurrency.
These trust tools are here to stay and I believe in supporting the transition from central banks to a world where code is law and trust is as common as the air we breathe. What get's built in that world?
Here's an added bonus. After a year of ignoring my accounts, I found out that the hard fork in ethereum meant that I could claim a refund from my investment in the DAO.
So I've taken this gift of magical internet money from the kindness of the crypto lords and have invested in a new coin that I believe is a long term investment. Iota. They basically check off every box on this great due diligence post by Muneeb Ali. We're currently in a bubble, so this advice will behoove you to read and follow.
What do you think? How are you investing? Are you? What do you think of iota?
PS, if you like anything I share and feel like donating any IOTA/Ethereum/Bitcoin, here are my addresses:
Bitcoin: 1BdMZzF1t4K1E9Drtddt83W37nat3R1zvw
Ethereum: 0xb070a03e025544b321f63adc51eaec415fe701fb (not classic)
Iota: GUBDXJOHPQTCNWWLKTQGIBQIFX9NXMFA9PDMXNZAFNYZQKDEWOGOYWHIZPLCQGEABDIWWJEHVYDZZGOGZRQXNMLDOW
Hugs errybody! :)
+BG
Great post, I think that there are many people, myself included doing silly things, even against our own 'plan' when we first started this. A good reminder to buy and hold using $ cost averaging, because in 5-6yrs this value will be huge.
What do you mean by cost averaging? And yes, I also agree. Which technologies do you see having a strong team and novel / useful technology that you have as your buy and hold. I'm on ETH, BTC, ZCASH, IOTA for now and mayyybe Lumens...
Hey @pierreodendaal I'm curious how you've been doing trading wise since this post. I've been doing some steem writing about ideas and things that I've learned as I've gone on. It's been an insane journey. How about you :)?
firs tthanks for posting this on steemit, i now have an account... second good calls on the hold. people have the gambling itch. some say there is a correlation in areas that have high rates of gambling like many asian countries if we are to generalize so freely...
anyway, i got 50/50 BTC ETH holding and thinking more about IOTA... also looking to get my own wallet off the exchanges... what wallet are you using?
Hey @mradwan! It's been 5 months, crazy! How're things going with that split for you? Pretty well I hope. Huge hugs!
+BG
Amen @bilalghalib !
The change is massive. Think about the first ones to invest in Bitcoins, most of them had it for less than $1 and probably sold them for $10-20 when they thought it was a "bubble". Nobody knows the future but if you trust the technology then it should continue to grow for years.
It's been going well so far to look for fundamentals rather than hype. Good last 5 months for me, you?
thanks for sharing! I am not a trader and not an investor. I am in for the technology and the vision to change the way we transact. And betting (and working) on that. I'd go crazy if I'd see it mainly as an investment in the hopes for richness.
I ignored iota so far, but if you say it is interesting I guess I should look at it. - is it technically interesting? (wondered about the store of value though)
Free money is always a good thing! Did you know you can claim free clam coin only by having bitcoin since 2012?
I am just starting to invest and I dont have much. I totally believe in dollar cost averaging. Over time, a lot of these cryptos will be up by insane amounts!
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STOPHi there, i'm new. and this is my first comment for you