Hi, this is an introductory post - my name is Tommy! Now, let me tell you how I lost over $2,700 this week while everyone else was celebrating!
Here's the chart. The story below.
The Setup
So crypto is super hot and everyone is buying, right? With prices coming off epic highs and a ~50% retracement in Ethereum, it was a perfect time to join the bandwagon. I've read every Bitcointalk forum, watched all the popular YT videos, listened to podcasts, and of course, enjoyed many of my fellow Steemians posts. I use to daytrade stocks, but I just wanted to invest.
My Investing Strategy ?
Simple. HODL. HODL. HODL. Or as the wise Yoda once said...
(1) Executing the Plan
Well, I had to deposit money first. I had a verified Coinbase account and (1) bought $15k worth of Ethereum @$203 via ACH transfer. It would take about 4 business days before I received my ETH.
Now I didn't realize at the time that I should NOT have purchased ETH or BTC from Coinbase. Not only did they charge fees and I didn't get the best price based on bid/ask spread, but I could have just deposited via GDAX (and avoided the fees! Still, the fees were relatively small for the $15k.
(2) Feeling Like a Super Hero
24 hours later, Ethereum was making the predicted recovery. My ETH was locked up at Coinbase waiting the 4 day release. No worries. Everything was going according to plan. So at (2) I was saying, yes, everything going according to plan.
What could possibly go wrong?
(3) The CoinApocalypse Arrives !
You've seen it. Your mom has seen it. Every random person on the street has seen it. (3) The end was here. Every blog post. Every Youtube video. Only Steemit posts were saying...
Oh man, was I kicking myself now for not deposit fiat directly via GDAX and having to wait out this 4 day lock-in. I triple-checked the Coinbase confirmation email. They said I'd receive my coins at the END OF DAY JULY 18 (after 4 business days from date of deposit).
(4) Coinbase Delivers ETH 1-day Early
Was this a blessing in disguise? ETH had made a small comeback. I said HODL was my strategy, right? But everyone is saying the crash is happening. The Bitcoin hard fork on Aug 1 will happen. Everyone is getting out of cyrpto. Maybe I sell now and buy back in Aug 1 like every other Youtube crypto pretending expert is saying. Let's salvage what's left @$165.
Could I pull the trigger to sell? DO IT. DO IT.
(5) Then Today Happens (July 18)
Coinbase, why, wHy, WHY couldn't you deliver my ETH at the end of day July 18 like you said you would? Why did you have to have such fantastic service and deliver it early??
Why didn't I HODL? Why couldn't I just...
My $2700 lesson...
I'm obviously not a very good buy and HODLer. So I think I have no choice. The only choice remaining for me to profit from crypto is GO ALL IN ON STEEMIT.
That's right, baby. I'm putting the $12,300 left into STEEM and POWERING UP!
Who's with me??
Thanks for sharing your lesson with us - we've all made this mistake many many times!
Now I didn't realize at the time that I should NOT have purchased ETH or BTC from Coinbase. Not only did they charge fees and I didn't get the best price based on bid/ask spread, but I could have just deposited via GDAX (and avoided the fees!
Just on this - I've been thinking the same lately but use Kraken so is it better for me to deposit on Kraken and buy ETH on there rather than coinbase? The spread + fees combined are very high on coinbase so I'd like to avoid this to maximise my gains!
Damn, that is a crazy story. It is hard to hold the line when everyone around is saying to run. The one bonus of a Steem power up is that you can't get it out right away!!!! Don't forget to get some BTC and HODL!! It will go places too, but seriously this time, hold it :)
Welcome to Steem @tommymindtrick I have upvoted and sent you a tip
Hello Tommymindtrick its good to see more people around. Have fun in this community. I wish you many followers and new friends :-) Cheers @chrisx
welcome to the Steemit community, @Tommymindtrick :) Wish you much luck! Cheers! Follow me at @khunpoom
Welcome to Steemit @tommymindtrick :)
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Hello @tommymindtrick! Welcome to steemit! :)
Hate it when that happens! Welcome to Steemit..you'll be a steem whale in no time with that much steem power! :)
Hello ! I am @digital-gypsy , nice to meet you Tommymindtrick ! Welcome to Steemit and all the best for your posting
hahaha, I too have learned these painful lessons. It hurts... what it comes down to for me now is investing in things I'm educated on and truly believe in medium-long term (1-5 years or more.)
For instance I bought a good bit of STEEM at $2, but it doesn't matter because I AM HODLING long term! Also I grabbed some more when it was around $1 which is niiiiice :)
All the best to you! Power up and STEEM ON!!
Edit: I didn't even say welcome. Shame on me.
W E L C O ME TO S T E E M I T @tommymindtrick!!!
This post has received a sweet gift of Dank Amps in the flavor of 22.73 % upvote from @lovejuice thanks to: @d-pend. Vote for Aggroed!
I got a bellyRub and this post has received a 6.98 % upvote from @bellyrub thanks to: @d-pend.
Hello Tommy! Just do it. It's a brave move and it will soon pay off. I'm following you.
Welcome to Steemit! You will rock here! Followed. Follow me back 😘
Welcome Tommy