I had some time to look into the dot-com bubble today.
I was only 13 when it started. So I don't have much recollection of it.
The thing that surprised me the most was the amount of time it lasted before it burst.
It started in 1997 and only popped in the beginning of 2000.
Now I am 33 and I been in crypto since 2013.
I'm very much awake this time.
I'm writing this from memory.
In 2013 we had a massive correction in Bitcoin after it hit a high of around $1200.
It went all the way to $150.
But even though that was a tough one I don't recall many people talking about it or getting into it before the correction.
See the small blip at the start? that's 2013.
Between the beginning of 2014 and let's say the end of 2016 a lot of cool things happened.
Lot's of awesome projects were started taking blockchain technology and using it in new ways.
Ethereum, Dash, Monero, Bitshares, and Steem to name a few.
Price wise nothing really interesting happened. It was all very affordable and it was fun to daytrade too!
I bought my first Eth for around $2 for instance.
I sold some at $12 and thought I was amazing :)
Then the DOA hit when ETH was beginning to make it's move to $20 and it crashed all the way to $6.
I thought it was over but I kept what I had anyway.
Hodler for life.
(Sidenote: this is where I learned that these are the moments you should buy.)
Then 2017 hit and things went mental.
Not just Bitcoin went insane, so did most of the other projects.
I sold some Eth at $18 and then not much later at $44.
Then I realized it was useless to fight the trend and just held.
At $365 I lost my nerve and sold some more.
Again too early.
ETH went to $600 today and I sold some more today.
I just don't know anymore.
Now a lot has changed to Ethereum since I bought it at $2.
It has turned into a massive ICO platform with lots of cool projects.
It has just one problem for me, blatantly clear after the crypto kitties game was released.
It can't scale very well.
Even today when I tried to change ETH to BTC to get euro's I was presented with this message:
Now on exchanges, you don't notice this. Those are just ledger entries and instant.
But I wonder how many people have ever tried to just sync the Ethereum Wallet for fun.
It took me 5 days.
Even today ETH can only handle 5 transactions per second! This what Vitalik Buterin said.
“Bitcoin is processing a bit less than 3 transactions per second,” he said. “Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.” source
Now maybe not blockchain (STEEM can already handle 100.000 transactions per second) but certainly Ethereum.
So when I saw Ethereum rushing to $600 today I'm wondering how many people truly understand what they are investing in.
Now, I like STEEM because I understand it. I use it every day actively (not just on exchanges). I know it works. I know it's fast. I know it has no fees. And I know the development and what is coming. (And I don't confuse personal problems about Steemit with the technology).
But, I also know my grocery guy has never heard of it.
I know he heard of Ethereum.
That's why I'm keeping Ethereum and not selling everything right away.
Crypty is the talk of the day and I think people will invest in what they heard of.
This might go much higher but maybe for the wrong reasons.
I have recently become a witness with our developer group @blockbrothers for the Steem blockchain. If you want to support us I would appreciate your vote here.
We build Steemify a notification app for your Steemit account for iOS.
Get it Here:
Crypto junkies, we are all going to the moon!
😃😃
nobody knows future,
and our estimation goes wrong always.
so patience is the best polocy in my guess.
I support you as a witness and wish your project success
That is so true! It happens to me all the time. It's why I usually sell/buy gradually.
And wow, thank you so much for your witness support for @blockbrothers that helps us a lot.
What happened in dot com bubble might happen whit crypto and that is many will fail, like 90%. Only best survived like Microsoft, Google, Yahoo, etc. In my opinion Bitcoin, Ethereum and Steem will survive.
The pointless coins will disappear for sure. We will have more than a couple, but certainly not 1000+ as right now. :)
That's what exactly what I been saying to my dad this morning. I don't see the value of every project atm.
Witness?? Surely going to support you my #respectedsenior.
Thanks for your support!
yeahh i understand you sold some at different level... if we knew everything it was easy.. but man you had some real good stories to tell... i just started 6 months ago.. and after 4 months of allt coin terror I am getting back on track... all thx to steem...
I think you found the right project. I believe in it fully.
you're just driving a shortcut to the moon where there is a lamborghini dealer with special editions, that shortcut is pretty hobbly, the opposite we are used to in the netherlands, like we suddenly are driving in belgium times 100 and up in the sky.. so we do crazy things like selling sometimes ;)
You should have waited for few more months ETH will reach $1000 within next few months.
That's why I sell gradually.
When steem will be hyped as much as ethereum is now, it will be glorious that's for sure :) And the disappearance and failure of other projects will be a wake up call for many, but there is a long way to go until then.
Excellent post my friend, well you made a wise decision to buy ETH at very right time and you good decision is paying off now, you also talk about steem blockchain and i think right now it is the best chain present on the Internet, i don't know about the future but at this time steem blockchain is No. 1 why because our lovely steem has lighting fast speed and no tx fees as well and also it consumes no electricity as it is mined with proof of brain or with proof of stake, so in my opnion steem is the No. 1 and the best cryptocurrency, thanks for sharing the very nice thoughts with us, Stay awesome.
They try to implement new ways to scale up ETH, I recall something like "sharding". We will see if they can achieve it. Don't forget that in crypto, a 2017.9.18. article date is like years in other fields. :)
By the way, Ripple posted a comparison between the big currencies:
It looks old. Anyway. STEEM is 3 seconds, no fees and 100.000TPS. There is no comparison.
It's 11/28/2017. Do they have proof or official announcement about the 100k TPS? Because that's really impressive but I can't find it anywhere. Given that it is indeed true and there is proof, it could be a good thing to promote.
http://blocktivity.info/
Thanks!
The last 24h's activity is 872,291 transactions and the CUI is 0.30%. So that roughly means Steem could handle x333 of this daily transactions right? Let's say 300000000 in a day. 300000000/24/60/60 is ~3500 tps on average for 24 hours to reach 100% CUI. But of course it could surely handle higher loads as it's in the white paper(they say 1k-10k or more) but at the moment I can't see the proof of 100k. Am I missing something?
If Ripple promotes themselves with 1500 tps that could be scaled up to the 50k Visa level, then why wouldn't the people behind STEEM promote this everywhere?
you joined the crypto world way early than anyone else and that's the main benefit you are taking the lead :D what a journey this has been for you epic is the right word i guess
and eth is doing amazingly well but i think Dash is going to surpass that too and litecoin up in the list and hold on we have ripple too now
Don't feel too bad about taking profits on your gains in general. It's much better to have some profits then to hold on to some assets forever and risk some losses. Psychologically, it's a lot easier to manage losing out on potential gains versus experiencing actual losses.
I think the scaling issue is the main problem I have with Eth even though it's better than BTC. EOS and Steem are way far superior for scaling.
@exyle We are going a lot higher since most people that want to get involved still have no idea how to do so. I remember the DOT.COM Bubble since I was a licensed Stock Broker and right in the middle of it with Charles Schwab. Our Website was going down at that time at least 2 or 3 times a week because so many people were trying to get involved and it had many scaling issues. I am not worried about a bubble in cryptos yet.
Wow started from the bottom I will say raise your glass and let's applaud your successful journey so far
Then 2017 hit and things went mental
That's very apt. I remember, perhaps only last month looking at my portfolio and wishing it would move a bit. It had been so static for a while. This month, boom. Mental!
I have been very happy to be a long term hodler of LTC!
Congrats on LTC!
Hehe cheers, it's great for loads of coins but I am chuffed with LTC definitely!!
In the short term who knows, maybe Ethereum to $1,000. Would be crazy to see that.
In the long term I agree with you, it's not good that ETH cannot even handle the current transaction volume. If they want to compete with VISA in a few years they need to show some proof of that pretty soon.
Here on Steem I'm so used to great performance that I take it for granted... apart from that one period of a few weeks where there were site issues, it's been mostly smooth sailing.
Agree. And that was only the site. The blockchain was fine.
the real question is will you learn this time and HODL for a price you set in your mind with steem? :)
I'm doing ok so far. I have never powered down :)
that's pretty amazing. i power down weekly at the moment when my other work and courses don't do as well, but things are doing better recently so i'll be able to stop soon. i know you got to your 100k steem which was a massive achievement.
I was lucky. I bought most of that in the downtrend last year. I like to believe the DOA experience helped me realize I needed to buy.
no doubt about it. we live and learn. more sense than luck on this occasion i think. all power to you.
I am holding on everything right now because I feel as if I am riding inside a tornado! I am still learning so I am a bit timid of jumping in blindly with both feet and no life preserver!
Try to keep a clear head is what I would recommend. Taking a little profit on the way up is never bad.
Thanks.
I don't understand every background of a lot of currencies but I do know, whatever the reason, daytraders must have nerves like steel these days! I am so glad I 'm invested in Steem!
Yes! I stopped day trading when I lost them.
Well you definitely sold for the right reason. Ethereum has great angles and possibillities, but fast transactions is sure not one of them... In my opinion, Ethereum will rise even more, but sooner or later people will find out, it has it boundries, and then another, better option will take over... Maybe Elektroneum, who knows...
You made some great profits, think of it that way! And be sure to enjoy your profits!
Schol
Many are going to fail. This is a lot like the dot come bust. The strong will survive and if they actually provide value, real or intrinsic, the washing out of the weak will make the strong even stronger. The key will be what coins are providing actual value and how will that be measured.
It's really hard to tell which ones will survive the purge. Naturally everyone would expect bitcoin and ETH, but if we're being honest neither of them has the best technology. Scalability is a major issue that needs to be solved. I like IOTA and their tangles network solution. Each transaction automatically scales the network so the bottlenecks shouldn't happen.
BTW, for the witness do I add you or blockchain? You have my vote for sure.
We're still so far away from mass adoption and yet we're already getting this kind of growth. You rightfully said that nor bitcoin nor ethereum are running on full capacities yet, they still have a long road to go before they will reach that potential. And when the time comes you want to be heavily invested.
Interesting post, Im not that long into the crypto; but what I also learned is just HODL.
I do not focus on short quick wins, but have faith in crypto in general; everything what would like to grow takes time.
I fully concur on the disaster that the kitties have exposed about the ethereum sluggishness. Even moving a small bit of ether I've been waiting for nearly two hours but the fee was only $.40 which I see as a win.
What are your thoughts on the implications of using litecoin in gaming and NEM for WeChat functions?
I've just started buying ETH in the last week. I've put in about $500 and put another $500 in today. I'm worried about buying in a spike, but I think I'm going to transfer the money I put in today into some cheaper cryptos. It's always scary to buy in when you're in the middle of a huge upward swing, but anyone who bought bitcoin at $10,000 would have been in that boat, and they would have been very happy about it.
Wow man I can relate 😎 good memory btw lol
And I try not to confuse personal problems about Steemit with the tech either. Much agreed on that, that’s a major thing keeping most of my following from joining. I need to create a pros and cons to participating rather than wasting time on other platforms. But yea good post man!
#Powerup
We live in a moment of history where massive changes take place. We are just fortunate enough to witness the birth of cryptocurrencies. Mass adoptation and we're not even mainstream yet. Plenty of room for exponential growth. The breakthrough technology of the blockchain is guarantee that we're not talking about another bubble, we're actually talking about another chapter in global economic history. Lucky us!
you are lucky cause you bought eth when it was very cheap , i sold 170sbd in last month and now i want to kill my self , if i waited for only 2 weeks i could've get 1798 dollars and be rich
Thank you so much for the post, that you shared so beautiful a post among us.
These data are very useful for our transactions.
When I saw this post I saw online + 38.55% increase.
My own ethereum balance was bd 600 but it was bd1076+. I am very happy to see it.
I have fewer ethereum, if they keep futures for them, they will not increase or decrease. Let us know how it can be understood. .....? @exyle
so nice
I think you enjoy your journey. But I don't know when to start my journey.
Thanks for sharing your great experience with us about ETH.
5 Days to set up ETH vallet, Even today ETH can only handle 5 transactions per second! This what Vitalik Buterin said.
I know the pain of wasting time. I will try your tips do better soon too.
BY the way you are great investor too. ETH went to $600 today and you sold some more today.
From $2 to right now $600 lucky you are :)
Sir, I have read your post very well, I really liked your post very much. You have written a lot of things in a very beautiful manner which I have liked so much, because of the beautiful posting I always follow, I can not learn different things from you So many things to teach us
One good decision makes everything. Good investment in Eth;)
well i hope you have enjoy the great upward moment of the WTH i feel that you have done will by keeping some ETH with you have a nice day keep good luck
@exyle
You are so lucky to be in the cryptocurrency world so early. Well a guess you maybe predicted it will be huge some day. But i think it's still some interesting years ahead of us :)
The real question is will you learn this time. I am not worried about a bubble in cryptos yet...
I think the “average joe” is just fomo throwing money into whatever raises...cryptos are here to stay and I think all the predictions will become reality in the long run but it reminds me a little bit about stocks like Tesla where the share value doesn’t reflect its revenue or roadmap.
It is an investment with a future vision but in reality nowadays all major cryptocurrencies are too slow for mass adoption, that is why I see that a lot of people who don’t understand what they are buying might lose a lot of money if a crash due to overpricing occurs.
I wish I had learned and known about the Eutherium and Bitcoin etc. a little bit earlier. I wanted to buy Eutherium but it was a bit too high for me, so I did invest in Litecoin, which is doing pretty good for the last few days. Now we just have to wait and see.
Thanks for sharing your investment journey with us.
This is a great little history you just shared. Thanks for that. It's been a wild ride.
A great photo :)
Thats the nail on its head. At the moment around the 'common' people BTC and ETH are getting attention. Even elderly people have heard about it now because of the news. Altcoins are mumbo jumbo to people, so that will remain for the 'trading elite (not meant offensive).
Im not sure about my ETH vibe...Like not at all.. I'll HODL and wait and see. But not with big faith
great reading you.
Thanks
Your story amazing, your bitcoin artical is right, day by day bitcoin rising, nest year bitcoin rate up to 20000 first month, have a nice day,
I'm personally not big on Ethereum and can see it getting overtaken by the likes of Eos. If a blockchain can't handle crypto kitties then it's future is in serious doubt, and I would have expected them to have already done a better job of scaling by now if it was possible
What are everyone's price predictions of ether in the next 5 years?
hodl strng!
With all of the projects based on the ETH's ICO platform, which ones do you like?
excellent post ..loving to your blog.thanks for sharing..
Yea thats true I was already seeing the potential way before the dot com bubble surprised it took so long but I feel I had many other missed opportunities like google shares, youtube, facebook etc staying awake with crypto now @exyle