It probably won't last, but damn. Remember this?
I calculated back in June that if ETH spent the 2nd half of 2017 the way it spent the first half of 2017, it'd be at $8k by December 31. At the same time, my friends who was salty at me for not telling them to get into ETH at 70 cents are saltier than if I hadn't said anything because he bought BTC at $1000 by mistake and sold it for ETH at $300. Was it Tversky and Kahneman that calculated humans are five times as affected by a loss as they are as a gain? He would have been up 0%, instead he's up 100% but he could have been up 17,000% therefore I'm the bad guy.
Totally them. I've been reading the new Dan Ariely lately, which is about the stupid ways we think about money. It's not a bad book but if you're well-versed in pop economics you probably know most of the book already. With this latest Bitcoin rise from 1k-17k I also wondered if I made a mistake - but then I remembered that I have no freakin' clue how to call the top, and neither does your friend. I probably would've gotten out at 2k if I'd bought at 1k.Was it Tversky and Kahneman that calculated humans are five times as affected by a loss as they are as a gain? He would have been up 0%, instead he's up 100% but he could have been up 17,000% therefore I'm the bad guy.
You know it's funny. My $25k Porsche has become a $55k Porsche and it's only been six weeks. I figured that would drive me to distraction. I figured I'd be super-salty about it. I figured the minute I pulled that cash I'd be morose about the profits that I was figuratively pouring down the drain. Instead? Don't care. Porsche. On the one hand, I recognize that the crypto I liquidated will hopefully be worth a lot more some day. On the other hand, I drive that car every day. EVERY DAY it is a joy. Every day it is more than a number in an app, a set of barcodes in a safety deposit box. It has a name, it has a personality, it growls its way to 90mph with astonishing alacrity and it warms my ass on cold winter days. And i conjured it out of NOTHING. I can look at that car two ways: It's either my $55k-and-counting Porsche, or it's my $58 Porsche 'cuz that's what I spent for the Ether I cashed out for it. Laszlo Hanyecz bought a $410,000 pizza.. At the time, $409,990 was the transaction fee for turning a virtual good into a physical good. If Jeremy Sturtevant still has that 10,000 BTC he's got what? $170 million right now? Fuckin' Laszlo got some pizza. That 10,000 btc probably cost him pennies. Time flies like an arrow; fruit flies like a banana.
Feels like missing out on easy money. Why are cryptocurrencies growing at such an astonishing rate? A couple of years ago Bitcoin was about $500. Now it's $17k+. What does the crypto value even depend on?
I don't remember seeing the post above. It was in January 26th, 2016. If I remember correctly, it was the start of a new semester at school and I must have spent a bit less time on Hubski at the time. Shoulda Coulda Woulda been able to pay back my student loan if I saw and researched it at the time. Oh well. I had a second chance, when mk posted about it and did a beginner's guide to invest in ethereum when it was at $50. Must have also been a period where important things happened, because the link was saved in my "favorites" folder for a long time and I never put my energy towards it. And then in June, my school organized with BCG a kind of business-hackaton, where I got the opportunity to discuss and learn about the technology. Seemed promising, so I invested a bit of my pocket money on it (being still a student 9 months away from working a real job with a student loan, I only invested what I could lose), betting that the industry overall would grow (market cap was around 100billions at the time). Got lucky, I didn't invest in ethereum at the time (360ish). Made some money from this, which could pay a very nice holiday. I really liked kleinbl00 post about Intrinsic Value Theory & Greater Fool Theory (https://hubski.com/pub/397016) because it really summurize nicely what's happening. How many unbanked people have we banked? How much censorship-resistant commerce for the common people have we enabled? How many dapps have we created that have substantial usage? Low added value per user for using a blockchain is fine, but then you have to make up for it in volume. How much value is stored in smart contracts that actually do anything interesting? How many Venezuelans have actually been protected by us from hyperinflation? How much actual usage of micropayment channels is there actually in reality? The answer to all of these questions is definitely not zero, and in some cases it's quite significant. But not enough to say it's $0.5T levels of significant. Not enough. I think he's right that the current marketcap of crypto is high, especially when the technical challenges ahead https://medium.com/@preethikasireddy/fundamental-challenges-with-public-blockchains-253c800e9428 (Limited scalability ; Limited privacy ; Lack of formal contract verification ; Storage constraints ; Unsustainable consensus mechanisms ; Lack of governance and standards ; Inadequate tooling ; Quantum computing threat) are still plentiful. Will the crypto market cap exceed 3 trillions in 2020? I believe so. But it might be a bumpy road from here to there, and the current top 20 crypto might be totally different then. I still hold what I put in June, because I didn't made any "significant" gains, but I believe I would have cashed out half if I started in 2016 or early 2017.So total cryptocoin market cap just hit $0.5T today. But have we earned it?
Vitalik on Twitter, 8 hours ago.
Have you held since your last post at 2.60, veen? Just curious, this is impressive.
Held most of it since 0.80, bought some more with money I could lose at 6 and at 8, spent some on ICOs as a gamble along the way. My current ROI is still absolutely nuts. THAT SAID, I still think of it as Monopoly money until I actually see a big number on my savings account.