Mass adoptation or Mass mania? My journey from $2 ETH to $600.
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.
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.
Witness?? Surely going to support you my #respectedsenior.
Thanks for your support!
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?