I became a USD Crypto millionaire a week or so ago, on paper at least. How does it feel? To be honest , doesn't feel real and nor should it until I convert to FIAT.
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I met Vitalik at an event early 2016. Bought $10,000 worth of Ether and some bitcoin really just so I didn't look back in 10 years time and see ETH at 2000 and kick myself for the rest of my life having met such a key figure in this space.
I didn't check prices much and was generally flat to down for long periods. I didn't mind, I was mentally prepared to lose the $10,000. I lost 33% of my portfolio when Bitfinex got hacked. Annoying but again, not an issue, shit happens.
I just held on, or Hodl as they say. My first sell of Ether was at start of Dec 2017. I sold some to cover my initial investment and also sold some to diversify in XRP, QSP, TRX and NEO. Quite bizarrely XRP, QSP and TRX went through the roof and I made my first million.
People have told me to sell all through 2017, at key round numbers such as 100, 200, 300 etc. Everyone I know said I was crazy for holding. For me though, I was always holding for the long term, even though things moved quicker than I expected. In my mind there is probably 50% chance that I could lose 50%+ of value of my portfolio in 2018, however probably 20% by 2020 I will make $4million+. These % are just the way I think and based on nothing more than that!
I will continue to tweak my portfolio once every few months if I see new interesting tech/ideas, but I will never actively trade. Im not that interested in Cryptos to be following it every day and let it turn into an obsession. As I mentioned at the start, never get fooled into thinking its real money until you change it into FIAT or until it really does become a usable currency. If we get a really significant crash, it will crash like you will not believe and it will be hard to get out of positions easily.
I used to tell everyone I knew in 2016 to put 1% of your cash in cryptos, Ether in particular. These days, with all the craziness I no longer say that, but I do say go out and buy some, put a little in that you can afford to lose. You will learn a lot about cryptos and blockchain in the process.
Good luck to all those involved!
Anonymous,
Quora.
I have only just got into the crypto market and I have become a bit obsessed with it. I have invested 2k into it which I am prepared to lose, but of course I don't want to. I keep telling myself that I'm in it to be a hodler, but checking the prices every few hours doesn't align with that. So thanks for your post because it has highlighted the mindset I need to be a long term investor and not a trader.
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Congratulations on your investments and "kind of" joining the millionaire club! Wish I would have started when you did! I believe 2018 is going to be a great year for crypto. HODL on my friend!
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Congratulations fellow crypto investor, I'm very happy for you!
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