The third and final time I didn't buy Bitcoin

Updated: Oct 3, 2020

The third time i didn't buy bitcoin happened in November 2017. This is the one I trully hate.

I kept following the markets from time to time since 2014 but didn't actually buy any cryptocurrency. I had already figured out the fact that blockchain is going to change the world but as life was happening around me at a fast pace, i didn't took the time to stop and smell the crypto. Big mistake actually.

So, in november 2017 there was a lot of chatter about Ethereum, the main bitcoin competitor (as it was perceived at that time). Unlike bitcoin (thought to be digital gold), whose inception is still a mistery regarding it's author, the (in)famous Satoshi Nakamoto, ethereum is a platform mainly used for developement of other projects and was developed by Vitalik Buterin and Gavin Wood.

The main idea is that i knew this was happening but i didn't take any action. But a friend of mine did. This story is more about what he did than about what i didn't. So he and another couple of friends left for Germany to buy some video cards and other stuff needed to expand their "mining farm". On the day they left ETH was 370$. They were in Germany for about 2 weeks. On the day they came back, roughly 18 december 2017, the ethereum price had already jumped to more than 700$. This was followed by another jump in January 2018 to almost 1.300$.

Oh, i forgot to mention, my friend had already mined about 8.000 ethereum !

Let's do the ugly math now: 8.000 eth x 1.300$ = 10.400.000$ ....

No, he didn't sell. Well, not all of it. We have this little guy in our heads that tells us something like : don't sell, it will appreciate more, if you sell now you will lose money ! Well this theory is a very poor one. If an asset you own has appreciated more than 300% it's a good strategy to sell the appreciation. It will come down and you will be able to buy more. That's how "trading" works.

In january 2018 we were talking about it and I recognised on his face the same excited look I had in 2014, at the second time i didn't buy bitcoin. But on him it was different, he did take the plunge, he did invest, he did believe in the "system" more than I did. He rolled the dice and became a millionaire in 2 or three months.

I was there, with a passive look on my face and a lot of enthusiasm in my hearth. That happened 3 years ago.

It was the last time i didn't buy bitcoin.

Chances like this don't happen every day, nor every year, not even maybe every 10 years, but sometimes they do. When they do, don't act like me, don't just wait at the bus stop, get on your board and ride it !!!

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