{ "media_type": "text", "post_content": "What are all those people with 70pc ETH portfolios a month ago doing?", "post_id": "5aacf8de1da6f70018b8b3f6", "reply_count": 11, "vote_count": 0, "bowl_id": "58f9471ab298570010451a0a", "bowl_name": "Everything crypto", "feed_type": "bowl" }

What are all those people with 70pc ETH portfolios a month ago doing?

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No, it takes more than I have to be a whale these days. Yes, this was a simplified version of my story. Longer version: In 2011 I wasn’t going to spend $1000 on BTC (actually I did and my wife was pissed and I sold it the next day for a net zero after fees). Instead I spent $500 on equip and mined with “free” electricity in the Army barracks (I bought the equip and my mining partner was in the Army). Lost some (6 btc) via MtGOX but still had the majority of it. “Sold” the BTC when GBTC was made available on OTC Markets, knocked 5 years off my home loan with the proceeds, and simultaneously bought the same amount of GBTC in my Roth. Bought more GBTC over the next couple of years, one time at a discount compared to BTC! Last year I formed an LLC to invest in with my newly established self-directed Roth IRA. I sold most of my traditional holdings temporarily and had fiat and GBTC only, transferred the fiat to my self-directed, and simultaneously bought BTC and sold the GBTC. My impetuous for the move was the upcoming fork and I wanted to make sure I got my BCH (as it would later be called). Due to the premium on GBTC at the time I increased my holdings during this process while also taking money off the table. That whole process transferring etc. took roughly 2-3 weeks and after it was done I had increased my traditional holdings 60% and increased my BTC position 10%. I told myself I would sell some if it got to 23K before the true correction. It did not, thus I haven’t truly sold any yet. When it dropped to $9500 I bought more with my accessible money. This is the only crypto I can spend today without penalty and is insignificant compared the my long term holdings in retirement. Tax free growth in the Roth is great but comes at that cost. When the 2019 pinnacle of cryptomania is reached I may sell that extra 10% of BTC since that is in excess of my BTC retirement goals. I have not yet reached my fiat retirement goals but my financial advisor can get me there with low risk investments by the time I am of age. I no longer contribute to retirement save a minimal amount to my 401k for matching purposes. I still need to work to pay bills, though it’s true we could change our family lifestyle and I could retire today and take the penalties... I would just rather wait, consider myself to have won, and work toward an early but not super-early retirement. Why D? The the opportunity at this firm is incredible. I am only year 2 here as an experienced hire but have grown professionally like never before. Not planning on leaving any time soon.

likesmart

D1, it is hard to believe you hold crypto since 2011. First because there wasn’t any real crypto in 2011, except BTC. ETH ICO, the first real crypto was completed in 2013. If you really held BTC since 2011, it’d be hard to believe you decided to work for Deloitte even when you were financially independent. Help me to understand here what you mean by meaning you holdl since 11. Are you a Deloitte whale? 😂

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Still up insane amounts. I bought a little more at 600 but now turning my money to more diversified assets. Not sure yet what I want but likely I won’t be putting a ton more into crypto

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I can answer for myself but joined fishbowl yesterday, so I’m sure you weren’t referring to me and I don’t know what other hodlers said previously regarding ETH. I held from Sept until about 2 weeks ago when I swapped for BTC. Crypto portfolio is now BTC and forks only. Been hodling crypto since 2011. When I say I’m never selling, I mean it.

I should also explain why I believe ETH is not a good thing to hodl long term. I can run the same contract on ETC or any other number of networks with almost zero changes. Why pay more for ETH tokens if cheaper options have sufficient node participation and security? It may be a long time before it plays out in the price, this is cryptomania after all, but this use case is on a much different trajectory than that of a long term store of value. I’ll hold gold long term, but with developments and progress in energy being what they are, I’m not interested in oil except for its volatility.

Yeah. A lot of red flags in that post

As for the ETH, after the fork I diversified some and slowly consolidated back to BTC with ETH being the last part I sold a few weeks back.

I like your thinking D1!

I will never spend such a long time telling a fake story and I will buy it. Sorry D2 you probably have to accept the face that your colleagues are financially superior.

1 small clarification, I was never 70% ETH and misinterpreted “70pc" in OP’s question.

D1- great experience! I missed your posting. I like it!!

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