I am a computer engineer (computer architect) and wanna entrepreneur. I lost $20K in crypto-trading but still believe in the revolution and want to build a DAO in future.
Today, I am going to share my crypocurrency journey.
I started mining Litecoin in March, 2013 on my laptop when I was a graduate student. On that time, GPU mining for Bitcoin was still profitable. Litecoin was few cents worth and Bitcoin was a two digit currency and started its ascending to $1240 (MtGox). Regulators were skeptic and Bitcoin sounded like illegal (Silkroad). Every news in China used to make BTC swing like pendulum (10-100% swing).
As time goes on, I bought and sold 20 gpus from AMD HD 5790 to HD 7970, burnt two HD7970s, mined with powerful cpus like AMD fx8350, phenom x6, bought ASICs.
I have mined 1200 LTC, 4.3M BCN ( current price $12K), 5 BTC, DASH, DogeCoin, WorldCoin, FeatherCoin, PrimeCoin even crapcoins like MAXCoin, ChinaCoin etc with GPUs. I had a failed attempt in buying early stage ASIC miner built on Avalon chip through Bitcoin forum ( bitcointalk.org). I also received coins in group ASIC mining (bitcointalk.org) with KNCminer and cloud mining. I traded almost all early stage exchanges: MtGox, btc-e, bter, BitFinex, Okcoin, Cryptsy etc. Man, I had onetime 3000 LTC and I knew it would be more than $20 someday. But could not keep them.
I used all these mined coins for trading (frequency of trading is close to day-trade or short-term trade). I also used to buy BTC at CampBx, convert it to LTC at btc-e and trade there. I had the opportunity to trade, PnD and chat with legendary Fontas, davidpate (litecoin millionaire), Charles Lee (LTC founder), Sunny King (PPC founder) etc.
![](https://steemitimages.com/640x0/http://i.imgur.com/hA9XMLw.jpg)
In the meantime, I became obsessed with the idea “how monetary system works”. It intrigued me how revolutionary, the concept of bitcoin is in creating money and how friction-less it is in transferring wealth between entities. I used to read every CoinDesk and BitCoin Magazine article for few months. I was a moderator for Worldcoin and Quarkcoin in Reddit.
Eventually, I got addicted to day-trading cryptos. One day, I would gain 150 LTC (@$3). As price fluctuated I even lost 1000 LTC in a single day that I gained by trading for months. In my trading period, I have bought 20 BTC, 600 LTC and few other coins from CampBx, MtGox, Ebay and recently, Coinbase.
I used up my last 1500 LTC in trading futures (LTC spot) in OKCoin.
After that, I kept mining BTC with two Antminer S3 until last August 2015. I sold minted BTC on regular basis to cover up loans. Timing can’t be worse, I sold BTC on average $300.
I still mine coins (e.g. BCN) on my computers (48 core, 28 cores, 8 cores) just for fun. I love the crypto-community, revolution and keep learning concepts. I would like to build a DAO in future.
TLDR: I paid my tuition to learn crypto trading in hard way. However, mining cryptos and being member of the community has been a great journey.
hi @riseofth
i feel with you, but it's the past, keep going and welcome to the community :-)
welcome you to the steemit family...
meet me:https://steemit.com/@suraj
and my articles: https://steemit.com/steemit/@suraj/are-you-ready-guys-for-the-upcoming-movies-of-marvel-hooooooohaaaaa
Welcome to Steem @riseofth I have sent you a tip
Very interesting article. Ive just started gaining interest in crypto currencies. followed hope to learn more in the future
Welcome to Steemit Land!
following. Will be very interested to hear about you plan to profit on crypto going forward and mistakes you made in the past. sounds like you where often a "forced" seller, or did you need more patience?
Yes, I learnt that invest what you afford to loose. Also, day-trade or short term trading requires training and patience. For average investor like me, goal should be to buy at the possible right time and wait for long haul.
Welcome to the platform, I wish everything work out for you. It’s not easy here but not difficult neither but just ask an extra effort, engagement is the key good luck I’m @goodaytraders Start by following people and they will do the same.
Thanks.
Hello, welcome to steemit, it is really nice to hear other end of cryptotrading story!
Welcome to steemit community.
I’m @jyoungking2 Start by following people and they will do the same.
Good Luck
Sorry about your loss ..hope you find a little to recover here ..welcome to steemit brother .. .. would love to read more posts by you .. keep posting
Upvoted the post!
You Can follow me @utfull if you like
Will follow you back! See you around .