Sorry guys. I sold and why.
What is up Steemit Community!
As you can see in the title I have decided to cash out. My previous 2 posts were very successful. I managed to earn over $2,500 in Steem currencies (not sure why but the payouts are less).
Area 51: Steemit has Arrived.
https://steemit.com/area/@steve-mcclair/area-51-steemit-has-arrived
Well, I have only sold my Steem Dollars. I still have the Steem Power and I have yet to power down.
You are probably wondering why I have sold out. Lets face the truth. I have been beat up in the crypto space over the past 3 years.
I missed out on the big rise of Bitcoin and other alt coins in the Fall of 2013. I had $2,000 on a credit card and I wanted to go 'all-in' on a alt coin called Quark. I missed the big spike, and the $2,000 I wanted to invest/gamble could have turned into $47,000. This was all in the span of a week.
Soon after I began mining Bitcoin and alt-coins. On paper this was a great decision. I was supposed to have my money out in 80 days.
Disaster strikes! The price of crypto currencies took a nose dive and the difficulty skyrocketed.
I was out of the mining business in probably 60 day. No where near the break even point.
I also missed out on the Ethereum train. I was one of the first people to be reading about this thing called Ethereum back in December 2013. They kept changing what the project was going to be and I became more and more skeptical.
I had put aside $500 to invest in Ethereum's crowd sale. I was doing roofing the day Ethereum had it crowd sale, and it was hot. I live in Tucson, Az. I saw something that the Ethereum said that really scared me. They were not sure if they could pull of developing what they had imagined. I decided not to invest and I missed out big time! At the top I could have sold that Ethereum investment for close to $33,000.
In total I missed out on $47,000 with Quark, and $33,000 with Ethereum. This is a total missed opportunity of $80,000. I also got destroyed in mining.
I sold all my Steem Dollars for around $900. That is a little less than 1/1000th of the missed opportunities I have had in the crypto space.
Steve McClair.
It is okay to take some profits. But, hold onto your account and Steem Power. You may be amazed how valuable it becomes.
Upvoted.
I feel your pain. My story is similar, but different.
I too have lost about $60-70k because of hacks, bad news and just stupid fucking timing.
Sucks man, one day we will make it, but I want you to know that you are not alone, so at least, we have that. :)
Also, I think it is important to count the things we do have, instead of the things we don't have.
Family, love, health, jobs, etc.
Otherwise, if we only look at the things we don't have, we will never appreciate the things we do have.
So maybe take a moment, and just be grateful for all the things you DO have.
Im sure you have plenty to smile about :)
I feel you though man, I feel you.
I never had the coins so I can't say lost the money like did. I was just so close to making it happen. I am super careful with all my coins. I lost over $2,800 in the Cryptsy hack that I did not mention in the post.
Were you Goxed?
It is a really horrible feeling man. Yes I was and then also just bad timing on my behalf, I seem to have a great ability to buy at a high, then sell at a low.
Basically, if you want to be a squillionaire, do the opposite of me.
I feel both of your pain. I got destroyed in crypto as well. I have a friend that got Goxed, one that got MintPal'ed, and one that got Cryptsy'ed . Not good :-(
Interesting story, I can't blame you for taking some profits now, but I think this is just the beginning for Steem. I hope you keep making successful posts. Tell more stories!
I've got a long list of posts that I am going to publish.
I understand and wish you luck, but since you don't have to invest at all, I see the money as a fringe benefit. If steem drops to 0 I will still stay here with the friends and interesting people I have met.
I agree with you. I will still post content and participate in the project. Its a good feeling to be come out on top once in a while.
Still learn how to make money fast.
About bitcoin, me too, if I buy bitcoin in the first I know bitcoin, maybe I will be reach. I hope I find another treasure like bitcoin.
You are talking as if you lost money. But on reality you lost nothing. You might even have some profit. Missing out on potential gains due to mistakes or bad luck does not equal losing money. It is similar to saying that I bought a lottery ticket, did not win so I lost a million dollars.
Does not work that way. Be happy for the small profits (if any) and most importantly for the things you learned and the fact that day by day - through experience - you are better positioned to eventually make some profit!
I never said I lost money. I said, I missed out on the opportunity to make a lot of money. Now that I have made some I am selling out.
I lost money mining crypto. I could never recoup the cost of the hardware.
Keep these $900 in BTC and you will compensate all your opportunity losses.