Hi, this is an introductory post - my name is Tommy! Now, let me tell you how I lost over $2,700 this week while everyone else was celebrating!
Here's the chart. The story below.
The Setup
So crypto is super hot and everyone is buying, right? With prices coming off epic highs and a ~50% retracement in Ethereum, it was a perfect time to join the bandwagon. I've read every Bitcointalk forum, watched all the popular YT videos, listened to podcasts, and of course, enjoyed many of my fellow Steemians posts. I use to daytrade stocks, but I just wanted to invest.
My Investing Strategy ?
Simple. HODL. HODL. HODL. Or as the wise Yoda once said...
(1) Executing the Plan
Well, I had to deposit money first. I had a verified Coinbase account and (1) bought $15k worth of Ethereum @$203 via ACH transfer. It would take about 4 business days before I received my ETH.
Now I didn't realize at the time that I should NOT have purchased ETH or BTC from Coinbase. Not only did they charge fees and I didn't get the best price based on bid/ask spread, but I could have just deposited via GDAX (and avoided the fees! Still, the fees were relatively small for the $15k.
(2) Feeling Like a Super Hero
24 hours later, Ethereum was making the predicted recovery. My ETH was locked up at Coinbase waiting the 4 day release. No worries. Everything was going according to plan. So at (2) I was saying, yes, everything going according to plan.
What could possibly go wrong?
(3) The CoinApocalypse Arrives !
You've seen it. Your mom has seen it. Every random person on the street has seen it. (3) The end was here. Every blog post. Every Youtube video. Only Steemit posts were saying...
Oh man, was I kicking myself now for not deposit fiat directly via GDAX and having to wait out this 4 day lock-in. I triple-checked the Coinbase confirmation email. They said I'd receive my coins at the END OF DAY JULY 18 (after 4 business days from date of deposit).
(4) Coinbase Delivers ETH 1-day Early
Was this a blessing in disguise? ETH had made a small comeback. I said HODL was my strategy, right? But everyone is saying the crash is happening. The Bitcoin hard fork on Aug 1 will happen. Everyone is getting out of cyrpto. Maybe I sell now and buy back in Aug 1 like every other Youtube crypto pretending expert is saying. Let's salvage what's left @$165.
Could I pull the trigger to sell? DO IT. DO IT.
(5) Then Today Happens (July 18)
Coinbase, why, wHy, WHY couldn't you deliver my ETH at the end of day July 18 like you said you would? Why did you have to have such fantastic service and deliver it early??
Why didn't I HODL? Why couldn't I just...
My $2700 lesson...
I'm obviously not a very good buy and HODLer. So I think I have no choice. The only choice remaining for me to profit from crypto is GO ALL IN ON STEEMIT.
That's right, baby. I'm putting the $12,300 left into STEEM and POWERING UP!
Who's with me??