I had some time to look into the dot-com bubble today.
I was only 13 when it started. So I don't have much recollection of it.
The thing that surprised me the most was the amount of time it lasted before it burst.
It started in 1997 and only popped in the beginning of 2000.
Now I am 33 and I been in crypto since 2013.
I'm very much awake this time.
I'm writing this from memory.
In 2013 we had a massive correction in Bitcoin after it hit a high of around $1200.
It went all the way to $150.
But even though that was a tough one I don't recall many people talking about it or getting into it before the correction.
See the small blip at the start? that's 2013.
Between the beginning of 2014 and let's say the end of 2016 a lot of cool things happened.
Lot's of awesome projects were started taking blockchain technology and using it in new ways.
Ethereum, Dash, Monero, Bitshares, and Steem to name a few.
Price wise nothing really interesting happened. It was all very affordable and it was fun to daytrade too!
I bought my first Eth for around $2 for instance.
I sold some at $12 and thought I was amazing :)
Then the DOA hit when ETH was beginning to make it's move to $20 and it crashed all the way to $6.
I thought it was over but I kept what I had anyway.
Hodler for life.
(Sidenote: this is where I learned that these are the moments you should buy.)
Then 2017 hit and things went mental.
Not just Bitcoin went insane, so did most of the other projects.
I sold some Eth at $18 and then not much later at $44.
Then I realized it was useless to fight the trend and just held.
At $365 I lost my nerve and sold some more.
Again too early.
ETH went to $600 today and I sold some more today.
I just don't know anymore.
Now a lot has changed to Ethereum since I bought it at $2.
It has turned into a massive ICO platform with lots of cool projects.
It has just one problem for me, blatantly clear after the crypto kitties game was released.
It can't scale very well.
Even today when I tried to change ETH to BTC to get euro's I was presented with this message:
Now on exchanges, you don't notice this. Those are just ledger entries and instant.
But I wonder how many people have ever tried to just sync the Ethereum Wallet for fun.
It took me 5 days.
Even today ETH can only handle 5 transactions per second! This what Vitalik Buterin said.
“Bitcoin is processing a bit less than 3 transactions per second,” he said. “Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.” source
Now maybe not blockchain (STEEM can already handle 100.000 transactions per second) but certainly Ethereum.
So when I saw Ethereum rushing to $600 today I'm wondering how many people truly understand what they are investing in.
Now, I like STEEM because I understand it. I use it every day actively (not just on exchanges). I know it works. I know it's fast. I know it has no fees. And I know the development and what is coming. (And I don't confuse personal problems about Steemit with the technology).
But, I also know my grocery guy has never heard of it.
I know he heard of Ethereum.
That's why I'm keeping Ethereum and not selling everything right away.
Crypty is the talk of the day and I think people will invest in what they heard of.
This might go much higher but maybe for the wrong reasons.
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