Why I sold all my ethereum today and converted it all into Bitcoin

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It was a very hard moment for me, but I was minded by the great Andreas Antonopoulos, it takes discipline to be a good trader.

Buying when everything feels down is tough, but necessary if you want to profit. This is the most important mantra: buy when most people are selling, sell when most people are buying.

I was trying to figure out why it was so hard. I made a very good multiple on my original ethereum investment. I should be happy realizing those profits. I realized it was my greed to follow everybody else. Otherwise I'd be missing out.

What we're seeing today is our generation's .com bubble. When people are throwing hundreds of millions of dollars at eight pages of white paper, it doesn't take a genius that maybe, just maybe, each of those pages aren't worth $25 million each.

I do believe that one day, ethereum will be the transformative vehicle for new companies that will mint the next Google and Facebook. It'll be the agent that will change our lives as we know it.

But that day is not today. Fortunes will be lost and lives will be ruined.

There are so many obstacles that ethereum has yet to tackle. Enacting a transformative change from Proof-of-Work to Proof-of-Stake, the chances of finding a show stopping bug in smart contracts, even just a whiff of one of the giant ICO companies imploding is enough to get weak hands to fold.

And there are so many weak hands in ethereum.

The vast majority of people investing in ethereum and ICO's haven't had the bitter taste of an equity dropping to 10% and having the discipline to hold on.

How do you have confidence a bridge will hold when a 200-ton semi truck drives across? When 200 of those trucks have already driven across.

Bitcoin has been around for 8 years. It has weathered attacks from the most determined hackers, gone through 3 of the largest crashes in equities, stood under scrutiny by the US government and yet it stands.

I know this for a fact. Bitcoin will be around post BIP-148. Bitcoin will be around next year. Bitcoin will be around the next decade. I'll sleep easy tonight knowing that my Bitcoin stored in my trusty Trezor is mine to keep, out of the 21 million that will ever exist in human history.

To plagiarize one of my favorite quotes:

Ethereum is the fancy McMansion in Sarasota that starts falling apart in a few months. Bitcoin is the old stone building that stands for centuries. I cannot respect someone who doesn't see the difference.

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247 Bitcoin

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