Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ He bet he kept his entire life for his family and mortgaged his home for millions – now he's living the dream

He bet he kept his entire life for his family and mortgaged his home for millions – now he's living the dream



"At one time I saw a story about a person who had spontaneous orgasms at random throughout the day. This is the best way to describe the feeling. When I checked my phone, I would be six more digits from the last time I looked. I couldn't resist doing anything to pump my fist and yell "YEESSSS!"

This is Dan Conway, a former middle management tooth at a Silicon Valley company wheel, describing in a piece on The Hustle how he felt that all or nothing of his $ 300,000 bet on Ethereum made him a very rich man.

It all started when Conway, who was earning about $ 1

50,000 a year, asked his wife if he could invest $ 100,000 in savings that were spent on educating three kids in college in a risky crypto game.

"I hated the company's false culture, bureaucracy, endless chain of command," he writes. "Like many others, I was looking for some kind of escape."

His wife knew that it could cost them anything, but, surprisingly, he agreed.

As a person who had previously encountered his addictive personality, part of him recognized such a risk as self-destructive, but the more he read about crypto, the more he began to believe in his future.

That was 2015 and bitcoin

BTCUSD, -1.75%

dropped in favor, dropped from the previous maximum of $ 1200 to $ 300.

"What if it rises again? What if I put in everything I had? "He writes. "I could get rich and never work another day in Corporate America." After eating all the information he could, Conway shifted his focus from bitcoin to Ethereum

ETHUSD, -0.85%

which just launched in July 2015.

"As a disarmed suit and tie, I was excited by the possibility of a decentralized future," he writes, " an avid speculative investor, that was driving me crazy. ”He became so amazed at the potential that he embarked on a wild ride – he used that $ 100,000 to buy 6,933 ETH at an average price of $ 14.

Soon after, he was served a scoop of cryptocurrency and watched his initial investment fall below $ 40,000. "In the midst of a particularly volatile week, I found myself in the emergency room, struggling to breathe," he explained. "My doctor diagnosed me with a panic event."

Without saying, Conway doubled down by joining his own equity line. He borrowed another $ 200,000 and ultimately received a total of 26 750 ETH at an average price of $ 11.21 each. This had all the causes of a serious disaster, but no, the investment gods had other plans.

"A miracle happened: It continued up … and up … and up. Between February and March 2017, ETH raised $ 15- $ 50 per coin. By April, it was worth $ 70; until May, $ 230, ”Conway writes at The Huslte. "Over a four-month period, my investment of $ 300,000 has increased to $ 6 million."

That didn't stop there. In January 2018, Ethereum exceeded $ 1,000 and memes flew online:


"It was an unprecedented explosion – so monumental in scope that it temporarily froze exchanges," says Conway, writing a book about his trip. "It was like an earthquake of 9.0 with an infinite number of consequences."

He received the desire to sell and to sell. It was the dream of a market timer as he sold most of his position at Ethereum for a whopping $ 10 million. Soon after paying off his fortune, digital currencies were completely cluttered and not yet recovered. Ethereum is currently trading for under $ 200.

Meanwhile, Conway paid off his mortgage, took a dream trip to Africa and bought a second home in Ireland. He still has seven figures sitting in his bank.

His tips for future Ethereum dealers?

"I still believe that cryptocurrency will open up new possibilities for organizing the world in the coming decades, and I am confident it will come back as a result," Conway wrote. "But I do not recommend that anyone try to repeat what I did. For every story like mine, there are hundreds of other people who have lost everything. I know I could easily be me. ”

Read: Coin dealers share their horror stories


Source link