My EthTrading Experience
Fellow EthTraders, I wanted to share my story, because I value your input. This is also my first post on Reddit.
I've known about Ethereum since some time before 2017, but didn't really take the time to understand the value I began to see later in the year. So I dropped in a small amount I could afford around $300, considering it beer money and consequently drinking less beer. ETH balance up, beer weight down… double win right?
A few alt coin trades later, and I was needing some more ETH. Unfortunately we're now coming up on holiday season 2017, no fiat to spare. BULL RUN! Fuck… so scared of missing out…. and then it happened: I went full retard. I was sure we were on an exponential growth path straight through the moon. I bought at $1170 on 1/29, with everything I had to spare for Q1 investments.
February was painful, but I reallocated some funds (my wife and I have never been in a financial position like we are now; it's nice to eat out and feed steaks to my dog when I feel like it) and "bought the dip"… all the way down…. I had a lot of in-between buys, but I also bought the biggest chunk of my "dip buying" at $473.13, and I feel really good about that. Needless to say, I've successfully DCA'd.
Something else was happening while I was pulling all of my hair out though: I was massively afraid of what this investment would potentially do to me tax-wise. So I got down to it and did shit-ton of math. I got down into shit I didn't care to learn in college because I always figured I'd pay someone. Well, I've grown up and figured out how to turn money into more money, so why pay someone else to do what I can do myself? Then last week I had a great idea: FIFO allows me to make crypto-crypto trades, and the accounting drops my $1170 purchase price ETH in that trade, resulting in a solid loss while the price is low and I'm "selling". So a couple days ago I took the ETH balance bought at 1170 and rolled it into OMG (Kyber Network, so awesome). Needless to say that will pay off (50% up right now I think?), and I've locked in a capital loss to offset future gains this year.
I'm finally getting it. Feels good. Ethereum has inspired me to improve my life by learning new things and thinking bigger, so now let's improve the world. What are you doing today, to decentralize tomorrow?
PS: I'd also like to say that I'm 100% clear in that I have no idea what's going to happen with the price. I'd like to make an unpopular prediction though: I think we still see another small leg down here. Here's to hoping I'm wrong! You guys are great!