ETHtard

In a previous post, I talked about trading and knowing yourself.

But, I've made errors too. For the longest time, I thought that BTC/ETH was as good as money now, that it had crossed the Rubicon.

For ETH, first there was the shitcoins cycle. The idea was that anybody could create a coin. People created coins that farmed more coins and of course that ended when people realized these random coins were worthless. I was seduced by the technological possibility. For the first time in history, anyone can create a circulating currency. You don't have to print paper and worry about how to distribute it.

The second time, ETH's rise was enabled by NFTs. The promise was that it wasn't just useless "coins" that could be created on Ethereum. You could link them to real-life assets, like pictures. Well, Cryptopunks are still worth a certain amount these days. Beeple became a millionaire. Actually, I mostly sat on the sidelines for this, and didn't get conned. I liked its positive impact on Eth's price though. But it's also some form of cognitive dissonance that I didn't see how it would lead to ETH's price drop.

I'm too lazy to verify the timeline, but it's probably after NFTs that there was Luna and its downfall. Again, my laziness saved my ass, in that I didn't buy any Luna. But after that, FTX fell, and that brought down the whole market.

My memory fails me, but sometime before or after this, there was the SOL shittokens craze exemplified by pump.fun. I probably made a bit of money then, and it wasn't a bad thing. Everyone knew these were just worthless vibe coins, so you size your risk accordingly.

The problem was that after all that shit, ETH rose again. And this time, the example I would use is ultrasound.money. ETH was rising cos it's now a store of value like bitcoin. With the move to the proof-of-stake system, it was even better than BTC at this core role. Then you can add on all the stablecoins that they are layering onto the system.

And whaddaya know ETH just started dropping and dropping, and because I've been in it for so long, it wasn't even easy mentally to sell it off. It was money to me. Hodling was nature. And in terms of finance, I missed out on the AI gold rush, and the S&P rises, because I doubted these. Crypto was what I believed in, and I stayed holding the bag.

I wonder if people will also think of the stock market as "safe" and in actual fact all these tickers are just shitcoins. My mind is already conditioned to think like this. The only problem was that BTC and ETH became exceptions in my mind.