Ethereum Reddit: The good, the Bad and the Ugly
Reddit has one of the most vibrant and fun communities online. And there is no better way to catch all discussions Ethereum than on the dedicated ethereum reddit. There is so much to learn from the thousands of users here. Discussions range from the more technical stuff for the nerdy types, trading to stories about everyday experiences with crypto.
Here is the good, the bad and the ugly on the ethereum reddit. Ethereum founder Vitalik Buterin is against the obsession with crypto prices. While this is good advice – too much speculation on profits can lead to disappointments and may prove disastrous for the industry – it has not prevented a sizeable part of the community from doing exactly that.
Good timing, but…
This Redditor stumbled upon the world of crypto two years and thought it was a great investment opportunity. He was entirely right. Ether was just going for 0.0035 For perspective, Ether is now trading at $482 apiece. The price was much higher in December of course.
The Redditor who goes by the name @John32341 got himself a little over 4000 ETH which would make him a millionaire right now. Except he didn’t know exactly what to do with it. Well, he had an idea, except he didn’t know how to go about it. You see, it takes the nerves of steel to trade successfully – a lot of patience and managing greed. Generally, you need to know what you are doing.
Now, crypto trading can test anyone’s patience. Prices can half within hours and double within a couple of days – enough to get your emotions all over the place and exactly the thing you don’t need if you are trading.
Generally, you should buy low and sell high. Knowing when to get in is exactly the problem. How do you know when a rally will end?
“I’ve seen ups and downs, I was selling wherever the market seemed like it is about to crash, buying whenever it seemed the price will spike so high is won’t be possible to catch it later. Of course that made my money melt in a very quick way and I feel physically sick now, with only 500 ethereum left,” @John 32341 says.
On the positive side, he now has loads of advice to give to newbies.
- never try to be smarter than the market
- never sell when you are scared – it might go up at some point again,
- never buy when you see the price rise
- never play with your life savings.
Great Lengths to Secure Your Fortunes
The prospect of striking it rich can be so real in the crypto world. There are many stories of crypto millionaires made overnight. Which makes investors particularly obsessed with securing their wallets.
One of them found a rather ingenious way of storing how Nano Ledger recovery phrase into a large dictionary and keeping it in a bank’s safety deposit box.
“So today I copied my Nano Ledger S recovery seed into a large dictionary–putting each of my recovery word’s corresponding number next to its counterpart in the dictionary, essentially creating a lengthy puzzle and scrabbling my recovery phrase across a few hundred pages!” @Ompanime says.
You can’t take chances with your virtual assets, can you?
Selling Artworks for Ether
What better way to raise awareness about cryptos than to sell artworks in Ether. This is exactly what @traumerX did in Paris, and with great results to boot. They made seven sales in the exhibition and the French Ethereum Association covered for any losses for artists just in case the prices dropped.