New on Ethcs.org: “Confessions of a Crypto Millionaire” by Dan Conway
I had the pleasure of talking to Dan Conway, who just published his book, "Confessions of a Crypto Millionaire." In it, he describes his perspective from the 2016-2018 bull run.
I really enjoyed reading it. In this conversation, I tried to connect his experience in the early days of Ethereum with me (and many here) coming in a bit later, to highlight the relevance of this book. I do believe it helped me get a perspective of the many during a bull run, and I'll definitely be re-reading it in preparation of whatever is to come in 2020 and 2021. Also, I think his wife is the true star of the book 🙂
Some of my favorite quotes::
The only thing that wasn’t making sense was the price of ETH. The fundamentals of Ethereum couldn’t be better. Transactions were rising daily, hundreds of dApps were now in development, the hashpower (processing power) of the Ethereum blockchain had grown by leaps and bounds over the previous three months and the developers conference had sold out in just a few days. The DAO disaster had happened six months prior, which is a lifetime in crypto, where everything moves at warp speed, because every player is animated by money. While the Ethereum platform was gaining strength, the price of ETH continued its slow-motion drop. This began after the DAO hack when a splinter group formed a copycat coin. By November 28, ETH had fallen to $8.81, putting us down 50 percent. We’d only realize that loss if we sold. We had no plans to do so, but we didn’t have an unlimited runway.
We developed our own euphoric subculture. J.T. Nichol, an early Ethereum believer and elementary school teacher from Kansas popularized the “Donut Day” meme by posting pictures of donuts being served at his school. Subsequently, every thirteen-dollar rise was deemed Donut Day. When newcomers to the thread asked how high we thought ETH would go, we’d all respond, Bout Tree Fiddy. We talked about buying Lambos, but most of us were kidding. We’d comment, This is gentlemen when the price suddenly shot up. I don’t know why. College kids were skipping class to watch the charts. We’d cheer them on and then remind them to get back to their schoolwork. A trader called Science Guy made screwball price predictions. After he returned from a brief trip, someone wrote, Welcome back, you filthy animal. Your technical analysis is shit, but it wouldn’t be r/EthTrader without you.
I asked Dan to make an audio recording of the Prologue, which you can find here: https://www.ethcs.org/confessions-of-a-crypto-millionaire-prologue-by-dan-conway.