Tai: Okay are you able to hear me? Okay, so what is your game plan on the Ethereum? Are you going to hold? Are you going to fold? What are you going to do?
Eric: I’ve already recouped all of the investments in the cryptocurrency from the Ethereum. So I have no need immediately to cash out onto the… go buy my ticket to Disneyland without planning.
Tai: One of my other friends, I got him some Ethereum when it launched during the IPO, he’s actually taking his whole family to Disneyland. I’m not kidding you, man. I said “Man, are you retarded?” and he yelled, “Nope, I’m going to take my family to Disneyland.”
Eric: Well most people don’t have the luxury of getting cheap travel and stuff like that. They’re able to do something with the entire family, to travel across the country even for one week. It’s a really costly endeavour so you know…
Tai: I don’t know; he looks at it as this is free money for him. He looks at it as free money you know.
Eric: Well the mindset of free money, in my opinion, is the same as the mindset of the free time. And I guess you and I both know how we feel about that. There is no such thing as free time. It’s just time when you’re working for somebody else and time when you’re working for yourself. So this money is either for your future or it’s for somebody else’s.
So my next move I take on it is that I’ve got to… I still got sizable, I guess it’s respectable… I don’t know what it looks like in the Bitcoin world, but a respectable little percentage in Ethereum and I can leave that in without any risk of loss to myself. I’ve covered my bets, so the money that’s working in there right now is what I would consider profit, so I could take it out and have a little chunk, or I can leave it in and risk that little chunk to gain more.
And what I think is that even if it’s just a bubble, and you know right now, I’m sure there’s a lot of people that think it’s going to burst right now, so they’re selling off and there are some other people that are the FOMO, the fear of missing out buyers, they’re trying to jump in and some people are trying to push it up and push it around a little bit. But realistically even if it is a bubble, there’s still another stage to the bubble, it’s still in the beginning.
Tai: Yeah this is just the first leg of the bubble.
Eric: There’s a lot more opportunity.
Tai: Yeah that’s assuming that it is a bubble.
Yeah so I mean even if it is still a bubble, I think it’s still in the early stages and as it stands right now, since I’ve already closed out a percentage of my position so to speak, I’m safe and I’m not in it with as much risk even though I have a lot of funds that are in there. There’s a lot of value in there right now. But as far as risk, I’ve already covered myself for my investment. I’ve taken profit so what’s in there right now is all potential profit.
Now whether that’s small or whether that’s large, it’s all profit. So I feel like I’ve covered my risk and as far as making big on it. There’s a lot more opportunity to come in and there’s still a lot of people that are really hungry to get in and get involved, because I think over the last month or two, it’s made its first big announcement of “Hey you know your Ethereum is really here, and they’ve climbed up”.
If you look at maybe the CoinMarketCap, they bumped up to number two under Bitcoin, and then they slid back down to number four or five, then they’re back up to number two again. There’s a lot of people that are moving money around there right now and since they’re still more of that quote-unquote bubble, if it is even a bubble, there’s more to be released with “the Ethereum myth”.
Tai: And the new client software, the updated client software.
Eric: And the new what is that, we’re still in Frontier and the next is Homestead, Homeland.
Tai: Yeah Homestead.
Eric: Yeah so there’s still more come, so I don’t have any fear currently and I think it’s still going to climb and you know, I don’t see any way that it’s not going to reach at least 150. But basically where it peaked at previously, I don’t say in any way that it’s not going to at least release reach that now, but then there’s still so much potential so I don’t have any fear as far as pulling out right now, but it was a perfect time to cover my position.
Tai: Okay so I took out my original investment but I have not… I took out my original investment, plus a Bitcoin with profits.
Eric: Well you’re also in a different scenario because your investments in the other cryptocurrencies such as Bitcoin and you’ve already got part of that covered as well. So I’m not in the same situation because I came to the party late.
Tai: I thought I was an early bird, but it wasn’t as early as I thought it was. But it’s still earlier you did.
Eric: Yeah so for me, it was worth it to take out a little bit more than you did to cover my position. That’s my take on it. So that’s my current plan until I hear other news. I’ll be watching the market and then watching for that release date.
Tai: Yeah, I mean it’s just phenomenal that this might end up being one of my best trading years ever.
Eric: From a trade, you made almost a year and a half ago. But there are other factors too. I think that if Ethereum, if and when it grows to be like 30%, 40% of Bitcoin, I think we’re going to see a lot of traffic from Bitcoin running over to Ethereum.
Tai: Well right now there’s a lot of traffic coming over into Ethereum from Bitcoin, simply because that’s the only…, what you call that?
Eric: That’s the only thoroughfare.
Tai: Yeah it’s the only way that people can get into it right now because there are no US Dollars. I think the exchange, the Kraken exchange, that’s the only exchange…
Eric: That allows USD to Ethereum?
Well I mean even on the initial IPO, they didn’t take Dollars, they took Bitcoins. But I guess that’s not really what I mean. I guess what I mean is that we’ll see people who were quote-unquote investors or long-term game players in Bitcoin. I see that a lot of that clientele will transfer over to Ethereum, not just in terms of transferring Bitcoin to Ethereum, I mean that the people who are investing there are going to change their sights.
I also think that the people who have been the early adopters of Bitcoin, because you got into it late 2014 I believe so. I got into it early 2014 and so because of that, usually the people who got in early, they got enough Bitcoins where they can invest into the Ethereum.
Yeah and I’m sure that the early movers on Bitcoin are most likely early movers on several other of these alt cryptocurrencies. It’s not really Bitcoin versus Ethereum because the big players that have benefited from it in the early days are big players in both.
Tai: So I know Leon is sitting fat and happy right now. He’s taking some out to cover the initial investment also.
Eric: And I’m noticing over here on… I don’t know how to pronounce it.
Tai: Oh Poloniex. It stands for Polonio Exchange, alright.
Eric: I think having the troll box on the side, is that relatively new for exchanges?
Tai: No, pretty much all the crypto exchanges have that.
Eric: Ok all the crypto exchanges. Ok because I hadn’t seen that before, because I didn’t see that on BitcoinWisdom where I look at a lot of stuff.
Tai: Yeah pretty much like if you go to TradingView, that’s like a common feature that’s very popular on all the new exchanges.
Eric: Yeah I think that’s brilliant. It’s brilliant not for the traders, but it’s brilliant to the market.
Tai: I normally like to go there to get the latest feed and the latest update.
Eric: Yes, because you got a bunch of hype and get a bunch of misinformation and if we don’t anything, it creates hype and makes people want to execute trades impulsively.
Tai: Yeah the funny thing about it is that most of the guys on there do not know how to trade.
Eric: It just propagates more impulsive trading.
Tai: Yeah all it does is that this is a funny term here but you know, there’s a term in trading. It’s an actual technical term called ‘fomenting’. So what it means is that you are artificially arousing excitement and creating you know…you’re getting people to jump in.
Eric: You push the market around not just via the media but via pushing the actual price through media.
Tai: Yeah so because of that, it says the troll boxes on all these exchanges is a good way to foment the market. And there are certain guys who are good at doing it because if they have a big enough account and they go on there and they collaborate to foment the markets and artificially push it up. I mean that’s the technical term for the guys on there like they call it to pump and dump.
Eric: Yeah well, I would call it a crossbreed. I would call it Confederate. Confederates that are there to move around, to aid themselves as well as others. I mean right now you’ve got individuals doing it. It’s a matter of time for large institutions get involved, but I think of it as a cross between Confederate so people are in there doing that, as well as mad money.
Tai: Oh yeah most definitely.
Eric: I mean not the popular TV show of course. I’m all to say mad anime so that way there’s no confusion.
Tai: Yeah I’m trying to connect right now to the Internet I can see it too.
Eric: The price for Ethereum is at 0.0113, so we’re at 113 right now.
Tai: Okay hold on real quick here. Hey, let me just hang up on this and are you near your computer?
Eric: I’m on the computer now. I just got back from…
Tai: Alright, I’ll see you on it.