Remember when I was talking about buying the spike and committed to err on the side of caution and not leverage trade Ethereum again?
When ETH was trading at $225 and looked like it was due for a correction, I leveraged my MakerDAO collateral once more to buy in once last time at that $225 level.
Now, I'm not going to make the claim that I made a smart move. In fact, I'll argue that it was a dumb play based on impulse. This is something I did all the time during the bear market and got burned for it.
That being said, I now consider the cryptosphere to be in a full blown bull market. How could it not be with this much buying pressure? We haven't even got into March yet; just wait. The majority of gains are made right at the end of the bubble. We've seen it happen over and over again. Time to make some money off it this time.
Ethereum is kinda amazing.
I remember when it hit $80 in December 2018. I was pretty mad that I didn't have any money left to enter at that point. So oversold. Even $200 seems oversold at this point.
The thing about Ethereum is that they aren't trying to cut corners like all the other "Ethereum Killers" out there. As the #2 market cap network they have the advantage of being far less volatile than other projects. More importantly, the chance of Ethereum's success is all but guaranteed. The same can not be said for many other networks. First-to-market advantage is huge in any environment.
Smart contracts open Ethereum to a lot more attack vectors than Bitcoin has to worry about, but the trade-off is totally worth it (especially considering that Bitcoin isn't going anywhere). There are so many more things you can do on the Ethereum network than you can on Bitcoin, and that list is only going to get longer and longer over time. Bitcoin is pretty boring comparatively.
And you can really make the same argument with Steem. Steem can process a lot more than Ethereum can but it opens itself to even more attack vectors. We'll just have to wait and see if it pays off. I think it will.
There comes a point in the market where the all time high doesn't look that impressive anymore. We are getting very close to that time. It feels like we've finally made it over the hill.
After Bitcoin miners get past the dread of their income getting cut in half it's smooth sailing for at least another year.
The plan is to pay off all my MakerDAO debt in late March.
Hopefully Eth is trading at $500+ by then.
Wish me luck.
Wow Eth just flagged again up to $275... this is crazy.
Posted via Steemleo