- Joined
- Apr 19, 2015
- Messages
- 99
Rep Bank
$1,705
$1,705
User Power: 599%
Alright guys, time for round 2 of me throwing out a novel as a thread before I leave another year or two and live to tell another tale.
Maybe some of you remember me from my Amazon FBA thread I’ve written 2 years ago. I thought about adding what this story to the Amazon thread, however, I decided against it as it’s another journey people not interested in E-commerce can maybe learn from.
This will be a rather long read that touches on various subjects in the blockchain space: cryptocurrency 'investing', ICO pooling, investing in private sales, ICO research, building a blog and selling marketing services to start-ups/ICOs and a few words about Amazon FBA.
To put it in more practical words, I will share various real-life learnings about:
It took me more than half a year to finally put the story into words even though I felt like sharing it for a long time. Some mistakes leave marks, and this surely is one of them. Anyway, here we go:
What the hell is a blockchain?
During my preparations for my Amazon venture in April 2017 that was currently in it’s starting phase, I casually browsed the web (mostly forums) learning a little bit about business, investments, you know, the casual stuff. I stumbled across a thread with a catchy name about a new project utilizing a new technology that is bound to revolutionize the world as we know it. „Ethereum“ they call it. Catchy enough for me.
I went ahead and read through the thread which was a wild mixture of contributions: Insanely detailed information about a variety of so-called “blockchain projects”, links to websites spiked with super specific tech lingo, get rich quick vibes, weird moon memes and the most interesting part of it all, a platform that supposedly enables companies to utilize the blockchain technology and allows them to build on top of it.
With my then 21 years of age, my implemented BS-filter that was fine-tuned through extensive usage of the internet for nearly a decade instantly went off as a majority of the posts were about making money quick on some weird internet coins. Usually, I would be gone by now but the few posts about the actual technology sparked my interest.
I have never heard of the blockchain technology before, even though I’m interested in the latest technological trends and breakthroughs. I dug into the material and after a few weeks of intensive research I was convinced: This is genius! I was so fascinated by the way this technology works and was mindblown time and time again by possible use-cases of it. I learned where it came from, what the origin of the technology was (bitcoin), what the individual technologies are that, when combined, result in this trustless transaction system.I learned about all the different projects that were out there already. I didn’t mind all those shiny projects that promised to make you rich, I only was interested in Ethereum the more I learned about the technology. I soon thought about investing in Ethereum and that was the point things got funny.
I wired 5k€ (~$6k) to Coinbase and purchased my first stash of ETH at around $180. Little did I know, it would crash down to $100 within a few days after my purchase.
I didn’t even flinch.
I was so convinced by what I’ve learned about it until this point that I didn’t even think about the short term gains/losses as I planned to keep the money in for at least 4-5 years before even thinking about further steps.
Soon enough I wired another 5k€ (~$6k) to purchase another batch of ETH. By the time my second deposit went through, ETH already blew back up from $100 to over $300 within a matter of months. I wasn’t too happy about that. Even though my initial investment nearly doubled, my now fiat deposit came in too late to scoop up more ETH at a lower price. Unlucky, but that’s how things go.
The mixture of making a few grand within a few weeks, the overall hype in the cryptocurrency community and the underlying technology that sparked my interest unlike anything else made it quite clear to me: This won’t be an exclusive buy and hold investment to which I come back in 5 years.
Soon enough I started to venture into other projects. I diligently read through whitepapers and websites of established projects, learned about ICOs (Initial Coin Offerings - watered-down crypto equivalent of an IPO) and read a lot about the 2014 crash and previous market cycle of bitcoin and the crypto market.
By now it was summer of 2017. The uni semester was done and my first product for Amazon came in. I switched my focus back to Amazon and did all the tasks necessary to get my product to the warehouses and out to the market (as described in my progress thread).
I was stocked.
I was 21, my first “business” was set up and was doing its first steps, my “investments” were doing great and for the first time I felt like things were finally coming together.
Maybe some of you remember me from my Amazon FBA thread I’ve written 2 years ago. I thought about adding what this story to the Amazon thread, however, I decided against it as it’s another journey people not interested in E-commerce can maybe learn from.
This will be a rather long read that touches on various subjects in the blockchain space: cryptocurrency 'investing', ICO pooling, investing in private sales, ICO research, building a blog and selling marketing services to start-ups/ICOs and a few words about Amazon FBA.
To put it in more practical words, I will share various real-life learnings about:
- How a single thread can change your life
- How studying forum members posts can x10 your progress
- How a small step can end in massive action
- The benefits of providing outstanding value
- How knowledge always puts you ahead of the curve
- The inevitable backlash of running on 110% for too long
- The fatal consequences of losing focus
It took me more than half a year to finally put the story into words even though I felt like sharing it for a long time. Some mistakes leave marks, and this surely is one of them. Anyway, here we go:
What the hell is a blockchain?
During my preparations for my Amazon venture in April 2017 that was currently in it’s starting phase, I casually browsed the web (mostly forums) learning a little bit about business, investments, you know, the casual stuff. I stumbled across a thread with a catchy name about a new project utilizing a new technology that is bound to revolutionize the world as we know it. „Ethereum“ they call it. Catchy enough for me.
I went ahead and read through the thread which was a wild mixture of contributions: Insanely detailed information about a variety of so-called “blockchain projects”, links to websites spiked with super specific tech lingo, get rich quick vibes, weird moon memes and the most interesting part of it all, a platform that supposedly enables companies to utilize the blockchain technology and allows them to build on top of it.
With my then 21 years of age, my implemented BS-filter that was fine-tuned through extensive usage of the internet for nearly a decade instantly went off as a majority of the posts were about making money quick on some weird internet coins. Usually, I would be gone by now but the few posts about the actual technology sparked my interest.
I have never heard of the blockchain technology before, even though I’m interested in the latest technological trends and breakthroughs. I dug into the material and after a few weeks of intensive research I was convinced: This is genius! I was so fascinated by the way this technology works and was mindblown time and time again by possible use-cases of it. I learned where it came from, what the origin of the technology was (bitcoin), what the individual technologies are that, when combined, result in this trustless transaction system.I learned about all the different projects that were out there already. I didn’t mind all those shiny projects that promised to make you rich, I only was interested in Ethereum the more I learned about the technology. I soon thought about investing in Ethereum and that was the point things got funny.
I wired 5k€ (~$6k) to Coinbase and purchased my first stash of ETH at around $180. Little did I know, it would crash down to $100 within a few days after my purchase.
I didn’t even flinch.
I was so convinced by what I’ve learned about it until this point that I didn’t even think about the short term gains/losses as I planned to keep the money in for at least 4-5 years before even thinking about further steps.
Soon enough I wired another 5k€ (~$6k) to purchase another batch of ETH. By the time my second deposit went through, ETH already blew back up from $100 to over $300 within a matter of months. I wasn’t too happy about that. Even though my initial investment nearly doubled, my now fiat deposit came in too late to scoop up more ETH at a lower price. Unlucky, but that’s how things go.
The mixture of making a few grand within a few weeks, the overall hype in the cryptocurrency community and the underlying technology that sparked my interest unlike anything else made it quite clear to me: This won’t be an exclusive buy and hold investment to which I come back in 5 years.
Soon enough I started to venture into other projects. I diligently read through whitepapers and websites of established projects, learned about ICOs (Initial Coin Offerings - watered-down crypto equivalent of an IPO) and read a lot about the 2014 crash and previous market cycle of bitcoin and the crypto market.
By now it was summer of 2017. The uni semester was done and my first product for Amazon came in. I switched my focus back to Amazon and did all the tasks necessary to get my product to the warehouses and out to the market (as described in my progress thread).
I was stocked.
I was 21, my first “business” was set up and was doing its first steps, my “investments” were doing great and for the first time I felt like things were finally coming together.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today