Home / Business / He banked on all his family's savings and pledged his house for a shot at millions – now he's living the dream

He banked on all his family's savings and pledged his house for a shot at millions – now he's living the dream

"At some point I had a story about someone having spontaneous orgasms at random times during the day, so that's the best way to describe the feeling." When I checked my phone, I'd been six digits since my last look do not resist stopping to do whatever I did to pump my fist and shout, "YES!"

This is Dan Conway, a former middle-management cog in a Silicon Valley company who in one piece to The Hustle describes what it felt like to do all or nothing with a $ 300,000 bet on Ethereum nothing was made to a very rich man.

It all started when Conway, who made about $ 1

50,000 a year, asked his wife if he could invest the family's $ 100,000 in a risky crypto game intended for their three children's college education ,

I hated the fake corporate culture, the bureaucracy, the endless chains of command, "he wrote. "Like so many others, I was looking for a kind of escape."

His wife knew that it could cost her everything, but surprisingly he agreed anyway.

As a man who previously had problems with his addictive personality, part of him saw such a risk as self-destructive, but the more he read about cryptos, the more he began to believe in his future.

This was in 2015 and Bitcoin

BTCUSD, -2.14%

had fallen out of favor and dropped from an earlier high of $ 1,200 to $ 300.

"What if it rises again? What if I put everything I had in this book? ", He wrote. "I could get rich and never work another day in Corporate America." After consuming a lot of information, Conway focused his attention from Bitcoin to Ethereum

ETHUSD, -1.15%

which had just been launched in July 2015.

"As a disenfranchised, I was inspired by the possibility of a decentralized future," he wrote. "As a greedy speculative investor, it gave me a run." He was so excited about the potential that he went on a wild ride – he used that $ 100,000 to buy 6,933 ETH at an average price of $ 14.

Shortly thereafter, he was served a ton of crypto-volatility and watched his initial investment drop below $ 40,000. "In the middle of a particularly volatile week, I was in the emergency room trying to breathe," he explained. "The doctor diagnosed me with a panic event."

Conway doubled his hopes by tapping his home equity line. He borrowed another $ 200,000 and received a total of 26,000 750 ETHs at an average price of $ 11.21 each. This had everything that led to a serious disaster, but no, the investing gods had other plans.

"Something wonderful happened: it went on … and on … and on. Between February and March 2017, the ETH shot from $ 15 to $ 50 per coin. By April, it was at $ 70; By May, $ 230, "Conway wrote in The Huslte. "Within four months, my $ 300,000 investment rose to $ 6 million."

In January 2018, Ethereum passed the $ 1,000 mark and the Memes flew over the Internet:

"It was an unprecedented outburst – so monumental in size that the exchange was temporarily frozen," Conway said. who wrote a book about his journey. "It was like a 9.0 earthquake with an infinite number of aftershocks."

He got the urge to sell and sell, which he did. It was a market-timer's dream when he sold most of his ethereum position for a cool $ 10 million. Soon after he paid his fortune, the digital currencies were completely overloaded and still have not recovered. Ethereum is currently trading at less than $ 200.

Meanwhile, Conway paid his mortgage, made a dream trip to Africa, and bought a second home in Ireland. He still has seven people in his bank.

His advice to aspiring Ethereum dealers?

"I still believe that crypto will open up new ways of organizing the world over the coming decades, and I'm confident it will burst again," Conway wrote. "But I do not recommend anyone to try to repeat what I did, for every one of my stories there are hundreds of others about people who have lost everything, I know I could have done that easily."

Read: Old coin dealers tell their horror stories

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