This dude has an exact opposite investment strategy to JJG, lol
I am not sure if the guy, Dan Conway, has a complete opposite approach as me, but surely he had a lot of seemingly compulsive issues that ended up paying off stupendously. It is true that he got in much later than me and out much quicker than me. He was largely a all or nothing kind of guy, and even seemed to have had employed a lot of leverage in the situation (even though he also did have a decent amount of capital that was available to him, at the time, too).
I had heard his story in about late September when
he was interviewed by Anthony Pompliano in Off the Chain podcast.It's not only an alt that was mentioned, but I think that Ethereum was his only investment. Of course there is a lot of relationship to bitcoin because ethereum would not have been able to pump as much as it did were it not for bitcoin, and also, even Conway was motivated by ethereum in part based on the pump and dump story that ethereum was then telling about being too late for bitcoin, and Conway bought into such narrative and was able to play such narrative in a pretty great way of buying at the bottom and selling at the top, even if he made several mistakes within that and he also did not exactly time the bottom and the top, but it was damned good enough for his valuing his wealth in dollars and getting in and out in a way that almost makes him look like a genius, even though he even seems to admit that there was a large amount of luck involved in the way that all of that played out for him.
I honestly think that he is not done yet..and would probably lose almost all this money in his next "gambling adventure".
No schadenfreude.
He is at least part of the way there to recognize the psychological and compulsive issues that he was having, so if he is able to cure himself of such tendencies, then maybe this will end up being a happy ending.
However, you are correct Biodom that there is a kind of personality disorder when people take such high levels of risk in their middle life time frame, and it does show that he has a pretty damned high penchant for taking BIG chances and leveraging, and we know how Martingale gambling tactics work out if guys (and gal) continue to play their life-circumstances like that.
I wonder how many lose everything when prone to these urges.
Yep. Odds were surely against him, but he did seem to get pretty lucky, and surely that is some of the appeal of a lot of the altcoin projects (even bitcoin can be played like that, and not work out too well,,, ,even in a bull market people can really screw up when they leverage so much).
I made a promise to myself to restrict my btc investment to a certain % of fiat and so far I was able to resist doing anything silly like this ^guy.
Sorry, LS, I am not all in "king". If I was, imagine going from 20K to 3K. It would have been bad for your health.
You gotta take Lambie's representation(s) with a BIG ass grain of salt, especially the way that he both brags about them and seems to attempt to play them in order to gain credibility.
I think that ultimately a lot of us are going to come to differing conclusions regarding both how much we can allocate into bitcoin and also whether we should pull some out at certain strategic places in order to reallocate, but of course, bitcoin should be able to pay off quite tremendously, even if we do not engage in high leveraging strategies, and merely consistently put a decent stake into bitcoin, even 10% of our total income or some other amount that we deem to be reasonable over time.
