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Home / Business / He invested the entire family's life savings and mortgaged his home for millions of shots – now he is living the dream

He invested the entire family's life savings and mortgaged his home for millions of shots – now he is living the dream



'I had seen a story at a time about someone having spontaneous orgasms at random times throughout the day. It's the best way I can describe the feeling. When I checked on my phone, I was up for another six numbers since I last saw. I couldn't resist stopping what I was doing to pump my fist and shout, "YEESSSS!"

It's Dan Conway, a former middle management gears in a Silicon Valley company wheel, who in a piece for The Hustle described how it felt to see his all or nothing $ 300,000 bet on Ethereum make him a very rich man .

It all started when Conway, earning around $ 1

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

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

His wife knew it could cost them everything, but, amazingly enough, agreed to it anyway.

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

This was in 2015 and bitcoin

BTCUSD, -1.75%

had fallen out of favor, falling from a previous high of $ 1200 to $ 300.

“What if it goes up again? What if I put everything I had into this? "He wrote. "I could get rich and never work another day in Corporate America." After eating up all the information he could, Conway turned his focus from bitcoin to Ethereum

ETHUSD, -0.85%

that had just launched in July 2015.

"As a franchise package, I was caught by the opportunity for a decentralized future," he wrote. "As a greedy speculative investor, it gave me a rush." He was so struck by the potential that he embarked on a wild ride – he used the $ 100,000 to buy $ 6,933 ETH at an average price of $ 14. saw the first investment sink below $ 40,000. "In the middle of a particularly volatile week, I found myself on the emergency room, struggling to breathe," he explained. "The doctor diagnosed me with a panic event."

Conway doubled down by tapping into the equity line. He borrowed an additional $ 200,000 and ended up with a total of $ 26,750 ETH at an average cost of $ 11.21 each. This had made serious disasters, but no, the investment gods had other plans.

“Something miraculous happened: It kept going up and up… and up. Between February and March 2017, ETH shot from $ 15 to $ 50 per coin. In April, it was at $ 70; by May, $ 230, ”wrote Conway in Huslte. "In four months, my $ 300,000 investment turned into $ 6 million."

It didn't stop there. In January 2018, Ethereum topped $ 1,000, and the memes fly over the internet:


"It was an unprecedented outbreak – so monumental in scope that it temporarily froze the stock exchanges," said Conway, who wrote a book about her journey. "It was like a 9.0 earthquake with an infinite number of aftershocks."

He got the urge to sell and sell. It was a market hour's dream when he sold most of his Ethereum position for a cool $ 10 million. Shortly after he paid off the fortune, digital currencies were certainly clad and still not recovering. Ethereum is currently trading for under $ 200.

Meanwhile, Conway paid off his mortgage, took a dream trip to Africa and bought a second home in Ireland. He still has seven figures sitting in his bank.

His advice for future Ethereum traders?

"I still believe that crypto will open up new opportunities to organize the world for decades to come, and I am confident it will reappear as a result," Conway wrote. “But I don't recommend anyone trying to recreate what I did. For every story like mine, there are hundreds of others about people who lost it all. I know it could easily have been me. ”

Read: Alt coin dealers share their horror stories


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