Flourishing in the frontier

Remember a time when bitcoin was worth a few dollars, and you could profitably mine with a GPU? How about when litecoin was worth fractions of a penny, and could've been mined on a CPU? Did you save either coin when they weren't worth the paper you printed your private keys on until their value exploded? No? Did you instead spend them on something little, thinking this was all they were worth? Then we might have something in common.

I entered the bitcoin world when a service I used started asking for bitcoin donations. I saw this strange string of characters, started reading what I could (or even understand!), and thought, "Wow, this crazy bitcoin thing is f**king amazing!" Some of my friends could understand it before it became what it is today, how great it was going to be, others thought it was dumb. But I did what I could to get them, even saving all my coke cap codes to sell, and I ended up with a little over 1 BTC. I held onto it for a long time. Watched its value stay at a dollar for a while, until it went up to around twenty... then I sold it. For something silly. And to think, of I held onto it for just another year, I could've had over a thousand dollars.

I feel the exact same way I did with bitcoin that I do with Ethereum. Actually, I feel more passionate. Basically, if bitcoin was the first black and white TV, Ethereum is going to be the first Atari 2600. I've learned from my mistakes and wasted opportunity with bitcoin, and don't want to make the same mistake twice. As we know, we will soon be entering the Frontier. And, as we know, Ethereum is more than a currency. Is it really wise to sit on and hoard a currency that was designed for more than just trading? Maybe not. But I'm not sure. So, what do my fellow Etherheads think would be a good way to make some money when the time comes? The way I see it, there are two ways: Mining ether itself, or writing contracts for other people. But is there more? A plan that's a little less vague than what I've presented? Let me know what you think we can do to flourish in the frontier! :smile:

Comments

  • zebroidzebroid Member Posts: 4
    edited July 2015
    Imagine you a legal firm that specialise in dapps, large scale consumer contracts i.e. car insurance etc. At some point ethereum catches on and the firm expand their ethereum based department to take on larger corporation outsourced dapp work. These client contracts don't really care about ether, gas etc. just that their complicated smart contracts that where implemented keeps going as intended.

    So this specialist ethereum department in this futuristic legal firm - what would be one of the most profitable assets be for them to buy and hoard?....

    Yes, Ether

    Why? Because standard dapp contracts like traditional contracts would have a standard market price because they are standard. The cost of maintaining them would also be competitively priced. What if the firm actively buys ether and make their margins by using this ether bought a couple months ago for a lot cheaper?

    Just a thought, that firms who'll be providing products and services around smart contracts would see ether as an investment to keep their running costs competitive.

    They would also do their math and know how many contracts they manage for their clients and project their ether running costs and possibly auto purchase ether to keep their stock levels constant.

    Well, something like that... :)
  • roz303roz303 Member Posts: 66
    edited July 2015
    Wow! Thank you for your response. So, in a nutshell, a possible way to profit could be to hoard up Ether and offer to maintain others' contracts for a fee that'll hopefully make the funding party a profit? Sounds simple enough :smile:
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