Yes, I know, but my question for you (and anyone else who still holds hope for ETH) below remains:
At its peak value to BTC, 1 ETH bought 0.14 BTC. That was back in June of 2017. Since then it has declined to now being just 1 Eth being able to purchase 0.05 BTC. A terrible performance, and a perfect example of how those looking to buy "alts" to gain over ETH, instead end up behind. And as I said earlier, I expect this will continue. Do you agree? (Or do you believe this trend will reverse?). Shall we revisit, say, end of this year?
And in November 2016 the ETH / BTC pairing was 0.008 BTC. 0.05 / 0.008 = 6.25. Since November 2016 ETH has gained over a 6x valuation against BTC.
There are 120 million ETH vs a max supply of 21 million BTC. That's a 6X larger supply. Based on that, and perhaps this is not the right way to look at it, I can see ETH:BTC at 0.166 BTC.
It does not make sense to me that BTC would be worth 19.8X of ETH currently, based on the scarcity. Ethereum has numerous advantages over Bitcoin as far as capabilities go. What BTC has is a rabid Maxi base, a fawning media, and first mover advantage. Bitcoin is also less of a mouthful than Ethereum. It is easier to pronounce. McAfee mentioned that when he was alive. I would say Solana and Cardano also flows easier. It might sound simple but these things matter. Imagine if Ethereum was instead called: Wolfeschlegelsteinhausen
bergerdorff
https://en.wikipedia.org/wiki/Hubert_Blaine_Wolfeschlegelsteinhausenbergerdorff_Sr.
I would bet it would have been a complete failure - lol!
Also perhaps the valuation of 0.05 BTC means that ETH has room to gain against BTC. Could it be that BTC is overvalued relative to ETH? I think so, but that's just me. ETH has around a 6X circulating supply compared to BTC, as far as scarcity goes. It's inflation is currently lower.
See, it all depends on when you are looking at it. Note I am seeing a peak valuation of around 0.118 BTC in May 2017 - per TradingView. But you are correct, BTC vs ETH has fluctuated over the years. It has been up and down numerous times.
You bought most of your BTC when it was $5,000 - correct? It is now at $72,000 on April 8, so that's a gain of 14.4X for you.
I mined ETH for 4 years. At times I was getting 4 ETH per month with an electrical bill of $600 /month. Leaving hardware costs out that comes to $150 per ETH. I know this ignores the cost of the hardware, and the price of ETH at the time. But the hardware can be resold. The power supplies went up in value. The GPUs lost value. I have not sold anything because I am holding out in case the dollar loses a lot of value. Plus I have been lazy. I still have all the original hardware boxes.
I might be able to sell for the original value depending on what happens to the dollar. We have a very low-rate fixed mortgage. I might use the devalued dollars to pay off the mortgage. I am probably better off just selling the hardware and redeploying the cash though.
ETH is at $3,624 at this moment. $3,624 / $150 = 24.16x. If I add $150 per ETH for the depreciated hardware it comes to around a 12x. If ETH goes back to the ATH price of $4,800 it comes to a 16X for me. BTC is already past the previous ATH.
I would have been better off buying ETH at $80 instead of mining. But you don't know how things play out before it happens. I am a computer geek and like to play with hardware. That was my excuse for jumping into the mining craze. I just wanted to build rigs.
You can take a snapshot at various times to make it come out different for each investor.
What I am curious to see is how the upcoming halving affects the decentralization of BTC. Many miners might call it quits as the rewards are reduced. Time will tell. There are lots of unknowns. But I would not say I am that far off from you in terms of investment gains.