Golem Crowdfunding Participation Post-Mortem

Golem raised almost $9MM in just over 20 minutes. Here’s what it was like to participate in the historic crowdfunding process.

Wow. Almost $9MM raised in just over 20 minutes. That’s how the Golem Project’s crowdfunding process went yesterday. This post is a recap of my experience as a participant in the process.

I wrote a couple posts about feeling excited to participate in Golem’s crowdfunding process. Part 1 talked about why I was excited to participate. Part 2 laid out the plan I used to participate.

Disclaimer! This post is not intended to convince you to invest in the Golem Project. It is NOT a recommendation or offer of investment advice IN ANY WAY! I also have no formal link to or with the Golem Project.

I Got Golem

Yes. I was able to get Golem. Not everyone who tried was as fortunate. It took me a while to choose and configure an Ether wallet. Buying Ether with US dollars wasn’t as easy as I expected, either.

I worked my way through the steps. I tinkered around until I had Ether in a myetherwallet. Then I waited for the crowdfunding process to begin.

The Countdown

The Golem team announced the go-live block number of the crowdfunding process on Thursday afternoon. (All times listed in this post are US ET, since I’m a blockchain enthusiast living in Brooklyn, NY.) The team also announced an estimated time.

The crowdfunding process would be initiated when the go-live block number was reached. The estimated time was somehow calculated based on the block number progression. The important thing to note here was that the go-live block number triggered the start of the sale.

The time did not matter. The go-live block number is what mattered. I guess that’s blockchain time :) The Golem team developed a slick timer on the Golem crowdfunding page.

I started watching the timer Thursday evening. That caused me to start second-guessing myself —

Did I understand how the block, rather than clock countdown work?

What if the timer progressed fast and I missed the start?

Did I translate GMT/UMT to US ET right?

I decided to just roll with it. I put my phone down at the end of the evening and went to bed.

The next morning I checked the countdown time. Good. The kick-off was still on track to begin at the same block number. The timer still estimated the block number would be reached at 10A US ET.

The Run-Up

I take care of my young son before his babysitter arrives each morning. I snuck a few peeks at the countdown timer while feeding my son’s breakfast.

OK, all you eye-rolling parents and non-parents out there, I see you…don’t judge me ;)

My son’s babysitter arrived and I walked to my co-working space.

I got to my co-working space about 45 minutes before the crowdfunding start time. I checked the block number and opened myetherwallet. The Golem team published a helpful set of wallet-specific guides. Each described how to send Ether to receive Golem.

I set my daily priorities. Then I waited.

Then I checked the Golem slack channel. Then I checked the countdown timer. Then I checked to make sure myetherwallet was ready to send Ether.

I probably ran through this process a dozen or more times :)

I started feeling excited and nervous. What if I fail after spending all this time? A little irrational exuberance took over my consciousness. Never once did I question IF I SHOULD BE INVESTING AT ALL.

The hope, thrill and anticipation of the chase consumed me. The Golem Slack channel became chatty with excitement. I purposefully remained an observer, rather than jumping into the fray.

Fortunately I set my investment limit well ahead of time. That’s all the Ether I owned and it wasn’t much. I did that on purpose. It was too late to try and get more Ether too, I told myself!

And We’re Off!

The crowdfunding block was reached around 10:10AM US ET. I generated my transaction with myetherwallet, then sent it!

Nada.

Myetherwallet just stared at me. My browser didn’t show any signs of life AT ALL. I didn’t want to refresh the wallet, in case my transaction would get lost.

I had no idea how fast the crowdfunding process was moving. I didn’t want to take the time to check.

I did check the Golem slack channel. People were reporting problems with myetherwallet left and right.

Oh sh*t. After all that, I chose the WRONG WALLET TO USE…?

The anxiety was building. I leaned on my meditation practice to take 3 conscious breaths. That slowed my mind.

I generated a second transaction to try again.

I logged out of myetherwallet and logged back in. Fortunately I had all the info I need to do that open in tabs. It happened fast.

Nada. Again.

OK. Now what?

The crowdfunding manual suggesting adding the Golem Network Token (GNT) to my wallet to check the balance. I decided to do this.

Yep, I Got Golem!

The GNT placeholder appeared in the wallet. Was that what I was supposed to see? I have no idea. The manual wasn’t clear on what EXACTLY was supposed to appear.

Then it appeared. A balance appeared next to the GNT placeholder. It was for the amount I expected to see.

Success.

What’s Next?

I’m planning to hold my GNT. I believe in the project. I didn’t buy my GNT to flip it. I’ll be writing about my experience as a Golem investor over time.

Follow me so you don’t miss any of those posts!