I’ve seen a lot of people enter crypto this year and make 5, 6, 7 figures.
NFTs, coding, DeFi, community management, marketing, whatever.
There are some common themes among those who have done really well.
Any focus can work.
NFTs are exciting right now but if you went deep on DeFi or gaming you’ve done super well too.
What’s important is that it’s an area you’re legitimately interested in, not just trying to Get Rich Quick.
It seems like a lot of people start off in the GRQ camp, lose a bunch of money, then either:
- Quit
- Take a step back and actually try to engage with the technology.
That was me!
And it’s when people actually pick an area to go deep on that things start working out.
Almost everyone who has a big win has months of joining discords, following people on twitter, and making some bad bets before it.
But the perception from the outside is you can just run in, buy a random NFT, and print money.
That’s rarely the case.
If you’re looking to get into crypto, don’t ask your crypto friend what to buy.
Join discords, figure out what topic you’re excited about, make some small bets, and really try to figure out what’s going on without focusing on a quick financial win.
There’ll still be stuff happening in a few months. Don’t get FOMO.
If you’re spending a few hours a day in communities your interests align with, you’re going to find great opportunities.
If you don’t wanna do that work, just buy ETH. Or find someone who can invest for you.
And assume that if you’re getting “alpha” from big twitter accounts, telegram broadcasts, or anywhere anyone could get it… you’re their exit liquidity.
Not always of course, but the more public the opportunity, the less good it usually is.
The great opportunities will show up in random Discord chats with friends you've made over the last few months of diving deep into the area you're fascinated with.
Those opportunities take time to foster.
Be patient, learn what's going on, add value, and you're gonna make it.
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If someone is curious to learn more about crypto, telling them to read the Bitcoin/Ethereum white paper isn’t a great recommendation.
It’s boring. They’re very unlikely to care about it.
Get them set up earning 7-10% on stablecoins. The technical curiosity will follow.
Three ways you can do this right now (disclaimer: I hold all of these platform's tokens):
SAFEST
1. Get USDC from Coinbase 2. Transfer to @MetaMask 3. Deposit in @AaveAave 4. You are now earning 6.26%. DAI interest is slightly higher if you prefer.
MORE INTERESTING
1. Get DAI from Coinbase 2. Transfer to @MetaMask 3. Deposit in @AlchemixFi 4. Borrow max alUSD (50%) 5. Convert alUSD to DAI on @CurveFinance 6. Back to Coinbase 7. Back to Fiat
Your original amount is earning 6.9%, but 50% is back in cash. Basically 14%.
There's one course I took in High School that I still use daily, and that was arguably the most helpful class I ever took:
Research Methods.
Everyone should have to take a class like this.
It was basically a semester of reading scientific research papers and trying to parse them for the takeaways.
Was this a well-done study?
Are the conclusions valid?
How was it done?
What were the conflicts?
What're the caveats?
Did it replicate?
When you take a class like this you realize a few things:
1. Almost no one reports scientific research accurately.
If you're reading or watching the news talk about science you don't really have any idea what's going on because they have no idea what they're talking about.
The big question we had going into it was how to guarantee the price didn't get jacked up by whales and bots, which would price out the community members.
So, we airdropped 5% of the total supply to people based on how many Raider NFTs they had.
That ended up being $2.5m.
It also meant that for anyone who bought a CryptoRaider character before the last week, your character more than paid for itself.
We were a little worried that everyone would get their tokens and dump on the market, but instead...