Thread by @TheCryptoLark

Here are a few harsh truths for #crypto investors that you need to know as we head into the next massive part of this cycle.

1 - Many NFTs will trend to 0 during the bear market. Premium collections like Punks will get hit, but retain value. You may need to hold through some bitter times. Profits should be taken on more speculative sets when they moon.

2 - Altcoins have matured a lot, but many will completely fail and trend to 0. There are more than 12,500 coins. Many of these are already dead, scams, or slowly dieing.

Maybe 5 to 10% of alts will make it.

The more established coins are definitely safer bets.

Remember these are largely startups, the failure rate for traditional businesses is around 90%. Crypto is even worse.

Profits must be locked in on many of these coins when they moon, because quite simply in 5 years time many will be near zero.

3 - Pay your taxes. Pay as little as legally possible, but pay them. Don't ignore it.
- Tax harvest
- Change locations
- Find loopholes
- Long term gains
- Get an accountant

Remember if you need to pay taxes that means you made profit!

4 - Get a grip on your emotions! The biggest reason most people lose in this market is getting afraid when they should be buying, and getting greedy when they should be selling. You need to learn to think counter to the herd.

5 - If you play your cards right then you will probably get mega rich. Congrats.

Don't blow it all on watches and cars.

Don't fall into drug and alcohol abuse.

Make your life better! Practice gratitude! Strive for lasting financial freedom.

6 - In case it wasn't already clear, take profits! Seriously, do it! In 2017 most investors watched their portfolios soar to millions, then not only gave back all the gains, but actually realzied losses. Don't let that be you!

Final thought, the market is changing. Big money has entered the chat and I suspect that the next bear market will be nothing like the last one.