Thread by @10xray

This is a great thread by @mrjasonchoi and I'll like to share my own learnings after being a power crypto user/operator/investor for close to 10 years.

here's a 🧵...

https://twitter.com/mrjasonchoi/status/1455888139927515137

If you reflect each year on your most impactful investments, they'll most likely fall within 1-3 very outsized trades. Wealth is generated through conviction and size. If you don't have conviction on a project to hold through the bear, you'll also sell too early on the way up.

Example: @multicoincap are up 5000x on their @solana investment and still holding strong.

Every trade is an action that can lead to more mistakes. If you sell a coin, you now have to figure out when to buy back (or what else to buy).

You should have an answer to those questions before you over-trade. Think we're at the top and you want to sell? Ok what do you do if we pump another 2x and there's still no crash?

Measure your portfolio in crypto denominations. If you're UP in USD but DOWN in $ETH, you're losing money in the long term. Have the mindset to accumulate coins, not USD. Over time this will pay off in multitudes as crypto continues to grow.

If you're investing in #NFTs / private sales / venture funds, you should also be tracking performance against ETH. If it can't outperform after fees, you might as well hold ETH, stake and forget. The one caveat is the social value that certain investments may provide.

For example, becoming an LP for a firm or joining a #DAO may provide future insights and networking opportunities that can't be immediately expressed in $$$ terms.

Time is money. so pay for things that will save you time. Consider alpha generators like @nansen_ai , @MessariCrypto, @Delphi_Digital. Or even better, invest in yourself and attend that next big crypto conference.

Focus on your strengths. In crypto you now have specialists in #NFTs , #DeFi, venture, yield farming, #Play2Earn, market making, arbitrage, trading, investing and more. Focus on your strengths and double down. You're not going to be an expert in everything.

Know your time frame. Just because someone has a different view or thesis, doesn't mean their idea is incorrect. You may be long $eth while someone else has a short position. Both can be profitable based on different time frames.

Learn the Joy of Missing Out. Everyone on CT suffers from FOMO. Understand that we all have missed investments. Learn from them and move on. There's plenty more opportunities in the future. Don't be that person that regrets and waits on the sidelines.

Stay exposed. The whales of today all doubled down on their crypto bets during the previous bear market. You make generational wealth in the bull market based on the actions done DURING the previous bear.

Continue learning. No one likes maxis. Keep trying new products, chains, and protocols. The moment you stop learning and being open minded is when you start missing opportunities.

Don't dismiss a project just because of your own negative experience. I'm seeing people bash ETH due to high fees, ignore Solana due to the recent outage, and dismiss Avalanche bcuz of their messy multi-chain UI.

Crypto isn't winner take all. The product you're using today will not be what it will be like in the future. Skate towards where the puck is going.

Lastly, scale appropriately. As your wealth grows, your previous strategies may no longer be suitable. Sure you can all-in dog memes if your portfolio is 4 figs, but that strategy won't work once you're at 9. Investment strategies have to change as portfolio size increases.