Thread by @0xMrAK

gm

Today is my 1st #cryptoversary.

I don't have an eye-catching story of massive success to tell; however, I will humbly try to add some value.

If I could help at least one NFT newcomer, it would mean the world to me.

My lessons learned so far 🧵

(TLDR in /16)

1/ EDUCATION

I have spent this one-year time massively investing in my education (roughly 75%):

YouTube: @coinbeurau, @DCLBlogger, @whiteboardcrypto and a ton of other videos helped me a lot with the fundamentals. Thanks 🙏

2/ Twitter accounts: The above-mentioned, @Zeneca_33, @loopify, @punk6529, @ryancarson, @wilxlee, @richerd, @thedefiedge, @DataNFT_ and many more helped to consolidate my basic knowledge and slowly but surely move to the next level. Thanks🙏

3/ Network = Net worth; Twitter Spaces, Discord, DMs or whatever platform works the best for you
- Exploring NFT marketplaces (OS, LooksRare, Rarible etc)
- Develop a daily routine to keep up to date; cut out the noise
- Modding is a decent entry-point, consider applying now

4/ Approach Alpha servers/channels with caution, following people (or their suggestions) is OK, however trust only yourself. Best Alphas are given in DMs.

NGL but despite having a finance/PM background, it took me unexpectedly long before I was able to actively read the news.

5/ INVESTING

The theory is crucial, you have to get your hands dirty. I spent only 25% of my time on actual investing mainly because:

- I haven’t been educated enough; "Never invest in a business you cannot understand"
- My available funds are limited

6/ After grasping the fundamentals and before you even spend a single penny, start by formulating your investing philosophy and strategy

For good or bad, there isnt any “investing panacea”; funds, time, risk tolerance and other factors are determining each individual’s approach

7/ Start with what “seems to be fine” and constantly adapt. God forbid, don’t treat this like a lottery. Focus on:

The macro (monitor market cycles, observe the patterns, identify current or upcoming trends). Real wealth is created during bear markets.

8/ Getting familiar with all basic processes (mint, list, buy) and wallet/smart contract exploration via ethscan.io, dune.xyz, icy.tools etc

Training your project assessment skills (stats, team, structure, uniqueness, vibe, history).

9/ Your portfolio management (avoid overinvesting, pay attention to your asset distribution, monitoring software).

Your current condition; it’s a game of emotions (cultivate FOMO resistance, refrain from investing when you are tired/emotional).

10/ SAFETY

It’s all fun and games until you lose all your funds.

Crypto space is, by default, a highly risky place to invest in. Systemic risks, social engineering and tons of “innovative” ways of scamming are a part of the daily struggle to keep your wallet(s) safe.

11/ You are the only one responsible for your security and only a click far from getting your funds drained. Unfortunately, this space doesn’t come with customer service or a mediator you could go to solve your stolen NFT issue.

12/ To sleep better at night:

Buy a hardware wallet and set it up
Use multiple hot wallets for minting/exploring
Never TYPE your seed phrase
Scrutinize URLs
Pay attention to what you sign
Avoid interacting with scamdrops

https://twitter.com/0xMrAK/status/1482757493126311948

13/ Another huge concern is rug pulls, flash or slow they will drain your funds just like a hacker, but literally under your nose. Scammers of this kind have stepped up their game to a whole new level. Pay attention to:

Red flags

https://twitter.com/0xMrAK/status/1488848915298459649

and...

14/ Fake projects

https://twitter.com/0xMrAK/status/1490395150945767429

Keep in mind that even the best of the best are being scammed every day.

Don't punish yourself too hard, just make sure you are not repeating the same mistake again.

15/ We are still early

Lastly, my two cents for this double-sided buzzword

- The self-explanatory:

https://twitter.com/0xMrAK/status/1510717081557291009

- As for the other one, it’s also obvious, just observe the current UI/UX and the ample space for hackers to operate. NEVER neglect your safety

16/ TLDR

Education: Invest as much time as you need to get a good grasp of the fundamentals

Investing: Determine your style and stick to it

Safety = Education

We are still early: a double-sided coin

17/ If you are already overwhelmed, all the aforementioned have been done while:
-having a full-time job
-being a nonnative English speaker
-living in Greece (the US is already way ahead than EU, plus time zone issues)
-being a young dad, IYKYK 🫠

18/ I am LITERALLY scratching the surface here, but my DMs are always open

Most of the above topics need a dedicated thread to get even a glimpse

If you found this helpful, please consider RT the first tweet of this thread so it could reach a newcomer feeling overwhelmed 🤞