Thread by @bradmillscan

1/ I sold half my #bitcoin at $30, lost more in MtGox, btce, cryptsy & cryptopia as well as had a partner in a mining business disappear, losing all of my miners.

Survival advice for those in crypto who had big losses from Celsius, Luna, FTX & DeFi rug pull #ponzigeddon 2022:

2/ The 2 most important things you can do are:

i) learn more about Bitcoin than you do about any other asset. (If you’re investing 1 hour into hunting low cap gems, invest 2 hours into listening to @PrestonPysh’s podcasts.)

ii) learn more about risk management than trading!

3) Don’t try to be a trader until you’ve mastered risk management - even if you beat the market, you’ll just create bad habits which will end up in you getting rekt.

Books:
Market Wizards
What I Learned Losing $1 Million Dollars
When Genius Failed
Trend Commandments

4/ It’s import to recognize why you got rekt in 2022 and know that you can change things, start with a beginners mind.

Crypto pitfalls:
-yolo trading (position size too big)
-leverage (casino has advantage)
-counterparty risk (FTX 💥)
-bagholding (drinking crypto koolaid)

5/ In 2011 I sold half my bitcoin because I was not a trader, and I was just doing what I thought I should do … “take your principle and the rest is house money.”

Worst financial mistake I made by far.

Later I learned to “ride the bucking Bronco” when you have conviction.

6/ In 2014 when mtgox was rumored to be insolvent, I trusted Roger Ver & the insiders, I bought more on mtgox thinking I was getting cheap BTC at a discount.

This was a yolo bet, horrible risk management.

(The same as YOLOing into GBTC now because of the discount.)

No 🔑 No 🧀

7/ I felt like such an idiot as it came out that mtgox was insolvent.

I now needed to work even harder to chase my original BTC position from 2011.

I spent my last $$ setting up a bitcoin mining operation to try to mine back as much as I could.

Partner rugged, lost the rugs 🤯

8/ It was rock bottom mentally for the next year as the BTC price was driving off a cliff and I felt so dumb to have done so many stupid mistakes.

If you’re in that mindspace, I can relate!

I took the next 2 years to learn about risk management & financial history.

9/ What you’re experiencing now in 2021 - 2022 is a lot king what we went through in previous cycles.

You just have to understand that it’s Bitcoin and everything else.

It’s not Bitcoin & ETH and everything.

Bitcoin is not crypto.

Crypto is trading & gambling.

Study Bitcoin.

10/ This is not to say you can’t trade crypto when the setups are there.

Just don’t drink the koolaid.

i) grok bitcoin
ii) master risk management
iii) if you *must* trade crypto, follow a Bitcoiner like @ChrisDunnTV & don’t drink the crypto koolaid

11/ The majority of ppl LARPing on Twitter & trying to give YouTube trading advice will *never* get back to their BTC high watermarks.

Recognize that you *probably* aren’t in the small % who will beat Mr Market.

Best advice = don’t trade, DCA into BTC & hold 🔑 for 10 years.

https://twitter.com/bradmillscan/status/1479529835886260225

12/ I believe BTC represents a wealth transfer opportunity that will play out over the next 8 years or so.

You don’t need to be YOLOing out on the crypto risk cliff looking for the next 100X or 100% APY scheme.

Secure yourself a generational bucket & protect it with multisig.

https://twitter.com/bradmillscan/status/1339243926356701185

13/ Plug yourself into the rational Bitcoin community - don’t waste time with toxic left curve maxis nor shitcoiners.

Consume the content from the following:
@LynAldenContact
@PrestonPysh
@natbrunell / @HardMoneyShow
@allenf32
@saylor

Sprinkle in some @BitcoinTina

14/ The next 12 mths is going to be rough for the shitcoin markets.

There’s no such thing as “holding” in the shitcoin markets.

If you are holding, you are long.

Look at altcoin charts for all of 2019 to get an idea of where things are going in 2023 for alts 😱

https://twitter.com/bradmillscan/status/1538178082024169480

15/ Lastly, follow @DylanLeClair_ for great takes & if you ever need to talk about your situation, we have a community on Clubhouse going 24/7 for the last 2 years.

Join us if you need to chat. DM @ShellyLegit and she will give you instructions on how to find us to chat ✌️

https://twitter.com/bradmillscan/status/1528446049228148740

16/ P.S. if you are moving from crypto to bitcoin because of the rampant fraud and rug pulling in crypto this year finally waking you up, please comment below with a hand raise emoji so I can follow you.

https://twitter.com/dergigi/status/1594297904566480896