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Crypto Principles To Live By

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Written by   24
1 year ago

The following are just a couple of crypto principles I have devised on my own while traveling through cryptoland, and that have helped me.

1. Do NOt Invest More Than What You Can Afford To Lose

Pretty self explanatory, but difficult to do when emotions and FOMO runs strong, just ask yourself the following: If this project gets hacked tomorrow, will I be economically devastated and unable to pay my mortgage or other loans? No?, then, act accordingly.

2. Not Your Keys, Not Your Crypto

Stealing is not right, but let's be practical here, if you deposit your crypto to an exchange, they are (in practical terms) the "owner" of those coins, even if it's just "ownership" in a functional and not in a ethical manner, therefore, keep that in mind and seek to use decentralize exchanges and self-custodial wallets whenever possible.

3. Never Stop Learning

DYOR (do your own research) so that you can build your own dapp or create your own coin, crypto incentivizes intellectual growth, embrace the advantages of that.

4. Patience Leads To Profit

If a coin is down in price, wait if you can, since usually during the bull market almost everything pumps, and even before that some coins have their mini-pumps, so that means that patience is the key to sell with profit most of the time.

5. Avoid Hopium, Strategize Instead

Hopium is an efficient way of rotting away in cryptoland, so, instead of watching all those videos on how XRP will reach 100 USD by the end of year (LOL emoji.exe) create a good strategy to pick coins, educate yourself, read white papers, accumulate promising coins and set targets to sell, and of course, just invest what you can afford to lose.

6. Identify Shills And Shun Them Like The Plague

You know what I am talking about, these crypto influencers who would sell their own mother for an affiliate link, those who buy 10,000 worth of a random crypto and some days later is making a big video titled "(this-coin) will do 10x guaranteed" and then sends that speculative trash to their 100k subscribers, for the people who fall into their trap, they quickly realize how the price of such "promising" coin starts to decline and stays on the floor for months on end, with the probable cause of the initial dump being the shill unloading its big fat bag of coins on you.

It has happened to me, but at least I learned my lesson, and now I laugh when I identify these shilling videos.

7. Bear Markets Are Useful, Take Advantage of Them

Here some great uses for a bear market:

  • Accumulation of crypto

  • Less Scams

  • Ideal time to tell granma to buy bitcoin, since advising family or friends to buy in the middle of a FOMO rally can and has destroyed relationships forever.

  • Ideal time to learn, network and build infraestructure.

8. Don't Be Greedy

Not being greedy is great in general, but in crypto, being greedy can lead you to some serious dead ends, you can end up trusting the next bitconnect, putting your life savings in a DEFI project before they do a rug pull, etc, it usually never ends well, don't do it.

9. Givers Make More Gains Than Takers

The more succesful crypto projects had in their records a fair launch or have a team committed with making as much people as rich as possible, even scammers (let's say, bitconnect) are not as rich and powerful as the more productive and useful crypto builders.

Be a giver, give us the next amazing dapp, and you will be handsomely rewarded.

10. Don't Be Shy

Going full degen is a recipe for disaster, granted, but also going full granma in the highway has its own disadvantages, take the good opportunities even if they have moderate risk, and you will watch your wealth grow, be bold every once in a while.

So those are some crypto principles I try to live by, did I miss something? Let me know in the comments down below!

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1 year ago
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