A young Australian crypto analyst has 22 crypto lessons worth learning this year. BeInCrypto has highlighted some of our favourites.
Miles Deutscher is a 21 year old Australian crypto investor and analyst who currently works with the YouTube channel Crypto Banter. baby faced DeFi The addict has earned over a million followers on his Twitter profile by sharing his crypto insights.
The first popular quote among his nuggets of wisdom is that “DeFi The only way is to move forward. It has become such a popular sentiment that it runs the risk of becoming cliché. Centralized organizations like FTX and BlockFi may deal in crypto, but that doesn’t mean they live up to crypto’s decentralized ethos.
At their heart, they are traditionally structured companies with flawed characters at their center. “Most of this year’s big crashes were a reflection of human nature, not the underlying technology.”
Timing the top (or bottom) is impossible.
His seventh tip, and one of our favorites, is that “timing the top (or bottom) is impossible.” We’ll add a little more to that: Don’t feel like you should always be “buying the dip.” Not all dips are short-lived; Sometimes, price trajectories can continue for a long period of time. If someone had bought the bitcoin “dip” on April 10th in the hope that prices would recover, as of today, your investment would have decreased in value by 59%. There is no iron rule of crypto that says prices will not keep going down.
Another 2022 lesson to remember is to avoid worshiping cult figures. A helpful corrective is to look at how the ecosystem talked about figures like Do Kwon and Sam Bankman-Fried this time last year. Especially on crypto Twitter, he was often talked about as a god. The wider ecosystem didn’t help either. SBF also shared a stage with Tony Blair and Bill Clinton. It was only when we looked under the hood that the world saw the ugly picture.
Don’t worship idols. Not even the “good guys”. They are only good as long as they are not bad, and this applies to the world outside of crypto as well.
Deutscher also points out that you should be wary of “influencers.” An eternal feeling Crypto influencers are, first and foremost, content creators. Their priority is to grow and retain their audience. Your interests and theirs will not always align.
don’t crypto alone
One of the most important lessons from this year is “don’t do crypto alone.” Rely on community resources to make wise investment decisions. When things go wrong, as this year has been spectacularly, having a support network is also great for your mental health.
And finally, it is always important to remember that there is more to life than crypto. “Crypto isn’t going anywhere, but your relationships can be damaged if you don’t nurture them.” Well said, Miles.
You can read his full Twitter thread here,
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.
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