Alright, frens, grab some tea and enjoy my financial suffering (for the most part).
Here is my 2021 story in crypto.
I got into crypto on Jan 6, 2021 - when Capitol Hill got stormed by rioters. My plan was to learn this decentralized thing and maybe it can hedge some of that government risk.
What started as a fun reading spree soon turned into “I NEED THIS TO GO 100X NOW!” In it for the tech, innit.
In March 2021, I made my first real trade. I put half of my portfolio into Filecoin mining. I didn’t just buy the token; I bought the token, signed a contract with a storage provider, and locked it away for 3 years.
Just to make things worse, I bought FIL at $1.3 TRILLION FDV. I am down so bad on that trade, I write it off as 0 on my portfolio currently.
First experience into FOMO.
Come losing money part 2: DCA
I started watching a lot of Benjamin Cowen’s videos on macro analysis and thought maybe I should just DCA into BELA (Bitcoin, Eth, Link, ADA) and it’ll make me rich 15 years later.
I was bored waiting for my DCA bot and started reading more papers and accidentally got on CT.
Turns out it is hard to wait 15 years in this space when THERE’S A 100x every other day.
Okay, so that plan didn’t take off.
Now, it is July, the market crashed lower and lower everyday. And I realized that crypto is taking too much of my goddamn time!
I was reading too many papers, blog posts, threads, etc.. I should just choose a few projects, put money there and check every month.
I gave myself a month to find those projects.
A week past, the market rallied 40%.
“Okay, I need to just buy NOW.” My peanut brain echoes.
My plan was to buy stuff I have conviction in - in real life terms, buy stuff that I can hold for more than 4 months or if they 10x. I am a better investor than trader (only relative to myself ofc).
My conviction mainly comes from three things: 1) founders + team 2) ecosystem 3) tech.
Not all 10x’ed and I am still holding some of them. The best performing asset for me was Trader Joe and Synapse.
Having a plan, following that plan, and also some good farms alongside that plan, I soon 10x’ed my portfolio from the bottom.
End of 2021.
PS: Money is cool and all that. The frens I made in this space, man I love them more. Thats for another post.