22 Crypto Lessons Worth Learning This Year
Paragraph 1: Miles Deutscher, a 21-year-old Australian crypto analyst, has gained a following of over a quarter of a million people on Twitter through his insightful content on the industry. He currently works with the YouTube channel Crypto Banter and has compiled a list of valuable lessons for crypto enthusiasts to consider this year.
Paragraph 2: One of Deutscher’s key messages is the belief that decentralized finance (DeFi) is the future of the crypto industry. However, he also warns against placing too much trust in centralized organizations like FTX and BlockFi, as they may not fully adhere to the decentralized values of the crypto world. Brokers.markets has highlighted some of Deutscher’s top lessons for the year ahead.
At their heart, they are traditionally structured companies with flawed characters at their center. “Most of this year’s major collapses were a reflection of human nature, not the underlying technology.”
Timing the top (or bottom) of the market is a difficult and often unsuccessful endeavor.
It’s important to remember that not all dips in prices are temporary, and can sometimes persist for extended periods of time. For example, if someone had purchased Bitcoin during a dip on April 10th with the expectation that prices would recover, as of today, their investment would have decreased in value by 59%. It’s important to be mindful of this and not feel pressure to always “buy the dip” without carefully considering the potential risks and uncertainties involved. There is no guarantee that prices won’t continue to decline in the future.
It’s important to be cautious about idolizing individuals within the crypto ecosystem, as even those who are well-respected or seem like “good guys” can eventually disappoint or make mistakes. This lesson is exemplified by the cases of Do Kwon and Sam Bankman-Fried, who were previously held in high regard but have since faced criticism. It’s also worth noting that even outside of the crypto world, it’s dangerous to blindly idolize figures without fully considering their actions and motivations. Deutscher advises being wary of “influencers” in particular, as they are primarily content creators whose primary goal is to grow and maintain their audience, which may not always align with your interests.
Don’t Do Crypto Alone
One of the key takeaways from this year is the importance of not going it alone in the crypto world. It’s essential to rely on the knowledge and insights of others, particularly those within the crypto community when making investment decisions. Not only can this help you make more informed and potentially successful choices, but having a support network to turn to when things don’t go as planned can also be beneficial for your mental health. This is especially true in times of uncertainty or when facing challenges, as having others to turn to for guidance and support can help you stay grounded and motivated.
In conclusion, this list of 22 crypto lessons worth learning this year provides valuable insights and cautionary tales for those interested in the industry. From the importance of decentralized finance and the dangers of idolizing individuals or blindly following “influencers,” to the challenges of timing the market and the benefits of relying on a support network, Deutscher’s lessons offer a well-rounded perspective on the ever-evolving world of crypto. It’s also crucial to remember that there are more important things in life than crypto, and to prioritize and nurture relationships outside of the industry.
