Mistakes Were Made.

Jul 29, 2021

Every Mistake - Art Print – Lisa Congdon — Source: Lisa Congdon

I have been failing for years.

The markets are a fickle beast, and if I had literally DONE NOTHING since the first time I ever purchased bitcoin, man, not only would I have a more extensive portfolio, I would have saved myself hours of trading and stress. Knowing all of that, I still would have done it; it was worth it to me. I have learned so much over the last few years, and with that knowledge, I get to make that turbulence a little bit easier on someone else.

So for this newsletter, let’s go over my most significant failures and what I can teach you about mitigating similar pitfalls.

When Your Shitcoins Moon, Don’t Get Greedy

Nothing quite like watching $1,000 go to $141,000. Also, nothing like watching $141,000 become $212.

In 2017 I was good at finding interesting projects. I bought a bunch of Antshares (which became NEO) at $.62 and watched it rocket. I pivoted that into another interesting project called Publica, which looked to tokenize digital books. It was the future of digital books. Publica went from $.16 to $4.40 in a matter of 3 months.

“Man, I am good at this.” - Me in 2017 (idiot).

The market started bleeding in 2018; I just told myself to give it time. We are early, and Publica will be able to buckle down and build during this bear market.

Today it sits in my wallet without price data. It’s dead. A reminder that no matter what you think, don’t marry the asset; marry the signals. Set a rigid goal and don’t move those goals. I remember telling myself when this is a dollar; I will sell to cover my costs. Then next thing you know, you are telling yourself this has the potential to be $10, then $100. These things are possible, look at bitcoin, but profit-taking is a must; I recommend exiting/entering positions over 3-4 sell/buys within a predetermined range. Historically, all altcoins practically die in a bear market, and even if you like them knowing when to sell and come back at a different time is important.

Always Keep Your Keys

Binance used to have a voting system to find which popular coins to add to their platform. Being the good community member I am, I would send BNB to other active members to vote if they were too degenerate or too lazy to buy their own. I used this random eth wallet not on my ledger since I got tired of confirming all of the transactions, and I got lazy with storing the keys since I just had dust and junk coins on there.

Well, that 'junk’ is 30 BNB coins lost in space. It isn’t a ton of money, but who knows where BNB will head.

Keep them protected and stored properly. If you have a hard wallet, use it even if confirming 30 transactions at a time is a pain in the ass. Looking back, it was worth the extra time for roughly $6,000.

Failure is The Key to Success

With all of my failures, I have learned a lesson. Each failure makes you more resilient to the whims of the market and strengthens your resolve to do better.

For the past three months, I have enjoyed learning a magnitude of technical analysis (TA) and trend recognition from a patient. 2-3 times a week, we meet up for paper trading and study because if you want to become profitable, you have to put in the effort.

The symbiotic relationship we have formed allows for consistent growth in all areas of the market. This man is an old-school chartist who started his trading journey in 2006, and his main markets are gold futures and S&P 500.

I have been able to teach an old dog new tricks. That old dog has schooled this young pup in the nuances of the market. With his TA and my blockchain knowledge, we created analytics to help people discover and grow their trading abilities.

If you are interested in using the chart indicators, comment below, and I will grant you access through Trading View. I want to start with 10-15 people to instruct a small group and see what common points need explanation before writing a how-to guide.

US Lawmakers Want to Avoid Chinese-Like Surveillance With Digital Dollar

U.S. lawmakers today spoke about the benefits of a central bank digital currency (CBDC)—but conservatives also expressed concern over how it could turn the country into a Chinese-like surveillance state.

Politicians quizzed experts on how a so-called digital dollar in the States would work during a two-hour meeting held by the Subcommittee on National Security, International Development and Monetary Policy, on Tuesday morning.

A CBDC is a digital version of a fiat currency, such as the British pound or U.S. dollar, backed by a central bank and therefore controlled by the government. Countries around the world are in different stages of researching the technology. Read More.

The Regulation Race: Why Singapore and Switzerland Are Competing To Give Crypto a Home

Over the years, regulators have approached the crypto market with a mixture of hostility, bemusement, and confusion. But more recently, things have begun to change.

Several countries have emerged as leaders in creating fertile ground for crypto companies to establish offices and legal entities. Be it legalizing the operation of exchanges, allowing citizens to mine, buy and trade currencies, or greenlighting banking licenses for DeFi projects.

For regulators, enticing crypto projects to call their countries home has a number of advantages: an opportunity to capture some of the value in the booming DeFi market, not to mention create a hub for crypto startups that could in the future, emerge as the 21st century’s equivalent of silicon valley.

There are currently two countries - and two states - that appear to have welcomed crypto most openly, but others are not far behind.

Ether Trading Volume Surged 1,400% in First Half as Institutions Took Exposure: Coinbase

Ether's trading volume totaled $1.4 trillion in the January-to-June period, a 1,461% rise from $92 billion observed in first-half 2020.
Trading volumes in bitcoin, the biggest cryptocurrency by market value, rose 489% to $2.1 trillion during the same period.
Ether also outshone bitcoin, the S&P 500 and gold in price performance, rallying 210% over the six months ended June 30. Bitcoin rose 20%, the S&P 500 gained 14% and gold fell 6.7%.
"Many of our largest institutional clients, including hedge funds, endowments, and corporates, increased or added first-time exposure to ETH in H1, believing the asset has long-term staying power tantamount to BTC's, while playing a differentiated role in their portfolios," Coinbase's report said.

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