1) Narratives die fast
Do you remember:
-DeFi 2.0 and how much everyone talked about it?
-That everyone talked about how $BTC would reach $100K before 2021 EOY?
-That we would never see $ETH below $2,500 again?
-That $ADA would save the crypto market? (lol)
2) Everyone won’t survive
Have you ever asked yourself why there are plenty of other tokens?
There are more than 10,000 coins. But do we need more than $BTC and $ETH?
Eg. Bitcoin as an inflation hedge and Ethereum to participate with smart contracts.
3) About DeFi yields
If the APR in a DeFi protocol sounds too good to be true, it probably is
When you see a DeFi platform with a 1% daily APR, what’s the first thought that pops up in your head?
Where do you think the money is coming from?
In 99% of the occasions, the answer is:
4) Being early
Over and over again you see people apeing into risky bets.
They want to be early.
As you probably know already, the earlier you are the more money you can make (most often from the people coming in after you).
5) Maxi culture
Over and over again I see people on Twitter defending their favorite coins like it was their religion.
There are maxis for every coin out there. But ask yourself what’s most important.
If you want to make money, you have to abandon ships that is about to sink.
6) Due diligence
Look at the message below.
Imagine if I replied with 3 coins.
The problem: I don’t know the other person’s risk profile, how much he’s monitoring the market, his strategy, how much money he will bet, etc.
He could get rekt from my reply.
Sorry, ser. DYOR.