5. Bankless: Decade Wealth - full summary

코인판에 두 종류의 인간 존재.
1) overnight wealth를 쫓는 자
2) decade wealth를 쫓는 자

truth는 1)은 안먹힌다 - 대부분 전형적 코인러들의 선택. 100배 수익 목적으로, 레버리지 + 무한 사팔 반복하는 것.

2)를 택해야 life changing wealth를 10년 간 택할 수 있을 것이다.

Take a moment to appreciate that you’re living in the greatest wealth transfer event in human history. 또한 그 대전환의 속도 또한 전례없는 속도.

We’re investing in the next new institutions that will last for centuries. 높은 확신이 드는 코인자산을 사서 존버하면 지금 당장이라도 부유하게 될 기회를 가질 수 있지만, 대부분의 사람들은 이를 망쳐버린다. 

Three Ways to screw up the greatest wealth transfer event in history

1. Buying low conviction small caps
A recent highly upvoted post on the r/cryptocurrency subreddit was titled “How I accumulated my wealth by looking at pages 10 and beyond on Coingecko”

=> 물론 잡코인이 highest possible upside을 가진 건 사실임. But what about risk? 3가지 리스크.

• Timing the sell
• The token not working out
• BTC or ETH going up while you’re in small-caps

It’s never as simple as “buy this illiquid small-cap, and sell it for a blue-chip later”.

Remember, the winners are loud and proud; the losers hide their losses. It’s a classic case of seen and the unseen. For every shitcoin millionaire out there, 1,000 people lost it all.

2. Leveraging up cause “I’m late”

“Wow, this crypto thing is so fascinating! But I’m so far behind. I’m so late. I don’t have any ETH or BTC compared to everyone else. My portfolio is tiny! How can I get more crypto?”

But most people forget that leverage is a commitment to sell.
You never want to be a forced seller. 
If you want to stay around for the multi-decade time horizons, don’t take leverage.

3. Outsourcing their conviction

“You can copy someone’s trade, but you can’t copy someone’s conviction”

Even honest experts make mistakes. No one is that smart.

If you want to make it in crypto for decades, you’re going to need to make your own choices. Might as well start now. Conviction can’t be given, it must be earned.

The Cheat Code

The key to avoiding the mistakes above is self-control. Investing isn’t as much a skill as it is temperament. Don’t let the dopamine hits control you.

And there’s one last tip that’s helped me more than anything else…

Just do a tiny bit of degen trading. Eating healthy for 3 meals a day, 7 days a week is a prison sentence… but when you introduce a cheat meal it’s suddenly manageable.

Take <10% of your portfolio, and be a degen with that.

Pursue decade wealth.