A young Australian crypto analyst has 22 crypto lessons worth learning this year. BeInCrypto has highlighted some of our favorites.
Miles Deutscher is a 21-year-old Australian crypto investor and analyst who currently works with the YouTube channel Crypto Banter. The baby-faced DeFi addict has amassed over a quarter of a million followers on his Twitter profile through sharing his crypto insights.
First among his nuggets of wisdom is the popular refrain that “DeFi is the only way forward.” This has become such a popular sentiment that it risks becoming cliche. Centralized organizations like FTX and BlockFi may deal in crypto, but that does not mean they live up to crypto’s decentralized ethos.
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) Is Impossible.
His seventh tip, and one of our favorites, is that “timing the top (or bottom) is impossible.” We would add a little more to that: don’t feel like you should always “buy the dip.” Not all dips are short-term; sometimes, price trajectories can continue for a long time. If someone bought the April 10 bitcoin “dip” in the hopes prices would recover, as of today, your investment would have decreased in value by 59%. There is no iron law of crypto that says prices won’t keep going down.
Another 2022 lesson to remember is to avoid worshipping cult figures. A helpful corrective is to see how the ecosystem talked about figures like Do Kwon and Sam Bankman-Fried this time last year. Especially on crypto Twitter, they were often talked about as god-like figures. The wider ecosystem didn’t help either. SBF even shared a stage with Tony Blair and Bill Clinton. It was only when we took a look under the hood that the world saw the ugly picture.
Don’t idol worship. Not even the “good guys.” They’re only good until they’re bad, and that goes for the world outside of crypto too.
Deutscher also points out that you should be wary of “influencers.” An evergreen sentiment. Crypto influencers are, first and foremost, content creators. Their priority is growing and maintaining their audience. Your interest and theirs will not always align.
Don’t Do Crypto Alone
One of the most important lessons from this year is “don’t do crypto alone.” Rely on community resources to make wise investment decisions. When things go wrong, as they have spectacularly this year, having a support network is also much better for your mental health.
And lastly, it is always important to remember that there is more to life than crypto. “Crypto isn’t going anywhere, but your relationships might if you don’t nurture them.” Well said, Miles.
You can read his full Twitter thread here.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.