#CryptoWisdom from #Crypto OGs (Original Gangsters)
A concise guide
1. Start Small, Learn Big
Brock Pierce advises beginners to view initial investments as self-investments. As holdings grow, understanding hodling (HODL = Hold On for Dear Life, refers to the strategy of not selling digital assets, even amid extreme price changes in the market) and crypto basics becomes crucial. It's a marathon, not a sprint.
2. Self-Custody Security
"Not your keys, not your coins" is a vital mantra. Itai Avneri stresses self-custody, emphasizing holding assets securely. Tim Draper adds that #BTC on Ledger (BOL) is the safest personal money.
3. Diversify and Learn
Pierce advocates diversification, urging advanced users to explore yield farming and #DeFi Andrew Latham stresses diversification across asset classes for surviving market downturns.
4. High-Conviction Ethereum
Lakov Levin leans on #ETH considering it the foundation for the financial evolution. Staking Ethereum provides a 5% APR in ETH, presenting a unique financial opportunity.
5. Stop Loss Discipline
Pierce suggests using stop losses in market downturns. Levin emphasizes discipline when using stop losses, recommending a break after a stop-loss event.
6. Options Trading Sophistication
Options trading, based on the Black-Scholes model, hedges against extreme volatility. Pierce advises caution, as leverage can lead to wealth demise if not used skillfully.
7. Avoiding Scams
Roger Ying of Crytolock.ai emphasizes education on preventing crypto breaches and detecting illicit transactions. Immediate notification of unintended transactions can prevent losses.
8. Hodling Wisdom
Pierce recommends cold storage using hardware wallets for safe hodling.
9. Patience and Conviction
Hodling requires patience and conviction. Andrew Latham advises investing in cryptocurrencies with long-term potential and regularly reviewing holdings.
In the dynamic crypto landscape, these insights serve as a compass, helping you navigate volatility wisely.
