Sometimes I wonder… how many people have lost their sanity at the hands of crypto investing/trading?
Think about it. The typical owner for any token under $1B cap is a low-middle class, restless, young adult with strong gambling tendencies, emotional stability issues, and at least some disdain for “the establishment.”
It’s like taking a frat boy to a party with endless beer and telling him to stick to water… that dude will be doing a keg stand before you find the water cooler. There’s a reason why the term #degen is so popular.
I’m proud to be at the party, but there are days, especially lately, when it’s easy to feel like I’m the worst crypto investor ever. I must be a complete idiot. Everyone else I “know” in the space seems to be killing it, while my portfolio page looks like the Kool Aid guy’s toilet paper.
It takes a while to get used to that, but all that money I spent on business school shows up from time to time, and it helps me remember how perception and bias work. Concepts like these are a dominant force from behind the screen. I’ll leave the reasons for that for another article, but it’s essential to remember their power.
The Survivor’s Bias
In the crypto world, there are at least a hundred disaster stories for every big success story. However, there aren’t many people who want to spend the day reading about failure, so the success stories reach further and last longer. This results in what is sometimes called “the survivor’s bias.”
It’s great to see friends and other like-minded people succeed. Meeting good people and seeing them do well is one of the things I love about being in the crypto community. Everyone wants to “buy a lambo,” but even in crypto, getting rich quick is about as likely as winning the lottery.
You can still find success, but it’s MUCH more likely you’ll have to ride the highs and lows while you hone your craft, increase your knowledge and build your experience. If you keep learning and working at it, I believe that crypto is a place where anyone can create significant wealth over the next decade.
So, let’s stop checking that 5-minute chart and keep putting in that time. WAGMI.
