Besides not joining in 2010 or something.
It is true that the crypto space has been thriving the past decade, growing at an astonishing pace and making headlines on a regular basis. A lot of people around the world have managed to change their lives for the better drastically, capitalizing on the ability to ride the huge waves of growth we have witnessed so far and make money from home.
It has been a true blast especially for people in underdeveloped regions of our world, who are now in a position to earn a lot more from their online activities than a lousy nine-to-five could ever grant them. Even playing video games is far more profitable at this point.
And we are just getting started.
Source: Pixabay
It's Q4 2021 and the space now looks stronger than ever. People just can't stop coming up with amazing ideas and developing all sorts of promising projects; they just keep popping up out of nowhere. We are now floating in an ocean of endless possibilities. Staking, stacking, farming, mining, earning yield, curating, delegating, producing/consuming content, handing out free tips, and so on. You name it.
We have managed to monetize pretty much everything we do on the web. Only God knows what we will have built around this tech in the next 5 - 10 years or so.
Limitless potential.
Whatever it is you're good at, there's a high chance you can monetize those skills and bag some sweet profits in the process. This is all thanks to the blockchain tech, and we are blessed to live in times like this. There's a paradigm shift taking place, and we are all part of this financial revolution.
However, in such a dynamically evolving space, it is easy to make serious mistakes that could lead to loss of potential profits. The trend is obvious and it always has been, but it takes patience to enjoy the fruit of your crypto-related labour. Holding beats trading any day of the week, but we sometimes get tempted to hit that sell button in order to enter the next promising project that just came into existence.
This is a loop I've found myself trapped into many times in the past, and let me tell you, I was always wrong. You can never perform the perfect trade, and even if you do, chances are that you are going to regret your decisions a few years down the road. I once sold 235k DOGE for literally peanuts, and used those funds to ride the wave of what seemed a better option back then.
It did work for me back then, but did it really work?
Holding is better.
I did manage to make a profit back in the day, but seeing how the notorious memecoin exploded the past year, it really sucks to know I could have bagged six figures just by holding on to it. I know we all have similar stories to share; from the most successful crypto folks there are, to the not so fortunate users still trying to build something great out of their crypto ventures.
I've got countless examples to share with you, with MANA being another coin I had bought somewhere around the $0.05 range back in 2018 but just didn't have the patience to let it do its thing and bring me 100x gains in Q4 2021. Then I think how selling it in 2021 may prove to be another huge mistake a few years down the road, but it's just what it is; you can never make the perfect move.
However, it sure is better to make mistakes that did eventually bring in hundreds of thousands of dollars in profit. Then there's the time parameter, as none of us has infinite amounts of this precious resource, which means that we have to always keep that in mind in order to find the perfect balance and reach safe conclusions regarding the evaluation of our decisions.
This is a multifactorial equation.
Looking back.
My biggest mistake so far in this game has been my inability to hold on to my assets for years. This is something I have been working on for the past 15 months or so, and I now refuse to sell tokens related to my favourite projects. It's already started to snowball and has become a healthy addiction. As a result, I now find it easier to apply this principle and have patience.
Holding assets that enable me to put them to work and make me more money through staking and farming makes things much easier I must confess, and this is why I love HIVE, LEO and basically a bunch of second layer tokens on the HIVE blockchain and the various ecosystems created on top of it. Learning while earning and being part of the trend that will inevitably take over the internet in the years to come is a deal I would take any day of the week.
It just took years of content consumption and knowledge acquisition in order for me to be able to see that this is the way. Now I'm focused on building and expanding my horizons, and this is my primary target. If I could go back in time, I would change my priorities and make sure to hold my bags for the long term since day one.
This has been my biggest mistake in this business so far. What about you? I would love to hear your thoughts in the comments below.
That sums it all up for now!
Never forget!
NFA - DYOR
Have a good one everyone!
@lordneroo
Posted Using LeoFinance Beta
Often breaking even or losing money with some ASIC machinery and not learning about DPOS earlier. But here we are now with laptop nodes and sometimes offshore servers grinding out valuable and lucrative "precious numbers" as Max Kaiser calls crypto.. similar to finite precious metals
Posted Using LeoFinance Beta
Keep stacking those precious numbers!
Posted Using LeoFinance Beta