We tend to be like kids in a candy store. There is no doubt we are going to see many project that 10x, 50x, even 100x. The problem is that we simply cannot be involved with everything. Like kids in a candy shop, we often jump all over the place trying to get involved in everything.
In this video I discuss how it is vital to find a manageable number of projects to be involved in. For this reason, keep it to that number and find what you have confidence in. Then, spend your time and resource growing your holdings in those areas. Do not chase the shiny new project even if it is superb. Stick to what you can reasonable research and stay up on.
▶️ 3Speak
I also agree because if you are like kids taking every Candy there is you will have more to focus on than if you just pick up you best crypto projects and focus on them that would be better than getting involved in almost every project
Focus often increases our changes of success in everything in life.
This is no different in my opinion.
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Agree I tried to stay focused to my goals and projects that I think are worth paying attention to and not get distracted in other things
I like your mind set of having a clear sight of your goals
Excellent work man I really appreciate your commentary and views on cryptocurrency.
I'm using the dragon strategy which is cord as much as I can and stake it all like tasty barbecue.
Here soon I will see even more than 5X on my Bitcoin. The ups and downs of hive. Let alone the transition from steam it to here.
Thank you very much and maybe one of these days we can smoke a bowl.
We just hand in and keep pushing forward. Long term, I believe things will work out for many currencies, and in a big way. There will be some duds too.
Focus is key in my opinion since we cannot be everywhere.
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Hord!!! Like a dragon.
Nowadays people rarely have confidence in cryptocurrencies. One Tweet from Elon Musk, and the market will go either up or down, depending on what he wrote in the tweet.
Bitcoin, Ethereum, and Hive HODLers seem to prove this point false.
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Many people buy/sell (or even hold) cryptocurrencies just because of one or two tweets from Elon Musk, so holding them does not necessarily mean that the holders have any confidence in them. People like Elon Musk can easily manipulate the market with their tweets. If most people would really have confidence in the cryptocurrencies, then Elon Musk could not manipulate the market.
Basic investing lessons say one should diversify. As a protection mechanism, to not lose everything in your portfolio if an asset (or class of assets) crashes. What these basic lessons don't say much about is the risk of overdiversifying, and the threat it poses to one's portfolio, because you don't focus on anything and you can't possibly research many of the assets you hold. So your post is a great reminder!
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How many diversified people even became truly wealthy?
Seems that diversification is a way to strangle returns, something pushed by the financial services industry.
Odd that when markets go down, most everything goes with it. So the diversification does little to protect the downside but does hinder the upside.
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Couldn't agree more.
Summary:
In this video, Task talks about the importance of focus and discipline in cryptocurrency investments. He emphasizes the abundance of opportunities available in the crypto space but cautions against spreading oneself too thin by trying to invest in every project. Task explains that while there are numerous potential winners, it is crucial for investors to prioritize their research and select projects wisely. He mentions popular cryptocurrencies like Bitcoin, Ethereum, BNB, Cardano, Uniswap, Hive, and several others, discussing their potential for success. Task highlights the significance of avoiding the fear of missing out (FOMO) mindset and maintaining a balanced, diversified portfolio.
Detailed Article:
Task opens the video by addressing the common pitfall of investors acting like "kids in a candy shop" in the cryptocurrency space. He underscores the vast array of opportunities in the market, mentioning that some projects have the potential for remarkable returns while cautioning that many tokens might not deliver any significant results. This sets the stage for his discussion on the necessity of focus and strategic decision-making in cryptocurrency investments.
He stresses that researching and monitoring every project in-depth is impractical due to time constraints. Task points out that even staying updated on a single blockchain like Hive can be challenging, let alone monitoring multiple projects simultaneously. Despite this, he acknowledges the appeal of various projects like Bitcoin, Ethereum, BNB, and Cardano, indicating that some of these options hold substantial promise.
Task emphasizes the importance of honing in on a select number of projects, rather than trying to be involved in everything. He advises investors to concentrate on a manageable amount of projects they have thoroughly researched and feel confident about. He highlights the significance of avoiding excessive diversification to prevent dilution of investment focus and potential gains. The discussion extends to the evaluation of specific cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Hive, where Task shares insights into his own investment strategy and preferences.
Moreover, Task draws a parallel between successful billionaires and their focused investment approaches, as seen in individuals like Warren Buffett and the Walton family. By citing their concentration on one or few successful businesses, he underscores the effectiveness of a focused investment strategy. Task suggests that investors should aim to build a diversified yet concentrated portfolio, focusing on a few key projects that they believe in and consistently adding to their positions.
In conclusion, Task reiterates the importance of strategic decision-making, patience, and discipline in navigating the cryptocurrency market. He encourages viewers to research diligently, select projects wisely, and avoid getting caught up in the "kid in a candy store" mentality. Task's insights serve as a guide for investors looking to navigate the abundance of opportunities in the crypto space with a focused and disciplined approach.