Irons, the following are the thoughts I have come to realize during the big cycle of the currency circle in the past 4 years:
1. 95% of the participants in the currency circle have never read the white paper of the project.
The vast majority of us are really just pitching a cryptocurrency by someone we trust, and then imitating their actions and praying that the coins we buy only go up and down.
2. 90% of the participants in the currency circle cannot explain how the blockchain works.
Most players only care about money (and decentralization I guess).
3. Bitcoin maximalists and ethereum maximalists feel equally parochial and short-sighted.
I believe mass adoption of blockchain and cryptocurrencies will emerge in ways that we cannot predict, and network effects will explode out of thin air.
4. Most DeFi (decentralized finance) projects are an unsustainable Ponzi scheme, and those who are best at it just use it as a money-making game.
This is the truth.
5. NFTs (Non-Fungible Tokens) are the future and will drive more cryptocurrency adoption.
6. A completely decentralized future is impossible.
Most of the things we call decentralization today are not decentralized in nature. We just put more trust in projects in the cryptosphere than outside the cryptosphere for some reason.
7. The biggest threat to Bitcoin is not Ethereum, but Monero and Dogecoin.
8. The most binary coin imaginable is ZEC, being able to toggle the privacy switch is what makes the world so corrupt today.
9. Changpeng Zhao has done a lot of good things in this field, but he doesn’t get the credit he deserves.
I believe he is really trying to contribute to the future of decentralization, more than any other exchange boss.
10. The closest thing we’ve ever had to a Metaverse is RuneScape.
All current games should learn RuneScape and use it as a bible for gaming money.
11. The ease of seed funding changed crypto Twitter forever, and the community will never be the same.
The old guns of the currency circle are now venture capital, you have to get used to this.
12. The ease of seed funding will make people more vulnerable than in the secondary market.
This will be the ultimate driver of a multi-year bear market.
13. Most angel investors are parasites.
Every penny you give to an angel investor should actually go to a loyal community member.
14. The host of your favorite podcast, streamer, or space starts a podcast, streamer, or space just to boost their value props and get into more seed rounds.
That Twitter space wasn’t sponsored, it was just that the host happened to be allocated among the guest’s projects.
15. Most “respected” VCs in this space only tweet about their seed rounds.
They’re not seen as paid salespeople, but influencers are seen as paid salespeople, probably because they’re good at using subtle language to make people feel that the projects they’re investing in are excellent.
16. There is no longer a distinction between crypto influencers and venture capital.
In fact, I think the pros outweigh the cons in this because there is basically no threshold for anyone in the community to gain influencer and venture capital status.
17. People will often complain about big foundations, but without them funding so many projects when no one wants to, we wouldn’t have seen a massive explosion in the cryptocurrency ecosystem over the past two years, enabling so many people to make money.
Yes, they may indeed sell their tokens, but the good guys will make money out of it.
18. It is not easy to make money in the currency circle. If you find yourself thinking that making money is as easy as breathing, it may be time to make some profits.
You find your own way of making money through your own experience, but it’s very difficult to do.
19. We are still at a very early stage.
Cryptocurrencies have unlimited upside, and decentralization is a competitive advantage that will inspire everyone on the planet to join in the fun.
20. It is easier to be bearish than bullish at any time.
The bull market is everyone’s brainless rush, and the bear market has become like a coward. People think that a bear market sounds easier to get through than a bull market, which is why most middle-class people tend to gravitate towards this mindset when it comes to all aspects of life.
21. You probably haven’t learned anything on encrypted tweets, you’re just looking for tweets to validate your thoughts or self-comfort.
Most actionable alphas come in the form of spam posts, which require deep cognition to understand.
22. UST is not a Ponzi scheme
UST’s yield is unsustainable, but a decline in that yield over time doesn’t mean it will collapse. Algo stablecoins are the future, and UST will be seen as the Bitcoin of stablecoins.
23 Justin Sun is a genius.
You can hate him, but you have to admit that he is way better than you.
24. We all screwed up on BAYC.
Yuga Labs will be better than Opensea.
25. Trying to short the strongest coins in a macro downtrend is as foolish as trying to long the weakest coins in a macro uptrend.
Stop thinking about being a hero, you care more about getting it right than making money.
26. GlassNode analytics is one of the worst things to do on crypto Twitter.
On-chain analytics are extremely easy to manipulate, and the only alphas in these charts are that they are helpful to drumming hacker wallets.
27. Nansen is one of the most valuable tools in cryptocurrencies.
Go figure out which wallet address owners are doing what and track them instead of your favorite influencer, that’s Alpha.
28. At least 80% of influencers are about the same level as the average person in the community.
It takes at least a year to follow someone to figure out whether they have so many followers because they are smart, lucky, or opportunistic.
29. The easiest way to spot pimps is through low-nutrition posts that, when the predictions happen to be right, are treated like bibles, and people may find out about it with hindsight.
Wordplay is an art where storytellers run the world.
30. Most influencers make money as investors, not traders.
They rely on participation to maintain their trading volume and will do anything to protect and grow their accounts.
31. Some of the smartest people in the world are on encrypted Twitter.
Their intelligence and cognition are breathless and they use Twitter as an outlet for managing stress to post their views and opinions, you should definitely follow them.
32. Everyone is wrong, always.
If you truly believe that the big V you follow never misses it, it is because they are deliberately vague and misleading their fans, portraying themselves as what they cannot be, please don’t trust these people.
33. Some people’s actions are so often correct that it’s unbelievable.
A few I can think of are gcr, hsaka, ansem, CL, HA and loom.
Don’t ignore their analysis and opinions just because they like a project you don’t. Everyone makes a lot of mistakes and you shouldn’t have an issue with them.
34. People like nika, krillin, and Pierre can teach you enough about MA to create your own system.
They leaked too much alpha. Nika is its true source, and it has had a far greater impact on MA culture than people understand.
35. Zhu Su, Barry, and Arthur Hayes aren’t trying to insinuate you.
They all provide meaningful insights, you just remember that they hurt you more than they helped you.
This is human nature.
36. When it comes to technical analysis, less is more.
SM @SMtrades_ has the most succinct chart in the crypto space and more of you should try to be like him.
37. You don’t need technical analysis to be a good trader.
You need to study reflexivity and figure out what market players think.
If everyone who could buy is bullish, then they have already bought, and the price of the currency is likely to fall next.
38. Leverage is the fastest way to lose everything.
Cryptocurrencies are either in easy mode or hard mode, there is no middle ground.
Your goal is to survive hard mode to enjoy easy mode. Use the levers in Hardmode to make sure you lose everything.
39. Holding too many coins is not necessarily a good thing.
There is no difference between holding 20 different altcoins and holding 3 different altcoins.
Be firm in your beliefs and solidify your bets.
40. Most of you are better off putting your heart and soul into Ethereum or Dogecoin and laying flat with your eyes closed.
There is no post that can teach you how to control your greed.
You have to learn this yourself.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/40-truths-about-the-currency-circle-and-encrypted-twitter/
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