A Guide to Survival of Encryption Novices in 2022

When the tweets I wrote to crypto newcomers caused a “viral” spread, I learned that this type of stuff is valuable to my readers, which is why I decided to write this simple for someone relatively new in this field guide.

A Guide to Survival of Encryption Novices in 2022

I understand how difficult it is to find the right direction in the dynamic and chaotic encryption industry. The goal of this article is to help relevant novices understand information overload, so that you can build a foundation to help you through the bull-bear cycle in this field.

I am usually skeptical of suggestions. This may be the first lesson in the encryption field: Be skeptical of any suggestions. At the end of this guide, you should ask: “Is this just a psychological warfare game?” If you didn’t ask, this guide will disappoint you.

Base

The first rule is survival. Don’t go bankrupt, which means don’t all in and don’t be liquidated. Sell ​​only on your own terms, don’t pursue astronomical figures, because you will force yourself to believe things you don’t believe in. Wishful thinking will not help you survive.

Be sure to read Fred Ehrsam’s post on how to survive the crypto cycle.

Curiosity is the best predictor of longevity in this field. If you are curious, you are likely to turn your inner speculator status into a builder or super user. But sometimes you have to pursue more signals than just prices.

You will want to find your location. Think of this as a kind of exploration, to discover how to be useful to others, even if you are here only to chase the wealth of generations. You don’t have to quit your baby boomer job to get involved, just use your weekend time to figure out how to help like-minded people in the field.

The best way is to let people around you also help you. When I first entered the encryption field, I felt very lonely. I am lucky, and over time, I have managed to be with people in similar positions. If you can’t meet such people in real space, then Crypto twitter (CT) is a place for community gatherings, and correct exposure is essential.

If you are not on CT, then you may miss it. Everyone’s CT experience is slightly different because it depends on the accounts you follow and participate in. First of all, you need a good team like when you were in school. Your parents may not want you to be with bad guys. The same rules apply to CT.

I have provided a series of selected CT accounts, you can follow them and fill your social and knowledge graph. These are my choices, so this is a biased list. Follow your curiosity and let it grow in all directions.

A Guide to Survival of Encryption Novices in 2022

The x and y axes are just to provide some context. I realize that the CT account above is heavily biased towards ETH. This is why I provide some additional accounts for the non-ETH ecosystem. You can view the full list here.

In addition, if you don’t like my personally curated list, you can check hive.one�?to get the algorithm curated list of the most influential accounts in the entire encryption field, as well as individual clusters such as BTC, ETH, SOL, DOT or NFT.

Make sure you follow the people who expand your knowledge and open your mind. People around you can guide you to the position that suits you best. Following the person who asked the correct question and prompted the most interesting answer will provide the best answer to your key question: How can I be useful to like-minded people in the cryptocurrency field?

Learn to deny CT

Although some people like to talk about leaked alpha opportunities on Twitter, most of them are just smart beta games. Be suspicious of anyone who claims to be “alpha”. The real alpha is synthesized in your mind from the bits and pieces of Twitter, governance forums, and private conversations.

The chatter on CT greatly captures people’s current emotions and is good at determining what is happening now, but CT is not very accurate in predicting where we are going.

Sometimes, we tend to forget the value of those who think outside the bubble without participating in the cycle. Make sure not to overestimate CT, because CT is mainly where sales occur. But mastering CT will help you.

Telegram and Discord

Once you start to think of Twitter as a discovery layer, you may want to join a selected Telegram (TG) or Discord group for in-depth exploration. Usually you need to focus on a few projects, try to feel the atmosphere of the project, and ask if there are ways to help a particular community.

Public telegraph groups are almost always noisy places where it is difficult for people to navigate or have meaningful conversations. Almost all encryption projects have a Discord channel at the beginning. This is much better for the structured research and dialogue of the project.

Examples of prosperous and inclusive Discord communities are Alchemist, OlympusDAO, KlimaDAO, Forgotten Runes, and Abacus. (Disclaimer: Zee Prime participated in the investment)

Reading and podcasting

Although I have introduced some basic reading in the above mentioned Twitter post, there are still some things worth reading, maybe more niche things. This is why I created a resource guide to categorize interesting content and podcasts in the industry.

Please note that it may contain outdated or invalid ideas, but this does not reduce their value.

In addition, if you are looking for an excellent encrypted podcast, then Uncommon Core is very suitable for you, if you want to listen to some more technical content, then Zero Knowledge Pod will be more suitable for you.

The guide to get here:

https://docs.google.com/spreadsheets/d/1Rmzzb66AuelWgdn5EOsXxMRd4y62ANBg_-ThxbaIID0/edit#gid=1416982735

“But I am not a builder!”

One problem in the industry is that it mainly recognizes the programmer as a builder. This is not entirely true. There are many fruitful efforts in the field of encryption, which do not involve coding, but are of great value to the community.

For those “Oh, but I don’t know how to write code” questions, I have 2 answers:

1. The smartest person in the encryption field I know is not a programmer;

2. If you think this may be what you want to do, then learn programming (for example, Hayden, the founder of Uniswap, learned Solidity by trying to implement Vitalik’s blog post. Now he is leading the largest encryption project in the industry );

And there are too many things that can be done. Project parties need community managers, governance organizers, project managers, product owners, marketing or sales personnel, etc. Lurking in the Discord group and staying active when needed is the best way to build active beginner muscles.

Across the cycle

It all started with Bitcoin, which is why understanding Bitcoin, Bitcoin enthusiasts, related cultures and changing narratives is a solid foundation. Why do Bitcoin enthusiasts call each token a scam? Why do people in the Bitcoin community hate Ethereum? Why do people in the Ethereum community hate Solana and Polkadot?

The encryption field is full of conflicts, and these conflicts are likely to continue. Given the different semantics and perceptions of each cluster, it is difficult to agree on the basic truth.

Generally speaking, the time you entered the crypto field defines your worldview or crypto view. If you came here in 2013 and made a fortune by buying Bitcoin, then your views will be the same as those who came here in 2020. , And those who make money by holding SOL are different.

Once many people “success”, they will get into trouble. Therefore, just doing it right once is enough to create wealth for generations. Then, you might defend your wealth and hope that others will help you protect it, even though it may be less profitable for them.

Here, we stumbled upon the problem of “early arrival”. Why is there a problem? Once a project is successful, success is “priced”. When something has risen 100 times, expecting it to rise 10 times may be a luxury. Manage your expectations.

Everyone’s sight is set at 100 times or 1000 times, and such opportunities are very rare. To do this without luck, you need to have a certain understanding of the industry. It’s not a good idea to pursue astronomical returns when you first come here.

If you didn’t get involved in some major projects very early, you may be driven to some early, but usually a lower quality project, as seen in the large number of OHM forks that have appeared in this cycle. For copies, we must be cautious. Few copies can create sustainable wealth. There is only a fine line between open-mindedness and innocence.

Over time, you will learn to strike a balance between closed-mindedness and over-openness, “My coin is the only coin” and “Hey, the fifth imitator of X will definitely pull the offer.” But as to how to define the middle ground, there is no final conclusion.

A Guide to Survival of Encryption Novices in 2022

The most successful people will move through the cycle, and they won’t get into trouble because of the narrative. In fact, every cycle has taught us something. The winners are usually those who are flexible. They are more concerned with the future than with the present.

Marriage with ideas is sub-optimal. It is a good thing to get rid of some path dependence and separate your past and future. The crypto field is changing very rapidly, and it must be able to change with it, but don’t forget the lessons of history.

A Guide to Survival of Encryption Novices in 2022

Bitcoin reminds us of a trustless system. ICO taught us new ways of capital formation and invalid tokens. DeFi summer makes us rethink tokens and their issuance. Before you come here, you have learned countless lessons, try to get acquainted with them and don’t repeat the same mistakes.

in conclusion

Your success in the encryption field may depend on your ability to “follow your curiosity.” You can follow it in many ways. You try to learn how to build your own MEV robot, or you can spend a few days reading the market and doing background analysis on it.

Curiosity and motivation are the best predictors of success in this field. Build a foundation through an established community, and then venture into uncharted territory. Formulate theories and then be able to update them.

But the process is not as important as the substance. Find your own way, ask better questions and talk to smarter people. Joining a crypto tribe will make you feel that you are participating in history, so it is very likely that you are indeed participating in history.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a-guide-to-survival-of-encryption-novices-in-2022/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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