Don't be unconvinced.

Author: Cai Leilei

Many people disdainfully say that those who have made a lot of money in the crypto world after experiencing several cycles are just lucky gamblers. Let me tell you a truth: don’t be jealous; those who have gained significant wealth in the crypto world and managed to keep it are not lucky at all, so don’t be unconvinced.

I won’t mention how many pitfalls there were in ancient times, which were definitely much more thrilling than now. Just talking about the present, those who have made a lot of money and held onto it, they must have perfectly avoided all of the following:

1. Opening contracts

2. Buying a large amount of non-Bitcoin

3. Keeping all their coins on exchanges

4. High-frequency trading, trying to buy high and sell low

Don’t underestimate these four things; if you don’t pay close attention to the crypto world, you won’t understand. And those who can make a lot of money in the crypto world must have been deeply engaged in it and have continuously traded in it—if these people can adhere to the above four principles after making a lot of money, it shows that they must have suffered significant losses in the aforementioned areas, and after their cognitive training, they can still accumulate large funds in the crypto world without resorting to the above gambling methods. Would you say that’s luck?

Most people in the crypto world have only “made money in the past” because their ways of making money are limited to the above few methods, and naturally, they will also lose because of these methods. The real problem arises when a person realizes that the above methods cannot truly lead to wealth but cannot find other ways to become rich in the crypto world.

Let me tell you, those who have truly made money in the crypto world and have kept it long-term, besides avoiding the pitfalls mentioned above, must also meet at least one of the following conditions:

1. Have a flagship product in the crypto world

No matter how knowledgeable you are, you will still step into the aforementioned pitfalls and lose coins. But the key is, if you have a product that continuously earns money in the crypto world, this product’s role is that no matter how many pitfalls you step into, since it earns coins, you will always recover the lost coins. As you gradually become smarter and stop stepping into those pitfalls, your coins will keep increasing—representative figures like CZ and Brother Sun, they have all stepped into these beginner pitfalls, but the key is that they have products that help them continuously earn back coins, while you do not, and that is crucial.

2. Have the ability to invest consistently

If you do not have the ability to create products, then the easiest thing for you to match is this one. Stop saying “Bitcoin won’t rise much more,” that’s not a reason for you to gamble with large positions—when has Bitcoin ever run fast? In the past, Bitcoin was low, but that was compared to now; the Bitcoin of that time and the altcoins of that time were both slower to rise, and where are those altcoins now? Give yourself 10 years, continuously invest the money you earn over the next 10 years slowly, allowing your earnings to multiply by 5 or 10; this is the best way for ordinary people to enter the crypto world.

The premise here is to have a good locking mechanism, where you can only invest and not withdraw; a good investment environment, where you don’t just invest when you have money and skip it when you don’t, or invest heavily when you think it’s low, and skip it when you think it’s too high; you also need to have excellent off-exchange funding capabilities—your ability to make money will enhance the above rules for you.

None of the above premises can be missing. A person who can have a significant impact outside the market and then enter the market while being humble and obedient—this in itself is an impressive person, and this money is what you deserve.

3. Coins are locked up

I participated in an old fund where the coins were locked for 5 years. During this time, the crypto world experienced many ups and downs, but this money was locked, and I couldn’t touch it. Were there times when I needed money in reality? Of course, there were; during this time, I bought a house, and when investment returns hadn’t come back, I had to invest in other projects, and I briefly turned to the bank for help. Later, the coins I held dwindled amidst the ups and downs of my investments and entrepreneurship, but when this fund distributed profits, I found that the shares added up to several hundred Bitcoins—although the fund still didn’t outperform simply hoarding coins with that money, the problem was that it was indeed hard to hoard, and the percentage of loss in the fund was far less than what I held myself.

Such things are common in the crypto world; a certain loser bought coins and ended up in jail for fighting, and when he got out, he was worth over a hundred million—this is not a story, it’s reality, and if he hadn’t gone to jail, he would have long since squandered those coins.

Since then, I have actively locked up the largest share of Bitcoin, and I have kept it locked until now. If you believe in Bitcoin, now is the time to convert everything you have into Bitcoin, actively lock it up for 10 years, and then start from scratch; after 10 years, you may find that the results will likely exceed everything else you did in those 10 years that seemed more useful.

Once again, I have never seen any big shot become a big shot by trading coins; not a single one—trading coins does not make you a big shot, and leverage does not make you a big shot; there is no such thing as luck in the crypto world. Your understanding of it must be in place first; only then can it become your best tool for wealth, otherwise, you will end up becoming its slave.

Last month, there was a comment under my article saying that when Ethereum was at 3600, he gambled on the upgrades in March and April, so he sold his house and went all in with 2x leverage. I asked him why he still opened leverage after I told him not to. He said he was optimistic about the market and thought 2x wouldn’t blow up; could Ethereum really drop another half?

Yes. I am also optimistic about the market, but I respect the market; I will never open leverage here, not because I am cautious, but because I understand, and he does not.

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