Dec. 29, 2021: Your 2022 Resolution šš„³
Why You Should Resolve to Go All In on Cryptocurrency
Todayās newsletter is not for the usual readers. Itās aimed at people tempted to get into cryptocurrency. Of course youāre all vets at this point, you donāt find your way to a Curve newsletter unless youāre already pretty far down the rabbit hole.
Youāre also disproportionately federal agents, for whatever thatās worth.
Anyway, Iām going to need your help getting todayās newsletter to the target audience. This holiday season, when you interacted with the real world, you may have encountered at least some friends or relatives who are clearly interested in crypto but hesitant. You might call them ābuy curious.ā
Todayās piece is authored with such people in mind. If you think it useful for them, help get it into their hands. Make sure to warn them first, of course, that itās not financial advice!)
As you consider what to do for your New Yearās Resolution, consider this one:
Resolve to go all in on cryptocurrency.
Spend the next 365 days fully focused on cryptocurrency to whatever extent possible. Put your disposable earnings into engaging with your favorite coins and trying out different platforms. Turn off the news in favor of crypto reading lists. Quit your job if circumstances allow.
By the end of 2022 you can reevaluate. Spoiler alert: People only go one direction. People commonly join crypto, few ever go back. When people leave, they more commonly do so to spending time with their generational wealth, very rarely to re-enter the workforce.
Maybe youāre interested in cryptocurrency but waiting for something. Maybe youāre waiting for proof that youāll be safe from rugs (no guarantees), holding out for some sort of regulatory clarity (never happening), or waiting for it to become less volatile (not a chance).
The people who fare the worst in cryptocurrency are those who approach it with this hesitation. Thereās a vast graveyard of people whose crypto story is limited to buying $1000 of Dogecoin on Robinhood at the peak and cashing out after the first +/- 20% swing. āIt didnāt work for meā¦ā or āIf only Iād held longer.ā
In contrast, most people who immersed themselves fully in cryptocurrency and became mind-blowingly wealthy were actually focused on other things. They didnāt waste their time trying to time the tops and bottoms of the market. They may not have even noticed the volatile swings. They were working, building, and studying new developments. They were so busy they didnāt even notice their net worth added a zero at the end.
So I suggest to you, use the New Year as your excuse to take the plunge fully. No fear, no remorse, no regrets. Every time you have a choice, take the path that commits you more into crypto. If youāre due a bonus check, cash it, quit, and go 24/7.
Truth be told, youāll be taking an irresponsible risk for yourself if you choose to stay in jobs that pay out in worthless dollars. You lost upwards of 25% last year in inflation, putting your entire future in jeopardy. Youāre tethering yourself to a dying system.
Crypto doesnāt feel so risky by comparison. Like everything, crypto has some danger. With some basic research, you mitigate the worst risks. If you quit your job as a physician to become a community manager for Rugcoin on Binance Smart Chain, then sure, crypto might be a rough transition. If you want to jump into crypto full time, hereās a plan to it wisely:
Most importantly, figure out a good project where you can focus most of your efforts. Look to get involved with projects that appear to be relatively safer bets and find the rough edges where you can deliver value. Find projects that appear to have:
A good reputation in the community
An intelligent and engaged team
A path to outperform Ethereum
The first two are self-evident, but the last point is worth elaborating. For various reasons, I consider ETH the āsafestā asset to hold (dominant in Web3, very high degree of utility, shrinking supply). If you have reason to suspect BTC will outperform ETH, then by all means replace ETH with BTC or any other coin of choice in everything I say hereafter.
The important thing is you need a benchmark to measure your success. At the end of the year, do you own more ETH? Dollars are a historically useless benchmark. One can easily gain dollars but lose purchasing power. Historically ETH has gained purchasing power. If this ever changes you can redenominate. Until then, if your ETH balance goes up, then youāre winning.
Now that you have a benchmark, judge all projects against their capability of outperforming ETH. If they have a plausible path to outperforming ETH, then ask to get paid in their token. If they arenāt likely to outperform, then ask to get paid in ETH and keep your eye out for better projects.
Like most parts of the economy, thereās a work shortage in the cryptocurrency space. Nearly every project is eagerly looking for help, and thereās no shortage of projects. You should not struggle to find opportunities to work.
Decentralized Autonomous Organizations (DAOs) are great opportunities to prove your capabilities, network, and plug yourself into the community. Be wary, though. Most DAOs are focused on organization and operations, serving as intellectual playgrounds for people who already have plenty of money. Few are making the case they can be bigger than Ethereum. Use DAOs to earn ETH, knowledge and connections. When you find better opportunities, jump.
For my sake, Curve checked all three boxes. Curve had a reputation as difficult to rug and built by math gigachads. It has a chance to outperform ETH as the cornerstone of DeFi on ETH as well as additional other chains. Conveniently, they also offer a v2 CRVETH pool that can serve as a 50-50 bet on their token versus holding raw ETH (with bonus yield).
For you, maybe it will be a new chain that you think could steal market share against ETH. Possibly some clever new DAO or DeFi project. Maybe you really like some intriguing NFT launch which could easily accumulate tons of ETH in the short-term, or a Web3 startup bridging the old world into the new.
Once you picked a project where you can add value, go all in. Get active in their Telegram and Discord. Look for where they need help and act without even being asked. The earlier the state of the project, the more likely it is they need a significant amount of help. If you canāt find your way to money in a few months, then look to the next project.
If you pick the wrong project, donāt panic. If you follow this checklist, youāll only fail upwards. Youāll have built out skills and connections through your work. If you attach yourself to a well-respected project that sadly dies, the community will eagerly help you find your way to the next project. More than any space Iāve seen, cryptocurrency rewards those who go all-in.
We are unbelievably bullish at what weāll be building together in 2022 and beyond. We look forward to welcoming you to the community.
For the readers already 100% into crypto, use the comments to add resources for newcomers. Drop your personal story of jumping into cryptocurrency. Or drop your favorite links to resources for people looking to make the jump.
Our newsletter is a good place to look for education on cryptocurrency. Proceeds from subscriptions go towards PAC DAO, an on-chain pro-crypto activism group.
PAC also presents an opportunity for newcomers interested in working to support cryptocurrency from an advocacy basis. The case for PAC to outperform ETH is to consider what happens if the existing lobbying/bribery/graft industry moves on-chain to streamline the process.
Because I followed the rabbit to the other side of the rainbow and saw the light.