Crypto Lessons - Jack of all trades, master of none
The Crypto World is ever expanding just like the universe. Every day there are new blockchains, new DeFi projects, new play-to-earn games, new meme coins, new this, new that. This is especially true during the bull market when everyone is rushing to launch new projects to cash in on the mass hysteria.
It is easy to get lost with all of the excitement going around and start trying to juggle too many projects at the same time in search of the next big thing. I'm talking from experience, at one time I was holding almost 20 different tokens, playing 4 different play-to-earn games, trying to post on Hive, and using/getting referrals for faucet websites.
Jack of all trades
One thing is certain, I learned a lot during this time and I was able to turn a profit overall. The bad part was the opportunity cost of trying to do too many things at once. I even invested in a dog coin without knowing anything about it! Just because I didn't want to miss the opportunity even though I had no time to understand the tokenomics or follow the progress of the token.
It is humanly impossible to keep track of over 20 crypto projects at once so I ended up not selling some of the tokens when I clearly would have if I was paying closer attention to each project. The same applies to buying opportunities I didn't grab because I was too busy with everything else.
I wasn't able to optimize my strategy on the play to earn games and left a lot of money on the table for each one of them. In hindsight, I would have made a lot more money if I decided to focus on being top tier at one or two games instead of being mediocre at all of them.
Master of none
The result of doing everything at once was that my returns from each project were way smaller than they could have been. If I could go back in time I would have focused harder on the projects like Hive and Splinterlands. I could have a way bigger following on Hive, a lot more Hive Power / Leo Power and compete on Splinterlands highest leagues.
This was a painful and costly lesson but now I know better than to chase every project I see. Instead, I'm currently focusing on:
- Hive / Leofinance
- Splinterlands, Rising Star, Axie Infinity
- Polycub
My returns increased significantly since I decided to hunker down and focus on just a few projects, I also have a lot more free time and peace of mind.
I will make sure to remember my lesson when the next bull market comes around and keep investing my time in these same platforms!
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https://twitter.com/myfreebitcoin1/status/1557769748380884992
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I can relate. If it were to be for the money alone, I think Hive has been my best venture, next to splinterlands and Leofinance, but in terms of adventure and learning, it’s been interesting holding other tokens. I think the highest amount of what I’ve held at one time is 10different tokens, with deep knowledge about 70%. I only played Splinterlands, delved into axie but was quickly to get out, only used Hive social. I’ll stick to this pattern it seems to work at least your post testifies it.
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You seem to be doing great so whatever you're doing is clearly working.
A good amount of Hive Power, plenty of HBD. Your passive income will start to snowball soon. Keep at it!
Thanks 🙏
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Seems like good advice.
I stopped playing splinterlands because I was no longer enjoying it and am having a grand time playing with my rental market and switching the profits to the liquidity pools.
Its just a few cents at a time but I keep reminding myself that I built my HIVE account a few cents at a time so why not my gaming account.
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That is the right mindset! Enjoy the process and keep building little by little, no matter how small the progress is it will pile up and grow over time.
Your hive account proves it 😁
I really need the manual on how these games work, I'm really interested and I know I'll thrive there. Avoid investing in too much, sometimes it's hard to keep track of all of them and most times, we end up investing in projects that won't really go anywhere
This is what is currently working for me:
Pick a good project - This is crucial, I was able to profit from a couple of bad projects but I invested knowing the whole thing was going to crumble in a couple of months and cashed out accordingly. All the time learning the game and optimizing goes down the drain when the return is no longer worth it.
Invest a little to see if I enjoy the game and have what it takes to perform on the highest tiers.
Show up every day and be as efficient as possible.
Reinvesting my earnings if I keep enjoying the game and see the team updating and improving the game often. Otherwise, I start to cash out and search for something else.