A light-hearted look at the crypto Boogeyman.
You may be wondering what these five things have in common or why they would even be in the same title!
No doubt you have heard and read about each of these mythical things since childhood. They have become integral parts of our everyday “can you believe that!” conversations through the years. As kids we were amazed and really believed that Sasquatch did scare a woman until she fainted, and then he carefully took her to the family home and gently laid her on the front porch before ringing the doorbell and swiftly disappearing into the snowy darkness.
And that Loch Ness monster, Nessie? You see, we even gave her a first name and rooted for her to escape all the evil humans trying to capture her! Those blurry photographs the Nessie hunters showed us had to be fake…though we still stared at them for hours on end.
But the UFOs? Those are the biggies. Hundreds of millions of government dollars have been spent trying to prove (or disprove) their existence, and yet they remain the biggest unanswered questions of all…What are they? Who are they? When are they coming to invade earth? Will we feel anything when they suck out our internal organs?
But it’s hard to beat the infamous Boogeyman for sheer terror and heart-stopping legends. He isn’t one shape or one persona or even one person…the Boogeyman really can’t be defined because every person may have a different Boogeyman that terrorizes their thoughts. In fact, some of us never outgrow the Boogeyman that used to live under our beds.
Many people joke about these while others believe fervently in their existence despite no tangible evidence. These are legends that no one fully understands - legends that, in spite of Google, cannot easily be proven or disproven. And to me, this is a lot like the cryptocurrency space. For many, it’s a giant gaping black hole filled with mystery and danger; to others, it’s a bright light beckoning new adherents into the space to see what the heck people are talking about.
Let’s face it, if you are new to the crypto space, it is a lot like Sasquatch or Nessie or UFOs - totally unbelievable because it’s not really understood by many; it’s not “normal” or “real” and seems a little too “out there” to be true. Crypto also resembles that Boogeyman who was never really seen, but we believed he would harm us if we dared to step out of line. Leave TradFi for DeFi? “WHAT? DON’T MAKE ME COME OUT OF THIS CLOSET!”
So, what should you do when you start exploring and researching those mysterious (and surely fake) cryptocurrency projects? Before investing a single penny, I suggest:
1. Don’t be afraid to jump in and check it out. (If you get a fuzzy photo of Nessie, at least you’ll be famous.)
2. Talk with experienced friends and learn their perspectives. (After all, the grizzled, old Sasquatch hunter can tell you things the guys at the bar probably can’t.) 3. Engage in the project’s Discord server; check out their YouTube channel; find them on social media sites. (You wouldn’t just rely on one government source when looking for that UFO, right?)
4. Determine what your own financial and investment goals are. What is your risk tolerance? What is your end game - generational wealth; debt freedom; retirement; new Lambo? Aristotle and the boys were right, “First, know thyself.” (Look that Boogeyman right in the eye with confidence; he is threatened by self-awareness; he’ll leave and go find an easier target for sure.)
We conducted a little informal poll among the XETA staff and members asking what these experienced crypto investors would offer as advice to anyone interested in looking beyond the myths and monsters associated with cryptocurrency projects. We asked what they would recommend a) before you jump in, and b) what would they recommend to the newcomers when they first join.
This article is the first in a series offering insight into the world of cryptocurrency, DeFi/TradFi, and other related spaces. Over the coming weeks and months, we’ll share more details on the above points and what you can do to prepare yourself to attack the crypto space with confidence and certainty. We won’t ever tell you to invest or how to invest; we will, however, share our experiences and advice on how to find information that can inform your decision-making process.
And remember, in all areas of life (especially when fighting monsters both real and imagined!) not everything is true or good. However, with a bit of effort on your part, you will be able to approach this mysterious crypto world armed to fight the monsters. It really is true that…
Knowledge is power.