Crypto Analyst Covers 22 of the Biggest Lessons Learned in 2022
TL;DR Miles deutscher is a 21-year-old Australian crypto investor and analyst who currently works with the YouTube channel Crypto Banter. He has 22 crypto lessons worth learning this year, including “DeFi is the only way forward”, “timing the top (or bottom) is impossible” and “don’t do crypto alone.
A young Australian crypto analyst has 22 crypto lessons worth learning this year. BeInCrypto has highlighted some of our favorites.
Miles Deutscher is a 21-year-old Australian crypto investor and analyst who currently works with the YouTube channel Crypto Banter. The baby-faced DeFi addict has amassed over a quarter of a million followers on his Twitter profile through sharing his crypto insights.
First among his nuggets of wisdom is the popular refrain that “DeFi is the only way forward.” This has become such a popular sentiment that it risks becoming cliche. Centralized organizations like FTX and BlockFi may deal in crypto, but that does not mean they live up to crypto’s decentralized ethos.
Sponsored Sponsored
1. DeFi is the only way forward.
Most of this year’s major collapses were a reflection of human nature, not the underlying technology.
The need for DeFi is clearer than ever. — Miles Deutscher (@milesdeutscher) December 29, 2022
At their heart, they are traditionally structured companies with flawed characters at their center. “Most of this year’s major collapses were a reflection of human nature, not the underlying technology.”
Timing The Top (Or Bottom) Is Impossible.
His seventh tip, and one of our favorites, is that “timing the top (or bottom) is impossible.” We would add a little more to that: don’t feel like you should always “buy the dip.” Not all dips are short-term; sometimes, price trajectories can continue for a long time. If someone bought the April 10 bitcoin “dip” in the hopes prices would recover, as of today, your investment would have decreased in value by 59%. There is no iron law of crypto that says prices won’t keep going down.
7. Timing the top (or bottom) is impossible.
Almost everyone that tried to predict the top was wrong.
Why? Because crypto is beholden to the macro environment. No one has an edge on macro.
Implement risk management, and stick to a plan which doesn’t require timing the market. — Miles Deutscher (@milesdeutscher) December 29, 2022
Another 2022 lesson to remember is to avoid worshipping cult figures. A helpful corrective is to see how the ecosystem talked about figures like Do Kwon and Sam Bankman-Fried this time last year. Especially on crypto Twitter, they were often talked about as god-like figures. The wider ecosystem didn’t help either. SBF even shared a stage with Tony Blair and Bill Clinton. It was only when we took a look under the hood that the world saw the ugly picture.
Sponsored Sponsored
Don’t idol worship. Not even the “good guys.” They’re only good until they’re bad, and that goes for the world outside of crypto too.
Deutscher also points out that you should be wary of “influencers.” An evergreen sentiment. Crypto influencers are, first and foremost, content creators. Their priority is growing and maintaining their audience. Your interest and theirs will not always align.
17. Be wary of "influencers".
Use Twitter and YouTube as a starting point to gain new perspectives, not as the final step in the research funnel.
Many creators in this space have a vested interest. Learn to snuff them out and think critically. — Miles Deutscher (@milesdeutscher) December 29, 2022
Don’t Do Crypto Alone
One of the most important lessons from this year is “don’t do crypto alone.” Rely on community resources to make wise investment decisions. When things go wrong, as they have spectacularly this year, having a support network is also much better for your mental health.
Sponsored Sponsored
22. There's more to life than crypto.
It's very easy to get caught up in the game.
Throughout the year, I experienced both euphoria and anxiety.
Distance yourself and take breaks.
Crypto isn’t going anywhere, but your relationships might if you don’t nurture them. — Miles Deutscher (@milesdeutscher) December 29, 2022
And lastly, it is always important to remember that there is more to life than crypto. “Crypto isn’t going anywhere, but your relationships might if you don’t nurture them.” Well said, Miles.
You can read his full Twitter thread here.