He Lost 1.2 Million In Crypto Then His Wealth Exploded

Dennis from Virtual Bacon joins me to talk about making millions, losing millions, and the future of crypto!
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00:00 Intro
00:18 Why Crypto
02:25 Hitting 7 Figures
05:30 Becoming A VC
08:51 Life Changing Money
13:58 Losing 1.2 Million
18:51 Bull Run Plan
22:36 Altcoin Talk

#bitcoin #crypto #investing
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Disclaimer
Everything expressed here is my opinion and not official investment advice – please do your own research before risking your own money. Lark Davis (The Crypto Lark and affiliated brand Wealth Mastery) is not providing you individually tailored investment advice. Nor is Lark Davis registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Lark Davis is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.

The first time that I actually held a coin was probably Doge Bitcoin being 200k ethereum being around 15K Dennis welcome to the show thank you for having me lar look we got some big things to talk about today and I want to start off with this what got you into crypto in

The first place I know we all have our own stories of our journey of how we got here but what what’s your story how’d you get in uh so I want to say my first the first time I’ve heard about crypto is probably 20134 but I was really

Dismissive of it you know I had a friend that was big in computer hardware he was building PCS and one of his friends doing overclocking they got into Bitcoin mining um but I never thought so much of it the first time that I actually held the coin was probably Doge um because I

I first got into crypto mining Dogecoin so this was College Years uh 2015 or so uh Dogecoin had a first rally up and people were um early miners of Doge were very quickly seeing their their return on investment and that’s why you know I got into that wave uh set up a couple

Machines in my dorm room just taking advantage of of the electricity there and and um uh yeah that was my first official coin that’s awesome actually Dogecoin man see meme meme coins bring people into crypto love it that’s that’s really cool um do you still have any of that Dogecoin

Or to sell it all I don’t I don’t even have any of the old uh stuff because you know it was way too early I didn’t have wallets right I would send from the mining pool it was like a multi-pool that it chooses what to mine and it

Directly sends to an exchange uh and the exchange back then was cpsy it was it was like way too way too early it was before like bitrex and stuff and um the whole exchange went down so I I still have all those deposit Emil you got hey we receive your Doge like

Can see those amounts I add them up uh but they’re all gone you’re said said go back and look at those some days it’s like yep that’s that’s generational wealth right there all right in Dogecoin time in crypto this is what it comes down to now look you’ve been in

Crypto for a while and when you’ve been in crypto for a while you hit seven figures that’s kind of what happens I’m always surprised when people are just like I can’t believe this guy who’s been in crypto for all these years is you know a seven fig plus portfolio um so I

Want to ask you when did you first hit seven figures and what did it feel like when you looked and you’re like holy crap there’s a million dollars uh I think it was around late defi summer so I want to say you know getting into summer 2020 is uh I was pretty

Early on Compound on like early stages of like uh taking advantage of the yield you know we’re doing it through instap leveraging up and then uh afterwards is like rebasing token I hit it pretty well on on like apple fourth and on later on it was like on Wifi I think after wifi

After Sushi I was close to that like seven figure I don’t remember exactly I think by the end of 2020 uh and it was it was weird to be honest it was um it was paper money it completely felt like paper money and uh because I never

Had any like sub substantial amount of money like even deposited in my account and at that point it was just okay on crypto side I feel this like complete ease to spend you know five E on a on a new Farm but in real life I’m like I I

Don’t want to buy that thing if it’s more than 200 bucks and it’s just this big disconnect uh and looking back at it today I think um lesson that I learned couple more times after is once you hit a certain kind of portfolio percentage and portfolio Milestone it’s good to

Familiarize yourself for for a while in that range so you know like you know you don’t get too hyped up and you don’t overc commit to things either so that you know okay once I’m in seven figures can I farm with six figures somewhere or commit six figures to a to a opportunity

Because it’s very different when you’re um versus like you know if I’m doing 5K 10K to a thing the liquidity is so different and it’s you can’t do a meme coin with 100K position but first time you get there you’ll try to do that again and oftentimes you get burned yeah

The game changes the game changes as your portfolio grows you know I I was talking about this recently if you have under 10k portfolio the things you’re doing in the market are going to be dramatically different from the guy who’s got a seven eight or nine figure portfolio you simply have different

Options available to you and different things that are going to be worth your Roi in terms of time like airdrop farming for example you know it’s interesting for a lot of small guys it’s really really valuable for some of the big guys still very valuable depending

On the farm of course but you’re not GNA be chasing every opportunity you’re just looking for the high value opportunities where you can take six or seven figures and put it in yeah when you Comm commit that Capital like sometimes it’s also like slippage right and how much

Liquidity a coin has like sure people always chase like hey this micro cap coin is like five million but you know if you can only put in like a thousand bucks and there’s no liquidity like oftentimes it’s it’s different crowd so yeah many things to consider now one

Thing I found very interesting about your story is that um you’ve been in crypto for a long time but you eventually ended up joining with one of the Venture Capital firms called M6 so what was kind of the idea behind that you know you’ve been sort of um you know

Just doing it by yourself for a while but why’ you decide to basically you know put on the suit figuratively so really I think in crypto you got to have your own tribe uh uh and I don’t it might sound kind of grim but a lot of times it’s like you and

Your friend Circle versus others because at the end of the day you know we know how the Cycles go and narratives that come and go right you got to be at least honest with your inner circle of like okay this narrative I am in this early and I’m sharing this with you guys

Versus like okay you know I’m not saying like people necessarily do this but different message you might share with on social media versus with your inner circle so I think really having a core group of friends that you invest with that you trust and whatever you’re talking about right like let’s say if

I’m I try to do this with with my followers as well but there’s always a delay like if I’m getting into ethereum ecosystem I would tell them first right and I’m getting this you know farming this layer to farming this new airdrop right and I want them to have the best

Returns as I do and um that was part of uh part of the reason why I wanted to find a group group another reason was um these guys are very very smart kind of around the same uh Capital range as I am and we can look at similar levels of

Opportunity so we function as syndicate level we don’t take you know outside money we don’t have to you know aere to anything um just purely looking for Alpha in the market and um what what ends up happening is because we have different areas so I I look at YouTube

What people are saying on YouTube you know we have people in uh very connected in the Korea ecosystem right two of our other partners are Korean they look at you know what people are trading on upbit on bium you know like what kind of Deens are trading and I can’t even

Understand the language it’s just completely different Alpha uh and we have someone that’s uh based in India and Dubai and it’s also completely different like every single type of deal there is very like Grassroots um yeah and that’s another side to diversify uh and just like once you can

Find a core group you can you know that your expertise don’t overlap but you can be aligned that you you have a common goal which is like find Alpha um coming together makes a lot of sense because then your brand becomes like much bigger yeah it’s it’s hard when you go

At Al loone to be honest and uh having friends making connections and look I want to tell everybody listening by the way just so you guys are fully aware this you don’t have to be an influencer a content creator a venture capital firm there are so many ways to connect with

People in this space there are so many telegram groups and Discord groups and stuff like that and you can find other people that are at your level and connect with those people and help each other grow help each other find Opportunities work together like now is

A great time in the in the market to be doing that so just keep that in mind okay just because the levels of the game are different you can still play the game at your level and be very successful and then get to the next

Level okay so just keep that in mind now I want to get in the next question here and that is um look you’re doing the VC thing you’re doing the content creation thing I mean your YouTube’s been providing crazy good value you blowing up recently so congratulations on that

Without a doubt now I want to ask you know through this journey of you know growing your wealth and um all these sorts of things how’s your life changed over time you know being a crypto investor being a content creator and also of course hitting seven figures plus honestly that number doesn’t really

Mean anything cuz my lifestyle hasn’t really changed you know I still live in like two bedroom Department that I have always lived in um it’s just a lot more flexibility and you know ability to feel okay even in Bear right like I got to

Kind of this level in the last B run and throughout the bare Market sure portfolios are down but I’m able to say okay like I can I’m confident and I’ve been in this cycle you know two times before and at least for my Bitcoin ethereum positions I’m perfectly okay

Holding them you know one even when they have draw down to to 20K and um that’s not going to impact me substantially LifeWise right I can do whatever I want still um so that’s one and then still having like Capital to to say okay I’m not like building from ground up and I’m

Able to hire a team you know if I want to build YouTube I can I can have editors I can have researchers I can have people helping me out uh even in the beer market right so I’m kind of free Revenue I can build up that like

Team and and pay off some of that ignorance debt so that I don’t have to you know see Revenue first before going in so I think that has helped uh even on our social media a lot as well like having a team to help out and I can

Promise them like no matter what the revenue will look like you know I can support you guys for the next year two years uh just purely for growing the brand um that’s something like the capital really unlocked in terms of like life not much like I’m not really living

It up top of guy so I just still same place same same time more security more options but you’re not you haven’t got the lambo yet you haven’t got the $100,000 well lambo’s lambo’s not my thing yeah what what uh what do you drive out of curiosity uh I drive a SUV

I drive a Genesis yeah but it’s good yeah nice all right rock and roll scvs are good yeah I I am also not an the lambo guy I’d never able to get it down my ramp for my for my place uh but I’ve got just a Tesla Model y very practical familyfriendly

Car so uh here you go guys see see look everybody you can hit seven figures and you don’t have to buy a Lambo it’s not a necessary part of the package okay matter buy some ethereum you know like any any coin I’ll perform that so that’s right that’s right of course that’s a

Big big thing too is that there’s always the opportunity cost when it comes to making any of these purchases and to be clear you guys can treat yourself once in a while if you if you want to buy a watch you can buy a watch you want buy a

Car you can buy a car whatever it’s all good the thing to do though is to not let this sort of Lifestyle creep come in because look some of the guys that you’re seeing on social media who do have the cars and the flying private all

The time all this kind of stuff some of these guys are one gonna be broke in a year or two they have so much money and some of these guys in crypto have more money than you possibly realize like crazy money and they’re on a different level you’re not at that level don’t

Worry about you don’t worry about that maybe one day you get that level too but you don’t need to reach for that level for those those guys buying the watches the cars the the flights and stuff like that it’s as much of an incidental cost

As you buying a coffee for some of these guys again they have so much money it’s not even worth thinking about that level of the game unless you’re at that level of the game you know and trying to keep up appearances and trying to look rich

It’s a quick way to the poor house actually yeah well honestly it’s just like at especially at this point in the market like I just can’t see myself spending spending for the sake of spending it’s just just buy more Bitcoin like why would you ever spend you know everything just seems Ultra expensive

Right now yeah the opportunity cost is definitely High doing any of those sorts of purchases yeah and what about like uh I guess simple stuff like when when you fly you still fly an economy you fly depends flight so yeah I like for example I when I flew to China it was

Very it was like a 15 hour flight and um I I flew business to just to so that I could sleep that kind of stuff is is good yeah those are the nice little luxuries where it’s like that’s worth spending a bit extra money on you know getting getting somewhere and like not

Being totally destroyed it’s got its benefits yeah without a doubt so hey look you’ve been in crypto for a long time and anybody who’s been in crypto more than a day basically has probably made a mistake at some point and the the G guy who’s been in a day probably has made

The biggest mistake anyway but anyway over time we all make mistakes so what’s been I guess one of your biggest losses that you’ve had in the market so far and what happened and what was sort of the lesson you learned from it yeah so I have um I have a

Very Gambler mentality I guess like um I I know myself really well so this is why I I like you know limit myself to position sizes and certain aage if I trade at all um but I find that especially when the bull starts to kick off this happened in 2021 when I’m very

You know have have a win streak of hitting things on chain you know new project launches Etc um this was around the Olympus time this was around like lbps and and def5 stuff and um there was this uh rug called in nasal I don’t know

If you you know that one I think I remember the name yeah yeah it’s basically an a Olympus style Fork that was uh backed by Dogecoin and shibainu now that we look at it it’s just completely ridiculous like why would you invest in that right um but at

That time if we were there the entire Market was talking about Olympus right and the forks of it and they were doing well like you could do this as long as you have a legitimate enough team you could take another asset copy the exact same model you’ll be successful right

$100 million launch so I did that one and I I thought I knew some of the guys on the team even though they were like semi Anon CT people and uh I was the largest rug uh victim on Anubis oh yeah so I lost um 1.2 million in in like just uh 24

Hours uh through a rug and through some people that I thought I knew uh and it was uh it was pretty bad but um not not too dramatic I guess that was like a good wake up call to say okay I’ve been on a win streak maybe I

Shouldn’t commit seven figures on a dog coin Fork of Olympus St like what am I doing seems obvious in hindsight right but but but when you’re in it man when you’re in it you’re just like this makes sense this totally makes sense I’m probably not betting enough I should put

In two you know you know that’s exactly what I continue to think right so it’s always um especially when I was working up um kind of the the portfolio sizes right it’s uh you just continue wanting to bet more and more instead of like you know respecting your your

Minimum you know position size that you take on a risky position you start to take on like percentage of your portfolio right so that it just keeps increasing and increasing and the high just keeps coming so that’s clear gambling mentality and at some point

Just it just has to go so so yeah it’s man it’s it’s really true so you got to it’s this space is very hard because when you start getting money when you start getting the ability to launch coins out of nowhere and it requires very little effort to whip up a website

And a new coin and get the hype going and unfortunately you have to be super careful who you trust in the cryptocurrency space there’s there’s so many things going on out here and you just have to be very very careful and look I’ve been burned by people I thought I could trust and

Turned out I couldn’t and you’ve been burned by people thought I could trust turn out I couldn’t so guys be careful out there okay always do your own thinking always do your own research never ape blindly Like A good rule of thumb I have now is like I know what I’m

Comfortable with and once I feel that okay wow like my usual position size is doing really well and this has significantly grown my portfolio I always take a pause just take a week off like don’t commit to any new position you come back kind of have a reset and

You’re able to go back to the same flow you have before and now you have double the capital and even more safe buffer instead of like over always leveraging up yeah that’s it that’s it play it safe guys play it safe because those big losses I mean look when we talk about losses

Those kind of numbers it’s dramatic for a lot of people but you know when you’ve got a big enough portfolio maybe risking 5 10 20% of your portfolio for example some of the stuff and look the losses never get easy to stomach when you have huge number of losses you know you

Factor some manage level of risk and stuff into it but you know still guys play it safe out there okay because these one of the biggest effects not even necessarily the monetary loss is actually the psychological hit that a big loss like that can do so you know

Just be careful can really knock your confidence for a while this kind of stuff now I move on to the next question what is is your bull run plan here we are the time we’re recording this video very exciting time in the market Bitcoin having coming soon Bitcoin etf’s just

Launched Lots the last year’s been crazy there’s been so many altcoins that have popped off like nuts what are you doing what’s your bull run plan so I I really want to be conservative in this bull run and I think conservative on my on my standard like I think um having a base

Case of like EXP for Bitcoin expectation for ethereum and then having uh I made a video about this but like having multiple overlapping exit strategies and if one of them hit I will exit so I have um uh basically a a uh price target for Bitcoin ethereum so uh

Bitcoin being 200k ethereum being around 15K um if either of those happen I think I’m good with that right I think majority of the market would have turned out well portfolio would have been up a lot totally fine to exit now if that happens this year if that happens in two

Month I will still exit right so I’m not going to be greedy and say you know this is the super cycle and there’s going to be another year after right because that’s that’ll be getting kind of crazy it’s dangerous thinking yeah right and then the other side is um if for example

Things happen very slowly right Bitcoin becomes very slowly adopted and it’s it just slowly Trends and maybe we’re like 60 to 100K for year and a half then at some point I still have to call it cycle ending right because usually the cycle ends every uh every four years and

Looking at how it matches with the Bitcoin having that’s like a year maybe 18 months after so latest you know end of 2025 I will look to exit um this cycle so even you know once that time comes around even if Bitcoin ethereum don’t hit those targets I will still

Exit uh and then I have a third which is more like monitoring the market so these are you know typical indicators how you look at like the 200 day moving average right 21 weekly moving average you know higher higher highs and higher lows and and how the long-term uptrend is still

Being respected so that’s kind of my third criteria if the uptrend really gets broken and confirmed to be broken all Bs are off and when the price shows me that you know it’s it’s drawn Down super significantly I have to reassess as well so with those three kind of price Target

Time Target and monitoring of the market I feel like I’m prepped enough for the next year year and a half to exit somewhere in there are you uh going to ride any coins through the bare Market or are you going to completely exit I would say Bitcoin ethereum I’m confident been

Holding those two I held them in the last Paar I know a lot of people have other you know altcoins that they have like salana you know people like to hold like xrp you know train link cardano um maybe for now you know if I

Have to pick two that I lock up for five years from now it would be still Bitcoin ethereum but maybe you know something really truly breaks out um we’ll see yeah we’re still we’re still early in the crypto space I think a lot of people forget about that it feels like we’re

Late sometimes but actually then realize 95% of the world doesn’t own crypto and has barely even heard of it and they’re going to come they will they will adopt at some point now I want to get into some very specifics here altcoins what altcoins are you watching right now drop

Us a few names what are you watching why you watching it what are the narratives and what are you kind of thinking about the uh short or longterm I guess of these coins yeah so for this year um there’s kind of like four main areas so

Um AI is popular but obviously like AI I think I’m mainly looking for new coins because the existing coins render is pretty cool but it’s you know it’s it’s kind of a old Legacy one at this point they’re they’re widely adopted but they’re not many other

Options um and then for gaming I think uh infr side I’m looking at Super superverse like heavily you know I have a heavy bag of super as well um just what uh they’re working on with how the super token will integrate and how um not only you know they’re not only like

Technical infra but also a lot more Community Driven um yeah very bullish on super this one is bit more shortterm I would say like next two months or so you know this quarter uh we’ll see big moves for it uh and then individual games there’s

So many good games coming up um you know off the grid shrap no is pretty good I think it’s still undervalued at this point um Dr disrespects that drop you know you have um Tre is cool uh airon um just so many good games you know these guys all raised like eight

Figures in 2021 and they’re finally able to launch their full games now so now you don’t have to take their War for it you try the game and then you can potentially see if you like the game before you invest yeah and then sleeper picks I have one called

Diesel uh decentralized social so this one I have covered on uh on the channel as well this is um I think the only infra that makes sense in decentralized social media because people they tried frch right people realize that like social fi and glorify def5 farming just

Doesn’t work for that narrative and you really have to build um infra that can that can allow like through web3 social media decentralized YouTube decentralized Reddit Twitter to be built and doo is as far as I see the only blockchain able to to sustain that they have successfully replicated every type

Of social media um so that is one I have a heavy bag of uh and then some of the you know CK Layer Two and modular layer tws that will be a big Trend um first half of this year yeah so I think you’re you’re familiar as well like Manta you know any

Kind of um strong info launching using Celestia using Iger reaking or Iger da in a modular Paradigm um yeah those are those are very strong bets so manam uh ZK sync we don’t know when that’s launching but it’s probably soon Stark fingers crossed for big air drop

Man let’s go come on ZK sink let’s do it so many people have been waiting for that one yeah uh yeah ZK stuff is going to be good this year I like your picks you know it’s a lot of that stuff lines up with I’m looking at to I’m big on

Gaming big on the whole sort of layer 2 space there’s just so many opportunities out there in the market guys so look you don’t have to take every opportunity there’s all kinds of stuff going on and I like to stay in the areas that I’ve kind of really feel quite comfortable

And I specialize and I spend a lot of time looking at I dabble in other places from time to time um is there any Trend that you maybe think is a bit overhyped right now uh overhyped Trend um I think the alternative layer ones are kind of starting to come back a

Bit so like salana makes sense because salana really has adoption that um outside of ethereum right when you talk about wallets talk about developer activity DBS you know salana is compatible um other alter alternativ ones like Avalanche makes sense sure you know they have a strong BD approach uh you know if

You’re building on ye you could do avac if you can secure something strong with the team but outside of that there’s so many other earlier ones that people just you know randomly propped up um for the sake of again like scalability like we’ve been through this conversation

Like three times it’s um I think that narrative is Shifting back to layer Twos for a bit this year uh so that’s yeah that that’s where I would say interesting take for sure Dennis this been an amazing conversation thank you so much for joining us and uh guys again

All the socials and stuff go check it out follow as YouTube follow him on Twitter we’ll see you in the next Episode