Crypto is Insane

Crypto is Insane

cryptocurrency is absolutely insane and the first step in doing better crypto investing is realizing the insanity seeing it detecting what it’s happening in yourself and then you get access to crypto investing that’s so much more relaxing easier to do and totally focus on investing and getting a profit instead of losing money the most insane thing about cryptocurrency is that most people get into crypto thinking that we’re going to get rich and it’s easy money and the fact is most people investing in crypto have lost money that’s in even the definition of insanity is then doing the same things and expecting different results many of us who’ve lost money in crypto then just keep doing the same things over and over and somehow expecting that this time is going to make us money instead of losing money I’m very familiar with the insanity of crypto myself having been in this 10 years and I managed to lose thousands of dollarss just buying Bitcoin and selling Bitcoin in 2014 which really seems crazy today cuz you literally could have bought Bitcoin at any time in 2014 and be in massive profits today the insanity in crypto takes many different forms and you need to see and understand the insanity to then detect if it’s happening inside yourself the insanity in crypto is buying something and then just expecting instantaneous returns from it now that does happen occasionally but generally the best returns I’ve ever seen in crypto have been finding something like Bitcoin and then if you just hang on to it for the long term the returns are massive and there’s no stress it just on average keeps going up over time same thing with ethereum the insanity in crypto is getting into all these fouryear Cycles watching prices trying time to time to Market and while that might make sense if you’ve been a professional investor for 10 20 30 years it doesn’t make sense if you’re an average person if you’re a retired grandmother a YouTuber a a house cleaner an electrician a business owner who sells Insurance a firefighter becoming a professional Trader is part of the insanity in crypto that’s being sold to you by people profiting off of your Insanity one big way to get into sane crypto investing which I’ll talk a lot about after we describe the insanity so you can tell the difference one way the insanity is very profitable and people are profiting constantly off of the insanity in crypto the insanity in crypto involves trading a bunch of coins to me San crypto investing involves doing Heavy Deep research and finding the outliers finding the one two maybe three coins that are not like the rest and that are going to perform like Bitcoin and ethereum over time and just on average consistently go up and up and up if you’re not investing with that state of mind you’re generally in the insanity insanity is coming into somewhere with a mindset of I don’t have enough which a lot of people are coming into crypto even if people with hundreds of thousands sometimes millions of dollars are coming into crypto with this mindset and often it’s an unconscious mindset of I never have enough I never have enough and crypto is going to give me enough but whatever you approach life whatever mindset you come at life with life will tend to reinforce that same mindset so if you come into crypto thinking you don’t have enough like that Bible quote he who has will have more given unto him and he who hath not will have that which he appears to have taken away when you go into crypto thinking you don’t have enough often you will then have whatever you have left taken away from you and you can come into crypto with a mindset like I’ve came into it I had Zer doar in crypto a year and a half ago and I came into it with this mindset that I have enough that I’m a crypto millionaire and that’s I I identify inside at least as a crypto millionaire today and from there you know I have plenty of crypto having a million dollar crypto portfolio is plenty and I have enough crypto today I have enough crypto To Be A Millionaire without doing anything else and the way I’ve got there is coming in with that mindset and then grav navigating through the insanity to find the one crypto which to me is internet computer protocol that’s going to make that that same kind of long-term path that Bitcoin and ethereum have trotten thus the insanity though just like with things like alcohol the the insanity may be more obvious in other areas like for me I really got to see my own insanity and alcoholism where no matter what bad had happened with drinking in the past when I suddenly would have this personality switch where I would then take another drink and I would somehow forget all the pain of the past and the alcohol companies are profiting off of that insanity and continuing to encourage that Insanity all the time when you look at crypto most of crypto is set up to profit off the insanity the insanity in crypto is you buy some crypto that you often didn’t research that well and then you lose money on it you sell it and you experience pain and then the insanity is doing the exact same thing again and again and again and often a symptom of insanity is that you blame your results on everybody else well this guy told me about that coin and he screwed me and this guy rug pulled this project it’s like well how did you not look into these projects deep enough to see some of this stuff coming the sane way of crypto investing is to do lots of research and avoid even looking or considering or caring about prices the only thing you really need to know with the pric is where’s the total market cap of the entire project relative to the value of the underlying technology the team behind the technology and the future potential of that project and Technology compared to everything else on the market and considered in the bigger world picture obviously that’s a lot of research to get all that stuff down where most people in crypto repeat the insanity is buying a coin that you’ve seen one or two videos about and then looking up a couple of things and considering that research and then buying the coin right away and I’ve done that I’ve done that myself a whole bunch of times and I’ve of course got burn doing that and one of the worst things to do the in crypto is when things actually go well lots of times you can just get lucky for example I had a very acute gambling addiction playing a bunch of you know thousands and thousands of Texas Holdem games in the early 2000s when I was in college my gambling addiction didn’t really take off until I won big I used to just mostly play five or $10 oneon-one games or I’d play like $5 you know cheap table games5 $10 tournaments and I started gambling big after I won or I technically got second place and you know split uh the pot I uh I put in $10 to this Texas holem tournament that started at 315 a.m. by about 8 or 9 a.m. I had won $800 out of that tournament now at the time that was often as much money as I’d Gamble and lose in several months because you know I’d lose $10 one night $50 one night $20 another night I’d win 50 or 100 one night I’d you know lose 50 or 100 another night so winning $800 in a tournament while I was drinking all night left me feeling like wow I’m you know I’ve arrived as a gambler and while I was certainly better than average at Texas holdom I then started playing the higher Stakes games now when you’re playing five 10 $20 heads up games when you’re playing in you know small 5 $10 tournaments you’re generally in there with other amateurs which makes it easier to just flat out get lucky especially if you’re slightly above average when you get in there with amateurs who are also you know not that good you can you’ll have your turn if you show up enough times where I really got wrecked was when I started playing higher Stakes games I’d start coming into tournaments where you could do $10 in Reby and people would put hundreds of dollars in to get massive stacks and then I started having lose nights where I’d lose several hundred and in college when I only would make you know less than $1,000 in a month from work where I had an extremely limited budget waking up the next day having lost hundreds of dollars was heartbreaking was you know some nights I would destroy my whole dorm room breaking stuff I’d get so mad and then I would do it again it’d only be a week or a couple of weeks before I’d say well I’m just not going to put that much money in I’m just not going to you know I’m not going to go all in on a jack eight right before I’ve got into the money you know i’ I’d make all these ridiculous resolutions and the Insanity would come when I’d end up then realizing I’d got in the exact same position again I’d wake up having lost more money and blown my whole night gambling instead of hanging out with other people and making friends and really enjoying college and if you exchange gambling for crypto how many of you could say the same thing how many of you could say yeah the you know I didn’t really put serious money into crypto until I did get 100x on some meme coin and then from there you you start thinking you’re smart often especially in smaller coins or meme coins you are often playing with other amateurs CU you know I’m I’m pretty good at crypto investing at this point I I don’t mess around with that stuff I’m only in serious projects like internet computer protocol that to me have almost a guaranteed return a asymmetric future where there’s very low risk of it going down or going to zero at least in the long term and very very huge upsides possible so that’s what can often happen in crypto is you’ll mess around the amateurs get lucky and make some money and then you start getting in and playing with the professionals and there’s a lot of professional ruthless trading and Market manipulation that goes on in crypto especially in many of the top projects and in many of these hyped up meme coins and you get in there with the professionals and you’re constantly set up to fail some of you get into things like Leverage trading and options trading is pure Insanity unless you have Insider information there is no reason you should be doing leverage or options trading because those are heavily manipulated professional markets where you are always set up to fail in those markets and God forbid you do get lucky one time you’ll often throw all your win all the winnings you have away and even if you don’t you put it all back in the bank you’re going to get wrecked in taxes and then when you try and Reby back in the insanity is thinking that you’re going to buy something high and sell something low and it’s going to be easy it’s not easy in fact it’s very difficult to do that because of anchoring bias the insanity and crypto is thinking well this is too high of a price now so I’m going to wait and I’m going to get in at the perfect time and then when it’s at the top I’m going to sell it and then I’m going to get back in for me with Bitcoin because I bought Bitcoin as low as $170 it was very hard in like 2018 2019 when it was dumping back down to a few thousand it was very hard to buy back in and one day I did I bought two Bitcoin for like 3,000 and something each I logically I knew this was the bottom this is a great time to buy but emotionally I couldn’t handle it I’m like I can’t I can’t handle this if it goes down to 1,000 or to 500 because 170 was my anchoring point in my mind that this is kind of where it should be I couldn’t I couldn’t stick with holding on to it at $3,000 and I dumped it now today buying Bitcoin at $3,000 looks like that was a pretty good move all you needed to do was hold it for a couple of years and you made you would have made a a more than 10x it’s much more difficult because of anchoring bias because of how the human psyche works and if you don’t understand all these things if you don’t understand human psychology and insanity and crypto investing if you can’t tell the difference among you know the top 100 crypto projects and see which ones are kind of just manipulated and hyped up and don’t have real long-term utility versus which ones you know have true long-term utility if if basically you know so little in crypto that you don’t even know what you don’t know and you don’t even know where to start researching what you don’t know the only same way to approach crypto investing is to slow down and start really researching hundreds and hundreds of hours researching and anything you’re watching about a price does not count as researching I do not watch price videos If you put out a video about the price I don’t watch it because I’m imagining there’s no useful information in there real research is looking at the team how many Engineers are working on this project real research is using the actual crypto itself saying crypto investing is every single thing in your portfolio you’ve actually used that I’m amazed how many people I talk to have huge amounts of money in some of these cryptos you know thousands sometimes tens of thousands or even hundreds of thousands and they’ve never even taken the coin off the exchange I’m like that is the very like step one if you’re going to invest in something the very first thing you should do after you buy a tiny amount of it is try using it and see what you can do that’s how I realized internet computer protocol was different because I bought all these coins and almost all you could do with almost any of the coins was to take them off an exchange often the gas fees were high and the transaction times were were slow or there was nothing to do with the coin besides Stak it swap it and hold it and hope something happened I buy internet computer protocol and I’m like wow there’s applications like open chat where I can actually send crypto to people and tip people and do giveaways where I can sign in with the same wallet I have into all these other applications this is different you never should be holding a coin that you have not actually used it the way it’s meant to be used and if there’s a coin that there’s not much real use for it like well you tell me Well Jerry I’ve got this coin in my wallet and there’s really nothing to do except take it off an exchange and let it sit in a wallet then how is that going to accumulate utility and value over time it generally won’t the things that have accumulated the most value over time like Bitcoin and ethereum tended to have a a wide variety of things you could do with them like one reason Bitcoin got so much value is because Bitcoin was traded against all these other all coins and stable coins coming along on ethereum actually crushed a lot of the value of Bitcoin but one of the huge reasons Bitcoin got to be so big is because the more altcoins people launched people were trading Bitcoin against all these altcoins so Bitcoin got to have massive utility being a medium of exchange before there were stable coins one way ethereum got to be so big is people would put ethereum in liquidity pools and then Swap all these altcoins against ethereum and that’s one of the big reasons that Bitcoin and ethereum are still the top two because there were so many things to do with the coins meanwhile if you look at something like a mcoin there’s almost nothing you can do with it there you can’t hardly swap it directly against other coins besides itself you can’t use it to really there’s extremely little utility so saying crypto investing to me is if you’ve got 10 coins in your portfolio figuring out what’s the number one coin in your portfolio and and dump the rest of the I mean that’s what I did you know to me saying crypto investing is finding one project that is you know where it’s at today versus where it has potential to go based on the team based on the Technology based on what you can actually do with it based on your experience using it saying crypto investing is to find a project that looks like it’s in a position to be one of the very biggest winners and to defy the odds and be one of the top crypto projects and then be all in on that coin because having a diversified portfolio in crypto is often a symptom of insanity that you don’t really like how I used to play Texas FM I’d play like five tables at once Because by the end of playing it I would get so bored just sitting there and folding and playing smart I’d play five tables at once and that’s what a lot of people are doing in crypto investing but when you’re playing Five Texas hold them tables at once you’re not really paying attention to any of them and I would always make these stupid mistakes that if I just been playing one table at a time I could have easily read the table and uh you know got an exact feel for what was going on but you’re playing Five tables at once you’re really just playing the cards and the odds and then you’re not understanding when people are bluffing and not bluffing and saw how they you know played before and how they bet before it so you always get into these traps so the more coins you’re holding that you haven’t researched that well those coins are liabilities you should really know every crypto in your portfolio you should know the exact people the team the faces the experience in every coin you should know the technology like what can this do outside of being a crypto like what real value does this offer the world like internet computer protocol is the best solution that we can see right now to cyber crime it’s the first Bitcoin and layer ethereum layer 2 on the same infrastructure it’s the first blockchain platform you can run real full AI models on and a whole bunch of other things what I noticed is the the more you try and research projects the easier it is to start disqualifying them and the insanity in crypto is only possible when you’re not doing deep research the reason I went all in on internet computer is because there’s more depth to researching internet computer than I’ve ever seen before I mean I’ve put hundreds and hundreds of hours into internet computer and there’s so much I still don’t know about it with all the other coins in my portfolio I found the more I researched them the more I’d come up against dead ends like well they’re not transparent about who the team is behind this project I can’t see what what this technology is really going to do in the future other than you know outside of hype and speculation in trading meme coins like I I don’t see what this Tech actually does that’s useful for the world you know above and beyond what’s already on the market so I hope this video has been helpful for you to to one identify are you operating in the insanity in crypto and two would you like to practice sane crypto investing because I love practicing San crypto investing the easiest way to diagnose honestly if you’re in the insanity the insanity is a volatile emotional roller coaster just like drinking for me was and other addictions a volatile emotional roller coaster with big euphoric highs and then really depressing I’m so sad lows if you’re practicing sane crypto investing it’s actually often kind of boring it’s like well I’m I have 90 plus per of my portfolio on ICP and then I have a few coins on ICP that are you know almost like Angel Investing or charitable investing like where I’m more trying to help the team in the project and concerned with the return so on a day-to-day basis there’s almost nothing interesting that happens I mean Dominic Williams did an AI demo that was pretty cool it’s one of the more interesting things that’s happened this year there’s on a day-to-day basis I’m calm and I’m peaceful about my crypto investing I’m not oh my God look at the price I don’t care because the price doesn’t alter all the other research I’ve done and when the price goes up I also don’t care that much it’s like yeah like if you’re in Bitcoin in 2015 at no point during 2015 was the Bitcoin price going to get that exciting same thing in 2016 like there were years where the Bitcoin price was relative to where it’s at today it was boring and at the time if you’re just in the short-term mindset sure there were days it went up you know 50% but nothing compared to where it’s went in the years that followed so that’s my thoughts on insane crypto investing and I hope this has helped you be more of a sane crypto investor if you want more I want more go to Jerry banfield.com my we and check the the playlists in the description I’m a full-time YouTuber I make I have two crypto channels if you really want to get to know me check out my autobiography Channel where I’ll tell you my life story if you want the way I think what I’m really hoping to communicate in many of these crypto videos I’m doing now is the way I think because the way you think will drive the actions you take so I have a lot of videos that will really help you on my thoughts Channel I have music I make that some of my music with lyrics is very funny some of it’s inspirational and really heartfelt my instrumental music is great if you want some background some focus music if you’re a fellow YouTuber check my Creator Channel out if you play video games check my gaming channel out if you want me to get to know you better and you want to join the community join us in open chat on ICP schedule one-on-one video call with me and you can also chat with the community in Discord or patreon thanks for watching to the end and I’ll hope to see you again soon

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Jerry Banfield YouTube Playlists and Channels
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