5 Important Lessons To Take From 2022


2022 is now behind us. That really was some year we just had. In fact, it’s been said it was the worst year for investors in 40 years. And you survived it, somehow – well done indeed. The natural reaction is to breathe a sigh of relief and wish it away to the abyss of bad memories. Bob Loukas put it perfectly with a different perspective though, saying “As traders/investors, 2022 has all the lessons you don’t want to (but likely will) ignore/forget.”

So let’s revise a few of those lessons and set ourselves up for a prosperous 2023 and beyond.

Lesson 1: Not Your Keys, Not Your Coins

This is an old lesson, but never was it more true during the absolute shambles that was 2022. The obvious example is FTX and the billions of customer funds lost there. Many said FTX was too big to fail and was the safest of the centralized exchanges (CEXs) – proving that perhaps nothing in crypto is too big to fail. To be ultra safe, CEXs should be used as on and off ramps to your own self-custody wallet only.

Moreover, self-custody wallets should be backed by a hardware wallet (Ledger, Trezor, etc), as merely being in possession of your own keys is not enough alone. HWs will protect you better from hacks, scams, and viruses, to name a few security pitfalls.

lesson 2: Nobody Really Knows What’s Going On

Remember all those influencers calling for a $100K BTC price before EOY 2021? That didn’t work out too well, did it. Funnily enough, those same people are now calling for BTC to drop to $3K. Will it happen? Perhaps. But 2022 did show us that many of these (self-appointed) experts probably know about as much as we do.

Using information from big accounts on Crypto Twitter as a starting point is wise, but do the research yourself soon after. You can be sure a lot of these influencers have motives to be promoting certain coins and projects too, so bear that in mind.

lesson 3: Sell, you fool, SELL!

That big red button, right next to the green one – I know, I didn’t understand what it was for in 2022 either. Turns out it’s quite useful. There’s a saying you’ve likely heard: “the time to buy is when there’s blood in the streets.” With that in mind, the time to sell is when the exact opposite is occurring; when there’s euphoria, when everyone is buying, when the FOMO to buy even more is hitting you hard. Fight these emotions and consider the opposite action instead.

Goblintown.wtf was a free mint back at the start of the summer in 2022. It became a viral sensation very quickly, reaching a peak of around 9 ETH (approx. $16,000 at the time). New buyers were piling in at the rumored news Yuga was involved – this was the euphoria stage. The rumor turned out to be false, and so the inevitable crash came just as hard as the meteoric rise. Goblintown now sits at a floor of 0.69 ETH ($800).

lesson 4: Make Yourself Useful

Web3 is currently an untapped resource for talented individuals to find a place to use their skills. Naturally, tech-minded workers such as developers fit in very easily, but projects are always looking for moderators, marketers, copywriters, designers, legal experts, and so on. We’re all tucked away in this strange corner of the internet that a large proportion of the world doesn’t know about yet. This makes your fight to find a job much easier, as the pool of competition is currently shallower than in Web2. The double-edged sword in all this is the competition is fierce and the people still grinding here during the bear market are all highly skilled in their respective fields.

Additionally, as companies and institutions start to embrace Web3 in the coming years, they will be crying out for Web3 native people who can understand the tech and culture that comes with it. With a few years under your belt working in this environment, you’ll be the ideal candidate. 

Lesson 5: Go Touch Grass

There’s more to life than numbers on a screen and cartoon monkey pictures. Letting the markets, your investments, and even your work in Web3 to consume you is unhealthy and is only ever a negative EV in the long run.

Look after your health – both physical and mental – and don’t neglect the relationships with your loved ones above all else. Stay dependable to those who depend on you, distance yourself when things get too much and take breaks. It’s a cliche, but we are very early, Web3 isn’t going to disappear if you go for a day to the zoo.

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