Be First to be Successful!
This is probably the best information that anyone can learn, is to just be first, especially when investing in something:
There is this clip from this movie Margin Call, which I enjoyed very much where the main character says this quote:
"There are three ways to make a living in this business: be first, be smarter, or cheat. " - John Tuld (movie character)
This is probably the most important piece of knowledge when it comes to investing, because it applies to every single investment you will make throughout your entire life. It's not always as smooth as this, but most of the time it's spot on.
Let me explain the full quote goes like this:
"There are three ways to make a living in this business: be first, be smarter, or cheat. Well, I don't cheat. And although I like to think we have some pretty smart people here in this room, it sure is a hell of lot easier to just be first." -John Tuld (movie character)
So this is a spot on assessment on what is happening in every single investment every single time, in all industries, but we are going to talk about cryptocurrencies, since that is our niche.
Cheaters
Well there are scammers, ponzi schemers, thieves, hackers, and so on... plently of them in cryptocurrencies, and they definitely make a lot of money. But there is also a lot of risk, like if they get caught they are finished. Not to mention the morality of it, because laws are just words on a paper, but theft is immoral anyway. So it's not recommended to participate in any kind of immoral business. So I don't cheat, and we should not cheat either, not a good strategy.
Smart people
Well there are many smart people as well who run trading bots on Poloniex and Bittrex trying to arbitrage the market, or perhaps forecast it with some advanced Machine Learning system making money that way. Well it's possible, I used to do that back in my trading days, not with Machine Learning, that is a pretty new technology, but with Quantitative Analysis, Time Series Analysis, Regression Analysis and such. Commodity markets usually resemble a Seasonal ARIMA with 1,1,1 parameters so it's pretty easy to kind of forecast it on a longer timeframe if you find good regressors. Yes I am smart, not to be boasting my ego here, but just to tell you that it's possible to do this if you are smart. However, it's hard even for smart people. So it's really a hell of a lot just easier to just be FIRST
Be First
Yes it's just hell of a lot easier to just be first. This is true in any good investment, especially if it's turns out to be very profitable in the end.
How the hell do you think I made 1000% profit in Steem? And 350% with Monero ? And 370% with AMP (Synereo):
Well I didn't sat there doing nothing, I spotted an opportunity and acted quickly. I wasn't quite first, although I could have been a whale on Steemit, I was still joining pretty late, like in last September I believe whereas Steemit launched in last April to my knowledge, so those guys who joined even before me became the whales, you know like @val-a who joined last March before the public launch, and he became a whale with 4 million USD. Or @abit who joined right after him in April.
The success stories are long, the point is they were quick, I doubt they came with millions here, they became millionaires after. They were first, that's it.
So the first people become always the richest, and everyone after that just tags along, even though I just joined a few months later, I have already missed out the chance to become a millionaire here, because I was slow. 1 month later and the gates are closed.
The Power Law
The power law distribution is very common in finance. There is no equality in nature. Those that come first, take all the loot. That is how it is, that is the truth of life. Be first and you become rich, be last, and sit there crying where you were a loser.
- So the first people who invested in Bitcoin, bam, all of them millionaires now!
- The first people who invested in Steemit, bam, all millionaires now!
Here is the trick, usually it's not just the first, but usually the first 3-4 projects. Like it wasn't just Bitcoin, but also Litecoin, Tether and I believe another one. Anyone investing in those in the early days made good money, but the other cryptocurrencies trying to copy them haven't turned out well.
So copycats can be infinite but only like the first 3-4 projects become the establishment. So the Bitcoin ship has already sailed away, the big profits are already gone. I doubt the 1 million $ BTC is feasible, it's just daydreaming or wishful thinking. But there is still profit elsewhere.
What is the next gig?
Well social media for once. Looks like the Steemit ship has sailed away as well, well there is still massive profit opportunity here, like overturning Facebook, with 200 bn market cap for Steemit would be a pretty nice profit, but it's unlikely for now.
So Steemit is the first one, and it's a bit late to become millionaire now here, who knows, maybe from posting like @sweetsssj is making good money and others too, but that is still a far stretch.
But there is Synereo! It just came out yesterday, and the market haven't reacted yet. It is still possible to become a millionaire from that one.
And I was first there. I was one of the first people investing in that exactly when the price was almost the lowest, instead of investing at 3000 sat, I did it at 6000, but still very low. Now the price is 18000, so I already made 300%.
But it's still early. This would be like the equivalent of Steemit in April 2016, and just a few months later @val-a became rich. So this is the second best opportunity after Steemit, and you gotta be first!
What else, well maybe there is this Akasha, I am not sure about that, but that's about it. Steemit,Synereo, and a few others, and the gate is closed.
If you missed Bitcoin, don't be a fool and miss these ones too in my opinion. Get involved now, go and test out Synereo for example, the beta is live:
So this is how it happens usually, the first 3-4 projects survive and become the new establishment, and those investing in them fast usually become rich, while the others sit back and wonder why they aren't.
Well Synereo is currently the best opportunity in my opinion to make huge ROI at the moment, so check out the markets if you are interested:
Disclaimer: The information provided on this page might be incorrect. I am not responsible if you lose money using the information on this page! This is not an investment advice, just my opinion and analysis for educational or entertainment purposes.
Sources:
I'd like to have been 1st with Microsoft, Apple, Bitcoin ect...
Great article. Now is the time to get in on crypto's!
Exactly, and many ships have already sailed. The hottest ones that are still embarking are these social medias, and maybe the ETH ICO's, which I have both invested in. So it's going to be a lot of profit coming to me.
Very easy and clear writing-style. Would you make an effort to write a post about Synereo?
I have been talking about Synereo for 6 months now:
Those that bought with me have already made 300% profit.
Do you think it's still a good investment even at this price? I've been holding off buying it for a while, but now at 0,4 I feel maybe I should give it a shoot.
I didn't know only a few lucky chosen ones were going to have the possibility to try out Wildspark. I thought I could log in, haha.
Well, most of the Altcoins gained massively in the last six-months.
Anyway: Very interesting and good articles. Gonna follow you journey here!
Yes but what is important how much they gain vs Bitcoin, because largely speaking their value vs the USD will probably just go up, so on that point it doesnt matter, but what matters is their value vs the BTC, since if their value in USD crashes they all crash simultaneously, but when it gues up relative to BTC, that is when fortunes are made.
Like 1 billion $ trickling down from ETH into Edgeless, an ICO on ETH. That would be nice to see.
100%. I stopped very fast to look at the Crypto<->US$ rate... Not worried about that increase.
I respectfully disagree with this focus. I could go with: "Be first to be lucky", or: "Be consistent to be successful". But just being first doesn't equate with true success.
The content of this post emphasizes the lucky investments (and I've heard that from multiple directions recently in crypto). And that's fine as long as there's fair reporting given to the failures. I've made some money with early investments, but I've lost as well because it's a shotgun approach; I don't know anyone who has always, consistently picked winning early investments every time, and I don't believe they exist. So I hope we hear encouragement for what makes real success... and discouragement for FOMO that isn't compatible with long-term, sustained profitability.
A couple of points on the "be first, be smarter, or cheat" idea:
This is the mindset of high-frequency trading; "Flash Boys" is a book highlighting a similar viewpoint. Sounds like you've been there! It is a valid business model, but it's either technically demanding or... risky.
Note that the speaker is lambasted later by Kevin Spacey: "You're selling something you know has no value," and "You will never sell anything to any of those people ever again." Not a rousing endorsement.
I do appreciate the encouragement to invest in more crypto projects! It's this whole industry that is valuable, and there's still a lot of investment potential and money to be made, including the projects you mention. So... I vote for less focus on being a "fool" for missing out and more focus on identifying the value and potential.
I didn't said to have a FOMO mentality or maybe I haven't explained it very well, I don't just put money in any project that is about to be hyped just out of FOMO.
I actually analyze the price of things, do my research on the project and evaluate the risks vs the reward. What I am saying that after the due diligence is done, after that people have to act quickly. If there is a project where everything checks out, and even the price is low, that is when people must act quickly. There is no room for hesitation.
There is no reason to hesitate, if the hesitation is because they don't trust the organizers, then they should do more digging, otherwise there is no reason to hesitate.
People only hesitate when there is a lack of information or uncertainty, after you have all the data to make a decision, then the decision should be made.
That is a great point. In a similar vein, I have many friends who feel like they need to understand every aspect before trying it out... analysis paralysis... when the best way to learn and invest in this new world is to jump in and play.
Great long article. Thanks 100% upvoted from @chanthasam.
be successful to be first?
for me Synereo will just be another platform where I dump all the posts I already wrote on Steemit.
Akasha is for me the first Dapp that is really really close to be a killer app and show how smart are smart contracts.
Synereo will have smart contract integration later on too I believe, their roadmap is very complex, this is just the beginning. I'm a pre-alpha investor basically there, I was very early, although not too early, since people bought at 33000 satoshi ICO price I believe, I got in later at a huge discount at 6000, although I was still later I could have got in at like 3000 if I had been buying 1 week earlier. Well that's my fault. Now the price is 18000, and after more people join the beta it might hit 180,000.
I have been really reluctant to buy currencies that have another way than mining to get new coin like Steem. It is still not clear for me why someone would invest in it. So to be on the safe side, I decide to put my time (and not my money). This worked on Steemit, more than I could have expected.
Now I might use those hard earned steem to invest in Synereo and Akasha.
Well I did both, I knew I could not miss this opportunity so I both made money here and also invested. I turned something like 3000$ into 40,000$, mostly because BTC increase but also because Steem grew. Steemit has a lot of appeal and many people are eager to join so I would expect a lot more profits here later.
Wow brilliant I had no idea that Synereo just came out!
Yes it came out and the market haven't even noticed it, probably because all coins have took a hit recently, but I think this is a huge opportunity to get in while other people are ignorant.
So true! I agree! What you said about Steemit scares me a bit! I hope it grows. I understand that this is more of a long term investment. I feel really bad now, I sold my AMPS a while back. I invested half a bitcoin worth almost a year ago. And sold it recently. I could of sold it at a pretty good profit if I would have waited!
No don't get me wrong, there is still room in Steemit in my view, I just said that it's not as much as it was 1 year ago. Like the big profit is gone basically, nobody will become like a @val-a overnight now.
But that doesn't mean that there is no profit here, I mean if Steemit grows to 4-5 billion, that is still another 1000%. And more later if it can replace Facebook later.
Plus there is a lot of money here from posting, I mean you make nice money from posting and so do many others, so there is a lot of money still left.
So Senereo is basically the same as steemit? Its not online yet or is it?
It's online, Sign up for it and use it:
https://wildspark.me/
I did, and put my self on the list. And now just need to wait till they add me manually to Wildspark.
Exactly! To havr the balls to be first and take a chance gives you pretty good odds. Most of us arent cheaters nor incredibly smart and savvy.
Well you need balls of steel to do this, the risk is high, but the rewards are also.
nice
Feel warmly welcomed. Just upvoted you.
If you are interested in investing in new sciences, feel free to follow my blog.
Best,
Alex