Spartan Group Partners: How to Continuously Create Wealth in the Crypto Industry?

Author: Jason Choi, Partner at The Spartan Group and Host of the crypto podcast The Blockcrunch
Translation: DeFi之道

Inspired by Naval (founder of Angel List and author of the "How to Get Rich without getting lucky" tweet series), here are some insights I've gained as an investor and interviewer for theBlockcrunch from over 100 conversations with "successful" cryptocurrency practitioners.

Whether you are a founder, investor, trader, operator, or developer, most people in the crypto industry have become wealthy through one thing: owning assets that appreciate over time.

Do not confuse ownership (of assets) with trading. While some people get rich through trading, it is important to understand that this still means renting your time for money.

Be careful not to confuse "narrative" with "traction." The faster unearned value accumulates, the faster it disappears.

Never dismiss anything outright; let young people change your mind.

For things that people consistently complain about, if you explore enough, you will encounter billion-dollar opportunities.

If you help enough people, over time, you will have the chance to create wealth. You don’t need to be a programmer to create value; creating content, building networks, and providing thoughtful feedback are also great ways.

It’s easy for everyone to see whether you are in cryptocurrency to make quick money. This will determine who you can work with and how far you can go in this industry.

The earlier you start, the more upside you will find, but you will also need more knowledge to help you identify the right opportunities (e.g., joining a billion-dollar protocol vs. pre-token).

If you seek a stable salary, work in a stable industry. If you take on the legal and financial risks of cryptocurrency, you should seek exponential returns that match the correctness of your actions.

Do not hinder the occurrence of compound interest. Jumping between different projects every six months is detrimental and can damage your reputation. Treat your job opportunities as investments, because work itself is an investment.

Due to the temptation of quick money, cryptocurrency will test your integrity to the fullest. Do not collaborate with those who cannot withstand scrutiny. You may make money in the short term, but you will lose everything else.

Reputation is the first layer of filtering used by every founder and investor in hiring and trading processes. If your goal is to create wealth sustainably, then no amount of money is worth sacrificing your reputation.

Do not shy away from volatility; volatility is the price you pay for achieving outsized returns.

When it comes to low-cost opportunities, let the thought of "what if it succeeds" outweigh the thought of "what if it goes wrong."

Find your strengths, double down on them, and then scale. Hire or join a team whose skills complement yours, and then only do what you are good at.

Crypto attracts the smartest people, but it also brings in scammers and fraudsters. Make a list of people you can always trust and a list of people you will never collaborate with. Always evaluate both lists.

Wealth creation is partly about staying wealthy. After a historic bull market, do not upgrade your lifestyle to match your paper wealth.

"Do not gamble with what you do not have to win what you do not need."

Do not mistake the effects of leverage for genius. You will hear some people brag about making 8-9 figures in a year. When they lose all their money in a day, they often remain silent.

Beware of the Dunning-Kruger effect. Just because someone "succeeded" with early crypto technology does not mean they are capable of commenting on crypto technology, macroeconomics, politics, etc.

Cryptography operates within narratives, and narratives are crafted by people. People always need something to discuss. If you cannot find the fish on the table, you are the fish.

Among all industries, the hierarchy in cryptocurrency is one of the flattest. Leverage this to accelerate your wealth creation.

Crypto is overwhelming; find your tribe and rely on others to expand your professional circle.

If you generously provide insights, others will reciprocate with other opportunities. If you hoard knowledge, others will do the same.

Learn from experienced people, but only within their areas of expertise. Ignore traders who talk about technology and developers who talk about the market.

Always maintain a sense of gratitude. Crypto is filled with asymmetric opportunities. A job, a new team, or an introduction to an investment opportunity can make you wealthy. Return favors and always be grateful.

What you give will come back to you. This space is still young, and you never know where a favor will be repaid. When I started working, those who refused to talk to me now want my advice.

If you are doing what you are good at, people will want to receive some output from you. Do not spend time on those who are capable of generous returns but choose to be stingy.

Most people get what they deserve. You can complain about venture capitalists getting allocations, developers delivering low-quality forks, analysts not getting paid enough, or you can do something to change the situation.

Finally, the extreme volatility of cryptocurrency can create and destroy wealth in a very short time. In every cycle, you will hear stories of sudden wealth, but there are also those who end it all. Always know what is important to you and what is enough.

Source link: twitter.com