Today, we are talking to a reader who has made a fortune through crypto investing. However, there have been some stomach-churning reversals.
Why it matters: Crypto is often spoken of as a democratizing opportunity, yet regular people seldom see the stories of non-professionals placing bets in the space. Here’s one.
Details: Darragh Grove White, a Canadian marketing technologist, is on the leading edge. But, he took some hard hits.
“I made many mistakes. He tells Axios that he’s had cryptocurrency exchanges take his money.
He was one of many Canadians out of luck when the founder of the exchange QuadrigaCX, Gerald Cotten, died (?) India.
State of play: Grove White is one of the lucky ones. By his account, since the Quadriga loss he’s turned around. Although there have been some wild fluctuations in that number, he’s now up about 11x over his principal.
Axios has confirmed the success of his portfolio.
The scoreboard: He has invested in over 180 coins, his first three purchases being bitcoin, Monero (a privacy coin — that trade is still down) and Verge, a coin with salacious affiliations.
He said, “I’ve had some that did really well and even less that I thought would do well.”
The largest loss was caused by a token that was right in its idea (blockchain financing), but was wrong at the wrong time. His biggest win was a lucky guess about which solution to fix Ethereum’s speed problems would click with users first.
Context: While he only got into crypto in 2018 (a bear market year), he had some advantages. He is a lot more technical than the average person, given his day job.
That has worked to his advantage. He explained, “I’m just super curiosity.” It’s not enough to just read charts in crypto. He contends that one must get into crypto to fully understand it.
Be smart: Having been in for four years, he sees new arrivals come in waves. You can spot the new investors on Twitter and Discord — they are always looking to make a quick buck.
He said, “This latest cohort of noobs was their on-ramp the Wall Street Bets experience.” “Meme coins are a popular investment option for a lot of the n00bs. They make it seem a joke to invest in meme coins.
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