Bienvenidos mis ositos, tu siempre eres mis queridos! (Welcome back little bears you are always my dears!)
Panda! What’s going on with you?!? Have you been binge watching the Walking Dead?
Why are you preparing for the end of the world?
After the 2008-2009 financial crisis, it really did look like the end of the world. At least it did to an up and coming hotshot financial analyst. I saw colleagues and rivals alike packing and removing their belongings from their desks,
I was one of the lucky ones. I got to work for a few more years until it was my turn.
My survival instincts kicked in. I started selling off things that were no longer important and stockpiling necessities.
The prospect of losing my job scared me into being more careful and disciplined.
I bought some things that I thought would be good to have in case poop hits the fan. They included but not limited to:
Sleeping bag
Stacks of MREs (meals ready to eat)
Old silver coins
Self defense classes and “items”
Bottled water
Canned food (including SPAM!)
Flashlights
Toilet paper
I even looked into getting a firearm permit!
Eventually things got better and then I started to get complacent. I started taking vacations, eating out, and chasing skirts.
What can we learn from this life lesson?
You can never be overprepared when the bad times hit. You get sloppy and complacent during the good times.
As we head into bad times again it’s good to refresh ourselves on what to do.
Each bear market has a different cause. This forces you to think about different risks. Just off the top of my head, here are some that you need to think about if you intend to stay in the digital asset space:
Credibility risk of the founders
Contract risks of the project
Execution risk of the team
Fake DeFi risk – Is the project decentralized so that no one country can harm it?
Influencer risk – Is the person shilling you on a project getting kickbacks
Time risk – either waste of time projects or complicated projects that takes a lot of time and effort to dig through
I do my best to vet decent projects but I’m just a panda. I make mistakes. Don’t rely on anyone to tell you when to buy or sell, even me!
If you look at some of my past articles some of them were awful. Look at this one.
https://www.publish0x.com/how-to-transition-from-tradfi-to-defi/how-to-transition-from-tradfi-to-cefi-xqmkked
Most of these companies are bankrupt: Only Coinbase, Gemini and maybe Nexo are still alive.
There are rumors that even Nexo might be a Ponzi too!!!
It’s a good thing I didn’t have any affiliate links to shill
This is why people like me keep nagging newbies in the space to keep your cryptos safe.
Have a combination of hot wallet, hardware wallet, and laminated seed phrases in a secure location
Depending on your level of wealth you can spread out your digital asset keys across multiple locations digitally and physically.
Keep your crypto stash safe and don’t trust anyone!
Be prepared for anything to happen frens!
Obviously none of this is formal financial or tax advice. You need to find qualified professionals in your jurisdiction.
Be sharp, stay hungry let’s get that money!
