Why This Could be The Last Time I Buy Crypto

in LeoFinance3 months ago

The ideas of opting out of Fiat and opting-in to crypto have been coursing through my veins ever since I first got into this space about 4-4 1/2 years ago.

Over these past several years, I’ve come to learn a lot about investing in crypto. Not necessarily in the sense of how to maximize profits, but instead in the sense of how to first of all identify true efficacy and maximize for it.

The title I came up with for this post is a bit clickbaity — it may give the impression that I’m no longer buying or investing in crypto at all.

In reality, I am still buying crypto and I am still actively invested/investing in it. The thing that I’ve stopped recently is my buying of crypto directly with Fiat.

After 4ish years of buying, trading and ultimately stacking crypto, I now feel like my fiat and crypto positions are well balanced. If we saw a significant drop in crypto, then I would consider taking some Fiat and rebalancing my portfolio… but only under extreme circumstances.

Outside of this, I have plenty of crypto and I feel that this chunk of my net worth has been satisfactorily “opted-in”.

Efficacy in Investing

Drawing this back to my point about defining efficacy — I’ve come to set new targets for my goal in the crypto space. When I got started, it was all about speculation and earning a ton of money on this crazy new asset class.

Since then, I’ve learned to think about it as more than just an asset. Crypto is a tool, a currency, a value storage mechanism, a way to opt-in to a better system, etc.

With new goals in mind, my objective has become more and more focused on earning crypto and setting up various channels to make that possible. Earning USD in one bucket and crypto in another became on of my great challenges.

Proponents of crypto such as Andreas Antonopolous talk about this all the time:

In order for crypto to reach mass adoption, we need to teach people how to opt-in to crypto… not buy it. Speculation and asset accumulation is great for traders and people who want to get rich. They are not, however, all that relevant to the people who want to opt-out of their local fiat system and opt-in to something that is better.

If you look at crypto as a whole — as a living ecosystem that is continually evolving, improving and offering more and better tools & financial services to the entire globe — then you’ll see the need for this kind of education to take place. Financial literacy is more important now than ever before.. and it’s not just literacy in traditional markets and general currency practices.

We need to strip these ideas down to their fundamental core and leverage cryptocurrencies and crypto financial tools to teach everyone — on a global scale — about a better way to live.

I talked with Taskmaster4450 on the podcast last week about income/wealth inequality and how it is only getting worse and worse thanks to technological innovation and monetary stimulus to the moon. This has become a mainstream conversation as of late in light of all the FED activities with the USD.

We’re seeing a widening of the gap and with Bitcoin (and crypto), we now have the opportunity to do something about it.

So while I talk about not buying any more crypto, what I really mean is that I’ve already opted-in. I’ve brought a lot of my net worth, time and focus into this space and it’s not going anywhere. Now it’s time for me to earn crypto and utilize it as it should be utilized but more importantly; it’s time for me and others to use ourselves as examples.

I’ll bring Hive into this conversation, because I sincerely believe that it is one of the most valuable cryptocurrencies that anyone in the space could get involved with. Hive gives us the ability to create a social atmosphere where we can educate the average person about crypto while simultaneously teaching them to use a platform that already resembles the old social platforms that they are used to.

To be completely honest, I don’t know if I would have been so heavily into crypto if it wasn’t for stumbling upon Hive 3 1/2 years ago. At that point, I was already significantly invested in BTC & ETH, but finding Hive and utilizing all the social features and figuring out that I could earn crypto for doing something I enjoyed (content creation) is what took it all to the next level.

Fast forward 2 years and I started LeoFinance and realized that not only could you create content and build your personal brand on Hive, but you could actually build second-layer ecosystem on top of it. The tools on Hive are unparalleled in all of crypto.. and trust me: I’ve looked around.

There are no other crypto platforms that provide as much utility while simultaneously providing as much versatility and community as Hive. It’s a truly unique platform to build on — whether you’re a content creator, a business owner, a community operator, an investor, etc.

Just as the tools are unparalleled so is the level of access to a better financial ecosystem. Hive isn’t perfect, but it’s something that anyone can opt-in to and start earning crypto. It can go a long way in changing the mindset of the masses to think about crypto as something they earn — like Fiat (i.e. USD) — instead of something they buy and speculate on.

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Interesting read. I agree, the opt-in component and the financial literacy are a must. When it come to onboarding, this has to be the focus, not just so people can stack on top and take Hive to the moon.

As for Hive development, it is an incredibly opportunity for almost anyone to build a second-layer experience that supports their own communities at a local level. It is hard work like any business, but the ramifications of the effort are world changing.

Edit: I only came in because of the clickbait title.

Yes exactly, I always tend to send people to the influencers like Andreas who outright say not to buy BTC and instead tell people how to earn it and understand the importance of crypto outside of speculation entirely. I almost never hear that kind of proponent actually discuss the price of any crypto.

Haha looks like my evil plan to drag people in the door worked 😎

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I don't think the title's click baity at all, you're doing precisely what I thought you meant - looking to not swap more FIAT for crypto.

I wonder, did the creation of Hive help that decision along? It certainly gave a massive boost to my crypto Portfolio and more importantly helped me rebalance it, it was much too Steem-centric before.

The power of being able to instantly transfer with Hive is fantastic, and the curation earnings are really one of the biggest sellers, and now that there's so many opportunities for earning interest on BTC etc, I think the future looks bright.

I'm really looking to buy land in the next few months so probably won't be sinking any more fiat into crypto, but if at any point I sell my house and end up with several tens of thousands of dollars spare I probably would buy a bit more crypto, but certainly no more than 25% of what I had left over after my entire planned house-build project.

I did also buy some Hive withe FIAT today deliberately to buy some CBM tokens to support the @cryptobrewmaster beer-brew, which just looks like a great project.

I know what you mean about Hive - to think I only stumbled on it because of a chance conversation with an ex-neighbor who I bumped into in the Supermarket 3 years ago.

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Hive definitely helped push this forward as I was able to keep my large investment in this community in terms of HIVE POWER being airdropped to me but then was able to take all that STEEM I had left over and dump it for more HIVE and other cryptos.

I've had a goal in mind in terms of how much my Fiat portfolio would weigh against my crypto portfolio and with the creation of HIVE, I managed to accelerate that rebalancing.

Our origin stories with this community are all amazing. I just found this place through some random BTC article, got hooked and never looked back

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I don't really have goals in terms of my FIAT versus my crypto holdings. TBH I still think mostly in terms of FIAT, what I need yearly to have a decent life.

All I know is that I've invested less than 10% of my fiat wealth into crypto, and that fluctuates a lot as my percentage of actual wealth, whereas my FIAT wealth has steadily increased, down slightly with Covid.

That Hive pump a couple of months ago was certainly interesting in terms of the balance!

I also know that crypto is the last thing I will sell. I'm planning on spending a large chunk of my fiat on land shortly, I am very reluctant to dip into my crypto to finance that, in fact I'm about 95% sure I won't.

It's just so much more interesting than Fiat investments!

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Clickbait worked. Khaleel wont buy crypto no more? But I get the drift, did you build your Eth position by buying in all the way up too?

Hahah nice!! I’ll have to start doing it more ;)

I’ve bought a majority of my ETH but have been holding for a long time so my cost basis is low. I actually took a lot of profits in the 2017-2018 run and managed to buy back in over the past few months as well. Earning ETH is something I’ve started to do more recently in the past several months through things like DeFi loans, so that is helping me earn on top of my stack. I’m also eagerly waiting for PoS so I can spin up a node and earn there as well.

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Niiice niiice!👏, I hope to see more expansion in Hive's De-Fi capabilities especially in that loan sector and how we can explore it and make worlds out of it. I wish you all the best crypto luck with your Eth portfolio.

As much as I feel I should diversify, I don't earn enough to, and it doesn't sit right with me to divert my earnings from here where im familiar with than somewhere I'm not.

Imo I feel I should focus where I'm earning from and buidl there as much as I can.

But there's just this evil hunger to go out to discover other platforms, but my pocket says no.

Anyway....glad to have u around....I wouldnt miss much.


We've got something interesting coming in terms of a DeFi-like feature on Hive through the LeoFinance project.Stay tuned ;)

On the diversification front - you're right, there is some great stuff out there but to be completely honest, Hive is unique in a lot of ways. By focusing our efforts here, I actually believe that we're taking advantage of an even better opportunity than what's out there.

It's good to explore options and that's what I do regularly, but I always come back to Hive in the end

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We've got something interesting coming in terms of a DeFi-like feature on Hive through the LeoFinance project.Stay tuned ;)

That makes me very happy and super optimistic about the future of LeoFinance!Yes!!!!

Thanks for your thoughts.

You are very right Khal. After joining Hive and discovering I was able to make money, all I was initially concerned was to maximize my earnings. I was also swept by the waves of information to buy other cryptos with my Hive earnings. Now, I think I am gathering knowledge better and giving my efforts to a more sustainable way of investing.

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Sustainability is huge and I think that Hive provides that opportunity better than any other chain. Being on Hive means that you're doing a great job on this front, keep it up!

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In order for crypto to reach mass adoption, we need to teach people how to opt-in to crypto… not buy it

This is rich, I mean constantly crypto is evolving and I mean we need to constantly talk about new ways to you know make it a household thing. And I believe you're right. When people can understand the essence of opting in and how to do so, it becomes more purposeful than just buying

100%. Buying is a speculation game, but earning & learning is a household game. I think we can onboard the masses through Hive, we just need to improve the ecosystem and make it easier to understand

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I totally get you, even though we're totally convinced on the tech and where this is going we all know it won't be a straight line so picking your battles is important if you want to make a success of this wealth transfer

I'm far from done buying, living in SA means you get some serious inflation tax so for me its a lifeline to try and stave it off, I'm happy to continue to risk more of my net worth in crypto and some digital dollar exposure

Picking battles is a great point. Too many people try to fight on all fronts but focus is truly a virtue.

Glad to hear that you're having success in combating inflation over there. It's horrible to imagine what's happening to people on a global scale in terms of local governments and money printing. Being on Hive puts you far ahead of the curve

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Indeed, spreading yourself too thin can sometimes be worse than diversifying for risk, so there's always a balance you need to try and maintain. I think yes being in a developing country is shit, but its teaching us the lessons the developed nations will have to learn eventually, we may feel the pain but it may put us ahead of the curve as these currencies begin to implode

Is it still clickbait if I guessed you would be writing something along these lines after seeing the title?

Haha I guess it's not completely clickbait. Just a bit of a truth spin :)

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If you ask me, I'll say that cryptocurrency is a safe haven. I'm beginning to understand it more and as a result, I'm investing in it.

Earn crypto! One of the best way for mass adoption.

In order to get into cryptos, you had to invest fiat or mine to get cryptos. HIVE has changed the whole thing. And you can earn by making content, curating content, being an investor and business owner. This is incredible!

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There are no other crypto platforms that provide as much utility while simultaneously providing as much versatility and community as Hive

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I wish I could see the day when students and kids will learn in school a course called Financial education. With possible specialisation in crypto. That would be really good for people as a society.

I am interested in knowing the tokens in your bag. You appear as someone that is well grounded in this space and does proper research before reaching a conclusion.

How do you keep your tokens safe while swapping? Do you know about ChangeNOW ? Incase you want to swap your tokens at ease. ChangeNOW is more secure than most centralized cryptocurrency exchanges since it does not keep your funds. Everything that you exchange is sent back to your provided wallet, so it is up to you to keep your funds safe.

Here is the link

I too appreciate Hive platform a lot and thanks to you for the LeoFinance community.

Fully with you there Mr Leo, let's rather just earn crypto, get paid in crypto for our services. Then we need to have merchants also adopt crypto, so we can spend it and thus leave fiat behind altogether. A debit card is apparently available, and the alt- Hive coins, if I can call them that, could also work well. Numerous alts is fine, as long as we can trade them for goods and services. Hive really seems to be facilitating that.

Definitely a good idea to have balance here. My aims are to get to Orca having achieved 1 BTC from a combination of earning and buying recently (and feeling pretty epic to be honest - not sure why, always seemed to be the golden target)! I won't be buying any more and probably have spent more than enough fiat on crypto so definitely looking to earn with Hive.

The model here is pretty conducive to earning a side income being in the UK with posting music and sharing the good vibes around. Really happy I found it 2.5 or so years ago, never looked back and felt compelled to buy up. Now I'm aiming to bring friends and musicians over so they may earn while they learn and have their minds opened to the plethora of opportunity, especially when we're so used to the "traditional" way of living (get a job, earn fiat, buy house, car etc etc).

I've been meaning to vote leofinance as witness, will do that now I'm here! Keep up the great work!