How to Get Rich in Crypto in the Next 3 Years w/ Kyle Soska

Yeah.

And I'll ask about the hyperliquid trade later, but I think there's like a saying in markets where, you know, if you're a good analyst, you're not a good trader, but a good trader might not be the great analyst.

Obviously you've done a lot of research in crypto.

Do you think it's helped with your trading or do you think you're like a special snowflake that can do both?

No, I think it helps, but it hurts a lot too.

I think that there's a curse of knowing too much.

I think you actually say this well, because I think you make heavy use of the left curve, right curve meme template.

And I think that there's a lot of that going on, where in some sense, if you know too much, It hurts your ability to take conviction on bets at times where you should.

So I think 2021 for me was a very strong example of this, where DeFi was new.

It was exciting.

There was a lot of enthusiasm and energy for it.

And I was instantly very dismissive of DAOs as a form of useful governance.

And so that makes it very difficult to develop a conviction on DAO tokens.

And if you didn't have conviction on DAO tokens, it was very difficult to do well in 2021.

And so I had unfortunately seen what the logical conclusion of a lot of this stuff would be, but like two years before it happened.

And so sometimes it's very painful.

I think 2018 was also a moment where we had an ICO bubble and it was useful to be able to suspend your disbelief and, you know... believe that some of these pie in the sky, you know, white papers, that's like two web developers and a, you know, marketing person are going to somehow revolutionize finance and like put JP Morgan out of business.

And, you know, for the people who are able to suspend their disbelief and to buy into that, It was fantastic.

And if you looked at it with a very dismissive point of view and said, no, no, like I know better, it was painful.

And so I think that crypto has had a history of rewarding the left curves first and then rewarding the right curves later.

Like you have to be left curve enough to buy it and right curve enough to sell it when it goes up.

so yeah you know it's if you can't balance both it's it's tough and so i've i've gotten better at managing it but it definitely made 2021 very difficult to look at things through the lens of like i can be right and hopefully that also makes money

yeah i

think there's like the so going back on the left curve

mid curve right curve yeah it's like you first cycle you're a left curve because you just believe that number go up and this is the future of finance yeah and then you're not right curve enough to sell, so you draw down a lot during the bear.