Investment mentality in the cryptocurrency circle | Spartan Group Partner: How to get rich in the crypto industry without relying on luck

Jason Choi, as an investor and interviewer for The Blockcrunch, shares insights from over 100 conversations with "successful" cryptocurrency practitioners.

This article is authorized to be reprinted from "The Path of Metaverse". The original title is "Spartan Group Partner: How to Get Rich in the Crypto Industry without Relying on Luck". Original article here

Author: Jason Choi, Partner at The Spartan Group and host of the crypto podcast The Blockcrunch

1. Whether you are a founder, investor, trader, operator, or developer, most people in the crypto industry get rich by one thing: "owning assets that appreciate over time."

2. Do not confuse owning (assets) with trading. While some people get rich through trading, remember, that is still renting your time for money.

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

4. Never immediately dismiss anything; let young people change your mind.

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

6. If you are helpful to enough people, over time, you will have the opportunity to create wealth. You don't need to be a programmer to create value; creating content, building networks, giving thoughtful feedback are also great ways.

7. Whether you are in crypto to make quick money is easily seen. This will determine who you can work with and how far you go in the industry.

8. The earlier you start, the more upside you will find, but it also requires more knowledge to find the right opportunities (e.g., joining a billion-dollar deal vs pre-token).

9. If you seek a stable salary, work in a stable industry. If you are taking on the legal and financial risks of crypto, seek returns that match that level of risk.

10. Don't hinder the occurrence of compounding. Jumping between projects every 6 months is not good; it damages your reputation. Treat your job opportunities as investments because work itself is an investment.

11. Due to the temptation of fast money, crypto will test your integrity to the fullest. Don't work with those who can't withstand the test. You may make money in the short term, but you will lose everything else.

12. Reputation is the first filter used by every founder and investor in recruitment and transaction processes. If your goal is to consistently create wealth, no amount of money is worth sacrificing your reputation.

13. Don't shy away from volatility; volatility is the cost you pay for outsized compounding returns. When it comes to low-cost opportunities, let the thought of "what if it succeeds" prevail over "what if it fails."

14. Find your strengths, double down on them, then scale yourself up. Hire or join a team that complements your abilities, then only do what you excel at.

15. Crypto attracts the smartest people, but it also attracts scammers. Make a list of people you trust forever and a list of people you will never work with. Always assess these two lists.

16. Getting rich is about half about staying rich. After a historic bull market, don't upgrade your lifestyle to match your paper wealth.

17. "Don't bet what you don't have to win what you don't need."

18. Don't mistake leverage for genius. You will hear stories of people making 8-9 figures in a year. When they lose all the money in a day, they often remain silent.

19. Beware of the Dunning-Kruger effect. Someone "succeeding" in early crypto tech does not mean they are capable of commenting on crypto tech, macroeconomics, politics, etc.

20. Cryptography runs on narratives, and narratives are created by people. People always need something to talk about. If you can't find the fish on the table, you are the fish.

21. Among all industries, the hierarchy in crypto is one of the flattest. Utilize this to accelerate your wealth creation.

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

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

24. Learn from experienced people, but only in their area of expertise. Ignore traders talking about technology and developers discussing the market.

25. Always be grateful. Crypto is full of asymmetric opportunities. Introducing a job, a new team, an investment opportunity can make you wealthy. Return favors, always be grateful.

26. Giving leads to receiving. This space is still very young; you never know where a favor will pay off. When I was early in my career, those who refused to talk to me now seek my advice.

27. If you do what you excel at, people will expect output from you. Don't give your time to those capable of generous returns but choose to be stingy.

28. People mostly get what they deserve. You can complain about VC firms getting allocations, developers delivering low-quality forks, analysts not getting enough compensation, or you can do something about it.

29. Lastly, the drastic volatility of crypto can create and destroy wealth in a very short time. Every cycle, you will hear stories of sudden wealth, but also of those ending it all.

30. Always understand clearly what is important for you and what is already enough.