1/ So here is a thread on how I turned $32,000 into $1.2m and back to pretty much zero (once taxes are paid).

Just note, I am not bitter or salty in any way at all, the last 2 years have been an amazing ride - travelled the world, been wealthy, been poor.

2/ Dec '16, my advertising agency folded, I had a little bit of money left and I put $32k into Bitcoin and Ether. As it started to go up I diversified into everything, Monero, Dash, this that, any crap - even Ripplecoin. Everything just kept going up.
3/ By March I think I had around $300k and $500k by the summer. I used to take 25% out but towards the end of the summer I got greedy and put it all back in and by December it was $1.2m.
4/ Thinking I was an absolute genius I decided to start a bunch of businesses. As silly as it sounds I had this goal of making $5m as I wanted to buy Bedford Town Football Club and get them in the league, and as Crypto was going up forever I needed 6 months.
5/ So:
- Trading (income 1)
- Podcast (income 2)
- Mining (income 3)
- Mining pool (income 4)
- Consulting (income 5)

Yes - all of the above as a one-man army :)
6/ As the market started to crash I just ignored it, kept thinking it would come back, it crashed like 4 times in 2017. But it didn't.

Mining is what busted me most:
- 70 S9s
- 70 DragonMints

The above with setup was like $300k.
7/ Mining made money for one month, broke even for a month and has consistently lost since. Problem is I have been stuck in data centre contracts paying a fixed 18 cents fee.

Each month digging into my BTC to pay the bills. Finally paying $19k to release from the contract.
8/ Mining is still losing money but not as much. I am though so close to liquidating it and accepting it as a failure (which will probably be the bottom).

Basically paying losses each month with a slowly dwindling balance of BTC.
9/ At my peak I had around 150BTC but trading shit coins I was losing BTC while gaining $. When I finally realised this I was down to around 80BTC. But this has been dropping in value as some of the coins I have been holding have collapsed.
10/ So basically greed and over ambition have destroyed what could have been life-changing money. After I pay my tax bill pretty much all is gone.

The good news - I have the podcast which is now generating an income, something a little more reliable
11/ I have sold most of the remaining BTC as an insurance for if the podcast has a bad month. I'm a Dad and I have to be responsible for my children.

I don't want any donations or sympathy. Sure I regret stuff but I am happy with how it has all played out.
12/ If there is another bull run and you make a bunch of cash then remember to take profits. Don't overstretch yourself.

People say don't invest what you can't afford to lose, well don't keep in Crypto profits which will change your life.
13/ Anyway, anyone who says I am trying to pump my bags with BTC, well those bags are tiny. BTC could go to $100k and my life won't materially change.

It is one of the reasons I have sympathy for maximalism, all these tokens and coins really are silly.
14/ I am sure I am not the only one with a story like this. If you want to do anything, just support the podcast, even a review on iTunes helps. That is my entire focus now.

Viva la Bitcoin!
Edit: forgot one thing. Conserving capital is so important. When my balance was high I went crazy: new clothes, first class flights, giving money away to family, charity, laughed at $25k lost on Confido... the list is endless :)
Edit 2: If you are not cut out for trading (like me), I wrote a thread on tools which can help you create your own business or a side gig.
https://t.co/svz7sQS9Yy
Edit 3 (last one): a few DMs creeping in with people in similar positions. All I will say is that in the last 5 years I have lost a marriage (after 3 months), lost my Mum (cancer) and nearly died from a drug overdose. Rich or broke, the money made little difference to happiness.

More from Life

Below are my top ten 2020 Lessons Some of them I knew already, but they became even more important this year. The point here is that every experience, good or bad, is a lesson and we only fail if we miss the lesson. Here we go #My2018Lessons #blessed #grateful

1.Challenges come to reveal to us our deepest tendencies, as well as the need to reflect on who we are and who we want to be. #My2020Lessons

https://t.co/JqbhvNaJIf matter how bad things are, you can always make things worse. At the same time, it is often within your power to make them better. #My2020Lessons

3.Make sure to always remember never to wrestle with a pig because you just get dirty and the pig enjoys it. #My2020Lessons

4.Grapes must be crushed to make wine. Diamonds form under pressure. Olives are pressed to release oil. Seeds grow in darkness. Whenever you feel crushed, under pressure, pressed or in darkness, you’re in a powerful place of transformation. Trust the process. #My2020Lessons
This month I’m turning 22.

To celebrate, here are the 22 best threads I’ve found on Twitter this year.

Mostly about:

•Life/purpose
•Startups
•Entrepreneurs
•Writing
•Clarity of thought

If I see more interesting threads, I will add to this list.

Enjoy!

1. @ryanstephens: Need tips on growing a newsletter, mastering Twitter, writing online?

@ryanstephens breaks down a podcast discussion between @davidperell and @nathanbarry

Here’s what you can


2. @jackbutcher: How to separate your time from your income

•Explore the market
•Build equity
•Build products and services
•Scale your reputation
•Break the matrix

A fantastic thread complete with helpful


3. @AlexAndBooks_: I love to read.

Here is a great thread on 10 fantastic books.

Includes a short summary of each.

Don’t just take it from me, this is straight from the legend: @AlexAndBooks_


4. @m_franceschetti My biggest revelation in 2020 was the importance of sleep.

Here, @m_franceschetti founder of @eightsleep gives us his eight sleep hacks to improve sleep for 2021.

Do these and your productivity will

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These 10 threads will teach you more than reading 100 books

Five billionaires share their top lessons on startups, life and entrepreneurship (1/10)


10 competitive advantages that will trump talent (2/10)


Some harsh truths you probably don’t want to hear (3/10)


10 significant lies you’re told about the world (4/10)
THREAD

1)
@SidneyPowell1 reflects on #Iran’s meddling in the U.S. in a recent tweet to U.S. President Donald Trump.

This thread focuses on Iran’s dangerous influence in the U.S., especially through its DC-based lobby group


2)
Why is this important?

@DNI_Ratcliffe "told CBS News that there was foreign election interference by China, #Iran & Russia in November of this year [2020]."

All Americans should be informed about how Iran & its lobby group NIAC are meddling in the


3)
#Iran has been increasingly aiming to interfere in U.S. elections specifically through NIAC.

DNI John Ratcliffe had previously shed light on this vital


4)
NIAC is a lobby group in the U.S. pushing Iran’s talking points.

Listen to this Iranian regime insider explain that NIAC was established by @JZarif, the foreign minister of


5)
@tparsi is the official founder of NIAC in the U.S.

Listen to how Trita Parsi parrots Zarif’s talking
I think a plausible explanation is that whatever Corbyn says or does, his critics will denounce - no matter how much hypocrisy it necessitates.


Corbyn opposes the exploitation of foreign sweatshop-workers - Labour MPs complain he's like Nigel

He speaks up in defence of migrants - Labour MPs whinge that he's not listening to the public's very real concerns about immigration:

He's wrong to prioritise Labour Party members over the public:

He's wrong to prioritise the public over Labour Party