Keith and Ben on holding crypto forever
Keith (inneroperator) says the plan to never sell is the thing that sank him, not the coins themselves. Ben (iambenleavitt) got to the same conclusion on his own, through his own losses. The split they draw: investments versus lottery tickets, and holding five to ten years doesn't count as gambling when you've actually committed to it. What broke things was the forever mindset, no selling any gains along the way. Should've locked in some, kept the rest. That's the advice Keith wishes someone had handed him, so others don't repeat it
Transcript (en)
Yeah, I mean, any investment, right? And that's the thing too, is like, are people really treating these things like investments? Or are they treating them like lottery tickets? That's perfect. And I think, because I listened to your podcast that you did with that guy recently that I sent it to you, and he's basically saying that crypto is gambling, but I think it's so your relationship to it, right? Like, if you were planning to hold something for five to ten years, I don't think you can call that gambling. I'm like, this is going to be something that's going to take a very long time. And so there was no gambling mentality in that for me. I mean, it was more like a career move, you know, in a way. It was like, I'm committing to making sure that I've taken advantage of this moment. And it was never like, that's the reason why it didn't go well for me. It was because I only was trying to think about, oh, I'll just hold this forever. I made the exact same conclusion, right? because I looked at what I was up and I just, I was like, does this change my life? And I know, you know what I'm saying? It was really dumb. I should have sold some and then been like, okay, like I can do both. Do you know what I'm saying? But again, you live and you learn. And I know for a lot of people, this is their first situation like this, which is also why I'm trying to give the advice I would have loved to have received. If you enjoyed this, be sure to hit that like button and follow to stay up to date with what's going on in the world and everything else memes and markets. Peace.
