This is the final article of a series aimed at helping those new to crypto. These come from many of the mistakes I've seen over the past two years. Know some people new to crypto? This should be helpful.
Let's recap on numbers 10-2, in case you missed them:
Number 10: Assuming Listed Market Size Reflects Real Value
Number 9: Losing Private Keys or Passwords
Number 8: Getting Scammed by Phishers
Number 7: Sending BTC to the Wrong Address
Number 6: Buying Beyond Your Means
Number 5: Confusing Luck with Skill
Number 3: Trading Too Much/Selling Too Soon
Number 2: Not Paying Your Taxes!
I have a question to ask you, loyal reader. Why have you gotten into the cryptocurrency world? What is it about bitcoin, or blockchain tech, or steemit that made you interested enough to acquire cryptocurrency?
Was it to earn money?
Do you have an interest in software development?
Are you interested in monetary economics and want to see what a free market in currencies looks like?
Please, answer it internally before proceeding.
Here's the problem I see-a problem that is common enough in veterans of the space that I find it incredibly important to share with "newbies". (I hope you haven't minded me using that term throughout this series, as it isn't used pejoratively. [1])
The number one problem is letting wealth or power corrupt you.
No, I'm not saying wealth is bad. Power is not inherently bad either. But there's a reason this quote, generally attributed to Abraham Lincoln, remains popular:
Nearly all men can stand adversity, but if you want to test a man’s character, give him power.
Then there's this guy, whose character was tested and found wanting
How timely considering this week's scandal is about yet another powerful man in Hollywood abusing his position to harass women? We have recordings of the current president speaking similarly of women, we impeached one twenty years ago on other side of the aisle for using his position for sexual favors, and so on, and so on, until we lose track of how many people have abused power (women are not exempt either).
In the crypto space, we see people abusing their platforms consistently. Many exchanges are incredibly shady in how they decide to list coins. The main bitcoin subreddit is censored by its own moderators-an open secret to most except for newcomers to the space innocently thinking the place is representative of the bitcoin community.
These things happen because people-newbies and veterans alike-have forgotten why they got involved.[2]
Personally, I think the blockchain has the power to help a lot of people and change the world for the better. But as a technology, as a thing, it is neither good nor evil. One blockchain may be more effective at certain outcomes than another, but that will be decided by the free market, not Twitter campaigns or shadow bans. Whether bitcoin is 2X or not after the November HF does not warrant the screaming that is going on about it. It's code. It's computer code.
Gandalf the Grey knew well enough to not take the One Ring of Power when offered it by Frodo. He knew himself. Unfortunately, each one of us has more Saruman in us than we care to admit. And sometimes his evil peeks through a little more, until we are fully consumed with our totem.
This awful mistake can ruin lives. It is said that lottery winners are some of the most miserable people, who often end up broke.[3] Don't be like them. Realize there is a Saruman inside you that is hungry for power, acknowledge him, and then scroll up and remember why you joined the cryptocurrency space in the first place.
Better to be a happy hobbit, with a few steem bucks and half a bitcoin, than a miserable, hate filled Saruman, holding a king's fortune in bitcoins.
[1] With the rapid growth of blockchain tech, we all start to feel like newbies from time to time.
[2] I mean, maybe they joined for the drama. But I don't think so.
[3] If you go bankrupt in California, message me. I know a guy who can help.
[4] Special thanks to @eeks for some of the conversations that inspired this.