Ain’t no fear or loathing in Las Vegas: Don’t be desperate for gains

“More than 90% of all the cryptocurrencies currently available for retail investors (like almost all of you reading this) to buy are going to go to $0. They are either outright frauds and scams or they are just terrible, silly ideas or they just won’t ever hit critical mass and will be eclipsed by cryptocurrencies that don’t even exist yet.”

Or something there about is what I said to packed rooms, at both of my speeches at the MoneyShow this week, which had I started off something like this:

“T-minus 3 minutes until we all get rich.”

And then I launched into it with something like, “I know you’re all here to hear about the best ways to make big money in cryptocurrencies. And I’m here to tell you…that you can’t. You won’t. I’m here to help you save money.”

I asked the people in the crowd of hundreds, how many of them who had come to learn about getting rich in cryptos had actually bothered studying blockchain. The crowd laughed at first, probably because I’d been making jokes in the speech, but I told them I was serious. Maybe 20-25% of the crowd raised their hands. I proceeded, “Well, I’m sure all of you here who have shown up to get some quick tips on how to get rich in cryptocurrencies from some speaker at the MoneyShow here are going to become crypto-blockchain millionaires! Good luck with that.”

And that anecdote there, dear subscribers, underscores why I continue to think that there’s a whole lot more crash and pain and losses for cryptocurrency speculators for the next year at least.

But it’s that “Greed is back” mentality being so pervasive right now that was an even bigger theme that I talked about at the MoneyShow that I want to revisit here as we head into the weekend.

We don’t have to be desperate for gains, for profits, for trading ideas, for alpha, every day, month after month. Sometimes, as I often remind you guys, it’s much more important to sit on our hands, to let our investments work for us, to be cautious or calm when others are greedy or scared.

People trying to get rich in cryptos are going to lose their shirts.

Finally, a throw-away answer that I gave to a kid who asked the best way for him to make a bunch of money in blockchain: If you’re under the age of 30 and want to focus on an almost can’t miss career path, I suggest learning everything about blockchain: how to code for it, how to build new blockchain concepts, become an expert on blockchain-related platforms. There will be much more demand than supply of such talent for years to come.

PS. My wife, my oldest daughter Lyncoln and I (my nearly 3-year old(!) Amaris can’t fly with her trach tube and g-tube obviously and unfortunately) had a great time when I wasn’t giving my talks at the MoneyShow. Here’s a pic below and see more pics here on this Facebook post. Our flight was delayed on the way home and we didn’t get home until 3am Thursday morning. I’ll be writing, analyzing, thinking and working my butt off here in the office full speed next week — and I have some stocks I want to nibble too, so stay tuned for a lot of posts. Have a great weekend and thanks for subscribing.