Somebody asked me what the best crypto is to invest in, and my honest answer is that I don't invest in any of those. I used to mess with crypto. I used to invest in crypto, and what I saw when I got on the inside of a cryptocurrency — man, all I can sum it up with is that Kesha song: "Are you lying? So cheesy. Sorry, mommy, but I'm not that easy. Why are you so sleazy?" It was so sleazy, because everything was on the down low and all secretive. People were making these deals — you do this for me, and you start getting a lot — and suddenly you've got a lot of the crypto and everybody's getting some of it off of you with one scheme. I was thinking, this is worse than regular finance. This is insane.
In my experience, crypto is sketchy, and with crypto you could easily lose everything a lot of different ways. It's very risky, and there's almost no transparency. My personal take: if you want to keep your money, I'd stay away from it. Can you pay your real-life bills with crypto? Sometimes you can.
Full Disclosure: I Made Hundreds of Thousands in Crypto
Here's the full disclosure, and what I found was the worst part: I've made hundreds of thousands in crypto. I was in Bitcoin when, at the lowest, I bought it at $170. I tend to be in on stuff pretty early, usually because of my mindset. My mindset is that there are infinite opportunities — abundance and the law of attraction always put stuff like that in front of me pretty early on. That's part of why we're here together, because I imagine you're looking to cultivate that in your life too.
So I was in crypto. I was buying Bitcoin when it was $170. I also made a bunch of just bad moves — I sold a lot of my Bitcoin at $200, then I bought it back. I still managed to make at least a couple hundred thousand in crypto. I actually still made thousands this year, even though I've sold all my crypto and I keep selling it. I was on this one currency that pays out — long story short, I still get something like $20, $50, $100 a week off of this one crypto. Which, to me, is exactly why it's sketchy: because it works that way.
The worst thing with crypto for me, though, was that it's a big distraction. I was always checking the prices. Is it up? Is it down? I was trying to time it, and I won lots of times — I got it right lots of times — but I got it really wrong other times. It was just such a big distraction. I hated being obsessed with it. I want my mind free and clear, and I really like that with my livestream I don't need to think about it that much. All I need to do is show up and do it.
How I Learned From the Inside Why Crypto Is Sketchy
Another thing that happened with crypto — one reason I made so much money in it — is that I would tell other people what to buy. I would buy a crypto, and this is why I say crypto is sketchy: I'd use my influence online. I'd look at a crypto and think, this one's going to be hot, and I genuinely would believe it was going to be amazing. I'd buy a bunch of it — five, ten, in some cases twenty thousand dollars of it. Then first I'd tell my partners: hey, I just bought $20k of this crypto, I'm putting a course up about it, this is going to be hot, you should buy it. They'd buy it, and the price would start moving a little bit. Then I'd go make my video about it and say: hey, this crypto is going to be filthy, I just bought 20 grand of it, it's the next big thing, you've got to get in on it while it's still low. That little bit of momentum would pump it up even more, so by the time anybody actually saw my video — when I did this with Dash, I first talked about it at around $10 or $12, and after that it got up to $20 or $30. So people would see me saying it was going to be great at $10, go look at it, and it's at $30. It created this massive wave of buying — just a huge wave of people all hyped up on this crypto that I said was going to be so great.
And then guess what happens on the other side. When it gets to $80 — and this all felt honest to me at the time — I suddenly decide, you know what, everybody involved with this crypto, they're actually jerks. This thing's not going to work long term. I'd better sell this and cash out before it crashes. So then I sell everything, and then I tell people: actually, sorry guys, I thought this crypto was good, but I had some bad information on it, I didn't know about this, actually it sucks. And then the price crashes. And then guess what — people are pissed off at me. People were saying, I trusted you. You told me this was great, and I bought it at $2 after you said it was great at $1, and now it's 10 cents. I just lost everything because of your stupid advice. One person telling me that really woke me up to what I was doing. I thought, wow, this is kind of sketchy right now.
That's the long spiel about why I don't do crypto anymore — because I saw from the inside how dirty it gets, and how, if you're not on the inside with crypto, you're very subject to market manipulation. Now, if you just think something's great and you buy it and hold it forever, that may be fine. But if you're buying it and trying to trade it, in my view that's gambling. That's all it is. Somebody shared their approach of holding everything for a long period of time, and I agree — if I had to go do crypto over again, that's what I would do: if I liked something, I would just buy it and hold it forever, or buy it and make some kind of a plan for when I'm going to sell it. And I would buy a lot less. If you want to make some kind of money with it, just buy a little bit over a long period of time instead of trying to buy and trade it — and instead of messing with people's livelihoods by giving opinions about what's great and what's not great. Someone else offered the advice to never spend more than you're willing to lose on crypto, and absolutely — that was the main mistake I made when I started buying Bitcoin. I put in more than I could stand to lose.
Money Mindset (While Getting Whacked With an Umbrella)
I want to know — is anybody broke here that loves money? Oh, this guy whacked me with this umbrella again. Here's one thing I think will help you: it's hard to think bad things about money if you want it. It's like if you think sex is nasty but then you want it — I don't know, you can definitely have conflicting thoughts. But it seems to me that if you want to get paid, and if you want to get laid, you want to have a very overall positive experience and expectation. And if you've had some negative experiences, just talk with somebody about them. You'd be surprised what other people have been through. For more streams like this one, check out my Games playlist.