Today, we are talking to a reader who has made a fortune through crypto investing. However, there have been some stomach-churning reversals.
Why it matters: Crypto is often spoken of as a democratizing opportunity, yet regular people seldom see the stories of non-professionals placing bets in the space. Here’s one.
Details: Darragh Grove White, a Canadian marketing technologist, is on the leading edge. But, he took some hard hits.
“I made a lot of mistakes, for sure. He tells Axios that he’s had cryptocurrency exchanges take his money.
He was one of many Canadians out of luck when the founder of the exchange QuadrigaCX, Gerald Cotten, died (?) in India.
State of play: Grove-White is one of the fortunate ones. According to his account, he has made a complete turnaround since Quadriga’s loss. Although there have been some wild fluctuations in that number, he’s now up about 11x over his principal.
Axios has confirmed the success of his portfolio.
The scoreboard: He has invested in over 180 coins, his first three purchases being bitcoin, Monero (a privacy coin — that trade is still down) and Verge, a coin with salacious affiliations.
“I have had a few that have done really well and even fewer that I knew would do really well,” he said.
The biggest loss was a token that was the right idea (blockchain finance), but the wrong company at the wrong time. His greatest win was his lucky guess as to which solution to Ethereum’s speed issues would be most popular with users.
Context: Although he only became interested in crypto during the bear market year of 2018, he did have some advantages. Given his day job, he’s considerably more technically sophisticated than most people.
That has worked to his advantage. He explained, “I’m just super curiosity.” In crypto, it’s not enough just to read and watch charts. A person needs to get in to understand it, he contends.
Be smart: He has been in the business for four years and sees new people arrive in waves. You can spot the new investors on Twitter and Discord — they are always looking to make a quick buck.
He said, “This latest cohort of noobs was their on-ramp the Wall Street Bets experience.” “A lot of the n00bs go for meme coins. They make it seem a joke to invest in meme coins.
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