The Good, the Bad, and the WAGMI: A Look into the World of Crypto Traders

June 8, 2024

Similar to stock day traders, there are crypto enthusiasts who dabble in DeFi on the side, hoping to strike it rich and ditch their day jobs for good. 💰🤑 These degens share a common dream: the firm conviction that decentralized finance will soon take over traditional finance. By swapping out TradFi for DeFi, they foresee a future where code and networks will rule over banks, brokerages, and money transfer businesses. They can predict better—at least in their heads—than astrology fans; they can sense bears and bulls faster than crystal collectors. 🔮🧙🏽

These crypto cowboys gather and do their huddles on Discord and Telegram, but they are usually comfortable shouting their thoughts from the X (Twitter) rooftops. By day, you see them as Wall Street wizards, but online they transform into mysterious aliases like @MoonLambo420 or @SatoshiTacos. What can we say, they’re just “DeFi-ing” the odds. 👨🏽‍💻📈

You can also say they have a language of their own, with words that are butchered on purpose, like “HODL” born from a foreign trader’s slip of the tongue. 🍺 There’s also “WAGMI” which stands for “We’re All Gonna Make It.” 🏆🏅 Then you’ve got the basics like “GM” (Good Morning) and “OG” (Original Gangsta), which shows that some of the original crypto pathfinders were gamers too. Their vocab is like a secret code with a sprinkle of chaos and a dash of humor.

But they’re not all immune to hacks and other cybercrimes. Back in July 2023, crypto traders got rocked to the tune of $303 million worth of digital assets, thanks to crypto exploits and hacker attacks. That’s the most moolah lost in a single month that year! 💸 And just recently, word on the street is that some poor trader got swindled out of nearly $70 million in a shady “address-poisoning” scam. 🚫🙅🏽

Don’t get discouraged just yet. Crypto traders also have their share of sunshines and rainbows. 🌞 As long as you keep your nose clean and avoid any run-ins with the law, you can come out successful and possibly even join the ranks of some of the most successful traders the crypto world has known, such as Brian Armstrong, Fred Ehrsam, Chris Larsen, and more. Best of all, you could be like Vitalik Buterin and you could also make it to Forbes Magazine’s ’30 Under 30′ list just like he did a couple years ago. Who knows, you could be the next crypto legend in the making! 🤴🏼🏰

One thing to always remember is there’s no secret sauce to owning the crypto game. But you can keep these practical nuggets of wisdom in mind to avoid getting rekt! 📝

Get cozy with the ins and outs of cryptocurrencies and blockchain; dive deep into the market, dig into research, snoop around charts, sniff out trends, and grasp what makes asset prices tick; whip up a killer trading plan; don’t let your emotions call the shots; play it safe with your risks and don’t go all in; forget about those lambo dreams for now; take notes from your goof-ups and those of others. 💢💭

But your biggest takeaway should be this: don’t blame me if you do get rekt! At the end of the day, everyone and their mother in this business will tell you, “NFA! DYOR!” 💡❗

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