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: Cryptocurrency is often referred to as a democratizing opportunity. However, regular people rarely see stories of non-professionals placing wagers 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 lucky ones. By his account, since the Quadriga loss he’s turned around. He’s up around 11x on his principal, though there have been wild oscillations in that number recently.
Axios has verified the success of his portfolio.
Scoreboard: He invested in more than 180 coins. His first three purchases were bitcoin, Monero (a privacy cryptocurrency — that trade is still down), and Verge, which has shady affiliations.
He said, “I’ve had some that did really well and even less that I thought would do well.”
The biggest loss was a token that was the right idea (blockchain finance), but the wrong company at the wrong time. His biggest win was a lucky guess about which solution to fix Ethereum’s speed problems would click with users first.
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.
It has worked in his favor. “I’m just super curious,” he explained. It’s not enough to just read charts in crypto. A person needs to get in to understand it, he contends.
Be smart: Having been in for four years, he sees new arrivals come in waves. The new investors are easy to spot on Twitter and in the Discord channels — they are always looking for the quick buck.
He said, “This latest cohort of noobs was their on-ramp the Wall Street Bets experience.” “Meme coins are a popular investment option for a lot of the n00bs. They invest like it’s a bit of a joke.”
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