Being an investor in crypto bull markets is like sailing in a tiny schooner with tsunami winds at your back. You don't need to perfectly trim the sails, just stay afloat and you'll go plenty fast. And staying afloat is harder than it seems... /1

2/ Bitcoin and crypto generally made lows in December 2018. We're ~20 months into a bull market, and plenty of talented funds and crypto investors have gone broke since the start. Here's how people blow up even with strong tailwinds to their back:

3/ a. counterparty risk - to exchanges, lenders/borrowers, in structured vehicles, etc. b. Leverage - getting margin called on violent price moves, or just being plain overconfident on market timing.

4/ c. operational risk - getting scammed, losing access to crypto, trading errors (both human and software based).