Being an investor in crypto bull markets is like sailing in a tiny schooner with tsunami winds at your back. You don& #39;t need to perfectly trim the sails, just stay afloat and you& #39;ll go plenty fast. And staying afloat is harder than it seems... /1

2/ Bitcoin and crypto generally made lows in December 2018. We& #39;re ~20 months into a bull market, and plenty of talented funds and crypto investors have gone broke since the start. Here& #39;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).