Crypto Wrapped 2021

Sushil Athreya
December 7, 2021

I bought BNB at $40 and I’m still HODLing💎🙌

Crypto Wrapped 2021 - Sushil Athreya


2021 was my first year in crypto/web3. Obviously, I had heard about crypto before (mainly Bitcoin) but I didn’t take it seriously back then. I first got into crypto because of my brother who got into the space early. In January this year, I had some money to invest and thought I’d try out crypto. My brother recommended buying BNB because he was certain it would reach $100. He told me to sell it when it did. I bought a small amount and didn’t touch crypto for a while. 


A couple of months later, I found myself listening to Balaji S, Naval, and a few others talk about crypto and blockchain. If some of the smartest minds in the world are talking about it, I figured I should try to understand it as well. Even popular Youtubers like KSI were going all in. Coincidentally, I came across teachyourselfcrypto.com by LifeMathMoney and YourCodingTeacher. It’s a well-compiled list of resources to study crypto starting from Bitcoin. It covered the history, the underlying technology, BIPs, and it of course explained the holy grail - Satoshi’s whitepaper. 


This was interesting, but I wanted to get my friends involved. Most of them had no exposure to the space and I wanted us all to grow together. A few of them were asking me about how to get into crypto. I tried getting a few people to do the course but it didn’t work. So, I came up with a better idea. One that garnered more attention at least. I pitched a one-month crypto trading challenge with my friends. We would all start with the same amount of money and we’d compare portfolio valuations at the end of the month. The main goals for me for this challenge were

  • To get my friends interested in crypto
  • To learn about trading and technical analysis


The 5 people (out of 10) with the lowest valuations would each have to do a forfeit. Something painful or something way out of their comfort zone. 


Fast forward one month and I was getting my leg waxed because I was in the bottom 5. Turns out that half-cooked trading knowledge doesn’t get you anywhere and more importantly, it’s nearly impossible to predict markets in the short term.  Our timing as a group wasn’t great either. If you remember, the market dipped in June and all of us ended up losing money. However, this did get a few of my friends into crypto. Goal achieved.


I own an Ather 450x so it’s quite clear that I wasn’t a fan of gas fees in the first place. Ethereum took it to another level. I became curious about NFTs during the NFT boom when Twitter was exploding with NFT content. The likes of @punk6529 and @richerd among others had conquered my feed. What better way to learn about something than to get involved right? I added ~$40 worth of ETH that I had mined onto my Metamask and began my pursuit for the perfect piece on OpenSea. After 10 long minutes of searching, I found it. It wasn’t a Punk or a BAYC or the most beautiful piece of art but it spoke to me. Mainly because it said ⧫0 next to it. YES, I CAN OWN AN NFT FOR FREE! Except, I couldn’t. I had to pay over $140 in gas fees. 


Okay, never mind. Maybe I can mint my own NFT. I whipped up a quick image and tried to mint it on OpenSea. Minting is free, not bad! Until you have to list it. It estimated $209 in gas fees just to initialize my wallet. Maybe NFTs aren’t for me just yet.   


Yup, makes sense


I was still into web3 and wanted to dive deeper into the rabbit hole. That’s when I came across DAOs and again, wanted to get involved. I joined the BanklessDAO Discord and had a look around. I went through a lot of their guilds and their Notion docs but didn’t really find a way I could contribute. This is a space I want to explore further. I continued learning on teachyourselfcrypto.com. I finished the modules on Ethereum and Smart Contracts and DApps, ENS, Tokens, Oracles. I’m now doing the module on DeFi which was released last week. 


My first year in web3 was filled with a lot of learning and some decent financial returns. Not life-changing, but not measly either. I’m buzzing to see what the future holds. Thanks for rea..wait, there’s one more thing. I’m excited to announce that I’m joining OnJuno as a growth intern! You can convert your paychecks automatically into crypto using OnJuno! What a way to cap the year!


Now, actually, thanks for reading! Let me know what you think of this piece and if I should cover anything in particular.


wagmi


Post written by
Sushil Athreya