These Things Take Time: Keep The Wallets Growing

It is no secret that we live in a world built around instant gratification. When it comes to building wealth, time is often a mechanism that is vital.

Studying the effects of compounding provides great insight into how easy things are. Anyone can get achieve financial abundance with a small amount of money and enough time. The problem, for most, is the time required would amount to 1,000 years. Obviously, without major breakthroughs from the longevity community, this is not a very viable plan.

It is easy to get frustrated. Over the past couple years, we saw a lot of people abandon the world of cryptocurrency believing it nothing but a scam. While there are a lot of those taking place, the truth is we are witnessing a revolutionary step for humanity. Essentially, this is all part of a major paradigm shift that is starting to take shape.

Many point to the price of cryptocurrency as an indicator of what is taking place. Markets have a mind of their own, often reflecting upon nothing concrete. I started following markets 35 years ago and learned a few things over the years. One is to never believe the correlations people try to make.

The financial media is notorious for this. Watch a show on CNBC or Bloomberg and they will "explain" why the markets did what they did. I recall a number of years ago "the market dropped because oil prices were crashing". At that time, I was trading in oil so I was well aware of what was taking place. The two markets were not in tandem at all. In fact, oil and stock prices had been moving in opposite directions for 6 months.

For the past few years, with cryptocurrency, my focus remained on development as opposed to pricing action. When it comes to this industry, I am not a trader but a long-term player. This means that pricing action is of little interest to me. My only concern is when I am looking to buy. Since I am a hodler, each leg down simply presents another opportunity to lower my average price while adding to my stake.

None of this is financial advice and only for informational purposes.

What is very interesting is we are seeing the advent of decentralized finance (DeFi). People are now looking at cryptocurrency as a realm where returns can be achieved. Instead of pure speculation on the price of a token, there are opportunities arising which allow for people to get a return on the crypto being held.

For this reason, my focus is to keep my wallets growing. Each day, cryptocurrency is issued from blockchains that are available for claiming. The activity required varies depending upon the blockchain. No matter what is required, tokens are continually being issued.

For me, when I get involved with a new token, especially on the Steem blockchain, I like to use 1% daily as a barometer. No matter what the starting point, 1% growth each day will end up as a huge amount at some point. Naturally, there comes a time when getting this return each day is impossible; the numbers simply get too big.

Nevertheless, in the early phases, it is very possible.

Recently, we saw the introduction of tribes on Steem-Engine. The feature is only a few months old. At that time, I received some different tokens from airdrops and payouts for delegation.

One was the LEO token. I started out with 6,000 tokens and went to work on growing my holdings.

I started by setting up an account for curation which I delegated my LEO to. Over the past few months, I used it to upvote and do some commenting. That account now has over 800 LEO in it.

Through my posting, I was able to amass more tokens. I sold what I received while the price was dropping after it first came out. I reversed course when I saw the buy/sell wall improving, right around .08. Since that time, I starting accumulating and staking it.

Right now, I am holding just shy of 11,000 LEO. Through curating, posting, and commenting, I was able to increase my account by almost 5,000 or 83%. SteemLeo is one of the tribes I believe in thus has an interest in growing my stake there.

This is a tremendous growth rate for such a short period of time. Obviously, not all the tokens I am involved with experienced this but I follow the same philosophy with each of them.

It is exciting to ponder what these numbers will look like over the next 5 years. While a 83% growth rate every 3-4 months cannot be maintained, if does provide a solid foundation to grow upon.

Once again, the important variable is time.

Jeff Bezos is the richest man in the world. Barring a major stock crash, he is well on his way to becoming a $200B man. Naturally, this did not all happen overnight. It took more than 20 years for him to be in the position he is in.

Here is the AMZN chart from when the company went public.

It was only a few years ago that his stock was worth 75% less.

Compare this to the mindset most have when it comes to cryptocurrency. People are not willing to withstand the ups and downs that come with the markets. Granted, the world of crypto does tend to fluctuate on a larger scale than most investments. Nevertheless, that does not negate the premise of what it takes to be successful.

Those who focus upon having the inflow into their wallets remain consistent will end up in a very nice position a few years from now. While we cannot control the markets, prices go up and down, we can take the action that keeps the spigot open. Over time, amassing more will lead to a positive outcome. When the markets do turn, those who are consistent will be in a solid position to benefit.

The paradigm shift that is taking place will not happen overnight. It is going to take years for this to fully unfold. The same way that Amazon completely changed the world of retail, we are going to see this industry disrupting a number of sectors.

I find the easiest way to take advantage of time is to amass what I can in the early stages.

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