Making Markets Nat Eliason: The Wild World of Crypto - [Making Markets, EP.38]
Jul 19, 2024
Nat Eliason, author of Crypto Confidential, shares his rollercoaster journey in the crypto world, discussing his wins, losses, and experiences with hacks and scams. He touches on the Olympus project, building a career on early adoption, and his transition to writing. The conversation also covers marketing in crypto, the Rome cult movement, and the challenges of career interests.
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From Marketing to Crypto
- Nat Eliason transitioned from marketing to crypto after seeing significant returns on a small, automated Coinbase investment.
- Driven by the crypto boom of 2021 and unexpected family needs, he dove into day trading and exploring the more speculative side of crypto.
Seed Phrase Mishap
- Nat Eliason lost $35,000 due to accidentally publishing his seed phrase while sharing his smart contract code.
- This incident, however, connected him with other crypto engineers who had similar experiences, encouraging him to double down on programming.
Risk Management Realization
- Nat Eliason realized the importance of setting financial goals and risk management after his crypto investments ballooned to 85% of his net worth.
- The experience with Olympus, a crypto project with a risky game-of-chicken mechanism, highlighted his lack of clear exit strategies.