137 - The Psychology of Crypto with Morgan Housel
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 19 September 2022
⏱️ 77 minutes
🧾️ Download transcript
Summary
Morgan Housel is a Partner at the Collaborative Fund, financial writer, and New York Times Best Selling author of, “The Psychology of Money.”
He’s an avid student of markets and psychology. And Morgan articulately blends these two perspectives (and all of the many crypto parallels) together to give us timeless lessons on wealth, greed, happiness, and how to invest.
This is another classic Bankless fundamentals episode that you won’t want to miss.
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Topics Covered
0:00 Intro
4:49 Morgan’s Background
6:25 Crypto Investing Isn’t Unique
8:31 Psychology of Investing
15:22 Toxic Relationship with Money
22:14 Is it Bad to Talk About Money?
24:34 Nothing is Free in Crypto
34:05 How to Adapt to Volatility
39:45 No One is Crazy
45:52 Luck vs. Risk
51:38 Have Enough
55:25 Freedom
1:00:34 Compounding
1:04:24 Getting vs. Staying Wealthy
1:08:50 Reasonable vs. Rationale
1:13:28 People Change
1:15:33 Pessimism
1:19:33 Closing & Disclaimers
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Resources:
Morgan Housel on Twitter
https://twitter.com/morganhousel
The Psychology of Money: Timeless lessons on wealth, greed, and happiness
https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681/
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Transcript
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| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:11.9 | This is how to get started, how to get better, how to front run the opportunity. |
| 0:15.6 | This is Ryan Chong Adams. |
| 0:16.6 | I'm here alone today, David is off at a wedding, and I'm here to help you become more |
| 0:22.9 | bankless, bankless nation, really exciting episode today with Morgan Housel. |
| 0:27.4 | The psychology of crypto is what we're calling this episode. |
| 0:31.0 | The goal is to help us hack our minds in order to become better crypto investors. |
| 0:37.2 | I think people don't realize that there are two tribes in crypto. |
| 0:41.6 | There's kind of the get rich, quick tribe, the people who are looking for overnight wealth, |
| 0:46.0 | high API, they're chasing pumps, and I have no disrespect for this tribe because a lot |
| 0:51.1 | of us started here. |
| 0:52.7 | In fact, I probably started here in one way, shape, or form. |
| 0:56.8 | And there's also the get rich slow tribe, and those are the people who stick it out |
| 1:00.5 | through multiple cycles of crypto. |
| 1:02.7 | They're here for like a multi decade time horizon. |
| 1:05.5 | They're long term holders. |
| 1:06.5 | I definitely consider myself in that camp, one of the settlers, not one of the crypto tourists. |
| 1:12.0 | This episode in particular is probably for the get rich slow tribe. |
| 1:16.6 | So if your get rich, quick tribe, this advice might not land, but I think someday, maybe |
| 1:22.0 | after your burnt, maybe after you have a cycle or two under your belt, you'll come back |
| 1:26.4 | to this episode and get some value and it'll land. |
| 1:30.5 | David is out of wedding. |
... |
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