Aloha guys, welcome in, I am super excited today to share with you a new segment that I’m starting called Know Your LADZ. So if you haven't heard me talk about it on the channel, LADZ City is an amazing group, an amazing Discord community. full of NFT and cryptocurrency enthusiasts, some of the smartest minds I’ve come across anywhere in the space. And so, I’m going to do a little bit of a LADZ City Interview segment to help everybody get-to-know each other. because for a lot of our new arrivals into the Discord group, as we continue to grow. they may not know who the OG members are, who the people that have helped build and create this, and that make their content that they used to watch, they don't know our stories.
So I wanted to kind of put that personal side with everything and get to know them. Today, we're going to start LADZ City Interview with a wonderful gentleman, his name is Richard Kilpatrick. You probably know him as Fun Uncle. If you've been around the Discord and all, I'm sure you've bumped shoulders with him somewhere. He also does a show both about cryptocurrency trading and then he does a LADZ lounge update for the network, so really wonderful, helpful guy. you can see these YouTube videos he's got here. I am going to link, he's got an Instagram profile, he's got a Twitter profile, and if you don't know it, he's actually an author and has a book on Amazon.
So I’ll put all those links in the comments down below, so if you want to get more familiar with him, by all means, do, but very knowledgeable crypto trader, and we're just going to kind of get a general idea of where he came from and how he is involved in all of this. All right? Thanks guys. Do me a favor, hit the like button down below, make sure that this is shared with lots of people, and then do hit the subscribe. If you're a LADZ City member, and you want to be able to see more and more information about the different content creators in LADZ City Interview, well, this is where I’m going to try to bring that to you. So hit the subscribe, and you'll get to see all the new updates as they come out, all right? Thanks, guys. Let's start.
Warning. I am not a financial advisor and this is not investment advice. Seek a professional.
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LADZ City Interview with Fun Uncle
David: All right, aloha guys, welcome, I'm David here with Crypto Tutorials. I got one of my fellow LADZ City lads here – if you don't know LADZ City, it's the city of NFTs, and I’ve got Fun Uncle here with me. I'll be doing LADZ City Interview with him. He's an OG crypto trader, going to share some advice with us – but would you like to introduce yourself and kind of let people know where they can find you?
Richard: Well, Aloha back to you, hello, my Hawaiian friend. My name is Richard Kilpatrick, I’m your neighborhood funnel, and I am just a cryptocurrency enthusiast just like you, and please join LADZ City, that is the forum for everything, cryptocurrency, NFTs, and that's where we learn all the special sauce on getting it done in the trading world.
David: Awesome. Why did you get into crypto, how did you end up here?
Richard: 2016, I didn't know anything about the coin, what I was doing at the time was, in this line of work, in video production, you don't make a lot of money. I look at people working in high-end restaurants as waiters, and I'm like, wow, you make a lot of money because you're not working all the time, and when you do, it's 18 hours a day, and they maybe pay you 125 bucks for it, but you're just stoked because you're working on a commercial or whatever. And so, you don't make a lot of money, I was just like, in between gigs, just like, how can I make money, and I was just doing the Google like, what are ways entrepreneurs can make money, and it was mostly like driving for Uber, or I don't think DoorDash existed then.
How did Fun Uncle went into Crypto?
And then, one of them was Bitcoin mining, and at the time, it was about $600 a coin. So, I bought a Bitcoin miner, and it was, I think – and that was one of the most expensive things I'd ever bought at the time, it was 1000 bucks or something just for the miner, and then another 250 bucks to convert the power for it. And I was making, man, I’m probably going to kill myself to do the math on this, but I was making 0.06 Bitcoin a week. And now, that's a lot of money, but this is 2016, and so, I remember looking at the numbers and being like, I’m only making $20 a week.
David: So that's like three Bitcoin a year though.
David: So yeah, you convert it to today's money, you're looking at 150 grand a year you'd have been making with that amount.
Richard: Right. And I was like not that – it wasn't as enticing to me, because at that point it was 20 bucks a week, and so, I ended up accruing close to a Bitcoin. And then, I was able to sell the machine, and then buy some GPU miners, and I started mining Ethereum, and I mined about, maybe 10 of those. But you just kind of see, like, it was just a slow progression for me that I just got deeper and deeper and deeper into, starting in 2016. And then by 2017, that rally rolled around, I was fully in, and then, I've got the scars to prove it.
I was the guy that bought Ethereum at the top too, because I was just daily cost averaging, keep buying, keep buying, buy at the top. I saw the 90% drops, and the whole time in my mind being like, it's going to go back up, it's going to go up. But very painful four years, and it's kind of like, we're back, like, this is exhilarating for everybody, we're finally back.
Strategy of hold and trade?
David: So you were talking a little bit about your strategy as not as much a Hodler as a trader, and kind of give me a little rundown of how you ended up deciding that that was the way you were going to make money in crypto, and kind of what that means to you.
Richard: Well, I think the core strategy is the momentum of money. It's being able to use the entirety of your volume, instead of just – it's hard to say what I’m trying to think here is. For example, I used to own a lot of Ripple, and I sold out of my Ripple – and again, I’m talking about, this is 2017, I owned a lot of Ripple.
David: So it's like, what, five cents or something?
Richard: Right. But I got out around – so, I think I bought it at 15 cents, and then I sold it when it was maybe closer to $1, maybe let's say 80 cents, just to be safe. And sure, it rallied since then, but if we look at the long track record of it, it's kind of stayed relatively where – it hasn't been broken into all time highs yet, and I've then been able to go on and make additional money on top of that money by putting it in a more lucrative asset. It's like a promising Altcoin, for example, I’m looking at Hedera Hashgraph right now as a low tier your cap coin, and I think to myself all the time.
I’m like, Ethereum has potential to 3x this year, Hedera Hashgraph has the potential to 10x this year. And so, should I – and this is even up, Well, before I even turned on the camera, I was thinking about this today, it's just like, I was like, the potential of liquidating some Ethereum, and putting it into Hedera Hashgraph by the end of this year could yield me an additional 3x on top of my money.
Worst and best move made in crypto
David: One thing I want to find out for sure, so what is the worst move that you made in crypto, and what is the best move, and you don't, by any means, have to give me because I know that could be private, but just to kind of, I think, everybody – we all have battle scars, but to learn from other people, both their wins and their losses to me is really valuable.
Richard: It was recently, I had my worst loss, but – well, it's interesting how to say it, it was the worst loss in total value, but from a percentage of my entire net worth, that's a different conversation, but like, it was the largest sum of money I’ve lost at one time, and it was from margin trading. And so, what I did was whenever Bitcoin went from 64,000, then dropped to 45,000, I bought a bunch of longs.
I said to myself, I’m like, that was the dip, and because it had done a bunch of dips, it'd gone from 65 to then 55, and it dipped to 45, and I was just like – and then, it had done a false double bottom too, and I was just like, that’s the bottom, buy a bunch of leveraged longs on Bitcoin. And then to 29,000, and it liquidated me, completely liquidated me, because I had so much leverage on it. I was just like, okay, we learn.
David: It's funny, because I’m on a much, much smaller scale as I get started here, but margin, I have had the worst luck too with margin. When I tried – and mine wasn't even – mine was just in KuCoin, they have some 3x margin coins, where it's just basically built-in, you buy the coin, and it goes up three times, 10%, 30% in either direction. And for some reason, every time I try to pick something that way, I just get my butt kicked. It's like the gods just keep coming down on me, like, don't do it. Because I’m kind of a debt-free person in my life outside of that, so I think that growing margin is against my karma...
Richard: as much as it hurt, it really hurt in the moment too, like, knocked the wind out of me kind of thing, and I was just like, I need to tell people about this, because it wasn't even like – I think I had 10x leverage, and so, some of these sites let you do 100x leverage.
David: Oh god, I know it's crazy. And it's interesting because, to me, I think that's both the cause and the flaw in the parabolic side of crypto. I think more than anything, when things start going parabolic is because a bunch of leverage traders have decided we're going to keep going up and they pour money in, and then somebody with a bunch goes, ha-ha, I’m going to liquidate you, and sells a bunch they can buy back in cheap, and you just keep seeing that like...
Richard: Oh yeah. And there's people at war with each other too, like, there's different institutions that want to tank the market, but they're like, no, but it's my turn to tank the market; no, but I want to tank the market this way. And it's all an attempt to acquire more coin for themselves. And that's why I have shifted away from that, just like now just trying to, you know, when I make these trades, it's all in the vein of, yeah, how much relative Ethereum or relative Bitcoin have I grown in value in doing that trade.
David: Your best move?
Richard: Oh yeah, buying Ethereum at $15, it was when I first bought it.
David: Picked up quite a bit of it at that price, and stuck with it for a long time, and nice.
Richard: Oh yeah.
David: Yeah, nice. Ethereum is a nice long play. I missed the early days with a lot of that, but I still, I'm fortunate to be here early when I am, and we'll see, get some early NFTs.
Conclusion of LADZ City Interview
All right guys. Well, I hope you enjoyed LADZ City Interview. There's a quick little introduction to our friend Richard Kilpatrick, the Fun Uncle. If you want to know more about his Trade Or HODL strategy, if you want to know more about how he vets projects, I've got a couple of additional interviews that I’m going to link here at the end of the video. I also have a specific video about the 3commas bot review, we discussed this for a while in the interview. And this is a really neat piece of software that I look forward to adding into my personal trading portfolio, so I think it can help me a lot as well. So anyway, hit that like, hit that subscribe down below, make sure that you tag those buttons, and we will see you again soon. Aloha.