Iain Balina has become an outstanding cryptocurrency guru and millionaire in less than one year. Unlike most young bitcoin-millionaires, he started investing in crypto relatively late. Until 2017, Balina continued to go to work every day at IBM and paid only a part of his free time to crypto play. In the same year 2017, he earned more than a million dollars on ICO investments. How… how did he do that?
Balina has extensive experience in data analysis, which he used in ICO-investing, creating a set of so-called “crypto metrics.” He willingly shares his experience and advice with the rest of the world, publishing free online content. In addition, he is sharing his crypto experience through his own Crypto World Tour. Balina strongly believes that even in a bear market, you can make good money.
“ICOs are brand-new coins that are undervalued,” he says. Balina is a general partner in of the 100X Advisors blockchain advisory firm and a new advisory member of the #MetaHash team. Is he surprised by the success he has achieved? “Not really” Balin shrugs. “that was the goal from the very beginning.»
Balina is a general partner in of the 100X Advisors blockchain advisory firm and a new advisory member of the #MetaHash team. Is he surprised by the success he has achieved? “Not really” Balin shrugs. “that was the goal from the very beginning.”
However, he was known not only for articles and videos, but also that he was the victim of a sensational hacker attack, during which he lost $ 2 million of ETH. He was giving an online live tutorial at the time. So what are the important lessons he learned from this story (apart from the fact that his private keys need to be kept as securely as possible)?
Be Cautious About What You Share Publicly
Crypto hackers use the most advanced methods in order to get your keys, and often use social engineering tactics to receive your info. Balina’s account was hacked as the backup address of his primary email was an old account that he never used.
Hackers discovered it and quickly reset the password to the main account. From there, everything went well, since Balina kept his private keys on Evernote. Hackers just reset the password, and the rest became a matter of technique. Balina admits that his oversharing and shortcomings in security measures were the key factors in the hack. Now he has learned to “be cautious about what you share publicly, and always use cold storage for your keys.” He hasn’t let the hack set him back, though, and continues to share content and advice with his followers.
Create Something Really Valuable
You can make money not only on investments. And to become a respected person in this field, it is not enough just to profit from exchange rate movements between different currencies. Balina believes that respect must be earned:“People respect me because of what I’ve done for them. You have to create value for people… Work on creating a unique identity in the marketplace, help other people out, create in-depth content, share your success.”
So, if you want to become an ICO investor or a crypto influencer, do not try to monetize your content right away. It is much more effective to create something really valuable. Actually, Balina believes that his free content is “much better than the paid content of other experts” and regularly thanks his “crypto family” for their support.
Ask the Right Questions
“First of all, you have to ask yourself: ’How good is this technology?’ Look at the prototype, the main network, everything that shows how the project team is working on its technology.”
According to the Balina’s crypto metrics, all the best ICOs can present to investors some tangible results of their work. In addition to the technology, it is necessary to study the info about the ICO team. This is another factor that plays a decisive role in success.
“The next thing I look for is what I call an all-star team. People who have worked for Fortune 500 companies, on blockchain projects, and for how long. Do they bring credibility to the team? And it’s the same with the advisors. These are the two main important factors when looking to invest in an ICO,” Balina says.
Look for Proven Technology
“DApps have not performed statistically well, so far, so avoid applications right now, from an ROI perspective. They have not fared well; it’s still too early. While this market is not as mature as other markets, there are still projects that have been around for a few years like NEO, Stratis, or Ethereum. So, look for proven technology and predefined use cases that have already seen success.”
Following those guidelines have helped Balina to achieve success in crypto space. Follow them, stay one step ahead of the hackers, and look for your own way of success.