There are at least 21 ways of getting rich in DeFi and crypto:
Buy and hold Bitcoin or ETH. The classic method. In retrospect the easiest game. Going forward - who can tell.
Be a searcher. Look for MEV opportunities in the mempool and make money on them. You better be quite technical or at least willing to become. To start, get intimately familiar with flashbots, then watch this
While we’re at it - be a miner. Most MEV gets extracted by miners anyway. Ethereum is supposed to move to Proof-of-Stake in 2022 so mining it may not have a future, but there’s always BTC if you’re not afraid of the competition.
Trade shitcoins. Live on Reddit, in Discord channels and in Telegram groups. Develop a feel for human psychology and it may tell you where the herd is headed. Believe in any of the “stories” and “fundamentals” of shitcoins at your own peril.
Follow Coinbase on Twitter. When they announce listing a new coin - buy that coin. Then sell it 3 hours later for a 200% profit.
BICO is now live on coinbase.com & in the Coinbase iOS & Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive or store BICOFarm for airdrops. Needs patience and ability to deal with the hit-and-miss nature of the job. There are people who share tips and maintain spreadsheets. For example:
🎈🎁📜 $XRP #Airdrop #Trustlines📜🎁🎈 ✨Important Links✨ ✨Spreadsheet: tinyurl.com/AirdropDates ✨Important Airdrops: bit.ly/XADImpAD ✨Airdrops Thread: bit.ly/XADAirDrops ✨FAQs: bit.ly/XADFAQs Tips Appreciated: bit.ly/XRPAirdrops Follow,♻️&❤️Buy and flip NFTs based on hunch / taste / Twitter sentiment or a tool like Nansen.
Create your own NFT project. Don’t go for PFP - make it something around music, membership of a club or an event. If you have a good marketing budget or more than 20k followers on Twitter this might be (in late 2021) the easiest way to make money in crypto.
Provide value by sharing content with people. Think Bankless, the Defiant.
Do your own research and invest in projects that have some real-world utility beyond the ponzi play and the memes. Protocols with vibrant ecosystems, ESG-friendly projects, chains with low gas fees, L2 solutions for ethereum, anything you’d be happy to keep holding if the market shut down for 5 years.
Find a way to do arbitrage without getting rekt by fees. Better yet, build your own bot for this.
Make your coins work for you the mainstream way - stake, lend, farm yield, mine liquidity.
Get to 100k followers on Twitter by any means you can. Then you can basically print money by shilling projects and front-running your audience.
Get into chart reading, if you can convince yourself that doing so amounts to more than glorified fortune telling.
Participate in DeFi 2.0. Think Wonderland, Klima, Spartacus. At least you’ll learn what APY vs APR means and understand the notion of inflationary pressure.
Lock yourself in a room for a year to do research. Then go out and short sell 99% of the market.
Do a rug pull. Fork OlympusDAO. Invest money into marketing. Get a few influencers on board. Once you have USD 40-50M in the treasury - scram. Of course, use fake photos, burner phones, Tor and anonymous hosting along the way.
Build something. Come up with an idea. Deploy your technical skills. Attract funding. Build a team. Create value.
Invest in metaverse land.
Invest and participate in play to earn schemes.
Kidnap people who own lots of crypto, ask for ransom in crypto.
Literally every one of these ways has been used by people to earn millions of dollars. There’s something in there for any ethical disposition and skillset (psychological / financial / technical). The good news is that there are ways of participating in DeFi that are fulfilling, very profitable, and depend on hard work more than luck. The scary part is that some of the easiest get rich quick schemes in our field are hugely unethical or downright illegal. A true test of character.