(tl;dr) This is a quick recap of Web3 Omakase by Terence Lam, an event which is probably the most narcissistic act I have ever done in my life :)
On 14/4 Friday's night, over a hundred people gathered for an event that was a little different from the typical web3 gathering. Initially conceived as a party for overseas crypto friends and colleagues who came to Hong Kong for Web3 Festival, we ultimately decided to host a gathering focused on my personal experience as a crypto and startup influencer in Hong Kong (I try not to claim myself as "influencer" but my teammates keep persuading me to do so).
As someone who has been active in Hong Kong crypto and startup scene for over 10 years, I wanted to offer something unique that would stand out from the dozens of web3 events that have been happening in the city lately. Rather than just another panel discussion or keynote speech, I decided to speak to the audience for over 1.5 hours in Cantonese, my mother tongue, sharing my thoughts on a variety of topics related to crypto and startups. In this post, I'll recap some of the key topics that I covered that night.
- I have to emphasize that I am a nobody in web3. Don't trust everything I said. Verify by yourself.
- From 2016 to 2021, we started with over HK$1.9 million accumulated loss in our previous venture which is a digital agency, to a validator with over US$1 billion of crypto assets staked with us. At the bottom of the 2022's bear market, my net worth dropped 85% from the peak.
- I shared my view on crypto market for 2023, bitcoin and Ethereum. Additionally, I spoke about the true nature of the crypto market from my perspective. I plan to write separate posts on each of these topics in the future. The first one is "Crypto market view by Terence (April 2023)"
- I did not recommend adopting "buy the dip" mentality, and I also highlighted the common pitfall of the dollar cost averaging (DCA) method.
- I believed that the idea of "get rich quick" is true, but people often confuse it with "get rich easy." Being quick does not mean being easy.
- I explained why I was excited about web3 by talking about "ovarian lottery", which is an idea popularized by Warren Buffett who borrowed it from Harvard philosopher John Rawls.
- I debunked the self-motivating placebo of "get 1% better each day for one year, you'll end up 37 times better". It's more important to to get your direction correct first.
- When will web3 achieve wide adoption? The time when we no longer need to mention web3.