The Basics for How to Retire Young with Crypto with James McMahon: An EOFire Classic from 2022

0:01Light that spark fire nation JLD here and welcome to entrepreneurs on fire brought to you by high level, the all-in-one sales and marketing platform. On today's classic episode, we'll be breaking down the basics for how to retire young with crypto. To drop these vibe bombs, I brought James McMahon into EO Fire Studios. James runs the Crypto with James YouTube channel and the CopyMyCrypto membership site where you can see the exact coins that he holds. And today, Fire Nation, we'll talk about how you don't have to be unique to be successful. The payout in crypto makes a difference. Being in the crypto market will give exponential returns that will not get you in any other financial markets.

0:41And Fire Nation, nothing in this episode is financial advice. Do your own research. And a big thank you to James and our sponsors for sponsoring today's episode. Fire Nation, this is your year to get unstuck and to grow a successful business. Attend the world's highest rated business growth workshop taught personally by Clay Clark and now featuring football star Tim Tebow and President Trump's son, Eric Trump, at thrivetimeshow.com slash EO fire. Again, request life-changing tickets today at thrivetimeshow.com slash EO fire. Are you ready for the ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies?

1:17Build funnels, automate follow-ups, manage clients, and even white label your own software. Say hello to our featured partner, High Level, and visit highlevelfire.com to start your free trial today. All right, Fire Nation, before we kick into today's episode, remember that nothing you hear today is financial advice. Do your own research, consult your financial advisor, do what is right for you. So James, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with. Hi, thanks for being here. The only thing I can speak from, obviously, is crypto, but it's really not that hard.

2:04The reason I got into crypto was that I, you know, actually one of my old friends spoke about Bitcoin when it was like$10. And, you know, I saw it run up to$1 ,000. And it was gutted because I thought I'd missed the chance, but realized that, you know, I've seen coins going up 10 times, 20 times, 100 times in value. and you can't miss that sort of opportunity to make money so I actually dived into the space because I was working in education I was working you know 60 hours a week for not really the pay that was going to change my life and every day I was looking at it going I'm actually going to be working until I'm retirement age which in the UK is 67 years old I didn't think there was a chance in hell I was going to have any real savings.

2:55So I started looking at crypto as the way in which I could build up that reserve fund, not necessarily change my life. And as I started looking at it, I didn't know where the hell to start, to be fair, because I have no technical background. So I didn't know what the hell a blockchain was. I didn't know what a layering solution was. I'd never had any training in economics. So when I was looking at cryptocurrencies and the economics behind them, that seemed completely alien to me. And over time, it just clicked. It wasn't something that I found overly challenging at all. In fact, it wasn't challenging.

3:39And the biggest sort of myth is that you have to be special to be successful. I don't think that's true. You just you if it's something that you want, then you can then you can figure it out. And if the listeners want to get started in crypto, you know, hopefully by the end of this podcast, I'll have I'll have presented them with ways in which they can do that. But the crypto space is is a market where you're seeing coins going up 20, 40, 50, 100, 200 ,000 times in value. and you're not going to see that in any other financial market in the world. And we probably won't see that in the next couple hundred years.

4:20So this is genuinely a space where you've got sort of a once in a lifetime opportunity. Yeah, I had one of those moments that you're talking about, not as early as yours at$10 per Bitcoin, but I remember throwing a cruise for my community, Podcasters Paradise, and one of the attendees on the cruise was a cryptocurrency. and Bitcoin podcast host overall. And he was just like, John, he's like, just take some of your disposable income. This is like 2014, I think. Take some of your disposable income every month and just dollar cost average it. It would just make sense. And I remember looking at him and saying, listen, I don't know anything about this, but I am interested.

5:01Let's talk when we get back to the mainland. And this is on me. I never followed up with him. We never had that conversation. And it took me until 2018, four years later, which of course is, you know, centuries in the world of crypto to finally get in to the game and really, you know, didn't even go big until the end of 2020. So, you know, I definitely have that kind of regret, you know, times X, you know, that you shared as well. And I think a lot of people that are hearing us talk right now are being like, well, John, you've been in crypto for a few years. James has been in crypto for longer than that.

5:37Be honest with us. Is it too late to be getting into the game of crypto today? Oh, no, definitely not. Definitely not. So fundamentally, people look at cryptocurrency from a perspective of Bitcoin only. So in the past year, we've seen, you know, Dogecoin run up a couple hundred times in value. phantom what i'm known for calling run up about 700 times in price uh we saw shiba run up about a thousand times in price and that's just three off the top of my head um you know people look at cryptocurrency through this lens of of bitcoin and bitcoin only and they go oh well bitcoin you know it was ten dollars once and now it's about 45 000 i've missed have i missed the gains well Yeah, in Bitcoin, you're not going to get the gains in Bitcoin again.

6:33You're never going to get 100x on Bitcoin now. But there are about 16 ,000 cryptocurrencies, and there's more and more every day. So there are consistently opportunities in terms of finding another coin that's going to do a 10 times return, a 20 times return, a 30 times return. It's just finding them. But fundamentally, you know, this is a space that's only going to grow. And we're at a$2 trillion market cap for the entire market now. You know, this market in the next 10 years, 20 years is going to explode in an unbelievable fashion. So, yeah, the losses are there for, like, you're not going to make those gains in Bitcoin.

7:18but my God, you'll be able to make 100 times gain on other coins every year, pretty much. Well, let's talk about that life-changing money. How difficult is it to actually learn what is needed to learn about crypto to make this type of life-changing money? It's no different to learning any other skill, right? So if I want to become a great gardener, You know, I've got a starting point. If I want to become a carpenter, I've got to find a starting point. Even if it's I want to learn a new language, right? The start is the hardest. So I come back to like when I started with Bitcoin and cryptocurrencies in general, I had no understanding of what a blockchain was.

8:07I had no understanding of economics. I had no understanding of, you know, layering solutions or even, you know, the chart, the daily charts that I was looking at. but I realized that the opportunity was there and with any other skill you have to find that starting point don't you it's like if you're learning a language you you first have to wrap your head around the pronouns and how they're utilized how then you have to learn about how the verbs are adjusted based on the pronouns that you use and all of these factors but the payoff is what's different. So, you know, you learn French, John, and congratulations, you can now speak French.

8:48You can go to France. You can have a chat with the French people in France, right? But if I get crypto right, I can buy a house in France or a chateau in France. And then I can live there and chat with the locals and learn French organically. Or I can just hire somebody to be my translator 24-7. Yes, or I could do that. That would be preferable, maybe. This is really exciting stuff, Fire Nation. And one thing that I've been saying now for a decade of running this podcast is, listen, when you spend 10 plus hours studying a single topic, you are now more knowledgeable on that single topic than 99 % of the world, just because you spent 10 hours on it.

9:30There's always going to be people that know more than you about something, but 99 % of the world plus knows less than you about a topic that you've just spent one weekends going really deep into. Therefore, you're an expert to 99 % literally of the world on that topic. So think about that. And yes, there is some barriers to entry when it comes to crypto, like your seed phrase and MetaMask and the different exchanges you have and all the different layer one, layer two, layer three. Don't let that scare you. You've learned things that are harder when you were in seventh grade with algebra. I promise you algebra was harder than getting knowledgeable about the cryptocurrency world because I've been going through this process now for about three years and I speak the language now.

10:16Now, 100X, James, does seem like a little bit of a fairy tale. Just how common is it to make 100 times the amount on your initial investment? Oh, it's really quite common. I mean, we hear it and we go, that's crazy. but no i mean it legitimately happens i i reeled off a few coins to you earlier but they were like dogecoin phantom like i said i said i did a udemy course saying this was going to 100x and that cost 20 bucks and and it did a 700x so uh shiba did a thousand x but there's so many more matic or polygon now um kusama you know i actually think if i was to try and reel off the list we'd run out of time for an interview um and it depends on time frame but fundamentally you've got people need to remember there are short-term investments um medium-term investments and long-term investments but like i did a i did a video last year uh where i talked about a coin called ponio inu now ponio inu um hadn't launched yet and i i was the first youtuber to actually talk about it so when if people go on to youtube and type in ponyo and who and order it by date they'll see a ton of dogs because apparently that's a uh a dog breed that was news to me um but the first crypto video is of me talking about it and the title is this coin will 100x now if i get that wrong i look like a jackass but what i know is that this coin fit the mold of a number of projects that had launched previously that had done enormous gains so i was i ended up being right but it did it exceeded my expectations to be fair in the first two weeks it gained in terms of value in terms of price 392 times so if you put in 100 bucks you've almost got 40 grand if you put a thousand bucks you've literally just got enough to buy a house in cash.

12:22And these gains are there. And it doesn't matter whether it's a bear cycle or a bull cycle. If people are unfamiliar with bull cycles, when the market's going up and the prices are appreciating, bear cycle is when they're going down. Bear cycle, by the way, is the best time to invest because everything's undervalued. But the opportunities within crypto are just staggering, and these gains can certainly be made. It's a hard thing to explain for people that are new to crypto, but my statement about crypto would simply be, if you're not in this market, it's almost financially negligent on your part because you're not going to get the returns anywhere else.

13:11If you were in the stock market, to double your money, you'd do well to do that in 12 years. Fire Nation, we're going to be talking about some undiscovered gems that James has actually uncovered and what he thinks is going to do well in 2022. We're going to talk about the biggest mistakes that people make with crypto and so much more when we get back from thinking our sponsors. Have you ever dreamed of hopping around with kangaroos in Australia or bungee jumping over 400 feet into a canyon in New Zealand? I have, and I did. Oh, and I also cuddled up with a koala. True story. That's right. Kate and I toured Australia and New Zealand with some good friends of ours who knew these places well, and we think that's the best way to travel, as if you're a local.

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16:57So James, I teased before the break that we're gonna talk about a couple uncovered gems, undiscovered gems that you have found that you are really big on and you're gonna break it down for our audience right now. Talk about those. What I will do is I'll structure this based on effectively how people invest. Everyone has different risk profiles, right? So some people don't want a lot of risk. Some people accept a medium level of risk and some people like a high risk. So I think the easiest way is to structure it like that because that should hit pretty much everyone within your audience. So in terms of a low risk, right, there's a cryptocurrency called xrp now xrp is probably well known to anyone that's actually within the crypto space to some degree they'll have heard about it um currently xrp are right now going through uh dealing with a lawsuit within the sec now there is this lawsuit is almost certainly going to end on the side of of ripple who are the creators of xrp and the price has been suppressed for xrp throughout this past year still managed to do multiple times gains but it's been waiting for this case to end and it will explode um and it looks fairly imminent that either within the next month or two months we're going to see xrp uh the the case between the sec and ripple close in favor of xrp and the price will go like it will rally very very fast xlp right now is you know a top 10 crypto it's priced at around 87 cents but when the sec case is closed you're going to be looking at anywhere between five and ten dollars wow by the end of the year and that you know you're looking at and it's a strong stable coin it's going to be here for ever you know so in terms of risk profile it's as low as you can get and it is yeah it's set to explode when that case ends in terms of your medium risk you'd be looking at something called Orion protocol so Orion protocol is a cryptocurrency it's got a market cap of around 120 million or so now that sounds a lot but in the in the space of crypto So if you actually go into CoinMarketCap, you'll see the first hundred have about a billion dollar market cap.

19:38So Orion is priced at around$4 right now. And its all-time high just last year was$28. Wow. Before we had a bit of a crash. Now, Orion Protocol has an incredible team behind it. Amazing partnerships with a number of massive crypto projects out there. it's pretty much primed to at the very least get back to its previous all-time high, which right now is seven times where it is. But this is a coin that has a legitimately solid shot with the partnerships it has and with the developments that the team continue to make of doing at least a 10 times gain. And there's a reasonable room for this to potentially do up to a 20 within this year.

20:28So you'd be looking at anywhere from a 10 to 20x feasibly over the course of the next year. And that's, again, presuming we don't have any crazy stuff happen within Russia, Ukraine, because obviously that's a bit mad at the moment. And then the highest risk would be something called Modify. Now, Modify is extremely low cap. It's only$10 million. dollars um and modify has legitimate potential to run up to anywhere between half a billion and a billion dollars i'm talking about anywhere between a 50 and 100 x um in terms of gains so you know put that into context you put a thousand bucks in it becomes 500 000 oh sorry 50 000 to to 100 000 um what they do is they are uh many people will have heard of chain link that's like an oracle network oracles literally link um data between on chain and off chain for blockchains now that i know that's a bit technical jargon but oracles are a necessity within almost uh within the entirety of cryptocurrency but they're actually necessary for um a lot of things outside of cryptocurrency whether it's gambling or real estate, you know, and Modify have what's called an Oracle aggregator.

21:57So they've actually correlating all the Oracles out there and are going to utilize them for any business that anyone wants to run, as well as any crypto project. It's actually, and you must know the term USP, right? Unique selling point. so this is the most unique project in terms of there is there is no other oracle aggregator out there and right now at 10 million dollars uh as an overall market cap in terms of the money invested is really undervalued it's priced at around 70 cents and his previous high last year was six dollars so even just achieving that is nine times your money but if it has the growth that i would expect to see over the course of the next year when they're going to be solving so many problems in the space.

22:46You know, this could go into, you know, double digit gains very, very, very easily. And it's got first mover advantage. You know how important that is in any industry. Now, what exchanges can you buy and modify on? KuCoin is probably the easiest for anyone that's new to crypto because, quite simply it's a centralized exchange so there's nothing so that's like you know you create an account you sign up yeah and then you put in your bank details and then you can start investing um then there's your uni swaps and pancake swaps um and sushi swaps and i know those names sound ridiculous but that's part and parcel of the uh the decentralized world i'm afraid And what is the actual ticker symbol?

23:34MOD. So M-O-D. M-O-D, Fire Nation. You can find that on KuCoin, which is K-U-C-O-I-N. And what is that? Is that a South Korean exchange? Yes. To be fair, KuCoin have branches in America and a number of places now. They've certainly branched out. But yeah, it originated in South Korea. You know, while I was kind of like pulling up these different coins you were talking about, I noticed Smooth Love Potion has gone on quite a run. What are your thoughts on that? Well, Smooth Love Potion is a game-based token for Axie Infinity. So my thoughts on that basically revolve around the use case of Axie Infinity.

24:15Axie Infinity is a very, very popular game within the space right now. Obviously, it had huge growth over the past year. so what I would expect that we'll see is the more users long term that Axie Infinity continues to pick up, the more this asset will appreciate the metaverse is a very intriguing place at the moment so I'm expecting to see some significant price appreciation around a lot of gaming based tokens but yeah Smooth Love Potion is one that's definitely going to appreciate and value when the metaverse wave comes in again. So we talked about MOD, we talked about Orion, and we talked about XRP.

25:00And of course, that's in reverse order. So XRP being a huge top 10 coin by market cap. And that's just a coin that, or token slash company that is going to be here. I mean, that's stable. They're obviously going through some legal battles right now. So we'll see where that leads us. Then there's Orion, which is the medium risk level. And then there's Modify, M-O-D. You can get on KuCoin. So we all, James, make mistakes. I mean, you made some mistakes in the early days with crypto. It's impossible not to have because it's just, you know, a place where errors are easy to make. What are some of the biggest mistakes that you're seeing day-to-day people make with crypto?

25:44There's two quite clear for me. Number one is hype. So people are led by hype, and I'll explain that in a second. the other one is um people are too emotional about their investments so with hype what you end up seeing is with one particular coin and you'll have seen this as well as you type is every influencer under the sun starts talking about a particular coin yeah or every twitter feed does and particularly newer people to this space see that and go well it's too big to fail That's sort of almost like it's a bank sort of attitude. And we see this. A lot of retail investors get in on a crypto because they've got that sort of momentum, that hype.

26:33And it hurts people because if it's wrongly attributed to a coin, there's a problem. So I'll give you an example. There was a coin in 2020 called Yam. And that was riding very, very high off. A ton of hype was up to$130. crash down to below a dollar overnight and that's a that's a 99 loss that's like a 99.8 loss or something um and it had hype wrongly attributed to it you know i i looked at yam and i saw a million and one red flags that that that i found cause for concern i ended up doing a youtube video about yam saying guys if you are in this get take your profits quick quick quick quick quick and then get out because you could lose everything and they were my exact words in fact if people go to my website copy my crypto.com they can see that video on there of me forewarning it um and then 24 hours later it had done that crash and hopefully people listened but the amount of crap i got on the comments section of that video is what i refer to as like problem number two which is being emotional about your investment you know i i made objective assessments of young going there are real problems here this is a massive red flag for me um and i got a ton of people telling me why i was wrong um and insulting me like i'd just been you know dissing their mom or something and they got really emotional about their investment and i do get that by the way because you know how do we eat how do we have a roof over our head it's money so i get i get being emotional but you've got to you've got to be able to be objective and a lot of these people weren't and obviously 24 hours later the crash the you know there was an exploit and uh the the price went to you know to under a dollar um you know that's about half a billion dollars wiped out when that crash happened and if you are unable as an investor to to ignore the hype or ignore or if you are unable to be objective maybe maybe investment isn't for you generally because you have to be able to be detached and go, this investment's working or this investment's not working.

29:10I need to leave it. So that being said, obviously, we're going to talk about some great content that you produce, but how does one go forward and find the right mentors, the right coaches, the right people to follow and listen to in this space? The biggest thing is getting started. With crypto, you've got to find a way to start. Now, I had no skills that were transferable from my job when I got started into crypto so you know you do you do what everyone else does right you go on YouTube you start reading books um but the biggest thing is is getting started so get get your feet wet to make a start right you know like once you've got in the water you'll figure out how to start paddling as it were um because fundamentally you know you start looking around on YouTube and you're going to get a million, you know, there must be 50, 60, 100 ,000 YouTube channels, crypto channels at this point.

30:08So if people want to find a mentor, they could come to me, they could come to my site, which is copymycrypto.com. And what I do there is share exactly my investments uh with everyone online and what i found is that the biggest thing for a lot of people is is finding a starting point so when i'm on my my site i share every coin i buy every coin i sell i've simplified it to as beginner level as much as i can um and to be fair we've got about just shy 1400 members now that most of whom have never invested into crypto at all or never invested in anything so we put in beginner tutorials so anyone that wants to make a start can use them and then from there um you know they can follow simple step-by-step instructions and they can copy exactly what i'm in and match whatever profit i make um and if they go to So what's it?

31:18CopyMyCrypto.com forward slash EOF. They can get in for just$1 for seven days access, just for the Fire Nation, as it were. Fire Nation, I started my journey in podcasting 10 years ago by hiring a mentor, somebody who is currently where I wanted to be in the podcasting game. If James is somebody who's currently where you want to be in the cryptocurrency worlds, the blockchain worlds, the metaverse worlds. Have you gotten into NFTs at all, James? I started getting into a couple of NFTs from, when was it? Like early sort of 2020. And I flipped them. I got in, got out. It was a quick flip sort of job.

32:06Any board eight flips? No, no. That's good. He'd be bummed about that flip a little bit for sure. But the point is, Fire Nation, James knows a lot about a lot. And I can tell you, I paid a lot more than a dollar to get mentored by my first mentor back in 2012. Here we are in 2022. CopyMyCrypto.com slash EOF is going to get you access to the brain of James for$1 to start. So let me tell you, if you can't make a return on that investment, Fire Nation, then I would advise you to stay away from the overall financial game, especially the crypto game. But copymycrypto.com slash EOF. James, real quick, real concise.

32:52What's just one thing you really want to make sure Fire Nation gets before we say goodbye? This is the biggest growing marketplace in the world. we've seen it rise up to two trillion dollars from you know from less than a million just 10 years ago um and you know i i heard some stats if you divide just one percent of your portfolio in bitcoin which by the way is the safest least gainable asset in the past couple of years your oh and it was just one percent of your overall investment portfolio your investments would have gone from seven percent to like nine and a half percent that's the difference just a tiny exposure to cryptocurrency makes um fundamentally this is the probably the only opportunity in your lifetime where you can actually bar you know getting lucky on the lottery make 10 20 100 and maybe even a thousand times your investment so if you want to get started and you have no idea how to get started, check out my site, copymycrypto.com forward slash EOF and read the site and see the success stories.

34:04Because every day you're not in this space is honestly a lost profit. And this deal ends in a few days. So please get on, have a look and come join me in Copy My Crypto. And Fire Nation, you need to make your own financial decisions. You need to make sure you're consulting with your trusted financial advisor. But the reality is, you know, we're not saying, hey, put in 50, 75, 90 percent. We're saying one, two, three percent. Test it out. Get your feet wet. Understand the space. Learn the language. Gain knowledge. At the very least, you'll know what the heck Web3 is and what the future is with this.

34:47and James, I just want to say thank you, brother, for sharing your truth, your knowledge, your value with Fire Nation today and Fire Nation, if you want value from James, one more time, that's copymycrypto.com slash EOF. James, catch you on the flip side. Thanks, Joe. Hey, Fire Nation, today's value bomb content was brought to you by James and Fire Nation. Are you ready to rock your very own podcast? Well, check out our free podcasting course where I will teach you how to create and launch your podcast for free. Freepodcastcourse.com. That's freepodcastcourse.com. And I'll catch you there or on the flippity-flip side.

35:29Fire Nation, this is your year to get unstuck and to grow a successful business. Attend the world's highest rated business growth workshop taught personally by Clay Clark and now featuring football star Tim Tebow and President Trump's son, Eric Trump, at thrivetimeshow.com slash eofire. Again, request life-changing tickets today at thrivetimeshow.com slash eofire. Are you ready for the ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies? Build funnels, automate follow-ups, manage clients, and even white-label your own software. Say hello to our featured partner, High Level, and visit highlevelfire.com to start your free trial today.