the video you linked also states: *whether or not investing was a bad decision depends on how the decision was made.*
Brian Kelly suggests
- good technology (lotta copycats)
- real world use (no vaporware!)
- strong community (wants to use it now, not in the future)
- Kelly picks 15% ETH, 15% ETC, and suggests smart contracts will build on these in the future (i.e. vaporware). he also takes no time to discuss the differences between ETH and ETC, despite his earlier warning about copycats. His portfolio allots 30% for btc, and 30% for eth/etc, without explaining why he weighted the currencies as such.
- Kelly's advice for "privacy coins", such as the 10% he has in like zcash and 10% in monero are good for a firm like Goldman Sachs trading with JP Morgan. once again, he suggests a fictional, possible use despite warning investors he prefers a strong community with a current use for the coin, not vaporware. He makes no mention of the differences between ZEC or XMR.
- Kelly "loves" Ripple, discusses its use in 2017 in japanese banks. one interesting prediction that turned out to be accurate is Japan is going after SWIFT, but otoh they are not picking a horse as they grow their acceptance for cryptocurrency trading.
- Kelly devotes 5% for speculation - 5% for IOTA (speculative), 5% metal (linked to cannabis investors??)
- i note besides mentioning "privacy" and "smart contracts" in extremely general terms, Kelly almost never talks about the technologies underlying each of these projects, despite suggesting having "good technology" was a selling point.
I actually agree with Ben Felix's points from your video. However, if we use Felix's criteria to consider Brian Kelly's actual advice, Kelly's advice is horribly uninformed to the point where he isn't even wrong. From the way he dropped the ball on explaining ETH and ETC, that lack of expertise and understanding should have been apparent back in 2017.
IMO the recommendations Brian Kelly made in 2017 were bad because his decisions were based on almost no knowledge of the cryptocurrencies he's supposedly discussing like an expert.
This was a crazy time. I told so many people to stay away from it, buy Bitcoin. But many just couldn’t help themselves.
It was like seeing thousands of people all tie cinder blocks to their feet before jumping in a lake. Few, if any, of those people are around today.
I don't really follow.... is it far fetched that he was saying that and people disagreed/laughed?
It's not like he said he sold all his bitcoin at exactly the peak and bought back in at exactly the bottom, and then banged Scarlett Johansson.