My First Million - One Question Friday: Someone Stole My NFTs

Episode Date: May 6, 2022

Shaan Puri (@ShaanVP) and Ben Levy (@Benmlevy) answer one listener's question. On this episode, Collin asks how to deal with defeat after his NFTs were stolen. To submit your question and hear yourself on My First Million, go to MFMPod.com and click on the circle with the microphone in the lower right hand corner. ----- Links: * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel. * Want more insights like MFM? Check out Shaan's newsletter.

All right. It's question of the week time or one, what do we call it? One question Friday. I like that. All right. One question Friday. Sam is traveling. So I got my boy Ben here, Ben Levy. Not producer Ben, not powerful producer, Ben. This is Ben Levy, the CEO of the Milk Road and my business partner across my fund and a bunch of other things. You guys hear me reference Ben a lot. But you don't ever know which Ben because I only deal with Ben's. So this is one of the Ben's. Ben, what's up, man? what's going on i'm riding hi today chris paul and the sun's won by like 25 last night so i've never been happier this is true um all right so let's let's do this one question uh i think we have an audio clip right let's play let's play the audio clip i haven't heard this yet so let's see what it is hey guys my name is colin um i just had all of my npts stolen today so my question is and i'm sure you've been through something like it before. You know, when you get gut punched, like, has that happened to you? What happened?

And how did you work through it? Oh, man, I could feel the defeat. I could feel the pain in his voice there at the end. That thank you. That was a soul crushed. Thank you. Okay. So, Colin, you got your NFTs stolen.

I, you know, I feel for you. That's no fun. I mean, that's a crime. Right? Somebody came and stole your property. It's digital property, but, you know, a crime has been committed. So, you know, you got to kind of separate, here's my kind of advice to you. Have I had somebody steal a bunch of my property before? Not really, but, you know, there's different flavors of gut punch, and I've had, I've had my share.

So here's my kind of, like, formula for how to handle it. The first step is just be still. And I mean this in kind of a Zen way, which is, that look, what's going to happen for the next 24, 48 hours for you is your mind is going to go to a bunch of different places. You're going to get angry. You're going to feel sad. You're going to feel upset at yourself.

You're going to feel upset at others. You're going to feel upset at the fact that you can't get it back. So you're going to hate crypto. You're going to feel a bunch of emotions by default. And what you want to do is you want to not just react. You want to respond. So what's the difference between a reaction and a response. A reaction is what you do, you know, sort of right away.

it's an impulsive thing. And typically we don't love our reactions to things because our reactions are the things that are happening in a more primal way. Whereas our response is what happens when we pause for a second. And we choose how we're going to respond. So a reaction is typically not something you're choosing.

A response is something you're choosing. And this happens to me multiple times a day where I got to check myself. Are I reacting or responding here? And which one do I want to do? I know I can do both. But I'd rather respond. And so the first thing is you got to be still.

You got to distance yourself from it emotionally first. Then you got to say, all right, well, how am I going to respond to this? Well, there's some logistical steps you might take to try to get back, report it, try to figure out who did it, you know, notify people in the community so other people don't fall for it, whatever the scam was. But then you got to like, okay, let's say you've done the logistics part. And maybe there is no happy ending where you didn't just all turn out right. that's where you got to what I call you got to decide what story is true so in any event

anything that happens there are there are multiple stories but to simplify I'll say there's two stories anytime something happens there's the story that'll make you feel bad and there's the story that'll make you feel good they're both stories right and they both have truth to them but it's just a matter of which which angle you're looking at something and so you got to decide which story am I going to roll with am I going to roll with the version of this that makes me feel really bad or am I going to roll with the version of this that makes me feel good. And I know that probably sounds hard in the moment. You just got a bunch of your shit stolen, which is why we first tried to distance ourselves

from it. But that's where you're going to have to go. You're going to have to decide the version of this story that's going to make you feel good, right? Imagine a breakup. Most people, when they have a breakup in a relationship, they feel bad. And they choose a story that's going to make them feel worse, which is, oh, my God, all those years we spent together, it's time wasted. I'm not good enough or she's not good enough or whatever the reasons are, right?

We come up with a story that makes us feel bad or we come up with a story that makes us feel good, which is, man, now I know what I really want. Now I'm ready for the right person. You know, you want to walk out into the street and just look left and right and say, you know, next, you know, I'm ready. And so there's a version of the story that'll make you feel good or bad in any given situation. The power is in being able to choose what the story is and not just having the default one put on you. So that's my like mentality mindset rant.

Ben, what do you think? You've had your fare of gut punches. Have you ever had something like this? Yeah, I mean, in crypto, I think like a year ago, I had like a few ETH stolen out of my wallet, and I was crushed. And I think I actually called you, and I was like, dude, it sucks.

I just lost a few Eath because I stupidly clicked on a Discord scam. And I think what you said was, that's the price of admission. Every single person in crypto has had that happen, and that's just the name of the game. So I don't know. My perspective on it is like, yeah, definitely been gut punched a ton of.

in crypto. And I also feel like every crypto when I've ever gotten, I'm mad that I didn't sell it at the right time or I held too long or bought too late. I think that's the name of volatility too. So I'm just like, that's the, you know, I'm going to get a huge home run because I play this game and, yeah, learn from my mistakes. Yeah, there's also like this phrase with investing, which is I've never done, I've never done an investment right, which means on an investment that worked out, I should have always been earlier and bet more. And on an investment that's wrong, shouldn't have bet or I was too late or whatever. And so you'll never, ever on any investment feel like you did it right.

You'll always be kind of kicking yourself wishing you had done it either bet bigger or better earlier or whatever on it. And so I think the thing you said that's right, which is it's the nature of the game. And so, you know, crypto, NFTs, this is the Wild Wild West right now. There's a reason your NFT can go up in 10x in price in one month or 100 X in price in a year or like, you know, I don't know how much bored apes were, but like I think a year ago, they were under one each, and now they're like, whatever, 140 or something like that. So, you know, 140 X in a year.

So one of the reasons you can get these types of gains is because it's the Wild Wild West. But what comes with the Wild West is that, dude, it's not safe. There are places where you could stub your toe. And me and Sam, I think, said this on a pod once, which was, if you become an entrepreneur or an investor and then every time things go anytime disaster strikes or things go poorly

or things go down you're like emotionally a wreck because of it and I'm not saying calling it's but it's very easy to become close to an emotional wreck when things go down it's like you signed up to go you waited in line to go on a roller coaster and you strapped yourself in and then the roller coaster went up and down

and every time it went down you were like oh my God I can't believe this like get me off this thing. It's like, dude, why did you get on a roller coaster? You know, like if you choose entrepreneurship or you choose investing, if you choose investing, you got to wake up in like the last four months, dude, I've lost millions of dollars just because I wake up and every day is red. Stocks are red, crypto is red. Everything's red. I haven't seen green in months, dude. I don't even see the color green, right? Like, I'm starting to text people on Android just so I could see the green speech bubble, dude. Like, I just want to see green.

And, but that's the reality. It's like I signed up to be an investor. What did I think it's always going to go up. It's like I signed up to, you know, do this crazy crypto stuff like, yes, this crazy shit where, you know, I'm playing this, this game where you're, you're a self-sovereign individual, you're custodying your own assets. Well, there's going to be times where you didn't custody it very well and it got stolen. And so, you know, same thing with being an entrepreneur is you got to ask yourself, am I just complaining that the roller coaster went up and down? And, and that's a way to not let yourself be a victim. I think one of the, most, the, most, positive traits somebody can have is that they never let themselves be a victim.

No matter what happens in their life, they view themselves as the person in control and the root cause of whatever has occurred. And in doing so they give themselves the power to make things good and they give themselves the accountability when things go bad. And so, so, you know, I think that's a, just a decision you got to make up front. Am I going to let myself ever play victim and look for kind of pity? self-pity or pity from others, or you just take that off the table, you say, nope, I'm never going to play that game.

And so that means on days where my shit gets stolen, somebody didn't steal my NFTs. I let my NFTs be stolen. And you, right, so you take control over what happened. And it hurts in those moments, but that decision to never play victim is like one that pays off, you know, in spades, you know, for the rest of your life. Ben, what did I miss? Also, it's a great opportunity for a Twitter thread right here, how I got my NFTs stolen. Yeah, this is the beginning of every great story, right?

I've had this many times where I get a cease and desist letter and then we turn it into marketing for our company. I've had it where, you know, Google or Facebook will launch a clone of our app and your investors will send you a link and be like, hey, did you see this? It's like, yeah, motherfucker, I saw it. Like, I saw that Facebook has cloned our app, you know, pixel by pixel and that, you know, this, you know, $500 billion company is now competing with us. yes I saw the news but you know you got to sort of like in that moment it's like this is our chance this is our story of course they're going to copy us we're on to something right of course they're going to copy us pixel for pixel because we have the right solution right and you have to decide what story you're going to tell yourself and your team and the people around you so that again

you're going to feel some kind of way would you rather feel bad or feel good that's all you got to choose i tell ben this all the time what ben started this off time about the sun's winning and uh ben how do you feel when the sun's win amazing Ben, how do you feel when the suns lose? Pretty down on myself. Pretty down on everything. So you ride the roller coaster and you let yourself feel bad. And so, you know, that's a choice you're making right now.

At some point, you might decide to play the game differently, which is, I'm going to, is it possible to feel great when your team wins and not feel shitty when your team loses? Yes, that is possible. Sounds like it's breaking the rules, but like that's what you do when you're like a life hacker. He's like, yeah, you break the rules. It's like, I'm going to play the game. I'm going to play the game on my terms. And so there is a version of that.

And like when your businesses have issues, I think when the businesses have issues, you don't let it get you down at all. And you're able to take the wins in stride really well. Do you have an example of that? Like something where we've taken, we've had a situation where other people would have felt down, but we spun it.

Does anything come to mind? I mean, I think we're in one right now, right? Like we send the Milk Road and we've had some deliverability issues recently where the open rates have dropped a little bit and we can't really tell, you know, we're trying to figure out why. And I think there's one version where you freak out about that and you make it ruin your week or ruin your day. And there's another version where you just take it in stride

and know you're going to figure it out. This data is wrong every freaking time. Have you heard of HubSpot? HubSpot is a CRM platform where everything is fully integrated. Whoa, I can see the client's whole history. Call, support tickets, emails. And here's a task from three days ago. I totally miss.

ClubSpot, Grow Better. Yeah, like, you know, you fast forward a year from now, this will be a forgotten footnote on the overall story. And even when things are really crazy and, you know, something really bad happens, like, you know, in my e-commerce business, our entire shipment for Christmas got seized and flagged and then inspected. And then we had to do a recall and like all this stuff. And the people, you know, people on my team were all like, oh, my God, like just for this, you know, one eighth. of an inch, you know, this random, random seizure for no reason just because of random inspection. And then on one item, they found a one eighth of an inch discrepancy. Oh my God, this is so unfair.

This is so bad. Blah, blah, blah. And it's like, all right. Like, dude, look. Like, you know, we, and I created a channel in our Slack called highs and lows. And I said, let's put them here. Let's, let's document the highs and lows. And I think every startup should do this, honestly, is document the highs and lows.

Because it'll just get you used to being like, when you go in there, when things feel really bad and you want to go in there and write it down and you've it's like you see the last one six months ago and you're like oh yeah that felt pretty bad too but i've like i've totally forgotten that our business has grown two x since then and like oh you know just the way that that one turned out to be nothing this one's going to be nothing too i'm going to eat this and i'm going to like use this as an opportunity to learn like oh shit we didn't even know these this one eighth of an inch rule we had to go like you know change the measurements of something like i'm glad we knew now versus when it's bigger right i'm glad this has to

because that's going to lead to all these good things. And so, you know, there's, we had an example like this where, like, I'll give you another one with our e-commerce business. The warehouse manager that we had hired, it wasn't working out. Then we found out they were trying to, like, you know, sort of like copy our business in a way and like launch a competitor or something like that because, you know, they're in the warehouse. They see businesses going great. So they wanted a piece of the action.

And this was a moment where our team was sort of like, you know, immediately felt betrayed. and then upset and was like, well, you know, what should we do? Should we change? You know, should we, we're going to have to make a change. It's going to be so hard. And those are the moments where you need to show the most poise, right? That's when, that's when strength matters is when things get hard. And things are easy is not when strength matters.

So it's like, oh, dude, I've been training for this. I've been training for these times of moments. Finally, I got a reason to use these muscles that are in my body to be able to be strong here. And so it was all about poise. It was all about basically coming up. with, all right, let's first be still. Let's not overreact. Second, let's decide how we're going to approach this and respond to this situation,

not react. And then in that response, it turned out where actually we ended up finding this amazing manager and we ended up saving all this money. Now, we couldn't have seen that up front. In the moment, it felt bad. Now, three months later or two months later or whatever, it's like, oh, dude, we found this thing that's saving us, you know, $2 per order, which is going to add up to be hundreds of thousands of dollars of extra profit saved because we've, we've found.

found this new manager, who found this new process, who found this new thing, and we would have never done that had that disaster not struck. And so once you go through life enough, you have enough experience, you realize, oh, it's all working for me, not against me. And once you decide, it's all working for me, then the next time the disaster strikes, she's like, all right, cool, what's this, how is this working for me? And you don't panic. And then the people around you're like, man, how does this person never panic? They never freak out about this stuff. And then that becomes the culture of the company. That's where you want to be. Ironically, I'm good at that and everything except when it comes to Phoenix Suns basketball.

Yeah, well, that's because you're fit, you're mentally fit. It's like, you know, you're mentally fit with your upper body. It's just you'd never do leg day, right? So it's like everybody's got something in the gym where they're really strong at it. It's easy for them. It's hard for others. And then they have something that's easy for others, hard for them. And that might be calf raises.

That might be whatever. And so, like, you know, you can take a bodybuilder, but you go put them in a Pilates class and they're struggling because they don't have the flexibility. or maybe the core strength of coordination to be able to do some movements. And so everybody's got these moments that are, these situations that are harder for them. Like Ben Wilson, I'm curious for you. What's the thing, give me yours.

What's the adversity, disaster strike situation where you're pretty good? And then what's the adversity or disaster strike situation where you're pretty weak? What's your version of leg day? I'm actually like, because I'm a pretty relaxed person, I tend to do pretty well with adversity.

but like personal attacks really get to me. Like bad things happening in the world, don't bother me. Bad things for other people don't care. That things for me, really care. If it hurts my bank account even or like whatever, like I just kind of, I move on with life. But if someone says something bad about my character or, yeah, insults me or something like that. The one I think of that I think I dealt with pretty well was I was in Barcelona and it relates to

what this guy was talking about. And I'm sitting there at like a like a cafe. So imagine a cafe. I'm on La Rambla, which is like a walking street. And so I'm facing this big street with a lot of people. And I'm eating dinner and I've got my phone on the table and I'm reading my phone as I eat dinner. and this old woman comes up to me and sticks a sign in my face and starts asking for money. But the weird thing is, I speak Spanish and she's not speaking Spanish. And so I don't know what she's saying. She's got a sign right in my face. And she's speaking clearly asking for money, but I can't tell what she's saying.

And I was like, what? I don't understand you. And she keeps saying something. I'm like, go away. I try and kind of shoe her off. She leaves. I'm kind of shaken up. and after like a couple seconds reorienting myself,

I go back to my dinner, I realize my phone was gone. Someone had stuck the sign in my face and underneath it had taken my phone from off the table. And I run off and go search for her. And of course, even if I'd found her, she'd probably handed it off to someone else and the phone was gone.

And that is the kind of thing that I actually like deal with. Okay. Like obviously I freaked out for a couple minutes. Was really mad and was stewing. But eventually I was I just kind of like, was like, okay, I'm okay. It was hard to explain. Like, I was freaking out because I didn't have a phone in a foreign country and it was

like scary, but I was like, I'm okay. I've got all my fingers and toes. And it was like actually a good opportunity to kind of like reevaluate of like, all right, this is going to mess with a lot of stuff, but all the things that actually matter in my life are not affected by this don't being gone. Right. I'm going to also give a technique because one, one part of the philosophy.

Another is just a simple technique you can do. So how do you actually. be still. How do you actually get to the response, not the thing? And it's really annoying when bad things happen. And then the advice you're getting is like, it's okay. Don't worry about it. Shake it off, you know, because it's like, no, in the moment I feel bad, I feel some sense of loss, you know, and so, you know, it's very hard.

And so the actual technique here is a Tony Robbins technique that he calls the 90 seconds of suffering. And the story is Tony goes to India and he's like, he's taking his platinum partners. And these are the dudes who's like, you go. go to the beginner Tony Robbins event, you're like, oh, my God, this guy's the Messiah. And so you're like, oh, if I pay 25K a year, I get to go on a trip with Tony and like, I get to be a platinum partner. And so you pay, maybe it's even more than that, it's 100K or something like that.

You pay some crazy amount of money and you become a platinum partner. So he took his platinum partners to India to some like, Ashram in the mountains. And he's like, you know, just giving them a unique experience. And he goes and this like kind of guru guy in the mountains is like, oh, Mr. Tony Robbins, you know, blah, blah. And he's like, he's like, how are you? He's like, oh, I'm fantastic. You know, life is amazing.

I feel so grateful saying all the Tony Robbins things in his like monster voice. And then they're like, the guy was like, you know, said something like, you know, but how, you know, he said. So how are you dealing with your suffering? And he's like, he's like, suffering. Like the hell are you talking about, bro? Like, I'm Tony Robbins. I'm not suffering. I'm Mr. positivity.

I got my platinum partners here. We're in India. I'm teaching. I'm not suffering. They might be suffering. I'm not suffering. And he's like, but I just saw you a moment ago.

You know, you're whatever your employee was saying about the thing they forgot and you got so upset. You were telling them how they should do it differently. You totally changed your face. And he's like, oh, well,

you know, that was just, we have this, I want this trip to be great for our partners and, you know, this person dropped the ball. And, yeah,

I guess I kind of lost my cool. But, you know, I really care about blah. He's like, he caught himself. He's like, oh,

okay, I'm just just justifying. And he's like, like, that's not suffering, though. Suffering is like, you know, look around in India. You see people suffering on the streets. And he's like, he's like, it's the same thing. They have a different cause, but they feel the same thing.

They feel suffering in a moment, right? And so he goes, he goes, you know, you, he's like, you are Tony Robbins. I see you now and you're, you're bright and you're happy. You're lit up. You're energetic. You got the, you have your charisma, all the stuff. And he's like, don't make your happiness so cheap, Tony Robbins. And he told him and he was like,

happiness cheap what do you mean he goes that and he's like that guy just did this small thing and your happiness he took your happiness so your happiness had a very low price it only took a very small thing to acquire your happiness it took it away from you and so what you want to do and so my takeaway from this was like you want to have this like you want to be the louis vaton of happiness you want your happiness to be very expensive that it takes a very very big event even bigger than all your nfts get stolen for for something to take it away so you have to decide the price of your happiness. Is your happiness going to go away if someone gives you a wrong look or cuts you off

in traffic or your delivery gets your pizza delivery on DoorDash gets delayed? Are you going to get upset? And it's not upset in a big way, but like you lose that joyful state of mind you could otherwise be in. And so he gave himself this thing. Tony came up with this technique called 90 seconds of suffering. He goes, okay. So I started to notice these little moments where I would lose my state.

I would lose my state of mind where I was no longer in that kind of happy, grateful, you know, optimistic, enthusiastic state of mind. he's like, and I would just decide, all right, I can't prevent feeling that feeling. Like, it's very hard to just prevent it, but I can contain it. And so he's like, I'm going to give myself 90 seconds to suffer. And after the 90 seconds, I got to let it go. But I get 90 seconds to do it. And of course, what happens is like, you know, if you don't give, if you don't timebox,

it is very easy to like have something ruin your day or even kind of get you down for a week or a month or a year and you're depressed all of a sudden. So time boxing is valuable. But the funny thing is, if you do the 90 seconds of suffering, we're like, all right, this shit happened. I'm going to give myself 90 seconds. Within like 24 seconds, you'll be like, all right, whatever. I don't even need to do the whole 90.

Like, it's done. Like, I know it's going to end anyways in 90 seconds. Do I really need to sit here and wait the 90 to feel bad? Like, if it's going to end in 90 seconds anyways, you end up not even doing 30. And so that technique of like giving yourself 90 seconds of suffering whenever whatever happens has been. like pretty game changing for me.

And so, you know, I'd encourage you to do that. All right, your NFTs got stolen. All right, have at it. 90 seconds to suffer. Suffer fully in as much as you want for 90 seconds. But the agreement is at the end of that 90, you no longer get to get to suffer about this. At the end of the 90,

you're going to take a deep breath, and you're going to change the story in your head about what's making you feel bad. Because it's not that your NFTs got stolen. It's some story about that. It's how much money you've lost, how you're not going to get them back, how you spent so long collecting them,

how that was your favorite one. That story is what's making you feel bad. And after 90 seconds, you've got to change that story. So that's my advice for one question Friday. That's it. Peace out.