One of my final questions, since you have been in the space for a lot longer um than a lot of people, especially all the new people funneling into cryptocurrency in 2021. What would be one of the biggest pieces of advice? You would give a new cryptocurrency slash. Bitcoin investor in the space today, yeah, i mean obviously start with bitcoin. You’ve got to get a firm foundation to understand.
You know what this thing is. You have to understand that you know everything else in the space is high beta to bitcoin. You know much more volatile, so you know if you’re thinking of like investing in the space, you have to understand that, unlike stocks and bonds and like these different asset classes, where diversification improves your sharpe ratio or improves your risk award of your investment in your portfolio, Um adding other cryptocurrencies over the long term over a five year horizon tenure horizon or whatever to a bitcoin position. Uh gives you a worse sharp ratio. It decreases your risk reward, so you will have more risk more volatility and less money over the the mid to long term, diversifying out of bitcoin into other cryptocurrencies.
It’s really hard for people to grasp that, because we’re just sort of like if you had any sort of like basic finance and you’re thinking about different asset classes. You know they don’t understand. Sort of, like you know, bet on the winner. I think that’s one of the nice things of having sailor in the space and just kind of like explaining, like once something hits escape velocity at like 100 billion dollars and is the dominant digital network in their niche. That’s the one to bet on and it’s got you know a lot of headroom from there and it will actually eat all of the remaining market share from all of its competitors.
I think that’s like a really important one and then the other one is. You know you know aaron thanks for mentioning education over and over again, you know my mantra that i say over and over and over again i’ll give the long version uh. If i can remember it, i’ve been using the short version, but it’s something like uh. You know the amount of value that someone is willing to store in the bitcoin protocol is directly correlated to uh, their understanding of bitcoin, uh and, of course, gigi took it and was like. Oh, you mean like so like the the more you know, the more you buy so yeah, the more you know, the more you buy um, but really it’s it’s the education that you put into your own brain.
That gives you the diamond hands that lets you actually ride out cycles that delivers the big gains right over time and unless you’re going to be stacking sats constantly all the time you know, you’re not you’re, going to fall short of where you should get to, and You know so i would i would you know i would read all of the good books. I would read yon’s book because it’s free go to swanbitcoin.com free book. It’s my favorite uh intro to bitcoin. It’s called inventing bitcoin.
We have a free ebook and a free audiobook, so pick that up all your users can just go grab it for free, read the bitcoin standard, read a fun book written by like a really good writer like digital gold, which was written in 2014 by a new York times author he’s written a bunch of books still doesn’t quite you know, get bitcoin completely, but he’s such a good writer and he does such a good job of of cataloging, the first five years that you know it’s still one of my top four or five Records to people um to read digital gold, i’m glad it was the first thing that i read about bitcoin. I would add to that. I really like uh dan held’s planting bitcoin series. That’S free online, where he describes how bitcoin wasn’t just created based on nothing. It was like planted specifically and solved all these problems.
He, you know pulls a lot from the bitcoin standard and other things that were written, that’s implanting. Bitcoin is great. I mean if we’re going to do articles still. The number one url that i send to people to this day is uh the bullish case for bitcoin by the vj boy, potty right, which was all the way back in march of 2018, and it’s still the best single article on bitcoin right and dan held’s planting Bitcoin actually like uses some of that or a lot of it. I think um, but i totally like echo what you know you said about um.
You know. Obviously you know bitcoin only stay away from old coins. In my personal opinion, you know i mean definitely like all of these old coins or 99. I’M not, i think some might make it, but like definitely the ones we have now 99 going to trend to zero versus bitcoin. Eventually, i mean i think 2021 is similar to 2017, but, like people don’t realize, i think, like that’s something everybody who’s been in the bear market, realizes that these old coin gains are fleeting.
Maybe you don’t even want to chase them. Um just make sure your bitcoin position is increasing. Whatever way you can do that because, in my opinion, it is a sure thing. Yeah yeah and you know, look at these look at these popcorn alts now you know and look at them in bitcoin terms versus their all-time high in bitcoin right. So you got like ripple back to a buck or whatever you know, but it’s uh.
I think it’s still down. You know 90 in bitcoin terms from its all-time high, because bitcoin’s way, up from the last time that ripple was four bucks or whatever in the first week of 2018, or something like that. You know these things they’ll all pretty much die. Eventually, that’s that’s why i think of it more like uh, like a trade, even though i know like most people shouldn’t trade, it’s bad, but that’s just the way i think about it: yeah, but either way, yeah and listen man. I have a lot of trader friends.
You know that’s how they make money they’re really really good at it. Most people are not really really good at it, and they’re, mostly giving money to my friends right right and then people just don’t realize that you want to make sure your bitcoin stack is increasing because, like you said with xrp, given enough time at most three years, But it could be a lot smaller, it’s going to just like lose value continually versus bitcoin, and it’s hard to see that if you’re just looking at it versus usd because that is that is the problem. If you’re thinking fiat terms versus bitcoin terms, yeah you’ve got to start to start to shift your mind and use bitcoin as as your base, currency, basically corey. My final question – and this is just a fun one. We like to ask a lot of our guests bitcoin at the end of this cycle above 250 thousand dollars or under oh the peak.
The people like the peak. Basically, do we have another 4x from here yeah four and a half x um on an even money bet. I’D say yes, but i’m not in, like the definite camp. I’D probably say: there’s like a 60 to 65 chance in my head that we go above a quarter mill in the cycle and is it because of the institutional fomo that we’ve already started to see? Is that the biggest catalyst um yeah, that’s the biggest catalyst?
I’D love to hear your opinion on a counter narrative if there is something that could stop bitcoin or harm it in 2021 or in the next few years. What do you think that would be yeah? I mean i think you guys hinted at it earlier. The the the most that somebody could do is kind of slow it down. You know, and and no individual country outside the u.
could really slow it down, because most of the growth is driven by innovation and buying power in the us um. So it would really just be some kind of you know: executive order or some kind of legislative action, probably affecting on-ramps in some way or trying to sort of like get their arms around bitcoin in some way. But you know they’re gon na find. That would only be very, very temporary. I think at this point, because it’s just too well understood and the opportunity is just too big and the us would just start to fall behind so very quickly.
You know i wrote a piece called 10 million bitcoiners a little over a year ago, that was kind of the mission statement for the company just before we launched, and a lot of that was around thinking that we needed to like inoculate against that, because i was Kind of assigning, like a mid single digit percentage chance of something like that happening. You know if brad sherman got some friends, you know to go along with, and you know try to do something scary to bitcoiners or something like that and i think between you know, paul tudor jones and sailor and skybridge and tesla and all the stuff. That’S happened in the 12 months since then. I now assign that percentage chance of of some sort of like major adverse action by the us government against bitcoin sub 1. Now i think it dropped by 90 and um so yeah, it’s really hard for me to imagine.
I would say like something: that’s going to really dramatically affect. Bitcoin is now firmly in the fourth quadrant, which would be like unknown unknowns. There’s no there’s no fud. That doesn’t have like a pretty well thought out fairly easy answer. At this point.
It’s been yeah. It’s been um sort of the the sharpest minds have talked all the uh biggest risks. You know to death, and i mean that in a good way, in the fact that you know that’s a lot of people, that’s what they have time to do and they’ve thought about all these big picture concepts all right. That was some great perspective. I, like it hey if you want to watch the full interview, check the description below link in details, how to do that and make sure you subscribe to our channel.
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My Thoughts on Investing in CryptoCurrency
Now if you’re just starting you can join places like Cryptsy and if you’re understanding of how to invest your money, but I would encourage you to join places like Coinbase. Coinbase is a really useful place to start your Bitcoin trading. Now this is because if you go to Coinbase now when you have no money it will give you back about 10 dollars worth of virtual coins. So you can start getting your feet wet. Then if you start getting an understanding of how to invest your money then you can start looking at some of the bigger coinages.
The good news is that this is a great method to get your feet wet with Bitcoin. What I have found I need to do is actually get my hands dirty with the virtual coins and only then will I start getting an understanding of how to invest my money.
There are 2 ways of investing your money. And they are called trading and investing. Now there is a difference between them. And that is they are different things to do the same thing. A difference between the two is when you trade or invest your money the market is your one hundred percent, it always will be right. There is never a problem when you’re trading with the market, with someone else’s money or in the market.
When you invest your money, the market has a problem. This is because you’re just looking to gain something. Now the market will go up many times when you invest your money. And it will go down many times when you invest your money. But when you trade, the market is your one hundred percent, it always will be right. And as you may have guessed, when you’re trading you have to win just to make a profit.
Now as you can tell, trading is a lot easier. Now it doesn’t have to be easy. This is one advantage is that if you want to, you can have it easy. And this is one advantage is that if you want to be successful with your trading, you don’t have to worry about the price going down when you buy or up when you sell. Because when you trade, the market is right.
To be successful, you have to be a student of the market. And to be a student of the market, you have to lose the game many times before you learn to win the game. And to be a winner, you have to make many mistakes before you learn to make many wins.
It is also important to take breaks from trading to rest, to eat, and to sleep. It is also important to not listen to the media, to not follow the advice of other traders, and to seek advice from those who have also been there, done that, and have a good trading sense than you. Because it is important to have people who have been there, done that, and have a good trading sense than you in your circle of influence. And it is also important to not follow them.
To say the truth, you need to let go of the past. To say the truth, it is important that you understand why you have lost trades, and to understand why you’ve won trades. To understand why you’ve had a run of wins and a run of losses, and why you’ve had a good run of wins and a poor run of losses. To get to the truth, you have to have the information, and to have the information, you have to let go of the past. This is why it is important to rest and eat, and to sleep and to study the market. To study the market, you need to take breaks and take the day off. To take the day off, you have to understand why you need to take the day off, and why taking the day off will help you to avoid loss. To avoid loss, you have to learn to win the game many times before you can win the game. And to win the game many times before you can win the game, you have to invest your money and time. It is very important to invest your money and to use your money and time in a wise way.
Many people have no clue on how to use their money and how to invest their money and when they should take a break and when they should invest their money and how much they should invest and when they should take a break and when they should use their money and time.
It is very important to understand the reasons why you have lost trades and to know to avoid lose situations.
If you don’t know why you’ve lost trades and how you’ve lost trades, if you haven’t had any real and honest discussions with your mentor, if you haven’t understood the reason why you’ve lost trades, if you haven’t had any real and honest discussions with your mentor, then it is very hard for you to invest your money and to use your money and time wisely.
In these difficult times, if you are losing, if you are losing and you are not improving, it may be very hard to win more than you lose. You mustn’t focus on how you are losing, or how you need to win more than you lose.
In these difficult times, if you are losing, if you are losing and you are not improving, it is very important to get the knowledge and the knowledge to improve.
Invest your money and use your money and time wisely, when you are making a loss it is very important to try to improve and to come up with new ideas and to come up with new practices, when you are making a loss it is very important to improve, to learn, and to come up with new ideas, because this is the way that you can win more than you lose.
If you are losing, if you are losing and you are not improving, it is very important to get the knowledge.
If you are losing, if you are losing and you are not improving, it is very important to learn, and it is very important to come up with new ideas, to improve and to come up with new practices, and in this way you will improve, you will win more than you lose and in this way you will become a better trader and in this way you will become a profitable trader.
How to Create Forex Trading Strategies
Many Foreign exchange newbies fail in Foreign exchange trading because they begin trading Forex without any kind of Forex trading techniques or standards. Possibly some spontaneous traders can make a ton of money occasionally, nonetheless Forex investors would certainly find that it doesn’t function in the long term one way or another and their irritated mood towards loss may accelerates their losing pattern.
Learn About Forex Trading
Some points need to be discovered before beginning trading in Foreign exchange. An appropriate overview is offered below: 1. Choose a broker. The very first step that is essential to learn concerning Forex trading.
Forex Trade Tools For Beginners
Foreign exchange trading is one of the financially rewarding services you will certainly find today. It may seem simple, yet it takes intelligence and also expertise to be able to prosper as a fx trader.
Tips To Make Money With The FX Trade Market
It is certainly possible to generate income in the FX profession market. Nevertheless, most investors never ever end up being successful in it. If you wish to start making money with Forex.
Take Advantage Of The Best Forex Trading Hours
The Forex Market is open 24-hour a day as well as initially this is exciting to brand-new investors that enjoy the freedom of being able to trade at any type of hr. However, success in this market depends significantly on when you determine to trade.
The Most Beneficial Forex Market Hours
The Foreign exchange market hours are available 24 hr daily 5 and 1/2 days per week. With these hours offered, Forex makes the opportunity to trade open up to individuals on the market practical for practically any kind of hour of the day.
3 Key Factors That Make Currencies Better Than Stocks
For numerous people the stock exchange is acknowledged as a reputable financial investment choice, while the Forex market is thought about a scam. Reviewing this article actually should help you recognize that, for numerous factors, the money market is a much better financial investment choice. Find out more and also take your final thoughts …
How Forex Broker Reviews Can Guide and Protect You
JUMPING into the forex profession is not as very easy as it sounds. You require to do research study, have an ample grip of just how the trade goes, know the type of individuals that you are going to be taking care of and preparing for all sort of possibilities. In order for you to get ready for all these, you require to read and find out first about forex broker reviews.
3 Key Factors That Separate Successful Forex Traders From Everyone Else
Several individuals intend to go after an occupation as a money trader. Others just need an investment option that helps them maintain the buying power of their hard-earned dollars. Reviewing this post really should help you realize that effective investors have no special abilities or abilities, they just think and do points in a different way. Do you intend to be a successful investor? Find out more to find out how …
The Best Forex Education
Trading foreign currency is among the services that many individuals enjoy today. However, it does not capture the focus of the media like trading bonds and also stocks. If you desire to do foreign exchange trading, there are points you will certainly need to intend very carefully.
Pros And Cons Of Currency Trading
Are you thinking about Foreign exchange trading? You ought to evaluate the pros and also the cons before you decide if this is a line of work you would certainly like to seek.
How To Profit From Box Breakout Strategies In Ten Minutes Per Day
While there are numerous trading methods that can be utilized to profit from currency trading, Box Outbreak methods stay one of one of the most preferred. There attraction hinges on the simplicity that they give trading as a well as the acknowledged potential to generate high earnings. This strategy to trading has actually long been utilized by traders for these really reasons. It is matched to both knowledgeable traders in addition to brand-new investors who are seeking a trustworthy means of making their very first revenues from Foreign exchange trading.