I will start with the good news: it’s still early in the Crypto game. Very early. You have not missed the boat. You can buy Crypto today and you’ll be way ahead of the exponential S curve we are entering. Everything up till now has been a test. The launchpad is ready and we are now loading rockets to the moon.
The bad news: you don’t own a time machine so you can’t got back in time and buy Bitcoin at $700 as I blogged about or flip that Bitcoin to Bitcoin Cash at 10:1 from August 2017 to November 2017 before BCH exploded above $1,000. C’est la vie, bitches.
It’s time to take a page out of the good book of Kanye. Think for yourself. Here’s some places to start.
Stop trying to change your life trading stocks. If it was going to happen it would have happened by now. You can continue to play the “seeking alpha” game grinding yourself into insanity looking to beat an index fund by 3% and risking getting 2 years of returns wiped out in a single swing of your FANG portfolio, along with every other FANG chump, due to Zuckerberg admitting he has sex with chickens or you can step into something new and reap the benefits of being an early adopter of the biggest thing since the Internet. It’s really your call how you live your life.
Make no mistake. Stocks may have been good to you but they can’t hold a candle to what’s coming in Crypto.
So I’m inviting you to make the leap. There is risk. I won’t paint a utopian scene in Crypto because it doesn’t exist. People get REKT. But you can greatly increase your chance of riding out the volatility and establishing a base on the freaking ground floor before the entire cryptoverse launches with extreme levels of vigor and massive green dildos.
It’s amazingly simple to get started. Use some common sense:
- Don’t chase shitcoins. Too good to be true is a law of the universe. If you play that game play to win. In and out with profit. Don’t let a trade become an investment. The flameouts in Crypto are too numerous to mention.
- This is a game of survival of the fittest. If you are not clear on why your coin will survive the law of the jungle then you shouldn’t be holding it.
- Pick your winners then hold them. The crypto tree gets shook hard. Really hard. If you can buy that panic, great, but you probably won’t. Just don’t bail your core positions because of FUD. Have some conviction in your trades.
- Consolidation is coming. Buy the cream of the crop. The insanely profitable alt coins seasons are fool’s gold. There is a lot of money to be made, but it’s the outlier scenario. Unless scalping momentum is your trading style, don’t fall for it. You’ll do better sitting tight on good coins.
- If you are an alt coiner, buy the absolute bottom of everything. Spread your bags far and wide. Then wait. It may take six months and some of your bags may go to zero, but history has rewarded this strategy very well. I don’t personally care for it, but it’s an option.
- Trust no one. Consider the crowd to always be wrong. Stay open minded.
- Have a plan. If you stick it out till massive profits accumulate I promise you’ll be visited by GREED. Have a sell plan and stick to it. You will be tempted to ignore it. ASK ME HOW I KNOW.
Those are random bullet points off the cuff. But you get the idea. The key point is to get started. To ignore the FUD and burrow in knowing and accepting there will HUGE swings in volatility. You are not buying an index or a blue chip. You are buying instruments designed to alter the future world of finance and their volatility are going to be extreme, as will the rewards of getting in now ahead of the majority.
Don’t ask me about your random shitcoin. I don’t care. I’ve been very clear about where I have put my investments and will update if anything changes. No, I don’t recommend BTC.
Near term, I think EOS and BCH are the most promising coins. I expect them to be the new ETH and BTC and to possibly destroy all Alts in cannibalistic fashion.
Also, don’t do what I do, which is to be irresponsibly allocated into Crypto. I have years of experience juggling this dynamite. Just 10% of your portfolio in Crypto can make a huge difference. Increase as you see fit.
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Can you explain why people steal Bitcoins if blockchains work as advertised?
The only way Bitcoins are stolen are if the owner is careless with their security.
Also, your question is retarded.
Maybe hes not that retarded. Credit cards insure theft, and nobody has without a doubt solved the problem of theft in the financial world competely. I would imagine if crytpo people are so intelligent they can envision a solution to the many facets of fraud. Sometimes it good when people dont agree with you by the way.
Crypto requires personal responsibility. There’s no intermediary to bail anyone out. There is also no intermediary to seize your funds or put a lien on your account.
I know the safe spaces we travel in today make the concept of personal responsibility seem strange and alien. How would you ever survive without someone watching over you?
The problem of theft has been solved. You can’t steal Bitcoins. It’s a truly secure system.
You can take advantage of another person’s lack of personal responsibility to secure their coins and empty their account, but that’s not Bitcoin’s problem.
The better question is how do we make using Crypto easier or more secure. That is being worked on but there’s no avoiding that each individual will have personal responsibility for that security at all times.
Why did you disappear at the end of December and go completely silent during the crypto-carnage, then crawl out of the woodwork and start posting again only a few days ago after the recovery?
I stopped posting because it stopped being fun for me. I don’t get paid for this. It’s entertainment value only.
I called a correction in December on Twitter that would happen in February. I nailed that call. Sadly, I didn’t trade it like I called it.
The Mt Gox bankruptcy bitcoin sale might have had something to do with the 3 month correction. I’m happy that idiot did what he did though. I got everything at an 80% or more discount.
You can’t do a fraudulent transaction with bitcoin cash or something similar. You CAN maybe steal someone’s private key or wallet or something like that. I.e., you could install malware to steal someone’s stuff, do dns injection redirect to switch address receipt location or make fake MEW stuff as well or something but that’s more akin to user error than something inherently similar to fraud.
Re silence? Maybe because some of us didn’t sell the top and have had to sit on our hands during the bear market. From a high of $4400 to a low of $6/700 this all literally takes nerves of steel. You’ve watched your portfolio drop near 80%… However, at this point it looks like we’ve bottomed across the board in the market for most coins. Now you’ll see which ones shine and what’s a turd.
I feel like your list of what to do can be interpreted in any way you please.
At some point an equally weighted basket of crypto will make a lot of money. Doesn’t really matter what end of the spectrum you play as long as you’re diversified. The two below end up in the same place:
1. An equally weighted basket of 10 of the biggest coins, where one goes 10x
2. An equally weighted basket of 100 alts, where one goes 100x
It’s the old public market returns vs private market returns argument. You end up in the same place because the areas that give you the biggest returns also require far more diversification in order to not blow yourself up.
There are ~1500 coins now. There will be consolidation. The malinvestment will not continue indefinitely. Those 100 alts will be 10 alts and all the money will move upstream. My caveat is that we may retouch ATH then crash again because the alts are still rallying. Too many greedy noobs entering with dumb money.
Can you elaborate on why you like EOS so much? Thx
It is ETH 2.0. Has a team with proven track records building high volume crypto projects. Took the long road in development, including six months of price getting murdered. Has a huge war chest of ETH it can dump on market to kill it’s competition. May be able to deliver on dapps in a meaningful way.
Thank you, I’ll do some further research on it. Do you have an opinion on NEO? It is one of the few I am holding long-term.
Thanks for laying it out here as you see it, CS!