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Ask me about Bitcoin/Crypto investing

tr1ple6

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Amir prompted me to start a thread about Bitcoin/Crypto investing. Since the Bitcoin price is constantly rising, my strategy is simple, beat Bitcoin (easier said than done). I am a full-time investor and I would be glad to share what I know. If you have any questions feel free to ask me.

Legal dislaimer: Although this is what I choose to do for a living, I am not an accredited financial adviser. Please do your own research before investing.

Damian
 

NorthSky

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Good morning Damian,

When did you first start to have an interest in Bitcoin?
What are the positive aspects you like about Bitcoin?
How are you doing today in this world we live in?

Cheers,
Bob
 

noobie1

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Damian,

Sorry if my question is OT. Can you recommend some good books/resources for novice who wants to get into full-time investing?
 

amirm

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Thanks for creating the thread. My question is simple: how does one buy and sell a bitcoin?

And what is controlling its price?
 
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tr1ple6

tr1ple6

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Good morning Damian,

When did you first start to have an interest in Bitcoin?
What are the positive aspects you like about Bitcoin?
How are you doing today in this world we live in?

Cheers,
Bob
Hi Bob,,

I first got interested in Bitcoin in 2012. I remember thinking that if I just knew about it from the beginning that I would be rich. Ironic that if I had invested when I first got interested that I would be super rich now too.
I see Bitcoin and Crypto in general as a path to financial freedom. There are not many other ways for the average Joe to gain real wealth.
I am doing great, thanks
 
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tr1ple6

tr1ple6

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Damian,

Sorry if my question is OT. Can you recommend some good books/resources for novice who wants to get into full-time investing?
I got started learning off Youtube but I wouldn't recommend that because it is littered with scammers trying to part you from your money. PM me and I can help you get started
 
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tr1ple6

tr1ple6

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Thanks for creating the thread. My question is simple: how does one buy and sell a bitcoin?

And what is controlling its price?
There are many ways to buy Bitcoin. You can buy it from anyone willing to sell. For US based people the easiest place to start buying is https://www.coinbase.com. There are also places like localbitcoins where you can trade with people nearby. Once you bought some Bitcoin you can trade it on an exchange for Fiat or against other crypto currencies.

And what is controlling its price? Supply and demand. There are a limited amount of bitcoins and more and more people want to buy every day
 
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tr1ple6

tr1ple6

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Let's not get fixated on Bitcoin. There are many more interesting Currencies and Tokens. Here is an example of a real world use case of blockchain technology.
 

NorthSky

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ASR is a public forum, an education platform for all. On all things scientific; audio circuit boards, DACs, audio cables, music from our computers, servers, hires audio, high level of happiness, best documentaries, films, best music for the soul, the pursuit of higher sound quality, the simplicity of life, the joy of being alive, the celebration of understanding, of doing the right analyses, of measuring well, the equilibrium in space, in time, on acoustics, on advanced science.

If we all want to learn in the advancement of science, including bitcoin, sharing it publicly is the way to go, IMO.
Yes, Bitcoin is secretive @ its foundation, for privacy and security.
...Unlike banks and all other financial institutions, including the stock markets, funds and bonds dealerships.

With that being said, please share the videos that are above the scammers and thieves and fraudulent bandits of the internet. Denounce the ones we should stay away from. Tell us all, what we ask for, so that we can all learn publicly and invest privately.

By the way, I find that all the expert financiers who spit on bitcoin are promoting slavery and corruption. They are like snobs who think they're above other people. That's the opinion I have of them, the experts of the financial world. ...Strictly economics with everything that comes with it.
___

P.S. While I was typing my post, after I submitted it, I saw your above video posting...cool.
 
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tr1ple6

tr1ple6

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Stay away from tokens with lending and referral programs. These are usually ponzi schemes. The most notable one is Bitconnect. Please avoid at all costs.

I like to invest in tokens that have some real world application. Here is one that wasn't a great investment so far but is a very interesting project
 

amirm

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And what is controlling its price? Supply and demand. There are a limited amount of bitcoins and more and more people want to buy every day
Thanks. This is the part that I don't understand. Who minted the supply and why is it that like currency more is not minted?
 

RayDunzl

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Who minted the supply

You do, if you want to try. You have lots of competition now.

(from memory - you can look up the details - maybe not 100% accurate)

It's all software.

Somebody (it isn't clear exactly who) started and distributed the software about 10 years ago. Who? Satoshi Nakamoto - Samsung Toshiba Nakamichi Motorola???

Coins come into existence by mining - discovering them - at a specified rate per day, the rate of which is reduced by half as more coins are found. You have to break the encryption or something like that to find the next coin. By running hashes until the software figures you matched one. It is impossible now for the casual user, since the other miners are executing terahashes per second in their search.

"Hash rate: 12.02 Exahashes/s"

What's exa-....

"Exa is a decimal unit prefix in the metric system denoting 10^18 or 1000000000000000000."

At first it was easy to mine them, because nobody else was.

There will be something like 21 million coins "found" over the next hundred years or so, and as long as the software remains intact and running, that's all there will be.

"there's a hard limit on the number of bitcoins that can be mined: 21 million coins, which is expected to be reached by 2140."

They are divisible to 8 digits. 0.00000001 coin is the smallest unit of trade.

Somehow mining is related to the blockchain which it a record of prior transactions (it's all distributed) and mining (proving the accuracy of the blockchain) becomes more difficult the more people try, and the number of coins that can be mined per day decreases by half according to some schedule.

To hold a bitcoin (or a tiny piece of one if you are timid) you need a "wallet", could be on a thumb drive or etc, and you use a public and private key in exchanging them.

Transactions are (can be) anonymous, and protected as having occurred by the data in the blockchain, which "everyone" has to agree with.

It's all very simple, and all very complicated, at the same time.

The code is public, if you want to try to figure it all out.
 
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RayDunzl

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tr1ple6

tr1ple6

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Thanks. This is the part that I don't understand. Who minted the supply and why is it that like currency more is not minted?
Ray's response covers your question perfectly.

As I said before there are many other currencies and tokens besides Bitcoin. Some can be mined like bitcoin and with others you can receive extra tokens by running masternodes to help secure the network.

Think of Bitcoin more like gold than money. It is too expensive to send to every be adopted as a proper currency. Bitcoin is a store of value for investment purposes, There are a few other crupto currencies that are cheaper and faster to send. They are also more environmentally friendly. Bitcoin has the first mover advantage so it will remain number 1 for a while.
 
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tr1ple6

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I wonder how many bitcoins I would have earned if I had done that instead of running this forum!!! :D
Mining Bitcoin is pointless because you are competing against massive mining farms and the more people that mine the greater the difficulty. If you had bought a few bitcoin with the initial investment that you put into this forum then each one would be worth many times more now. As a fun little experiment you can scroll down the below chart and see the price of Bitcoin when you started the forum. Let's say you invested $10,000 back then. How much would that be worth now?
https://coinmarketcap.com/currencies/bitcoin/historical-data/?start=20130428&end=20171208
 

amirm

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Looks like the price was around $450 when I created the forum. So every dollar in there would net around $35. A $10,000 investment would have netted $350,000!!!

Then again I would not have had the friendships I have with you all.... :)
 
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tr1ple6

tr1ple6

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Looks like the price was around $450 when I created the forum. So every dollar in there would net around $35. A $10,000 investment would have netted $350,000!!!

Then again I would not have had the friendships I have with you all.... :)
... with that kind of money you could have bought our friendship;)
 
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