Latest posts of: yndye

Robert Kiyosaki is one of the authors that has a big influence on how I view things when it comes to finances. After reading "Rich Dad, Poor Dad", I have learned so many things that will be helpful to me.

There are three things I would like to tackle on:

Quote

4 - Debt is always bad.
6 - Cryptos are the way to make money and be successful without having to put effort into it.
8 - To become rich I just have to be more clever and streetwise than everyone around to get my share of the cake.

For the first one, I don't think debt is always bad. It will be bad when you borrow because you want to buy a luxury or a want rather than a need. Example, when you borrow to buy the latest model of cellphone then that would be bad. If you borrow to invest in a business then that would be good. It would be good for me as long as it is revenue-generating in which I would be able to pay back my debt through it.

For the second one, cryptocurrency is just one way to get rich. There are still so many businessmen who are in traditional business that are getting rich. If you use crypto to get rich, I don't think there is no effort involved. You still have to work hard to achieved your goal.

For the third one, you don't need to be more clever than everyone because there would always be someone that would be greater than you. You just have to work hard and then work smart to get ahead.

Although a decade has almost passed, we are still at the stage of infancy because only a small percentage know about bitcoin and even lesser for the ones who are using it. Gold has been discovered for more than a century already so compared to crypto, we are in the early stage yet. Although the price of bitcoin has increase tremendously, it has still more room for growth because we are still not at mass adoption. The volatility of the price is a sign that the coins are yet to find its true value. USD has been fluctuating in value before but it has found its stability so it will happen to cryptocurrencies in the future. It might take a few decades but it will happen.

I think it would not increase as much as it has increase in year 2017. It has increase more than 10x until the end of the year. With the price now, there are many speculation that it would increase to as much as $25,000 which would be 2x or 3x to the current price. With all the good news surrounding cryptocurrencies since some countries are willing to regulate it then mass adoption would continue. Some people who are skeptic about it are starting to get involved with it because they can see a potential. The usage of blockchain technology is going to new heights as well.

It's not necessarily the price of the coin but the total market capitalization has more weight on whether a coin has a more chance to moon. If you have a coin that has $0.0001 in price but has a supply of a trillion coins then it would be less likely for it to moon because it has a big supply compared to a coin that has a price of $0.1 with only a million supply. It is easier for the coin to go up in price if it is only listed on a few exchanges because some groups would attempt to pump it. Usually those lower market cap coins are only listed on small exchanges. Some coins that has low market cap do not moon because they don't have an active project and some are abandoned by developers.

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My strategy is to trade only one coin but I will not go all in. Although you will have a possibility of earning big profit, there is a bigger risk as well of having huge loss. The conservative strategy would be to divide your capital into four so that when the price go down, you can buy it again and you will have a lower average price. I am buying it until such time when I exhaust all my trading capital but if it continues to go down then I would just set a stop loss to not loss more. As for me, going all in every time I trade is just being greedy.

Quote from: J Sykes on April 28, 2018, 10:43:35 PM

'If you give a man a fish, he will eat for a day. Teach him how to fish and he eats for a lifetime"

This quote for me sums ups the best strategy for succeeding in cryptocurrency. Too many people trawl through forums, articles and youtube videos looking for what people say will be the next big coin. All you are doing here is accepting free metaphorical fish of people. A better strategy would be to learn about blockchain, distributed ledgers, distributed consensus and immutability. Then look into geopolitical events, then look into other economic markets outside of cryptocurrency for macro trends and then you will be able to make decisions on solid projects for yourself. This whole movement is about becoming independent so relying on other peoples opinions to form your own is a very dangerous game

This is only not applicable in cryptocurrency but in all aspects of life. Basically, if you wanted to survive in this world, you need to know the things yourself and not depend on others all the time because time may come when you cannot depend on others anymore so you have to do it alone. As early as possible, learn the things your self like when you are trading or investing in a coin. You should decide for yourself so that you will learn more if you made mistakes. If there is someone in the future that ask advice from you, teach him how to do it so that he will do it himself in the future. We need help from time to time but there are things that we should decide alone.

Quote from: Xanxus024 on May 01, 2018, 03:30:20 AM

Bitcoin will survive as long as the supplies are still circulating in the market for sure it become more valuable in the near future and bitcoin will survive as long as the community still supporting bitcoin, So our task as a supporters we need to spread a good thing about bitcoin and ignore those negative news.

Bitcoin will be valuable as long as it has supporters and it will be use either as an asset or a currency. Bitcoin has the first mover advantage and it has remain at the top. Someday, another cryptocurrency can either take its position being number one but still if bitcoin is use continuously then it can survive. It will take a hundred more years before all the bitcoin will be mined and maybe during that time, one satoshi is like one dollar already as long as the mass adoption will continue. We need to continue to educate some people who are willing to learn and for those close-minded people, do not mind them.

Quote from: evichi on April 29, 2018, 12:43:16 AM

Trading cryptocurrency is a worthwhile venture and largely depends on the amount of time and resources invested in it. Just like any venture in life, if you put in more energy into' it you will definitely creep rewards. It requires putting in a lot of time to Learn new strategies. The pros must have taken their time and resources to arrive at where they are now. Nothing in life comes easy. With consistent effort, trading is a worthwhile venture.

Good point! Trading requires time, effort, knowledge and capital. Others may think that trading cryptocurrency is easy because it is just buy and sell but when you are in trading already, you will realize that it is not that simple. Those pro traders spent years for them to get to that level wherein they were able to control their emotion and they are consistent in their trading plan. They know when to take profit and cut loss. They know when to accept that they lose in that profit and when they have profit, they would have trailing stops to secure profits. I am still aiming for that level being consistent with my plan because it is worth it.

It depends on the terms of the campaign and the number of participants. There are bounties that have fixed amount and some are base on the token sold. Some have limited participants and some are accepting participants until the end of the ICO. If you join a campaign that has limited participants and has fixed amount then no matter how long or short the campaign, you will still received the same amount but if the bounty accept unlimited participants and your payment is base on stakes then your share would be diminishing as long as more participants are joining.