Lethn
Legendary
 Offline
Activity: 1540
Merit: 1000
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February 08, 2014, 01:17:05 PM |
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I'm not making money yet but I'm certainly close now, I don't necessarily follow Austrian economics but I certainly believe in what they Austrian economists say, people like Ron Paul are usually the most level headed and rational out there but the main thing to do is research all theories and look at everything and personally I find that the only thing you can trust when it comes to an economy in particular is mathematics, a lot of economists tend to follow ideology rather than what is actually possible and what isn't, particularly the neo-keynesians who are all in charge of our economies at the moment.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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_Miracle
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February 08, 2014, 09:12:23 PM |
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(Thank you for the remind) Hayek.
Don't know how Hayek escaped me, he was influential to Von Nothaus: The man behind the U.S. Liberty Dollar who is still facing fed charges. I suppose if you wanted a good example of sound financial investments Warren Buffet has done well consistently: buy expensive stock in his company BRK-A (Six figures) or less pricey BRK-B (about 100). If he ever got bullish on bitcoin? The financial industry wouldn't even know what to think ;-) I started studying economics when I was 14, and have continued ever since (over a decade of immersive study). So far my forecasts have saved my parents retirement money from the crash in 2008, paid for college by shorting financials starting in 2007. Paid for all life's expenses, and lots of partying by buying the dip in gold caused by the crash. Earned a modest living, and built up some savings by trading currencies during and after college. Now, my favorite economist plans to exploit the biggest, most revolutionary, and lucrative opportunity he has seen yet to build a career and a life. (I studied every school o thought on economics I could find, and still do). It has been my passion for over a decade, and will be until the day I die.
I don't see how anyone can follow others advice. At least if I'm wrong about something I learn something, and become a better economist. Own your trades/investments people. Sorry if this sounds like bragging.. it is a little, but my main point is never to follow economists, take their different theories, into account, along with your own, and make your own choices.
Not everyone has an intuitive sense about markets, you are lucky that it happens to be your passion. I hope it works well for you and will be interested to read your posts on how you think bitcoin will fit into the scheme of things. |
There 'used' to be more truth in forums than anywhere else. Twitter: @cryptobitchicks Spock: "I am expressing multiple attitudes simultaneously. To which are you referring?" INTJ-A
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Mikcik (OP)
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February 08, 2014, 10:04:38 PM |
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(Thank you for the remind) Hayek.
Don't know how Hayek escaped me, he was influential to Von Nothaus: The man behind the U.S. Liberty Dollar who is still facing fed charges. I suppose if you wanted a good example of sound financial investments Warren Buffet has done well consistently: buy expensive stock in his company BRK-A (Six figures) or less pricey BRK-B (about 100). If he ever got bullish on bitcoin? The financial industry wouldn't even know what to think ;-) I started studying economics when I was 14, and have continued ever since (over a decade of immersive study). So far my forecasts have saved my parents retirement money from the crash in 2008, paid for college by shorting financials starting in 2007. Paid for all life's expenses, and lots of partying by buying the dip in gold caused by the crash. Earned a modest living, and built up some savings by trading currencies during and after college. Now, my favorite economist plans to exploit the biggest, most revolutionary, and lucrative opportunity he has seen yet to build a career and a life. (I studied every school o thought on economics I could find, and still do). It has been my passion for over a decade, and will be until the day I die.
I don't see how anyone can follow others advice. At least if I'm wrong about something I learn something, and become a better economist. Own your trades/investments people. Sorry if this sounds like bragging.. it is a little, but my main point is never to follow economists, take their different theories, into account, along with your own, and make your own choices.
Yeah¨... the problem with this prominent figures like buffet or others might be that they might be saying something (sell gold! for example) and doing the other thing (buying gold). I think this happened with Sorros... Is there a way how to really tell where the money of these characters is? For example Buffets company, the Berkshire or something, can i publibly view somewhere in which companies does it invest? Because i think that majority of the Buffets money is in this company, so where it invests, buffet invets... Right? Not everyone has an intuitive sense about markets, you are lucky that it happens to be your passion. I hope it works well for you and will be interested to read your posts on how you think bitcoin will fit into the scheme of things. |
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_Miracle
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February 09, 2014, 06:56:44 AM |
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Sure Mikcik,
you can read the reports put out by a company. How much of the truth is in them and how much can be understood are very different things.
It is not difficult to view the history of a company these days. (Graphs...oh how I love charts and graphs ;-). It's easy to pull up an old interview on youtube to observe what a person said in order to compare it to what they did.
When I was investing it would most often be companies whose products I used, then I would pour through quarterly/annual reports maybe understanding some of them fractionally by the end.
When you are talking about anyone who does anything well, one thing typically comes through clearly...a passion for it,
often to complete distraction.
Buffet reads financials and enjoys it like the latest/greatest comic book.
Tesla like many other driven scientists, eat, think and breathe science.
Programers read and change code in their sleep.
Writers, artists, explorers....some politicians (before they become "professionals").
You could have followed Bill Gates and his interest in licensing computer software to "make money".
So far economists have been wrong.
Even the ones with the best ideologies have a huge problem when it comes to implementation...humans are in that equation.
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There 'used' to be more truth in forums than anywhere else. Twitter: @cryptobitchicks Spock: "I am expressing multiple attitudes simultaneously. To which are you referring?" INTJ-A
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Mikcik (OP)
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February 09, 2014, 12:03:30 PM |
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And do someone remember some particular case when a subject (a company or even an individual) praised one thing but in reality acting in different direction? (i think for example that i read somewhere that at some time :-) (20010-2013?) George Soros was trashing gold and silver (in media) but still his company was buying it at that time). But i didnt check this info for authenticity... Did anybody of you experienced something similiar?
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Dr Bloggood
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February 10, 2014, 01:40:21 AM |
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Now, my favorite economist plans to exploit the biggest, most revolutionary, and lucrative opportunity he has seen yet to build a career and a life. (I studied every school o thought on economics I could find, and still do). It has been my passion for over a decade, and will be until the day I die.
Who is it?? Who!?? Ha ha, don't give us such a cliffhanger! Sounds like you have been very successful. What's your opinion on BTC and the economy as a whole? Do you have a prediction for the BTC-price? |
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_Miracle
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February 13, 2014, 12:18:33 AM |
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So far the advices of the world renown economist Al Capone have been really successful for me  Al Capone's best advice would likely be..."pay your taxes" |
There 'used' to be more truth in forums than anywhere else. Twitter: @cryptobitchicks Spock: "I am expressing multiple attitudes simultaneously. To which are you referring?" INTJ-A
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asfbhero
Newbie
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Activity: 48
Merit: 0
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February 13, 2014, 04:23:45 PM |
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BTC is hard to predict in terms of a "final" price as in where it will be once it stabilizes and trades with similar volatility as other "standard" currencies do to day. By this I mean what price we will be at at the top of the "S" curve pattern that I believe prices will follow. I feel very safe, betting on something like $2000, simply because the final price will be huge, $10,000 -some people are saying $40,000, $100,000. With the limited number of bitcoins, if it succeeds, which I believe it will, wall street money will come in, global money, and the price will have no choice, but to go that high. There's nothing wrong with big numbers, currency prices are simply ratios BTC:USD.
Another thing that I've noticed has been the hatchet job that main stream establishment wall st. press, like bloomberg has been doing to btc. This has given me great confidence. The reported on what happened with mt. gox, very inaccurately when any google search would have explained what happened correctly and in detail. In any form of trading or investing, when bad news comes out, and a stock/currency/whatever, stays strong, that is usually an evidence of strength, as has been reported many times by bloomberg when bad news hits a stock, and it recovers strong. But with btc, it crashes, then rebounds almost immediately, bloomberg says "ohh it must be delusional miners who are holding on irrationally" The establishment is scared. They don't scare easy. This is very good for btc.
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Dragoo
Newbie
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Activity: 3
Merit: 0
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February 13, 2014, 04:34:21 PM |
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Hayek.
Just watched this http://www.youtube.com/watch?v=EWZXAypjt1oThank You! I'll start trying to read him too. Billyjoeallen, It was eye opening to see the things going on from the ground floor and I agree...this ain't over. Money as it is; isn't working. The bailouts, too big to fail? That was some messed up shtuff and if you think people get panicky here? You should have seen Zillow and Patrick.net 2007-8. Doomers and Cheerleaders. There is a certain freedom in having nothing to lose, now if I can only get it UP to "nothing to lose" ;-). I consider this loss as tuition for the "lessons". When it comes to bitcoin the tech and the currency it would be nice to see it move forward...freely and for people to prosper. Having lived amongst many newly wealthy (silicon valley) it becomes apparent that the general public, is not always money savvy. Smart people, putting decades of accumulated stock options on the margin. One of them lost the stock to the margin call AND then owed taxes on the "gain". So many things will change as bitcoin changes, so this is a learning time for everyone. Economist who are dismissing this now, are doing a disservice to their field. +1 |
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