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My Crypto Views & Recommended Resources 7 Years In – Epi-2955

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Time marches on, the world changes and if you are thinking person therefore so do your opinions and recommendations.  If there is any place this applies when it comes to what I discuss and teach on the podcast it is cryto currency.  When I first purchased and started taking crypto it was Bitcoin only and the year was 2014.  Bitcoin was trading for about 300-500 dollars at the time.

Since then I have watched alt coin and tokens rise and the industry grow to a 2 plus trillion dollar industry.  There are now public companies with Bitcoin on their balance sheet, major investment management firms and banks are offering crypto to their high net worth clients and while the US has not yet, some major nations have approved Bitcoin and Ethereum ETFs.

Along the way I made a lot of money with crypto and I lost a lot too.  I also lost a ton of opportunity by not doing more or holding longer.  I have a shot gun I love but by today’s numbers I paid 47,000 dollars for it.  At the time I gave 600 in bitcoin for it and it was worth about 1200 dollars.  I had to learn not to think that way, and I will explain why today.

At one time we really though crypto, specifically bitcoin was destined to be a method of payments, many of the alts want to make bitcoin better for this purpose, but it is becoming clear that it isn’t really necessary.  The world has changed a lot since 2014, and few places has it changed more than the world of crypto.

Lastly this is the largest economic change any living person has seen or will see, ever.  So no I will not stop talking about it.

Join Me Today to Discuss…

  • What makes crypto currency work
  • What makes bitcoin special
  • What makes ethereum special
  • What the hell is a bitcoin maximalists and why are they called “toxic”
  • Some cryptos that I think will exist in 10 years other then BTC and ETH
    • Monero and/or ARRR (something 100% private)
    • Litecoin
    • Someone like Cosmos, Cardano, Algorand, etc. may be a few
    • Community specific coins like social media or exchange coins (like BAT)
    • Stable coins, we sure don’t need them all though
    • DAO tokens will be used as securities or similar
    • Honestly the rest is a crap shoot, of 1000s the majority are worthless
    • Always ask, what is the utility of the token/coin and does it really matter
    • Many may have uses but not necessarily value (of the investment type)
    • Bitcoin will kill many, may be even many of my picks, but here is the catch
  • My recommendations for exchanges
    • KYC vs. No KYC – what does it mean, why many are both
    • KYC Coinbase is fine to get started
    • No KYC – CoinEx is really easy to use and fixed their ARRR problem
    • DEX Exchange – Polarity (my DEX experience is limited)
  • Biggest risks to crypto right now
    • Everyone is making money on shit coins, it will end badly, again
    • NFTs are the tulip mania naysayers have been blathering on about
    • NFTs are also an incredible technology with many real use cases
    • Leverage is high and will also end badly
    • The stupid are jumping in (Doge Boys)
    • The government but not how you think
  • The trends I think you really can’t ignore
    • Institutional money is flooding in but so far its only a fraction of a percent of what is possible
    • An ETF is coming, everyone knows it and it is being stalled for a reason
    • More countries are going to come on board with El Salvador, it won’t all look the same
    • The dollar has been far more damaged then current economic seem to indicate
  • My recommendation for wallets
    • Do not hold more than a small amount on an exchange, exchanges have been hacked
    • Be careful how much you hold in software wallets, they are secure BUT…..
    • For a hardware wallet consider Ledger or Trezor see links below
    • My favorite multi currency software wallet is Exodus
    • Why I would not necessarily trade inside a wallet with KYC
  • Some things I think we already in crypto need to be honest with ourselves about
    • More regulation and reporting requirements are coming
    • You are going to have to pay taxes on crypto in some way
    • We should adapt our strategy now, not later
    • The story of the 1099K
    • In the end regs may actually make you rich if you are not stupid
  • The goal here should not be to get rich, the goal is to not end up poor

 

Resources for today’s show…

 

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Crypto Resources Mentioned Today

 

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Comments

My Crypto Views & Recommended Resources 7 Years In – Epi-2955 — 2 Comments

  1. Looking forward to listening to this one. How I wish I had started dabbling in crypto back in 2014 when you were mentioning it but we were nervous. Now I am practicing with a smallish amount 0.3% but plan to work up to maybe 3% of liquid assets in cryptocurrencies, which would be a much more meaningful amount vs what I’m doing now in the kiddie pool of experimentation. Need to go back and review once again your prior shows on wallets, etc.

    But I still have a lot of fear about screwing it up and losing it through my own human error. Thanks for continuing to post about crypto and bringing people along with you.

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