Bitcoin Anyone! The start of the 2024 bull run.

[scolopax]

Don’t know much about crypto currency. Very sceptical like many others I suppose.

 

but this summer I was speaking to a full time loader about his clients, the type who can afford to shoot big game days very regularly through the season. As I expected most are older wealthy businessmen, but an increasing amount are much younger ‘bitcoin’ millionaires, they have made large fortunes in crypto, they are real people and there are probably more out there than we realise.

[39TDS]

The modern day paths to riches bewilder me. It seems the days of hard work being the path to wealth have been replaced by gambling on pretend money, being a Youtube "Influencer" or flashing your blurter on Only Fans.

It is a very strange world.

[Cranfield]

In any form of speculation/gambling the mantra has to be that you only speculate/gamble what you are prepared to lose.
I invested in bitcoin in 2014 and sold in 2021, my return was very good. I considered reinvesting, but felt that the whole system was getting shaky and exposed to fraud/hacking, etc. I think its more vulnerable now than it was then.

 

[7daysinaweek]

10 hours ago, scolopax said:

Don’t know much about crypto currency. Very sceptical like many others I suppose.

 

but this summer I was speaking to a full time loader about his clients, the type who can afford to shoot big game days very regularly through the season. As I expected most are older wealthy businessmen, but an increasing amount are much younger ‘bitcoin’ millionaires, they have made large fortunes in crypto, they are real people and there are probably more out there than we realise.

Nothing wrong with being a bit sceptical. If it peaks your interest, do some light reading around it. 

 

3 hours ago, 39TDS said:

The modern day paths to riches bewilder me. It seems the days of hard work being the path to wealth have been replaced by gambling on pretend money, being a Youtube "Influencer" or flashing your blurter on Only Fans.

It is a very strange world.

Depends what you define as 'hard work', as you allude to a certain degree that trying to make money from some forms of cryptocurrency is a quick path to wealth without any form of effort. For a very few individuals, they become wealthy for very little effort when buying or selling cryptocurrency. For sure, for some buys, it is pure gambling, no different to going to the betting shop and chucking money on a horse or boxing match.

For other aspects of serious trading within cryptocurrency, it requires a degree of fundamental technical analysis, macro and micro global economic factors analysis, on chain cryptoghraphic analysis which has taken me literally thousands of hours over the past 10-12 years to learn and apply. No one taught me and it has been a bloody hard learning curve. 

How I see it, trading energy commodities is for many a form of work for many?, such as gas, oil, electricity. If not, what is the difference to my trading of Etherium cryptocurrency which is used by Visa card as part of their global financial settlement network. It is a emerging blockchain technology that like many cryptocurrencies have real world uses. No different to many stocks and shares. Bitcoin is now recognised as a distributed ledger asset that hedges to an extent against inflation. 

Agreeably there is lots of garbage within the crypto trading sphere, but not everything has no real world value, and I do agree as you may allude, that what does not help are stupid 'influencers' that jump onto the crypto bandwagon with less than moral narratives and 'push' a poor narrative/application certain coin, as most people make a loss and are left holding a worthless bag of garbage. In many respects, garbage cryptocurrencies have similaraties to garbage penny stocks that offer no real world value, are highly speculative, are prone to pump and dumps. I see the poorer crypto coins as the penny stock of the crypto world. Most will go to zero, however, every now and again one will give significant gains.

I hold many cryptocurrencies that are effectively the fuel to run automated smart contracts for global financial instruments that are already being increasingly implemented into the global financial networks. What is increasingly changing, is that whether we like it or not, humans are getting replaced to an extent by blochain technology in some form or another. For example mrs7days is a accoutant, she has already seen a reduction in her work in certain areas due to the implementation of blockchain technology which is crypto. I put a link in below which estimates that a reduction of 50% of the work of accountants by implementation of blockchain. Worrying for us, but technology waits for no one.

https://journals.sagepub.com/doi/10.1177/21582440231222419?icid=int.sj-abstract.similar-articles.9#:~:text=Using blockchain with accounting in,of dollars for businesses globally. 

What I learnt was when trying to trade forex and in the stock market is that you are against extermely powerful market makers with much more effecient trading systems that you can almost never compete against, it is generally a closed market to retail. What has helped me is that within trading bitcoin and the like, is that I gained an edge by being able to access on chain data to help forecast the market to a degree that fell in my favour among many other factors.

I hope this gives you a small degree of insight into what some  forms of cryptocurrency are, for most people only get to hear the word 'crypto' and dismiss it to a greater extent without ever seeking any knowledge on the subject. That is fine, but thankfully, it is not all make up and silliness.

When I make my billions, I will drive over in my bentley and take you out fora 5 star lunch. Or if I lose it all, it will be a fry up in the local greasy spoon, dont book a table yet. 👍

 

5 minutes ago, Cranfield said:

In any form of speculation/gambling the mantra has to be that you only speculate/gamble what you are prepared to lose.
I invested in bitcoin in 2014 and sold in 2021, my return was very good. I considered reinvesting, but felt that the whole system was getting shaky and exposed to fraud/hacking, etc. I think its more vulnerable now than it was then.

 

There is lots of money in crypto and if you follow the space like I do, you realise just how many people are invested in it, for some it is a bit of fun putting in a small bit of money that they can afford to lose. For others it is serious trading.

This cycle will print more millionaires than the 3 previous cycles, as the long term holders of bitcoin going back 10-12 years will be taking profits at around a 100k and beyond. As you allude, it is 'new money', but the old mantra rings true with all forms of investment and trading, if that if if gives you the jitters, don't trade.

[mel b3]

1 hour ago, 7daysinaweek said:

Nothing wrong with being a bit sceptical. If it peaks your interest, do some light reading around it. 

 

Depends what you define as 'hard work', as you allude to a certain degree that trying to make money from some forms of cryptocurrency is a quick path to wealth without any form of effort. For a very few individuals, they become wealthy for very little effort when buying or selling cryptocurrency. For sure, for some buys, it is pure gambling, no different to going to the betting shop and chucking money on a horse or boxing match.

For other aspects of serious trading within cryptocurrency, it requires a degree of fundamental technical analysis, macro and micro global economic factors analysis, on chain cryptoghraphic analysis which has taken me literally thousands of hours over the past 10-12 years to learn and apply. No one taught me and it has been a bloody hard learning curve. 

How I see it, trading energy commodities is for many a form of work for many?, such as gas, oil, electricity. If not, what is the difference to my trading of Etherium cryptocurrency which is used by Visa card as part of their global financial settlement network. It is a emerging blockchain technology that like many cryptocurrencies have real world uses. No different to many stocks and shares. Bitcoin is now recognised as a distributed ledger asset that hedges to an extent against inflation. 

Agreeably there is lots of garbage within the crypto trading sphere, but not everything has no real world value, and I do agree as you may allude, that what does not help are stupid 'influencers' that jump onto the crypto bandwagon with less than moral narratives and 'push' a poor narrative/application certain coin, as most people make a loss and are left holding a worthless bag of garbage. In many respects, garbage cryptocurrencies have similaraties to garbage penny stocks that offer no real world value, are highly speculative, are prone to pump and dumps. I see the poorer crypto coins as the penny stock of the crypto world. Most will go to zero, however, every now and again one will give significant gains.

I hold many cryptocurrencies that are effectively the fuel to run automated smart contracts for global financial instruments that are already being increasingly implemented into the global financial networks. What is increasingly changing, is that whether we like it or not, humans are getting replaced to an extent by blochain technology in some form or another. For example mrs7days is a accoutant, she has already seen a reduction in her work in certain areas due to the implementation of blockchain technology which is crypto. I put a link in below which estimates that a reduction of 50% of the work of accountants by implementation of blockchain. Worrying for us, but technology waits for no one.

https://journals.sagepub.com/doi/10.1177/21582440231222419?icid=int.sj-abstract.similar-articles.9#:~:text=Using blockchain with accounting in,of dollars for businesses globally. 

What I learnt was when trying to trade forex and in the stock market is that you are against extermely powerful market makers with much more effecient trading systems that you can almost never compete against, it is generally a closed market to retail. What has helped me is that within trading bitcoin and the like, is that I gained an edge by being able to access on chain data to help forecast the market to a degree that fell in my favour among many other factors.

I hope this gives you a small degree of insight into what some  forms of cryptocurrency are, for most people only get to hear the word 'crypto' and dismiss it to a greater extent without ever seeking any knowledge on the subject. That is fine, but thankfully, it is not all make up and silliness.

When I make my billions, I will drive over in my bentley and take you out fora 5 star lunch. Or if I lose it all, it will be a fry up in the local greasy spoon, dont book a table yet. 👍

 

There is lots of money in crypto and if you follow the space like I do, you realise just how many people are invested in it, for some it is a bit of fun putting in a small bit of money that they can afford to lose. For others it is serious trading.

This cycle will print more millionaires than the 3 previous cycles, as the long term holders of bitcoin going back 10-12 years will be taking profits at around a 100k and beyond. As you allude, it is 'new money', but the old mantra rings true with all forms of investment and trading, if that if if gives you the jitters, don't trade.

You can , think and type , faster than I can read 😄

[7daysinaweek]

15 minutes ago, mel b3 said:

You can , think and type , faster than I can read 😄

I get my admin team to do it Mel.

Actually that is mrs 7days, 

Actually, it is really me typing , you can tell by my poor grammar and spelling mistakes, was never good at stuff like that. 

[mel b3]

3 hours ago, 7daysinaweek said:

I get my admin team to do it Mel.

Actually that is mrs 7days, 

Actually, it is really me typing , you can tell by my poor grammar and spelling mistakes, was never good at stuff like that. 

I reckon that if I got everyone I know to chip in , we'd still be slower than you 😄.

[zipdog]

Bitcoin Maxi here 👍

 

[7daysinaweek]

12 minutes ago, mel b3 said:

I reckon that if I got everyone I know to chip in , we'd still be slower than you 😄.

Surely not! 👍

7 minutes ago, zipdog said:

Bitcoin Maxi here 👍

 

How are you doing ZD?, I remember your contributions to my Bitcoin posts back in 2017.

I hope your crypto dabblings find you good and well.