Name: Bitcoin & Adpocalypse - Q&A 12
Uploaded: 2020-03-31T18:15:26.000Z
Duration: 14 min 18 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Everybody welcome to another Q and A In this unit, we're gonna start off by talking about Bitcoins.

So Bitcoin has been blowing up in terms of popularity and Price and I have been getting phone calls and e mails and texts and contact from friends of friends, of friends and family and all this kind of stuff.

And people were like, Should I invest in Bitcoin?

And I'm like, uh, if you could do the research.

So just like with anything, you should understand what you're investing into if you can't understand it, No, you should not invest into it.

Um, so with Bitcoin, you know, So So people were asking, Do I even own Bitcoin herself like this?

And I've been in Bitcoin of owned Bitcoin since 2013 and I followed it prior to 2013.

My main concern with Bitcoin back then was that the core of Bitcoin to me, the production of Bitcoin was flawed.

So ah, a lot of people I knew I was looking into mining Bitcoin and a lot of people I knew were mining Bitcoin and after doing the research was clear to me people who were mining Bitcoin and making a profit were actually thieves.

They were stealing electricity either from their parents, their dorms, something like that.

The people who weren't thieves weren't making money mining.

I was like, Oh, this is probably never gonna work because nobody can actually mind Bitcoin profitably without stealing electricity.

So that was my main concern, but and then also there wasn't really any use cases yet for Bitcoin.

There are a few things from time to time, but it was very rare.

So then around 2013 I started to see that Well, first of all, companies were getting into Bitcoin not to sell mining rigs, but actually just to produce mining equipment for themselves.

Mine Bitcoin sell the big Quinn and profit.

The mining process is legit, but I also realize the value of Bitcoin isn't really necessarily know The core of Bitcoin isn't mining Bitcoins.

The core of Bitcoin is the Blockchain network.

And so once I realized I was OK, Ok, this is it's different I was looking at in terms of mining, Bitcoin and training, Bitcoin and all that.

That was when I got into Bitcoin that I actually started doing automated trading of Bitcoin in the markets because the markets were so volatile.

There was a lot of money to be made there, especially when I first got started.

And then as time went on, I started trading for other clients and stuff like that.

And I actually did that for quite some time.

And, um, I stopped doing that, though, because people are people, I guess.

And so the main issue I had there was so for anybody who stuck with it for a long period of time.

So because because basically, at least, what we were doing was a grid strategy, which might mean nothing to you.

But basically you would sell as price would rise and then you would buy back his price would fall.

And so you just keep doing this even with little changes, like little ups and downs but also big ups and downs, and over a long period of time that would make money.

What was problematic was as Bitcoin would rise, the clients would pour more money into the accounts.

So in effect, what they were doing was buying the highs.

And then as Bitcoin will fall, they would lose their minds and they would sell Bitcoin.

And so so and then what would happen is a long enough timeline.

People would you know, you would keep having to adjust the start time of the performance of the account, and then people would be like We're losing.

And I'm like, Well, you're buying high and selling low and and so that was really annoying to have to explain to people over and over and over.

And when I finally stopped taking clients from the beginning to the end, I think Price started around like 600 or something like that.

And then at the end it was like a little over 1000 and I just went through the entire thing, and it was like anybody who's stuck from the beginning to the end made a lot of money.

They buy high and sell low, so they're just irrational.

I found that to be very stressful and just not all that enjoyable.

Um, so anyways, then I kind of lost my interest in Bitcoin around 2015 2016 because he's got really high.

So you couldn't transfer, like, $100 without paying, like an 8 to 10% fee.

So it was like, Well, why aren't why wouldn't we use PayPal?

Or if we wanted to move a a large amount of money, we would just do a wire transfer.

So So again, that just kind of started losing faith in Bitcoin because the use case was going away.

Also, not only just quick transactions and low fees was going away, but also centralization was happening both in terms of banking, mining and really also exchanges in general.

So there's only a handful of exchanges that are being used now.

There's only really handful of banks and really arguably, like two banks, right?

Maybe three, maybe three, like maybe maybe bit stamp, coin base and block chained out in voters or something like that.

I'm sure there are you confined graphs online, who has the majority holds.

And so with all the centralization, it's again I'm starting to see, like I'm not sure about this anymore.

Um, but at least in terms of transaction speed and fees, the Lightning network update to Bitcoin is set to kind of fix that.

So, uh, historically light coin has been the quicker and cheaper way to transact Bitcoin like like coin is the silver, the Bitcoins gold, as you might hear.

And so so light coin did have a purpose up into till the Lightning Network.

And now the reason why light coin is rising is my guess would be that people get on these exchanges and they're like up Bitcoin is $16,000.

I don't want to buy that, but light coin.

And I think that's what caused that to go crazy.

I don't think like coins gonna hold, but we'll see.

Um, And then there's a theory Um, of course, bring these over to so.

One thing I wanted to point out to you is like the high for Bitcoin on coin based was 19 3 40 But if you look at the other exchanges like bit, Finex, it was 17 to let tooth over $2000 discrepancy.

Um, that's because people were going to coin base and just buying on coin based because coin bases and easy exchange to get onto and buy Bitcoin.

That's where you're seeing that $2000 difference.

And that just tells me a lot of probably uneducated investors just got into Bitcoin there.

And that presents a pretty substantial risk because there just it's easy come easy go for a lot of people.

So I feel like if Bitcoin was to hit, like, 14 or even 13,000 there's gonna be a panic for sure.

So, uh, anyway, yes, So then we have a theory.

Um, which does have a use case, but it appears that use case is making a lot of money really fast and scamming clients.

So So with the ice, Eos it's a cool use case it's cool idea, but unfortunately, people are just super greedy in, and I think I'm not sure that's gonna pan out very well, but we'll see.

I mean, people said the same thing about the Internet.

It was mostly scammers and that kind of stuff.

So in a word that I probably can't use because I'm gonna get de monetized, but we'll talk about it later anyway.

Um, so with the theory, um, like I was contact, I get kind of at least weekly, but usually multiple times week by some I seo some company that's wanting to have a nice CEO, and they don't They're like they just want me on the team.

They don't talk about the product really, or what I'd be doing.

Oh, how much money I'm gonna make in the I c e o.

And I'm just like, clearly that's all you care about.

And so yeah, um, dangerous for sure, for sure.

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Bitcoin & Adpocalypse - Q&A 12

stuff

stick

panic

period