Interview with Crypto Bitlord
By Panama Crypto
1. How do you explain crypto to older investors/ parents?
Hey, thanks for taking the time to interview me! I have enjoyed the opportunity to read about cool traders and personalities in the crypto space!
I always keep it as simple as possible. First I try and get them to understand that it is just as real as a physical object. Once you break down the misconception that it isn’t just some silly numbers they start to pay more interest. If they get the crypto bug they will certainly spend the time to learn more.
I grab whatever I can and just tell them. “Your bitcoins are as real and tangible as this object in my hand”. They aren’t going anywhere. If Bitcoin fails, your internet and communication systems are likely redundant.
Imagine it as digital gold. We use computers to mine it (crack code) and get the next block (12.5 BTC) every 10 mins. As more miners come to pool, it gets harder to mine. No more coins will be created save the scheduled block reward (halves every 4 years). You hold the coins in a wallet that contains secret code (private keys) and an address (public key). You use the private keys to spend them by authorizing a transaction with your password. People send coins to your public key (address).
You can’t reverse transactions. Once its in, its in until you send it!
As time goes on we have more people like yourself considering it as new asset class. One thing is for sure, now that you know about it, you have no excuse to not own some. Get some, even if its $50-$100 bucks and put it away for 5, 10,20 and 30 year periods.
Think about it like this,
Back in the early days it was easy to mine. You could do it with a laptop and easily crack blocks of 50 BTC. More people started to get interested and it became harder as the difficulty increased. You have the same amount of coins per block but now so many more people are trying to get them. The difficulty goes up! Then we started getting smarter and some punks figured they could use gaming graphics cards to mine with the power of 20 laptops. These guys would stock up and create “mining farms”. As the difficulty increases again speculators drive the price up and with so little supply the price skyrockets. Not long after GPUs people started investing serious money in mining and began developing these little chips called ASICS (Applied specific integrated circuit’s). They had 1 job and it was to mine bitcoins! Pretty soon it was impossible to mine with a laptop and GPUS had also been phased out. Bitcoin went from an interesting hobby to multi billion dollar asset class with nation states interested in bitcoin mining and blockchain technology. Now as that demand increases across the world, every 4 years the reward halves. Its basic maths really. You need to own some!
Remember through this whole period most people that didn’t understand Bitcoin called it a scam or a ponzi. When the price continued to rise they started calling it a bubble. After 8 years and $4000 later we still hear those cries.
2. What are your interests/hobbies aside $CRYPTO?
I go to the gym a couple times a week and play indoor football. I like wakeboarding, surfing, diving, fishing, MMA and hiking. Crypto is my main obsession and takes up most of my time.
3. If you had to shill any $CRYPTO, what would it be and why?
Right now I am focusing on the potential for atomic swaps and interoperability. Rather than shill a single unit I will share a basic strategy that I think people will get more value from. Its very simple! Divide your $CRYPTO portfolio in 3 sections.
1. Your long term holdings >5years
2. Your trading
3. High risk
Find a couple solid projects with trusted, competent developers. Load up and store it safely offline with the plan to come back in 5 years for review. Make sure BTC is in your little stash! Now let it be. Easy!
Now set some coins aside for trading. Your going to use this to get more bitcoin and other crypto. Set up a margin account and keep it under 5x leverage. I recommend 2x. Use this to hedge and also take long/short positions. Deposit a few coins across exchanges like Poloniex, bittrex, and Cryptopia. Research coins that have potential and take positions. Start small and accept losses. Improve and learn from mistakes.
Can be one of the most profitable sectors, especially when the project develops into a long term hold. Use a much smaller portion of your portfolio to take major risks. Accept that your chances of losing everything are much higher here. Stalk lower market caps under $2M USD. When you catch a winner, let it ride.
4. Your highlight and lowlight moment in $CRYPTO?
Going all in the 2014 ETH ICO, losing 70k ETH gambling.
5. #1 recommendation to $CRYPTO noobs?
Take the time to do your own research. Spend hours and hours weeks on weeks trawling through forums, chat rooms and white papers. Keep it simple. Learn how to manage risk and be patient. Quick cash mindset results in REKT. Don’t expect anyone to do the work for you. Guys that have been around the block have put the time in and you will need to do the same. Unfortunately your going to suffer some big losses and thats essential. Its how you bounce back from these and adapt that will shape your success. Think long, plan ahead. Whatever you do you always need a plan. Whats your 2,3,5 and 30 year crypto plan? Last but not least, keep your day job ;).
I am lucky enough that these crypto veterans/pro-traders answer my questions, so I can absorb their wisdom, also lucky to share their knowledge and wisdom with you. Immensely thankful to @Tcorp_ for his time and thorough answers.
I have noticed and is worthy of mentioning that most crypto OGs are very accessible an open to help ANYONE, as far as you are patient (they’re very busy 99% of time), courteous and polite (saying please, thank you, … never hurt anyone), and do your own homework (no one will spoon feed you).
Article written by Panama Crypto
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Original article posted here