Iran, USD, Canada discussed on The Cryptocurrency Podcast with The Startup Coach
So Iran, just announced that they're going to acknowledge that bitcoin mining is an industry. I. Think it in USD terms, bitcoin boosted in pumped to over twenty thousand dollars USD Therion was over nine hundred dollars USD this week, which is, is quite a difference. And so this is on the Fiat on and off ramps that haven't really existed in Iran. But now are being discovered and so you, you see where they're inefficiencies in the market. And where there were there is good news than, you know, it, you'll, you'll see it really kind of pump and then further. To iran. There's, there's been other news in the market, as well as light Demetre fear familiar, but some wallets that have been associated with silk road were recently seen sending some, some funds are some bitcoin, too few major exchanges and. Some people speculated that, that might be associated with the dump. But then those were just shortsighted assumptions because this is actually been going on since beginning half of August, so you don't not quite it might have been the reason for some, some. Nice activity in some of the privacy coins, that's also been speculation. So I think that. We've seen a big dump as you start to watch the market. Any start to see some of these trends where bitcoin wool will be in a small uptrend up until a certain point where it encounters resistance. And then once it gets rejected than it might fall quite quickly back down to where it's got a bit more support. We'll see if we print new localized lows on this fall down is the next localized run to resistance is going to be the next bull run. Nobody really knows. I think everybody really wanted to be, but the, the, the, the market is a different time now we've got bit max, and we've got the derivative market going crazy with plenty of trading volume. Even if we did see a huge demand would we? See the same spike that we saw at the end of dozen seventeen not likely not not that hard, but as ETF's are decided upon as more projects, meet their goals in actually release invasion. I think that we've got a lot to look forward to. I think it definitely lot look forward to with more regulation, and a lot of the stuff with the deaf set. The everyone seems to be planning a lot of stuff tied to have so interesting. I think the crypto market seems to be chasing the finance market from a when anything happens in the market place. We have to justify it. So we have to come out with the story that explains it on the market went up because of this market went down because of this. It doesn't really mad or but they need to be rationalization and make sure everything is good. I just think the crypto market isn't as good as a rash at, at the rationalization yet, I, I have to agree with you, there, I think that the markets are still quite inefficient. And so even when they're. There's a bit of good news that comes out, you might see a small pump but until that news really makes it around until an opinion can really be formed. Then you might see a delayed pump later for that given coin in relation to late news. And it's, it's, it's funny how that happens because in traditional markets when news comes out, there's so much efficiency, the, you know, within within the second news has been interpreted evaluated about whether or not, it's positive or negative sentiment. There's a default evaluation and analysis on that given asset, and it's got a new, and what's generally very close to accurate result of what that acid is now worth in. So it's amazing level of efficiency. But in my opinion, it means the traditional markets are very difficult for the layman or for the retail investor to invest effort to receive alpha. Which is a return over above the, the risk compensation that they were expecting. So a lot of people are asking me. Now looking at these markets, if it's time to buy a lot of people come to me, looking at the right moment, the right deal, and I found that really isn't a sound, crypto currency investment strategies. Now, let's put all the money in now what is your advice for, though, for people asking is now the right time? Sure it's a great question. I get asked this question quite a bit is well and. It really depends because I it all depends on what your time horizon is, are you investing for the next ten years, if so, then the now's a great time to get it was probably a great time to get in before September fifth or you know, it's before this last plummet are you heavily impacted by temporary falls in the market the answer's? Yes, then you should take a serious look at how much you're putting into the market and should not put in more than what you're comfortable for, you know, with with looking out in seeing a much lesser number at sometimes what a lot of people try to do. They ask is now the best time in what they really mean is, is now the bottom is, yeah. That's all is, is now the best time has really become is going to keep going lower in, if when I say, well, it's, it should be expected that it can go lower. And they say is gonna go lower than five percent in, I don't know does that impact. To your Bill your, your willingness to go into the market now. And they say, yes, I sat right will great. You just answered your own question. If you're not comfortable with it going a little bit lower than you shouldn't put as much as but you're thinking if you are comfortable with going a bit lower, but you'd really like to be closer to the bottom, if that actually happens, then you should probably just put in some of what you're thinking of putting into in total, and you should probably plan on over time gradually adding to, to your to your pot. Right. And so you might if, if your total budget is a thousand dollars to go towards. Putting money away for the next five years, for example, then maybe not all that belongs in cryptocurrency, maybe some of it belongs in a more conservative investment. And then the part that you're comfortable with putting into risky investment than you should put some of that in the market when you make the decision to do it, and then some of it later based on your own belief and what the market is going to do. And the reason why say all this about belief about what you think is because at the end of the day. Would you coin to sleep? Right. You have to be able to sleep while on you have to be able to hold your bags with conviction when, when the markets tanking, and I'm holding EOS or credential or anything like that, right? I'm just look. I don't have everything that I plan on having in these positions. I'm an accumulation phase in, so as we see a temporary run-up. I'm selling a little bit from my position. And as we see these temporary runs down or run at runs down than or negative runs. Excuse me. Then I am accumulating more. And so if I can get a discount on the coin. That's great. And as it goes up, then I'll sell a little bit of the time. It's just in my opinion prudent portfolio management practices. And so, so do you have any advice for those looking to get into crypto currency right now? Get in getting. Yeah, it, it, it, well it if you're comfortable with it, and you've done your due diligence, and you're an adult and you're comfortable with making your own decisions than. There's usually in amount of money that people are comfortable with losing, or paying for the education. So if that number's one hundred dollars three hundred dollars in Brinda, bitcoin, or put into tether or put it into theory, and then branch out into some of the other old coins, you you'll find that you'll start to keep up with the market more you'll find that you'll keep up with development with specific projects. You'll find that you'll start to become a bit like. The expert if you will amongst your inner circle. And so the reason why I say that is because when you have skin in the game, then you'll keep up with current events because you wonder how that's going to impact, you is your hundred dollars worth eighty five. Now, is it worth seventy super thick? Is it worth ten dollars now? And then if the answer is ten dollars than congratulations, you've probably just destroyed a bunch of value. But you've taken a lot of lessons along the way. And so if you were to now put a new hundred dollars in would you I, I would expect that your newfound lessons would help you turn that hundred dollars in two hundred ten or one hundred twenty it's been fun to watch my friends take, first of all, take three months to get into buying? Sure. One, that's a whole other discussion and to once they actually put some money in twenty hundred bucks now, you know, a few thousand couple thousand here there berry. Much interested in tracking. They know you know, Tanner twenty different coins and the really following all the stuff that's going on. That's right. Yeah. Definitely depending on your risk tolerance. Throw one hundred bucks into something, and whatever you're comfortable, using generally say twenty dollars the people who are okay, because people see the price bitcoin was at sixty two hundred US today this morning. I think anything I don't have that much money. Well, you don't have to spend that much money, you can get in at one hundred or two hundred and what have you and by fractions of the coins, if you're somebody who's involved in the crypto spirit and you talked to somebody who's not involved. Please find a way to tell them that they can buy a hundred dollars or twenty dollars or ten dollars worth of bitcoin without having to buy the whole thing, very few projects or coins out there require you to buy whole tokens. It, it really is not a it should that should not be buried. Andrea. You're absolutely right. I've spoken to plenty of people who were very surprised in all of a sudden encouraged about getting involved when they learned that they didn't have to get in with eight or nine thousand dollars Canadian 'cause it's a big leap to go from. I think I'll give this a try to I think I'll put a significant portion of money into cryptocurrencies. Yeah, I agree. And so, I think just by some get a wallet start tracking it, you know, do your due diligence. Find out what you like what you don't like and, and it quickly becomes a addictive. Are there any resources blogs books or newsletters that you had found useful? If people are trying to learn more and get involved in this community. Absolutely. Actually, there's, there's nothing that can replace the human interaction. So there's plenty of events in her on the GTA. There's plenty of events Vancouver. Montreal. Calgary. It's, it's really important that people go to meet up or go to event, bright. And in just search bitcoin cryptocurrency these couple of hot words that will will spring up these events. You've got your own event that goes on a Toronto cryptocurrency conference. That's right. That's the one. And so, I know that I've met plenty of very impactful people there that I've been able to keep in touch with the bitcoin bay, these communities are very welcoming it. That's the best part is it is a close knit community like you mentioned before, but it's a very inclusive and very welcoming one. And so everybody starts someplace and you're likely to meet others that are just getting started. You're also likely to meet a few veterans it, but you're, you're guaranteed. Learn a few lessons. And when you go to these events talk to as many people's you can, you'll be surprise, you know, a lot of people who are dressed up in the in the suits, and whatever they're just getting in and they're. And they don't know what they're doing. And you'll find that the guy in the hoodie over there. He has eleven brick and mortar bitcoin banks, and he's doing this and doing that. And like these people are doing some incredible things all over the map and I see them coming to my events into other events and their stuff going on. So we have an events page Toronto starts dot com slash events. Go, so go check out the stuff that's going on there. You can see all the stuff coming up in the next month. Absolutely. And then to that point to the online communities are rich with information as well. So you've got read it. You've got certain telegram groups that you'll eventually start to discover through these actual events and through read it. So what's up groups telegram groups as well as we chat groups, depending on what region of the world urine? So you were getting to the end. This has been pretty long. It's been great. I'm giving me last words for audience. Sure. So it it's really important. Everybody. Keep an open mind to things right. I'm this coming from somebody who had very closed mind at one point. And I realized how much I missed right? And so it's just it's really important to keep an open mind to things and be skeptical ex- explore, but be cautious. Cryptocurrency is rich with with innovation and opportunity. But it's like anything else, it's filled with plenty of Trump's to in, so it supporting to just come to navigate as best you can. Great advice. So people wanna learn more about you, and who OB. Where do they go? Sure, says easiest to follow us on in our telegram group, so who will be official Canada, three words who will be official Canada. Could search up our telegram group is usually got pretty good conversations going on. You can ask questions interact with or moderators and interact with the community there, you can also follow us on Twitter at who'll be Canada, so it's H. U O B like Bob, I like indigo Canada, as well as you could follow or keep up, with are sub Reddit, which is also who will be Canada. And I'll have links to all those in the show notes then ran for coming out to take on talk to us today. Thanks so much for having me. It's been a blast..