Summary of Glen Goodman's The Crypto Trader , livre ebook

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26 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 I met with a painfully shy Dutch postgrad student named Lars who’d started mining Bitcoin on his laptop when it was still worth just $3 a coin. Then he watched, bewildered, as the price rose to $100,000.
#2 I began trading Bitcoin in 2013, after the Mt. Gox exchange was hacked and 850,000 Bitcoins were stolen. The price of Bitcoin fell from a high of about $1,200 per coin to a low of $160, a fall of more than 85%.
#3 A cryptocurrency is a digital currency that only exists online. It has no physical notes or coins. You can usually only acquire it or spend it over the Internet, which involves transferring it from one account to another.
#4 In 2017, the world began to realize and appreciate the value of Bitcoin. As a result, interest in and prices of cryptocurrencies skyrocketed. However, as with all booms and manias throughout history, by the time most people got interested, the peak was already within sight.

Informations

Publié par	Everest Media LLC
Date de parution	01 avril 2022
Nombre de lectures	0
EAN13	9781669374749
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Glen Goodman's The Crypto Trader
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3
Insights from Chapter 1

#1

I met with a painfully shy Dutch post-grad student named Lars who’d started mining Bitcoin on his laptop when it was still worth just $3 a coin. Then he watched, bewildered, as the price rose to $100,000.

#2

I began trading Bitcoin in 2013, after the Mt. Gox exchange was hacked and 850,000 Bitcoins were stolen. The price of Bitcoin fell from a high of about $1,200 per coin to a low of $160, a fall of more than 85%.

#3

A cryptocurrency is a digital currency that only exists online. It has no physical notes or coins. You can usually only acquire it or spend it over the Internet, which involves transferring it from one account to another.

#4

In 2017, the world began to realize and appreciate the value of Bitcoin. As a result, interest in and prices of cryptocurrencies skyrocketed. However, as with all booms and manias throughout history, by the time most people got interested, the peak was already within sight.

#5

The power of FOMO, or Fear Of Missing Out, can be very strong. It can lead people to throw away their money on things that might not work, just to be the only person in the group not to miss out.

#6

Cryptocurrency was also a breeding ground for highly organized Ponzi schemes. These always involve convincing people to invest money in a scheme with the promise of unrealistically high returns. The organizers use the money from new investors to pay early investors the big profits they were promised, thus proving to newcomers that they can profit too.

#7

I warned my followers about the fraudulent cryptocurrency OneCoin, which is alleged to have a modern crypto twist on a Ponzi scheme. The key signs of a scam are unrealistic claims, multi-level marketing, lack of transparency, and closed trading.

#8

The promises of social media were an illusion, but the victims were real. The lady who contacted me wanted to break free from her difficult situation by getting into a genuine Ponzi scheme. Unfortunately, desperation to escape difficult situations often drives people into the arms of scammers.

#9

The price of Bitcoin was up, but not as much as it had been before. This was the denial phase of the crash, as investors continued to hope for a recovery, despite the fact that the slightest increase in price would bring about confident proclamations that Bitcoin was heading back up.

#10

It is important to protect yourself not just financially but emotionally as well. Losing most of an investment is deeply depressing, and the experience often puts eager traders off for life.

#11

By selling when the upward trend broke, I was able to collect my bumper profits and then sit tight, waiting patiently for the beginning of the next bull market.

#12

In 2009, an anonymous coder named Satoshi Nakamoto created the world’s first Bitcoin. It was a new type of currency that lacked any physical form and existed only as computer code. By dispensing with notes, coins, and any central bank management, it allowed fast payments across international borders and low transaction fees.

#13

To mine new Bitcoins, people use a computer program to solve a complex mathematical problem. The miners are rewarded for verifying these transactions with newly minted Bitcoins and transaction fees.

#14

The idea of Bitcoin is to have a single currency that can be spent anywhere in the world. It cuts out the middleman, and that is one massively expensive middleman. Visa’s revenues in 2017 were $18 billion, Mastercard’s $12. 5 billion, PayPal’s were $13 billion, and American Express brought in $33 billion.

#15

While it is not a simple matter of buying a bunch of cryptocurrencies and waiting for the riches to arrive, it is a fact that many cryptocurrencies will fail, while a few will become the Amazons and Googles of the future.

#16

The future may very well consist of a multi-crypto world where there are different cryptos for different functions. The great opportunity for crypto traders is to find the apps that will become world-beaters and buy their coins or tokens at an early stage.

#17

The earliest cryptocurrencies were forked from Bitcoin, and they were mainly aimed at making improvements. Litecoin, for example, was faster than Bitcoin.

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