My Thoughts on Cryptocurrency (Bitcoin, Ethereum, etc.)

So for this vlog I’m gonna try something
a little bit different. Kind of impromptu but I
wanna get it out on Friday. Obviously it’s not Friday right now but that’s when we’ve
been doing the vlogs. So I wanna quickly hop to it, so the production is just
gonna be me sitting here. Let’s see what is the family relation. So my brother in law’s brother, so does that make him my brother in law, I don’t know what that makes him but anyways; an acquaintance. I’ll just put it that,
text me a couple days ago and was asking me, he’s
gotten into cryptocurrency and all that so I wanted
to do a quick video on this because I’ve had a lot of
people ask me to recently. Hey Clay what do you think about
cryptocurrencies, big coin, all those things, what are your thoughts and I really don’t have
any videos out there on it. And you know this is a
very fluid situation, one day they’re up super high, the next day you’ll read a
headline and they’re down 30%. So I wanna quickly go through this text because I have a feeling that several people are probably
wondering the same thing or some variation of it. So let me grab the phone and
I’m gonna just tell you all what I told him and then
make a couple other comments on cryptocurrency. And I’ll put this up on the screen too so you can see the text. He says, “been plinking around with crypto the past four to six months,
seeing some staggering gains. Anything I need to be thinking about, anywhere you could point me? Hope all is well ClayTrader,
hope to see y’all again soon.” Well first thing, he really calls me Clay, it’s not like in person, you
need to call me ClayTrader. I’m weird but I’m not that weird. But anyways so he’s been trading for the past four to six months
and a little bit of context, maybe you’re not familiar
with cryptocurrency but the past four to six months
and even longer than that but cryptocurrencies, they’ve
made quite a nice gain. Quite a nice gain. And Will is his name
and Will’s perspective, he’s used the word staggering so he’s looking at some staggering gains. So what should I do and I
have another video on this but I want to apply that same topic because it applies right
to cryptocurrencies. And I think a lot of people get mixed up when they hear the word sell. If you tell somebody to sell, their mind automatically goes to… Let’s just say, for example
sake you have 10 bit coins so just to keep the
math easy, 10 bit coins. If you were to say, why
don’t you sell your bit coin, most people, especially newer people are going to think, sell but
what happens if it goes up. They think that sell means
sell all 10 bit coins but that’s not what sell
means and I say that, I’ve seen it time and time again. When I first got started into trading, that’s what I thought, I equated sell with the entire position. Whether it’s all of your shares,
if you’re trading stocks, you know all of your contracts, if you’re doing some sort of
options or with cryptocurrecny again, your position of 10
bit coins, sell means all 10. That’s not what it means. So what I told Will
and what I would advise and what my opinion is, I’m
not a financial advisor, this is for entertainment purposes only but what I told Will you
can take it or leave it, this is not what I’m telling you to do but this what I, if it was me, this is what I would
advise myself to do is sell a portion. Again going back to 10, sell five. Yeah you can do that,
that’s called a partial sell and what’s the logic behind that. Well let’s say that you were wrong and bit coins just keep on sky rocketing. Well you still have 5 bit coins. Great so you can still
participate in the fun. But let’s say bit coin
craters, it’s all a scam, it’s all, whatever you want to call it, and it goes down and down and
then you know what it does, it goes down even more. You know what, at least you sold five, up at a much higher spot and locked in some gains way up there. That’s better than
having all 10 bit coins, where it’s drastically lower price. Do you have to sell half of your position? I’m not saying that but sell does not mean you
have to sell the entire thing. You could just take a
portion of your position. Maybe you have 100 to keep the math easy, maybe you wanna sell 1/4th,
so yeah sell 25 bit coins and you still have 75. Again if you’re wrong and
you shouldn’t have sold because the price just
keeps on sky rocketing, you still have 75 and vice versa is true
if the price craters, hey at least you sold 25 up when the prices were much higher. So that is my thoughts
on if you already own some sort of cryptocurrency
and you’re looking at, to steal Will’s word, staggering gains. Just remember sell does
not mean you have to sell your entire position. And then the second part, of what do I think of
cryptocurrencies, should I trade it, should I invest in it. I personally do not but that
doesn’t mean you shouldn’t. My only word of caution would
be, the money that you have, can you take that money
out into the backyard and light it up with a match. And if you do that, doesn’t
make any difference, or if you do that are
you thinking to yourself, uh oh I can’t pay my gas bill,
uh oh I can’t pay my rent, uh oh there goes my mortgage money. If that’s the case, then no, you should not be getting
involved in cryptocurrency at all for that matter you shouldn’t
be trading anything. So moral of the story here
what I’m trying to get at is, if you wanna get in it, I
don’t have anything against it. It better just be an amount
of money that you can afford to see disappear and if it is, yeah, see what happens with it. Because from that perspective, it’s a very good risk verse reward. If you can afford, let’s just say $100, if you can afford to flat out lose $100, then the risk is what $100
which we’ve already determined you can afford to lose. What’s the possible reward, who knows, maybe cryptocurrency is
the next huge mega thing and that $100 becomes a whole
lot more than just $100. So you’re risking $100,
you’re risking some amount that you can totally afford to lose for maybe much bigger upside. So that is what I think. Should you do it? Yeah go for it, if you can
afford to lose that money, every single penny of it because
that is a real possibility. Maybe this all turns out to
be some fly by night thing and it goes to zero but you know what, it was money that you could afford to lose in the first place. So it is what it is, its not like you’re going to be living underneath a
bridge or a cardboard box, little coffee can, none
of that’s gonna happen. And then the final thing
is, I had a comment, Oh blah blah blah, big
coin cryptocurrencies, its like the next internet and maybe it is but you have to also remember that for every internet that happened, for every big technological thing, think about all the things
that fell by the way side. It sounds awesome to say, it’s
gonna be the next internet and you could be right but there is many dead
bodies all around internet that were suppose to be the next big thing that never turn out to be. And I just bring that up
because that’s exactly why you shouldn’t be throwing your
kids college tuition money. I gotta pay my own tuition next month, I’m gonna use that money, or you know what I’m gonna
take six months of my mortgage because this is gonna
be the next internet. Be careful with that logic,
there’s a lot of dead big ideas surrounding the internet
which did ultimately work out. So hopefully that helps you out, especially if you’re one of those people that are holding some
sort of cryptocurrency, you’re up pretty big and you’re
not quite sure what to do. Remember, sell does not mean everything, remember if you wanna get
involved just use money that you can afford to light
on fire and see it disappear and its not gonna affect
your life anyways. And then finally, in conclusion, what is this some sort of
english paper, in conclusion, I’m such a loser, that was mean because for you people out
there that have good grammar and like to state
sentences; in conclusion, I apologize you are just
much smarter than I. Nate are you impressed,
Nate this is a vlog you’re allowed to talk. Nate say Hi to the viewers real quick. Are you in cryptocurrency Yes I am. Are you really? No I’m not, I don’t have any. Do you have any thoughts on it? I don’t I wish I’d a
gotten in three years ago. I do too, I’ll fess up to that, I wish I would of gotten… You know what it was funny, there is a college bull game
that I saw three years ago and it was like something, the
bit coin bull or something. I’m like, bit coin bull, what? If I would have bought in then… A viewer was like, yeah
that’s why I bought in cause I watched the bit coin bull, I don’t even know what teams
are playing but anyways, yeah I wish I would of
bought three years ago too. So that’s my thoughts, Nate’s thoughts, he wish he would of bought three years ago but any sort of questions or anything you can leave those down below but I think I’ve pretty much
summarized my view point on it. So I hope this helps, also
let me know about the format, do you like the fire side
chat, of just random topics, if so.
We need a fire place. That’s a good idea. Let’s build a fire place in here so we can do literal fire side chats. That’s a good idea. So yeah let me know if
you like this format, if you don’t that’s fine, we’re still experimenting with things but that is my thoughts on cryptocurrency.

40 thoughts on “My Thoughts on Cryptocurrency (Bitcoin, Ethereum, etc.)”

  1. I would ask him back: "what does your trade plan tell you to do?"
    If he has not yet written down a trade plan and not educated himself about his trading edge AND RvR, I would say "congratulations to your gains but understand that it is all fools gold. Get out of the market and educate yourself".

  2. Bitcoin was $6 per coin in 2010

    I know nothing about bitcoin but it's worth making a note of bitcoin, ethereum, litecoin, xrp, neo, and iota, prices now and let the prices show you whether it was a good idea to invest in crypto currency etc but digital currency is too new but already domain name Investors want to buy bitcoin at 20% above its current price so that they can sit on it for a few years

  3. Xrp is very new and was about 4 xrp to a $ which is good value but if I was investing for me I would buy $200 of xrp and forget about them for 10 years or so and forget I owned them and let them do whatever they do but that's me and I would not recommend anyone else do this it's just how I view investing eg that time is the best investment tool

  4. If you guys have under 100 dollars to invest. Go for the cheaper coins that are a promising business. For example: Golem, Ripple, Lisk, siacoin. They are all almost under a dollar and they have potential to become like an ethereum or bitcoin.

  5. Dude, you're one of the reasons I got into trading. I've been watching your videos since the beginning of this year and although I don't trade on normal markets like yourself your videos helped me get started. I REALLLLLLLY think you should take a crack at cryptocurrencies if you ever get the chance because you have a lot of experience as a trader and would do great in that market. If you ever wanna talk about it and just exchange information message me! I have a discord server where we can chat.

  6. You're so transparent Clay… This is clearly a signal to your army to start shorting bitcoin! I've noticed how many times you use the words 'down' and 'sell' in these videos. You also blink every time you say the word sell… It's obvious code letting people know how and when to start the avalanche! Lucky for me i'll be protected by this tinfoil hat I made!

  7. Teach your camera / computer / task rabbit friend there how to trade so he doesn't have to do THAT anymore and maybe even make you a better trader.

  8. Just curios.. for traders what's your day like? How many hours goes to trade and then what goes on rest? Workout shopping etc. just wondering. Thx

  9. How do I deposit funds on interactive broker. They ask for instruction name, I don't know what that is. I use td bank. I live in Canada

  10. Well hopefully he sold quickly after hearing your advice. I was just thinking a couple days ago that crypto currencies were approaching a very fat crash. Other than it being ridiculous to me I don't bash the idea of making a buck on it. I had this crash thought for no other reason than hearing how many non traders like my co-workers or acquaintances who were talking about bitcoin and maybe putting some money into it. I was hearing it too much from people not in the markets which no offense to them but I call this dumb money and when that much dumb money buzz is going on then smart money is selling to the overwhelming amount of dumb money. Plus I need something like NYSE regulation for example to toss money around in. I was going to buy Bitcoin a very long time ago (years) but there were all these disclaimers about if your money comes up missing and that they didn't guarantee the acct security where your money is sitting I just couldn't do it. All this in the small print. I'm sure it's advanced some since then. Anyway I don't know how crypto currencies can sustain at some of these levels. However, I would have said 2500 was the Bitcoin top and was very wrong. Loved the format of the video Clay and did I sense some professional lighting going on? Very crisp and it feels like we get to know you a little better in videos like this also. For that matter been really getting to know Nate as well lately. Very cool and talented guy. Both of you are. Sorry I write novels as a YouTube comment. Not sorry, they will continue.

  11. The "dead bodies" analogy can be used for literally any indices, any company, any equity, and any future. You should coin that $#!+…

  12. Cryptocurrency is just a speculation market. Nothing is backing it up, just people's speculations. Compare that to stocks which has the backing of a company's performance. Sure one can do it and ride the gravy train, but it can be derailed anytime. I can afford to lose $100 from it but why bother. I'd rather use that $100 for a surer investment.

  13. over the long Bitcoin history , NO one have ever lost everything Money holding BTC. if you hold it for 10year you will see a return.

  14. Not 1 single good big internet idea failed, name me 1. I will start making movies, because I'm much smarter than this dude. The movie is entertaining, though. I thumped up for you on the entertainment. Bitcoin will hit 10000 USD in 2017. If not, I'll give you who agrees with me in the reply 1000 USD. Tell me your reason you think so.

  15. The dead bodies are all the shitty ICOs. There's a lot of shit coins in the crypto marketplace. People need to do their research and focus on the coins and platforms with an amazing team, technology, funding, business model and road map behind it. Crypto's will make "staggering" gains for the next 5-10 years until it levels off and becomes like the stock market where the gains are normal everyday percentages, but for now do your research and make "staggering" gains. Crypto's aren't necessarily the next internet, decentralized apps are which are built upon crypto tokens. Bitcoin isn't a corporation. There's no headquarters. It's decentralized. There's a peer to peer copy of the blockchain database on every address. It's impossible to hack or manipulate. Thought it was a bubble at first until I did my research and then I was like "Damn, this is the real deal!"

  16. What exactly is bitcoin? I have the app on my phone so I watch the value of bitcoin change all the time and I understand that you can buy a percentage of a bitcoin or so many bitcoins but I’m confused to what it actually is, I can’t seem to explain it to other people.

  17. people are buying crypto's like they know the market of it. ya'll thinking you're 'pro' traders because you made some money with crypto's. the only reason these things are going up is because of the hype. you are just a bunch of fools buying waaaay too expensive coins in hope an other bigger moron will buy it for even more money. this must be the king of speculation. and don't come here commenting shit like you know your stuff. because you don't.

  18. Hi Clay… so what are the best platforms or apps to use to build a cryptocurrency portfolio for beginners

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