You Can Lose Money – Lets Be Real! – 30 Day Cryptocurrency Challenge – Join Us! Day T-2



well marki dragon all snows Marcus Eikenberry in real life and welcome to another episode about the cryptocurrency 30-day challenge today we're gonna get real meaning that you can lose money doing this stuff and so I don't want everything to be all peaches and cream and everybody think that Oh everything's gonna be glorious I mean I am the eternal optimist I see opportunity everywhere and and I figure out how to take advantage of it but even with like all my entrepreneurial stuff some of the stuff fails while other stuff does well and it has to do well enough to cover the other failures and beyond and make profit beyond that so you know where are we at today with the cryptocurrency challenge okay so we are two days away from starting tomorrow we have a live show and you can join us live for some Q&A and then Friday we we go and so Friday's video might be pretty simple it might just be here's where I'm putting my money in here's where I'm starting so you know we're just gonna have to have to see how that all how that all plays out now the reason that I wanted to say let's get real about it is because I've actually ended up in my testing before the actual challenge that I've ended up upside down at the moment and so you know it is possible to lose money and I just want to be real about that you know do I expect to make money hell yeah do I expect that I'm gonna be able to make the 1% a day on this challenge yes I do but there are instances where the market does things that you know you can't compensate for and I got myself into one of those so my choices are I sit and wait or I dump out and start earning money again okay so how do we do that so let me let me just show you what I've got here and well let me show you first we have the cryptocurrency challenge there's a link in the description for the spreadsheet this is the example one I've just been entering some stuff in not on the exact days but this is what we're gonna go through and so day one October 20th and you know all the way through October 8th or November 18th it's gonna be 30 days and you know where we should end up we should end up with a hundred bucks or 100 euros equalling 133 and 45 cents or more if you you know you win if you're ahead of the game way so I've just been every few hours for the last day entering in my stats and you can see here that things have changed so now I am up a little bit in some spots and I'm down in other spots and I started out down it actually from the first first measurement I took the market started going down the markets been going down for you know last last couple days I mean here's a here's a daily chart and let's see here so this was see that's the 12 13 14 15 so like the last three days it's been going down and because of that I have money stuck up in here so you know what's the deal what do I do well so this shows that I've been taking some losses and including that you know it says that basically I am at a value as of an hour ago checking this stuff I'm gonna value of 487 dollars where I was at a high of 532 now does that mean that I'm going to lose money or that I've already lost money I mean really the the value is when you cash out so you can't count something that you haven't turned back into currency like US dollars or Euros it just can't be counted you can you can count it but it's not real until you convert it because until you can spend it or until you do spend it it's just out there it doesn't really mean anything because you can plan okay tomorrow I'm going to go buy something for bit and and I'm gonna go do this and and and I'm gonna get the value out of it and then Bitcoin drops 10 percent in the next day and so you just lost 10 percent of your value you have there and you may decide well I'm not going to buy today I'm gonna wait for it to go back up so you see what I mean you have to you have to convert it out in order for it to count so otherwise it's just value that's in play and until it's realized what it is so anyway I have been going down as the markets been going down now if the market were going up this would be going up and part of the buying low and selling high depends on market volatility but also the market going up so what's happened here is that I have a bunch of purchases that I made that I have a whole 2.9 litecoin currently and so that's you know that is I don't know what does the sheet say that that's worth let's see I entered it in here says it's worth a hundred and sixty three dollars and it says I have and I dumped out of my etherium so I took a I took a loss of about three dollars on my aetherium and because I was worried about that and I just kept seeing it go down and I was waiting for it to sell and I knew that tomorrow night I'm equalizing everything to start for this for the challenge and so I'm throwing everything over to my coin base account and except for $100 in cash and so I I got out when it was at about 310 311 and so and now it's $2.99 now who is a buyers market right now so if I had money I'd be like you know I think this would be a good time to buy but I've got everything all tied up so I've got to tie it up and litecoin and I've got it tied up in Bitcoin and so now here's what I've done is that is that I've purchased these light coins and then I added a dollar on the resale and so I the first one will sell at $60 and 22 cents that's actually a little more than half a coin and then I have a lot of tenths of a coin all the way up to about 65 60 and then I have one that's all the way up at sixty seven that one was from a couple days ago three days ago so I just been holding waiting for these and and what's happened is I've tied up all my funds in here I thought at $60 that was pretty good buy and I just dumped everything I had left into it so I pretty much figured it would go up but it didn't it didn't go up high enough it did bounce around but it didn't go up high enough so now here's where I sit and the market who knows how long it'll sit around here I mean it could sit here for days it could just continue to go down it could whatever and you know the cryptocurrency market is really based off of feeling not off of value and what I mean by feeling is how much people actually feel that something is worth not based on a company's assets and their infrastructure and their sales volumes so it's a different beast unlike stocks stocks have real world measurable things that go against the value of the stocks and in here I mean there are some of those real world measurable things for cryptocurrency like you know what kind of volumes you know currencies are being traded at and everything what's their daily volume and you know and stuff like that but but it's also based a lot off feeling like rumors and off of butt or actual events happening so there was a rumor about Amazon going to start accepting Bitcoin and they say that that's what started propelling things up I don't know you know I also think that the splits coming up or the or the Forks coming up are very advantageous so you know just got to figure out those things also I hope on gosh I know you guys want to know about wallets and everything and I hope to do something about a video about wallets I am still working that out gave you bad advice I won't give you bad advice I or I don't want to give you a bad advice you know a lot of this stuff is new to me as well and I'm using my business background to translate this stuff but the wallets area because I know you guys want to have stuff offline and your Bitcoin for the forks unfortunately we're going through the Forks and if you've only put in a hundred bucks we're gonna be in we're gonna have that hundred bucks in play in G tax or another exchange during both of these Forks but you know I've got some extra and I'm gonna be putting it offline and I think I have that figured out but at the same time there's a lot of security concerns about wallets and if I tell everything that I know about how I've done everything and I don't know something about it I could expose something does that make sense you know so I'm being very cautious about it and so if you are worried about that and you have extra Bitcoin that you're wanting to to you know secure you know in private key form you know for the forks it's up to you to figure that out so I may or may not have information on that before it happens so that's just reality so okay getting back to this all being real so what do I do at this point okay so I have basically a bunch of value here I could add up all of these of what I actually paid into it most of it is at the fifty nine and and yet most of it's in the $59 range low 60 range and so typically I've been pricing these you know buck higher to sell when it from when I buy and so and I'm at fifty six right now so I have a hundred and fifty dollars worth which tells me that you know I'm gonna take a bath on twelve dollars in value if I dump it all out right now okay so if I were to dump all of this out and take the loss of twelve bucks or whatever could I now start trading in it again and make that value back that's the question so if have three coin here or just about three coin and I take each one of those and put them up by one percent you know so it's let's just do the math in our head here if I am losing 12 bucks I have to make another 12 bucks to break-even can I do that with three coin if I did one coin each transaction and I made one buck on each one of them I'd have to roll them all each over to make that buck four times so then that would be to break even and then I'd be back into the profit again okay do I think that that doing that is something that I can do or do I hold and just wait for the market to come back up again I mean in actuality you know some of these are as little as 13 hours old one of them's as much as 3 days old what do I personally predict is going to happen so if I were you know in this for the investment which I am and I didn't have the the looming start of the challenge see at the start of the challenge I have to have $100 sitting in there and all of this stuff cleared out so I got a you know figure out what I'm going to do with that and so I'm gonna have to sell off some of this and then just put the rest over into into storage and maybe what I do is I just dump out of all this sell it all instantly and I go and buy Bitcoin all but $100 worth and you know I just leave my extra stuff in Bitcoin because I'm you know looking at the at the forks that are coming up hoping that even if this remains all flat here that I'm going to gain some sort of value off of those forks which I may or may not I've never been through a fork before the etherium fork just happened and I don't know that any value was realized out of that because not always does a fork equal a split of the money or does it or it doesn't have any value see I'm still learning on some of this stuff so you know we're just gonna go forward go through this use some some basic logic some business good business practices and and go forth and hopefully be very successful we're also in this we're gonna learn from each other so that is the biggest advantage of all of this of us doing this together that as a group that some of us are going to be very successful some of us a little bit successful some of us are going to take some losses and we can learn from all of that we can all work together and learn from that so there is a link in the description for discord where we've been talking about a lot of stuff I'm going to ask people to start posting screenshots of successes and and failures in there and it'll be it'll be a good place for us to talk people are already posting links in there and everything so it's a pretty freeform community in there there are you know you can post comments on the videos as well so I am checking out all of those and in fact many of you I'm sure looking at those as well so yet anyway what we want is the information to flow those of us working all together and we should in theory even though we're in competition for this we should in theory be in coopertition which it raises up the whole group so even though we're kind of going against each other in this challenge and everything and and you know somebody is gonna be you know very successful and and some people not it by default with all of us working together helps all of us learn and and grow so and that's what we want this also is to prove that we can do this and we can't so if I get through this and I've lost money and I and I never seem to be able to realize it then it tells me I should not be you know investing a whole bunch of money into this because I haven't got it figured out maybe I didn't do another test you know with another hundred bucks and if I lose ten bucks over 30 days or something like that no big deal because it's only ten bucks and it's you know call it inexpensive education but I'm not gonna go like throw ten thousand bucks in if I can't do it with a hundred bucks so and there's other ways to make money in these markets too like mining which I do so and we will get into that at a further point okay so post your questions here make sure you join us for the live show tomorrow if you can and and you know ask your questions live we're gonna go over everything we can we're gonna do some more trading tomorrow hopefully some of this stuff will sell tonight I have a long way to go you know because it has to go up by you know ten percent before I start selling although it's gone down by ten percent in the last you know day and a half so it could happen hopefully it does and so I look forward to seeing you on the live show tomorrow leave your comments and get prepared because Friday is the day we're starting hopefully make really good things happen

9 thoughts on “You Can Lose Money – Lets Be Real! – 30 Day Cryptocurrency Challenge – Join Us! Day T-2”

  1. How do you setup GDAX to look similar to your setup? You have both the price and depth chart on the same screen, and the charts look wider. Are you running it in your browser or is there a desktop app?

  2. On Wallets, this isn’t a difficult area. You can freely share the process with your viewers without any issues. Just don’t expose your private key to people. You could create a wallet for the purposes of the show, set it up, highlight how to send money from Coinbase to it, explain the fee structure, the ‘block chain.io’ tool (so you can check the status of the transactions and the number of confirmations) and then just don’t press send. You can then dump the wallet.

    Myetherwallet is a good one to start with, but I would personally not use anything other than a Ledger Nano S (but at $80) it’s a bit pricey if you don’t have much Bitcoin)

    If you want some help with the video, reach out.

    o7

  3. Love the videos and the enthusiasm and passion, but I’d advise more research before attempting this with anything other then pocket change. Day trading is hard and almost everyone will lose money, especially in the crypto world.

    For some quality advice, I’d advise watching Carter Thomas and his show Coin Mastery, you can also find him on Twitter.

    Good luck with the challenge, hope it works out, but you won’t make money over 30 days if you only buy – you would need to short as well … o7

  4. I recently started getting into crypto stuff. I wanna understand it more before I put any money into it. On Saturday I will go through all your videos on the topic.

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