Newbies don’t know much about cryptocurrencies and have not invested in or traded any stocks or cryptos ever. Beginners may have a 401(k) account and/or already dabbled with buying this stock or that exchange-traded fund (ETF) – that sort of thing.
Have to tell you a little about myself. Also known by the handle crypt0dandy4u over at gmail, I am a plain retail investor/trader with no formal training in finance and no illustrious reputation or credentials regarding financial matters.
I have a degree in civil engineering from a German college, and studied theology and world religions at the Unification Theological Seminary in Upstate New York. I also earned a certificate for completing a year-long, hands-on training in fundraising for nonprofit organizations at USF’s College of Professional Studies.
The best I’ve done to train my mind in successful investing is that I helped manage a $10 million endowment fund for nearly 8 years at a state university as part of my job as Director of Advancement Services. But that does not count much toward any particular expertise in trading cryptocurrencies. However, it taught me to be safe and not to lose money by virtue of a diversified portfolio.
Like most other retired folks, I have also bought and sold stocks and ETFs over the decades to bolster my own 401(k), made some money, and learned what NOT to do to lose a lot of money.
This site is not about how to quickly make a lot of dough from investing or trading in bitcoins, etc. There are already a gazillion of sites run by able investment or trading wizards out there that do that.
As such, this site might rather appeal to “bloody” beginners than experienced folks.
You will not be subjected to “pump and dump” schemes on this site, and you will not be subjected to the juvenile talk you find on boards like reddit.com/r/bitcoin or others like it. “Thank you,” you might say. You’re welcome.
My Crypto Beginnings
I had gotten interested in cryptocurrencies sometimes in Summer 2013 and opened an account at the then popular Mt.Gox exchange. Bitcoin was trading around $100, if I remember correctly. While still reading up on bitcoins, public and private keys, wallets and exchanges to raise my comfort level with this new thing, it was reported that the Mt.Gox exchange lost some $460 million worth of bitcoins due to hackers. Another $27.4 million was missing from its bank accounts and in February 2014, Mt.Gox collapsed into bankruptcy.
I had not bought any actual bitcoins, and got discouraged by the bad news to pursue my cryptocurrency hopes. That was the end of the bitcoin story for me then.
Comes Fall 2017 and I became aware again that bitcoin was going strong nevertheless. An email from an acquaintance encouraged me to look into an ICO (Initial Coin Offering). All of that got my interest piqued once more and I decided to take my chances again.
What a different cryptocurrency world it was now. There still is Bitcoin, but along the old stalwart now run Ethereum and Litecoin and a host of other coins and tokens I never knew. The news screamed of ICO’s and FOMO (Fear Of Missing Out) set in because coin prices seem to double monthly.
To make a long story short, I hurriedly set up an account on Coinbase in early December and incrementally funded it with some $10,000 from common stocks I had sold recently. Whoops, I made nearly $5,000 in a week or two! That felt soo good.
Then came the major correction in the beginning of January 2018 and I got caught without having stop loss orders set up. Stupid me, or maybe I just was rusty or complacent from years of a trending bull market in stocks.
So, here we are now watching, in the middle of March 2018, to see if the cryptocurrency market further collapses or manages to revive to new heights.