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Bitcoin. Yay or Nay? Let's discuss.
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VMEHTA Offline
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Post: #1
Bitcoin. Yay or Nay? Let's discuss.
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Hi Everyone,

I am sure bitcoin has caught everyone's eye. I have been investing in it for the past 2 months. It has been a very interesting learning experience. I still consider myself an amateur, but I would love to help if anyone wants to start bitcoin trading. Bitcoin mining is a different thing in itself.

If anyone wants, we can start talking about it.

hexinx is bitcoin theory expert. Got some solid papers published about it.

P.S. : You need SSN unless you are buying it in cash, which is slightly expensive.

Pain and suffering are always inevitable for a large intelligence and a deep heart. The really great men must, I think, have great sadness on earth. -Fyodor Dostoyevsky

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12-05-2017 07:46 AM
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Post: #2
RE: Bitcoin. Yay or Nay? Let's discuss.
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Great topic, VM. I am an observer at this stage.

Yes, I believe that cryptocurrency is here to stay; but - just like everything - there is good time to get in. Right now, it is highly over-priced. No question that it will go down. I will get in on its way down....... But that is what we all say......

Will be interesting to know what hexinx thinks....

Cheers,

EE

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12-05-2017 08:29 AM
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pmahajan Offline
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RE: Bitcoin. Yay or Nay? Let's discuss.
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Hi everyone,

Though I've been an observer for a couple of months, I'm now considering investing in Bitcoins.

Some questions I have about the same:
1. Before investing, I would like to learn more about the Bitcoins. Where can I get more knowledge in this regard? Because there are so many articles, courses on bitcoins it gets confusing where to start. Just like people refer Edulix for overall MS process, is there any place where I can learn about investing and underlying technology?

2. I've never tried any investments before (share market, mutual funds, etc.). How much time you suggest I should devote to learning process before involving in any sound investment?

3. Considering I'm final year engineering grad, how much funds will be enough to get me started?

Apologies if the questions are vague, I'm entirely new to this field and getting opinions of as many people as I can.
12-08-2017 11:43 AM
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Gaussian Away
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Post: #4
RE: Bitcoin. Yay or Nay? Let's discuss.
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Let me share some information but with a disclaimer first: I am not an expert in this field.

I developed interest in cryptocurrency because of the blockchain technology, and then found out something in this area that relates to my background in the Theory of Optimization, and since then, I have been following the news of this community. The information below is what I found useful for my perusal, they may not be the best ones for everyone.

(12-08-2017 11:43 AM)pmahajan Wrote:  1. Before investing, I would like to learn more about the Bitcoins. Where can I get more knowledge in this regard? ... is there any place where I can learn about investing and underlying technology?

My recommendation is this, an one-stop-shop for all related to cryptocurrency: http://lopp.net/bitcoin.html

Some specific suggestions include:
- Khan Academy Bitcoin Course (a good introduction)
- Coursera Bitcoin Course (for delving deeper)
- Princeton Lectures on Bitcoin (each ~15 min length) (good reference)
- UC Berkeley Blockchain Resource (heavy duty research level stuff)
- If you want to be a cryptocurrency developer look for courses on Udemy

For learning investing you should note that the typical stock market strategies do not always translate to crypto-trading. Cryptocurrency is a different beast, and portfolio optimization for crypto-trading is still an open field, and hence, very much in its infancy. I shall mention more about investing in the following. That being said, your trading requirement depends a lot on your current location. The platforms and exchanges are mostly country specific, and they have rules (some may be notoriously strict and slow) for identity verification. As a general advice, you need to buy bitcoin from a platform (like Coinbase in US, or Unocoin in India), and use that bitcoin either for storing as a digital asset or buying other cryprocurrencies (known as altcoins) in one of the exchange platforms (there are many, e.g., kraken, shapeshift). This entire process of buying, storing, exchanging and selling, could get really messy. You can search and watch youtube videos to know the details. Security is always a concern and you need to follow appropriate steps (e.g., 2-factor authentication with Google Authenticator) to safeguard your asset.

You will have a very good grasp of the underlying technology if you refer to the resources I pointed above.

(12-08-2017 11:43 AM)pmahajan Wrote:  2. I've never tried any investments before (share market, mutual funds, etc.). How much time you suggest I should devote to learning process before involving in any sound investment?
That depends on what you wanna do. Investment has many forms, and in the following I mention five ways you can get involved in the crypto-community. They are mentioned in the increasing order of difficulty. The first may require least-to-no effort while getting your eyes used to the daily patterns of numbers (i.e., pursuing it as a hobby), and the last may take serious study effort and career building initiative.

- An amateur trader (open account on a buying platform and invest low, get used to the daily patterns, follow news, or you can even start some trend-analysis-coding for fun)
- A serious trader (you need to buy subscription to market analysis and research reports)
- An algorithmic trader (you need a career, or a good background, in quantitative financing/optimization/statistics)
- A developer/miner (you can build and announce your own cryptocurrency, e.g., ethereum developer, or you can be a miner; start looking at Github codes)
- Application builder (this is a different league when you want to develop applications with cryptocurrency and blockchain

(12-08-2017 11:43 AM)pmahajan Wrote:  3. Considering I'm final year engineering grad, how much funds will be enough to get me started?
The market is extremely volatile at present. One reason is that the cryptocurrencies are unregulated, and the other reason is that financial organizations and regulatory boards like CME, CBOE, are opening the doors to institutional investors (e.g., big banks) to trade in cryptocurrency. The market is also showing signs of pump and dump policies (in short, Hedge fund investors manipulating the market). In view of all of this it is never a wise decision to spend more than 5% of your portfolio (i.e., the total sum of money you will invest) in the crypto space.
If I were in India I would be happy with Rs 1000 to Rs 3000 (maximum Rs 5000). Your objective will not be to make huge profit at this point (you can not unless you have a massive stash of money sitting idle), but get used to the market patterns with as low risk (i.e., investment) as possible.

(12-08-2017 11:43 AM)pmahajan Wrote:  Apologies if the questions are vague, I'm entirely new to this field and getting opinions of as many people as I can.
My maths teacher used to say something which I always recommend to my juniors: if you want to learn something always follow the masters (university courses, top newspapers and journals). Avoid following the twitter behemoths and soothsayers as much as possible.

Gaussian

There was an old man of Esser,
Whose knowledge grew lesser and lesser,
It grew at last so small -
He knew nothing at all,
And now he calls himself a researcher!


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(This post was last modified: 12-09-2017 05:55 PM by Gaussian.)
12-09-2017 05:28 PM
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pmahajan Offline
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Post: #5
RE: Bitcoin. Yay or Nay? Let's discuss.
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Gaussian Thanks a lot for your detailed answer and pointing in a direction. I'm going through the resources you provided.

VMEHTA Great initiative! looking forward to another amazing discussion over here.
(This post was last modified: 12-10-2017 08:29 PM by pmahajan.)
12-10-2017 08:20 PM
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