I spent time twitter bantering with WhalePanda about what it’s like being a whale and his concerns.
I myself have taken a decent amount of interest in cryptocurrency. I find things like Bitquence and DentCoin to be exciting. I’m certainly not sure what will happen with Tezos.
Here’s the interview with the Whale and more info he or she can be found here: https://t.co/zm7YQdlAhC
Can I interview you over twitter dm for a blog post on medium?
5 questions.
Jul 7Sent
Sure
Jul 7
What’s the hardest thing about being a whale in cryptocurrency?
Jul 7Sent
That’s difficult to say, because a whale in a small coin isn’t a whale in a big coin. I think overall would be the lack of liquidity (except if you’re a bitcoin/ETH whale obviously) and the fact that you have to trust a centralized exchange that can get hacked or just disappear, which already happened a few times in crypto in the past. This is obviously a very big risk you’re taking with your personal wealth since you’re not protected as you would be in a regular/forex/stock market
Jul 7
What do you think are the mechanics or necessary data points to design a good cryptocurrency exchange? / Are you satisfied with what’s out there today?
Jul 7Sent
It’s very easy to create an exchange, it’s very difficult to attract and gain the trust of the big traders. They provide the liquidity that attracts smaller traders, they are the ones that make or break your exchange. Then there obviously is the security aspect which is always complicated when it comes to crypto. The amount and quality of the coins listed on the exchange and when and how many new coins are added and obviously the quality of those. Of course also the stability of the platform and the speed of handling withdrawals and support tickets. No, I don’t think anyone is really satisfied at this point. Every exchange lacks something, which is normal in an emerging market that had an insane growth the last 4 months. I think most of the legit exchanges are working hard to fix that so it will come or others will come to fill that void.
Jul 7
Which ICO’s if any do you believe have high fidelity and are worth observing? What do you analyze most closely when looking at ICO’s?
Jul 7Sent
Everyone is keeping their eyes on Tezos atm, that’ll end up being the biggest ICO of the year. If it will end up being a solid project is too early to tell but they will definitely try to hype it up before the release. I think that identity on the blockchain could also be very useful and big in the future, that’s where Civic comes in. Nimiq is very interesting, a bit under the radar but they are building a whole new type of browser-based blockchain. Mothership is building an exchange with built-in verification through the Estonian E-residency program and extra security features with the digital signatures. I just do my basic due diligence, check out the team, read the whitepaper, find out what issue they’re trying to solve. 90% of all these ICOs have a very bad whitepaper, they try to create a non-existent problem just so they can try to sell you their product, if you check their team you should also check the marketing vs actual devs ratio, that can already be a big red flag. Then there are the ICO terms, do they have a cap? How big is the cap? Does it look like just a moneygrab? (like Bancor for example) A lot of factors come into play but mostly you just have to use common sense.
Jul 7
Who do you most closely follow in the world of cryptocurrency? Ivan Kirign once told me “marketing and brand don’t always correlate with substance.” Who are the substantive people to follow in cryptocurrency?
Jul 7Sent
You have the crypto experts: Nick Szabo, Adam Back, Peter Todd, Matt Corallo people who write interesting articles: Aaron van Wirdum, Tuur Demeester, Sam Wouters, Jimmy Song There are many more like Slush, Samson Mow, Kyle Torpey,… too many to name.
Jul 7
(last question)
Jul 7Sent
sorry, was asleep.
18h18 hours ago
People are ignoring the fact that something like Bitcoin or any cryptocurrency could go to 0 if there is some crucial bug/exploit that can’t be fixed easily. You should always remember that and that’s why you only put money in that you can afford to lose. I’ve been through multiple market cycles and always the new people who come in think they know better than the veterans. They think they can call the bottom, they can’t. They lose a lot of money, get frustrated and quit. Do proper risk management when investing/trading, that goes everyone, doesn’t matter how much money you have.
18h18 hours ago
❤ thank you.
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