Interesting advice from two very wealthy individuals, Mark Cuban and Warren Buffet, that I recently came across in online post. It resonated with me and I thought it worth sharing with the Steemit community . Both of them say there is no "get rich quick scheme, there are no shortcuts." They also point out that anyone selling anything with the get rich quickly claim is a scam. In the article, Mark Cuban confesses that he keeps his best deals to himself, without broadcasting them.
Quote from the article from Mark Cuban.
"I keep them all to myself," he writes. "If the person selling the deal was so smart, they would be rich beyond rich rather than trolling the streets looking to turn you into a sucker."
Even as people are flocking to cryptocurrencies today, the people that have made the most money were not the "get rich quick" types. Even the ones investing in 2010 did not become millionaires overnight. It took a few years to grow. Or the others that invested in Bitcoin in October 2013 at $1000 a coin, to see it drop to $300, yet they stayed in it. They did not get rich quick and not without the stress or risk of losing it all. The same is true with other investments - look what happened to those that invested in the beginning in Microsoft, Apple, Amazon, Netflix, Tesla, Facebook, etc ... the list is long ... but you see the trend. It was the early investors that stayed with it that made the most.
I guess the trick is finding what you truly believe in and are willing to stay in it even when no one else believes in it ... and wait until everyone else believes in it again. No one knows what Bitcoin will do - neither the ones that claim it is a bubble - nor the ones that claim it will go to $100'000. Both sides may be right. Right now as you already all know and see, blockchain startups are cropping up all over the place. A few of these will be the next powerhouses in the next decade - these are the Apples, the Facebooks, the Amazons of the millennial generation. The trick is to be in-tune enough to spot them. And if Mark and Warren are right, for the really valuable ones, no one is going to be screaming about them from the roof-tops or inviting us to get rich quick by investing in them.
This was the original article with quotes from Cuban and Buffet.
https://www.cnbc.com/2017/09/26/mark-cuban-and-warren-buffetts-investing-advice.html
BITCOIN TO $100,000 :)
Personally, I am looking at $98'630 next year. If you think it is not possible, I wrote two blogs explaining the maths. The short version is here:
https://steemit.com/bitcoin/@swissclive/bitcoin-next-year-s-supply-and-demand-equation-next-year-s-bitcoin-price-could-be-usd13-200-or-usd52-000-or-usd98-630
In simple terms, from Sept 2014 to Sept 2015, there were 30% new users who bought 1.5 million bitcoin, funded by 0.5 million of sellers and 1 million of mining.
From Sept 2015 to Sept 2016 there were 37% new users who bought 1.8 million bitcoin, funded by 1.0 million sellers and 900'000 of mining
From Sept 2016 to Sept 2017 there were 43% new users who bought 2.2 million bitcoin funded by 1.4 million sellers and 800'000 of mining.
From Sept 2017 to Sept 2018 we could see 43% new users looking to buy 6.6 million coins. Supply at present price won't match that - 1.4 million sellers and 600'000 of new mining. Therefore the price would have to rise.
However, with less than 0.25% of the adult population owning any bitcoin, the growth may be much more than 43%
Lol :D
Very much agree. I think that anyone getting into trading or business should read Warren Buffet's biography "The Snowball". It outlines his early years and the struggles he went through early on to build his reputation. Though admittedly, he came from a family that gave him leg up. His perspective in the early years appears to have stuck with him into legendary status!
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Couldn't agree more with what you (or Cuban and Buffet) said. Well written article. The best gains i made were the ones based on currencies that were not hyped when i got in.
Thanks for the read. Yeah, it is a real struggle for me ... I find it very difficult to "set it and forget it". I've made small gains (and large losses) trying to trade every day or every week, but it is the macro trend and longer term trades that do best ... always easy to see in hindsight but impossible, or at least very hard, to see on a day to day basis.
Yeah set it, forget it and more importantly dont touch it! I have made those mistakes too. as long as you have the long term trend in mind when you set it, it should all work out. But agree, it is one of the hardest things to do.
Agreed, when it comes to investing you definitely have to resist the temptation to buy every shiny object you see! As you pointed out the long term holds are what make the most money. When it comes to trader psychology, the most predominant outcome is that you will lose money! I know.
The next question then becomes, how do you know what companies to have the conviction to hold onto over the long time?
What is the difference between something that is undervalued and something that is merely cheap?
How do you find the value?
That's what the research comes in. I put the most money in my "highest" conviction trades or themes. Then I have some speculation money that I used to invest in high risk/ high reward plays like Hive Blockchain Technologies is something I've bought recently that I would consider a speculation.
Happy Investing!
Hah, good questions. Having discipline in research is probably another factor.
Hive are interesting, besides hockey and maple syrup, a lot of innovation comes from Canada (although I would never openly admit to any of my canadian friends that I am impressed :) ).
lol
You're right. We have to really look beyond the short-run and invest for the long-run in cryptos that we really believe in. This is definitely an exciting phase in the market
Actually, the Title says it all! Good article.
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i like this article
really nice!!!
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