[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   

File: 192 KB, 1920x1080, brazil_1985_4.jpg [View same] [iqdb] [saucenao] [google]
9523090 No.9523090 [Reply] [Original]

I know next to nothing about business, finance, and cryptocurrencies. How do I grow a pair of testicles and stop being a wagecuck?

>> No.9523105

You buy and hold BTC until 100k

>> No.9523108

I can't help you learn to grab your manhood and yank south but I can teach you about Crypto.

Ask your questions and I'll attempt to answer as clearly and concise as possible.

>> No.9523132

You have good taste in movies so I'll help you. The only path beyond wagecuckery is starting a business, becoming self-employed, making a successful app/website, getting lucky and making enough money.

Good place to start for crypto at least is signing up to coinbase, doing a small buy or setting a small reoccurring buy to take place weekly/monthly.

>> No.9523167


I know that there are a lot of cryptocurrencies out there, the question for me becomes how do I determine what would be the safest investment? What should one look for when investing in crypto?

Are people worried that governments will legislate and/or impose regulations on cryptocurrencies. What sort of mechanisms exist (or are currently theoretical) to maintain the status quo?

Optimistically, realistically, and pessimistically, where do you see crypto 10 years from now?

>> No.9523168

Day trade, chase pumps.

>> No.9523187

You don't.

>> No.9523194 [DELETED] 

Start by spending much less than you make, then invest in various ventures with various degrees of risk. You shouldn't go 100% in crypto unless you're fine, if you fail, with staying poor and working until you die or killing yourself. Odds are against you desu.

>> No.9523211

I've flirted with the notion of starting my own business and becoming self-employed, however I have no technical expertise or knowledge that gives me benefit of producing (let alone inventing) an innovative product.

Should I just begin starting up any old business (besides a restaurant)? How does one prevent themselves from becoming a 16 hour self-employed wagecuck as opposed to an 8 hour regular wagecuck?

Are there any books you would recommend on starting a business or becoming self-employed?

>> No.9523220

Learn it.

>> No.9523234 [DELETED] 

>Are there any books you would recommend on starting a business or becoming self-employed?
You could read The Millionaore Fastlane by MJ DeMarco.
It helpss you het into the entrepreneurial mindset.

But in the end you have to find and execute an idea yourself.

>> No.9523237

Any recommendations that have ID: lHQZ8Gt0's prestigious seal of approval?

>> No.9523255



>> No.9523261
File: 66 KB, 640x640, 1525861008706.jpg [View same] [iqdb] [saucenao] [google]

Someone already invented the lawnmower and whipper snipper so you can be your own boss and mow peoples lawns. Glhf

>> No.9523274

>Are there any books you would recommend on starting a business or becoming self-employed?
You could read The Millionaire Fastlane by MJ DeMarco.
It helps with getting into the entrepreneurial mindset.
You could also just listen to the audiobook instead.

But in the end you have to find and execute an idea yourself.

>> No.9523316

Not a bad idea, but how does one compete against the lawncare establishment. I could target advertisement in rich neighbourhoods but they presumably have someone taking care of things for them. Does one just undercut the competition?

>> No.9523453

>Q1. How to determine which are safest investments?
You will read the acronym here called "KYS" which stands for "Know Your Shit". in order to "KYS" you have to do due diligence. that comes in the form of,
- Reading the Whitepaper[1]
- Research the claims within the whitepaper
- Research all the Developers involved in the project (You need to find if there is any negative press on their past involvement in crypto or IT or anything, you need to find the positive press on their past dealings)
- Research rather or not any major partnerships have been confirmed by the major corporations or companies they're claiming to be partnered with
- A Major Red flag is if the developers are Anonymous, if they refuse to be transparent in their identities, this is a pretty good indication that they are not trust worthy and could be pulling an Exit-Scam[2].

>Q2. What should you look for?
Re-read my answers above.
to add on to this, you want to look for a fews things.
- Total Circulation/Supply[3]. the coins or tokens which tend to peak folks interest the most are those coins or tokens which have a low circulation/supply. "low" in crypto space usually relates to less than 100,000,000 but more than 10,000,000. the reason low circulation/supply matters is, the more 'scarce' a coin/token is, the more valuable holding small amounts will become

[1] - Whitepaper = The schematics and the breakdown of how their coin or token plans to work
>Coin = Currency (think Bitcoin)
>Token = Utility coin used to grant certain functions on a blockchain (for example, GAS is a token which allows you to transmit a transaction on a Blockchain such as Ethereum)
[2] - Exit-Scam = Dev's drum up a lot of press and hype for a coin, get ton's of money from investors and once they get enough money (usually in the hundred thousands, millions or hundred millions) they 'pull the plug' and run off with the money.
[3] - Total Circulation/Supply = Relates to how much of the coin or token will ever be created.

>> No.9523498

(had to do this in 2 parts)

>Q3. Are folks worried about the government?
Yes and No, and it also depends on which government you're speaking about.
The U.S. Government has been kind of half in/half out of crypto. they have publicly claimed that they want to allow crypto to grow organically but they are also actively crafted regulations to curb/curve scamming and those who are vantage taking new comers.

>Q4. What mechanisms exist to maintain status quo?
Honestly there is none, the status quo is being maintained by "Whales"[4]. Their money allows and grants them a certain 'power' in cryptocurrencies and they unfortunately kind of run things at the moment.

>Q5. Where do I see crypto in 10 years?
Honestly, this thing is not going to be stopped or slowed down any time soon. it's going to be here rather old money like Warren Buffet like it or not. I'm hoping in 10 years more people will understand and use crypto but the reality of it all is, only time will tell

[4] - Whale = Is considered a crypto investor with a large amount of money and they have the ability to move the markets, either raising or suppressing value artificially

>> No.9523542

If you have any more questions Anon, feel free to post them and I'll answer away.

>> No.9523586

This anon is full of shit
KYS actually means "Keep Yourself Safe"
ie. watch out for scams

>> No.9523681

if you say so,
I've heard it used a "Know Your Shit"
but I won't argue with you.

>> No.9523724
File: 2.67 MB, 441x300, 1430943128802.gif [View same] [iqdb] [saucenao] [google]

>I know next to nothing about business, finance, and cryptocurrencies.
Neat, welcome to /biz, you'll fit right in. You're gonna want to grab some wojacks and LINK memes over at google images.

>> No.9523735


>> No.9523762

Thank you very much. How long have you personally been investing?

With regards to the whitepaper material, is there a comprehensive glossary of all the terminologies relating to crypto? A quick google search brought this up: https://cryptominded.com/glossary-cryptocurrency-terms-need-know/

Do you think this covers enough to understand a particular cryptocurrencies white paper and follow up on the claims being made? What sort of things do you look for specifically in the whitepaper to increase your levels of confidence in a specific crypto?

Also how does one find the total supply? I'm vaguely familiar that bitcoin can be "mined", does this increase the supply and create an inflationary effect? Do others generally follow the concept where GPU processing power is used to validate transactions (or am I way off the mark with this?) Are there any cryptos with a static supply?

>> No.9523777

thank you for the warm welcome friend


>> No.9523779
File: 6 KB, 249x202, 1526274152505.jpg [View same] [iqdb] [saucenao] [google]


>> No.9523911

You're welcome

>How long have I been investing?
For about a year

>Comprehensive glossary of terminologies?
blockgeeks [website]
crushcrypto [website]
has good glossaries. (I couldn't post the url due to 4chans posting restrictions)

>Is this a good primer?
Yes, I personally believe so. but crypto is ever evolving and you need to read up on new happenings and developments to stay up to date.

>What do I look for in a whitepaper?
I look for what use cases is possible as well as what their overall goal is. I also look to see if a working/functioning product is going to be available soon or already available.

>How does one find total supply
It should always be listed in the whitepaper, but also sites like coinmarketcap [Website] have them as well.

>BTC Mining
Yes, Mining increase the supply and inflationary effect but it is counter-weighted by a difficulty mechanism which increases to slow down the production of new bitcoins

>GPU mining
No, there is CPU mining but it is very limited now. there is ASIC mining, there is FPGA mining, there is cloud mining and there is GPU mining. but there is also PoS transaction confirmation (which stands for "Proof of Stake" which takes into account the amount of coins you have to validate new and older coins within the blockchain)

>Static Supply?
I am not sure, I would have to research further to give a solid answer.