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Bitcoin Vs. Ethereum | Maximalism Vs. Realism | Tone Vays Vs. Richard Heart

November 30, 2019


This is a Bitcoin maximalist. Believing that
if you destroy Bitcoin and some other shitcoin is going to rise to the top is delusional. And this is a Bitcoin realist. There’s things that other currencies can do
that Bitcoin can’t. He’s been trading for most of his life. If you think trading is easy, that’s the fastest
way you will actually get wrecked. While he’s been hodling since the early days
of Bitcoin. I called the $20K Christmas when the price was $4K. They met at Blockshow in Singapore for the
ultimate crypto showdown. Tone is a terrible trader. I continue to defend Bitcoin against
scammy projects trying to overtake Bitcoin, you’re watching one of them written on the
shirt right there. Everything he just said is false, okay. This is a Cointelegraph Crypto Duel! Hi, everyone, I’m Giovanni, and today we are
here at Blockshow. With Tone Vays and Richard Heart. The rules of the duel are: 1) Participants
have one minute to reply. 2) At the end of the duel, you choose the
winner. 3) There are no other rules. So grab some popcorn because things are about to get
spicy. Round 1: Bitcoin price analysis. What’s your reading over the current situation
in the Bitcoin market? I couldn’t really explain the big run up to
$14,000. In hindsight, I underestimated how little exodus out of shitcoins it takes to
really pump the price of Bitcoin, because it’s so illiquid on the exchanges and put
a time being the exodus out of shitcoin has slowed down and therefore the price of Bitcoin
is correcting back down. I haven’t seen any new mainstream people entering the space and
you need new mainstream adoption to rise the price of Bitcoin. I still remain skeptical
that the bear market is over. The low might be in, but I still think there is some more
downside to go this year. All right. Do you also think that the shitcoins
were responsible for that? No, see, here’s what happens. If you used
to be able to do technical analysis, you could draw trend lines, you could buy the golden
$5,200 daily, you know, move up. But the game has changed just now. There’s FA, which is
fundamental analysis. There’s TA, which is technical analysis. And now we’ve got CA which
is China analysis. On the daily death cross 50- 200 cross, we pumped 40% up on President
Xi’s good blockchain news. The Asian market response to news instantly because they are
engaged in a way that the West is not. In the West, when President Trump tweets, he
said bad things about Bitcoin. And Mnuchin, the head of Treasury Department, said it was
a national security issue that they don’t like blockchain. And I expected the price
to move down. Instead, the price went up 10%. And then the next day it moved down with a
delay of lag because the traders in United States aren’t engaged in the same way that
Asian traders are. So now, if you do price analysis like Tone
does and you don’t have your ear to the ground in Asia, you’re unqualified. Anything to add? I’ve always been a believer in technical analysis.
I don’t believe the average person has the resources nor the ability to do fundamental
analysis. Fundamental analysis is something left to hedge funds, people that can hire
a bunch of interns. People that can hire a bunch of analysts. As an average trader, you
use technical analysis side. Just because I wasn’t able to do a great job in timing
the $3,000 low for the big run up to $14,000, that doesn’t mean that technical analysis
failed. If I paid more attention, if I was trading and not traveling the world, I’m pretty
sure I would have done a better job. I still think if you’re gonna be a retail trader,
the only chance you have is to be a good technical analyst. You know how easy it is to press buy, when
the president of China tweets everyone that he loves the blockchain? It’s the easiest
thing in the world. You know, how easy it is to buy when you see that the Asian markets
are limit up 10% on any stock that even loosely involves the word blockchain? It was the easiest
long in the history of longs. Any fundamental now, China analysis is the only thing that
matters when real retail people have earned enough money to get back into the market in
the West and start to play until they get wrecked. Listen, everyone is trying to make
money. You’re going to lose money trading, okay, for sure. The reason that you go to
Vegas and those giant buildings are built is because it’s built on losers. And if you
go and you trade, you will be destroyed. You will be wrecked. You do not have any advantage
over anyone else in the market. Tone Vays sells an indicator on his website for $800
called the TD Indicator. He sells an indicator called TD because it
was invented by a guy named Tom Demark. He doesn’t pay Tom Demark. If you want to learn
trading, maybe you should learn it from the guy that he’s trying to impersonate and actually
license Tom Demark product. Go to his seminars. Sure, if you think trading is easy, that’s
the fastest way you will actually get wrecked. The TD indicator, I made a couple of changes,
and basically what you’re paying for is you can do it yourself. You can do it for free.
The code is public. The math is public, I should say. Are we basically paying for is
the code that I programmed for trading to you. And you can either code it yourself and
you can use free versions. They’re all out there. I announce it. Hey, you can use a free
version. I can’t vouch for the accuracy of the math in the free versions. And all you’re
paying for is the effort that it took me to code off the math that is publicly available. Round 2: Bitcoin Maximalism vs Realism. Richard, you said that you were a Bitcoin
maximalist, and then you moved to a Bitcoin realist position. Can you explain to us the
meaning of that? It’s really simple. Everyone I got into Bitcoin
in 2011 is a miner, I’ve mined full blocks on my own with no pool, which is a 50 block
reward at the time, I invested very heavily in 30. I helped make the 30 top back in 2011.
I didn’t own a bag of Ethereum. The only reason I came out publicly, I was already coming
out publicly to try and prove the (?) videos, because I’ve retired in 2003 long before Bitcoin
was invented. I want to make an impact in the world and then I saw that my Bitcoin investment
that I had a lot of money in was being overtaken by Ethereum and I thought, well, I don’t own
any Ethereum and it’s funny I had to come out to defend Bitcoin because no one else
would. So both Tone and I have defended Bitcoin against attackers inside and out. And what
happens is this project that’s been around for 10 years shouldn’t have to rely on me
to save its ass and do its marketing for it. And there’s things that other currencies can
do that Bitcoin can’t. Ethereum’s transactions are more secure than Bitcoin’s transactions.
Bitcoin had two inflation bugs where anyone could print as many free coins as they want.
One of them was just recently cut by Bitcoin Cash developer and disclosed honorably. Tone, can you defend bitcoin? I continue to defend Bitcoin against scammy
projects trying to overtake Bitcoin. You’re watching one of them written on the
shirt right there. Richard Heart… We’re going to talk about it in a bit. Smething
HEX so I continue to do that. If you think Ethereum is more secure than, say, if Ethereum
is actually more secure than Bitcoin, that is just beyond laughable to me. And it’s really,
really hilarious. How many inflation bugs has Ethereum had?
Zero. How many inflation bugs has Bitcoin had? Two. They printed 6 billion extra Bitcoin
had to roll the chain back, right. They roll the chain back once in Ethereum
because a hacker stole a bunch of money. And I can tell you that letting hackers steal
a bunch of money and keep it isn’t exactly honorable and ethical. And if they could rollback
the chain again, they would. For Gavin Wood, who’s got hundreds of millions of dollars
locked up in parody and the parody multisig hacks, which his fault because he misused
the blockchain. And the Polkadot hack, but they’re not rolling it back for him the most
inside possible guy that could possibly be rolled back for. I would see more likely Binance
releasing their private keys publicly and seeing miners fight over that 50 million stolen
from them, than I would see something bad happened on Ethereum. Round 3: The limits of Bitcoin. Richard said that the Bitcoin is one of the
fastest appreciating assets in the human history, and that’s actually the only valuable thing
about Bitcoin. That is nothing else about Bitcoin, which is useful. Tone, I guess you
don’t agree? No, of course not. Bitcoin is the only product
that is, the only cryptocurrency, the only blockchain out there that is actually decentralized,
that is actually secure. The amount of mining that goes into it. The amount of code review
on developers. There are coding it. And yes, occasionally there will be bugs found and
those bugs will be fixed. There is absolutely zero. No one can actually exploit those bugs.
The latest inflation bug that was found, it will be totally stupid for anyone to exploit
it because all value and all blockchains would go to zero. If the value of Bitcoin goes to
zero, anything decentralized in a crypto space immediately dies. There’s actually people
with value in Bitcoin that will never invest in any other cryptocurrency. The whole idea
of store of value would be gone. You can exploit Litecoin, you can exploit Ethereum because
you always have Bitcoin to exit into. It doesn’t work the same going backwards. You can’t exit
through a shitcoin. Everything he just said is false, okay. It’s
a good argument that works for why miners attacked the network less because then all
their mining equipment be worthless and then extended place at 100% does not work. If you’re
criminal and you don’t have any money, you have the opportunity to steal a shitload of
money, you’re going to steal that money, okay. Just like we’ve seen exchanges get hacked
over and over and over again. And then they sell that money that they stole. And the system
still works after they stole it, right. That everyone’s still happy to keep sending their
money to the same exchange. Nothing that he said is accurate. If you steal the money and
you hack the money, then people are still going to use Bitcoin. That has absolutely nothing to do with what
I said. The reason why people want to steal Bitcoin is because the protocol is sound and
Bitcoin remains valuable. There is actually incentive, some incentive to 51% attack shitcoins.
We’ve seen Verge 51% attacked. We’ve seen Ethereum Classic 51% attack. Eventually Litecoin
will be 51% attacked as their hashrate continues to go down. BCash, it would be 51% attacked
if it wasn’t set to centralized in order to create checkpoints to kind of basically for
them to do whatever they want with the code. The thing is, you can’t really exploit Bitcoin
code anymore. Might have done it back in 2010 with that initial inflation bug because Bitcoin
was really irrelevant at the time. But now you wouldn’t do it because you destroyed value.
You won’t be able to profit from that. Anything to add? I assure you that the hackers that don’t hold
that much bitcoin, which is why in the business of stealing it instead of just watching it
and appreciate it and living on an island, they don’t give a shit if they’re the first
person to sell it, the first person to do the hack, they could open shorts before they
do the hack, and then they can make money on their shorts and on the money that they
just stole. They can’t. You can’t make money on a short
if you short, let’s say Litecoin and then you go, if you short Bitcoin, your rewards
are in the form of Bitcoin. The f%#king CME is cash settled, and you can
sell cash settled CME. Not everything is f%#king BitMex. Not everything settles in fiat. Not
everything settles into shitcoin or illiquid crypto. The founder of XRP was the richest
guy in the world, now he’s not. Why? Because you add illiquidity, right? The CME is not
running out of money. You can short as much on the CME as you could possibly want. There’s
other cash settled futures products like Bakkt, which is releasing options soon even, like
you could also do Qantas and trade in another coin that didn’t get hacked. Everything he’s
saying is false. Sure, you can surely see CME they’re starting
to get a little bit of volume. Everyone always trades in the crypto space and if you destroy
Bitcoin, great, you just prevented me from wasting my next 5 years. I can move on to
another profession. The point is believing that if you destroy Bitcoin and some other
shitcoin is going to rise to the top is delusional. Tone is a terrible trader. He called the Bitcoin
top $7,000 and it went to $20,000. He has a good excuse for it, right? The easiest long
in the entire world, when President Xi said nice things about crypto, he missed because
instead of trading and making money, which he pretends to be good at, he’s teaching people,
selling them a copy of Tom Demarks’s indicator that he did barely anything to for $800 on
his website. It’s really $850, but I’m giving him the benefit of doubt. He sells you dinner
with him for $250 because he can’t make enough money trading to be able to eat dinner with
you for free. He sells $850 for his training course, $450 for his stupid indicator they
copied off time to Mark. And by the way, he tells you you can’t use it safely unless you
get my education. And always going to tell you to do is wait for the next candle to wait
for confirmation, because that’s what Tom Demark says in his book. All right. He’s a
terrible trader, if you counter trade him, you’re gonna make more money. Now, what does
he do to try and hide the fact he’s a terrible trader. He says shitcoins suck. And it’s been
a wonderful position to say shitcoins suck because they do. But that doesn’t mean he’s
good at trading. It doesn’t mean you should give him money. You don’t have to give me money. I don’t scam
people. I offer services. And if you want to pay for them, you pay for them. If you
don’t want to pay for them, you don’t have to pay for them. At least I’m not printing
fake money and giving it away and getting rich on the back end of it. Round 4: Is Richard Heart launching a shitcoin? Richard, you are about to launch your own
cryptocurrency this month, which is HEX, which is as far as I understand, is a certificate
of deposit on the blockchain, which can be used to earn interest. So, Tone, you define
HEX, Richard’s upcoming project, a shitcoin. So why do you think it’s a shitcoin? He created it out of thin air. He’s basically
selling you monopoly money. And he has a shit ton of it and if he gives enough of it away
and he convinces people to promote it and pays a bunch of trolls and sock puppets to
leave comments all over the internet promoting this monopoly money he gave away, he gets
to make a lot of money on the backend, because he’s probably holding the majority of it. Can you defend it? So while Tone pretends to be able to predict
price and pretends to be good at things so that he charges you for them, I charge you
for nothing. I offer better price calls than he does, and
I offer better performance than he does. I don’t delete my calls. You may not either.
So just go and look them up historically. I called the $20K Christmas when the price
was $4K. I called short at $19K. You can go verify this. He was wrecked the entire way.
Now about giving people money. You can give them money on your credit card, on your PayPal,
on your Bitcoin anyway, because he’s broken and he needs your money. I don’t need your
money. I retired in 2003. I give you free price calls, free (?), now free tokens, free
self-help books. You can’t pay me money. You don’t know my Bitcoin address. You can’t pay
me credit card. I don’t have any shopping cart you could possibly pay me. So to be called
a scammer by this guy, who will do anything he can to make money when I do everything
for free as a retired entrepreneur is absurd to me. Now, while he talks about crypto and
pretends he knows what it’s about, I’m actually building it. I’m actually designing it. When
I first got into Bitcoin it was free and I mined it for free and that’s why I went all
in on it after I got it for free. Now the only people that are getting freemium onboarding
is Raven coin and Ethereum and Monero because you can mine it for free. Tone, any replies? If he had any money left, you wouldn’t be
printing money, right? So my guess is he went broke a little while ago, probably due to
terrible trading, and now he has resorted to printing his own money and promoting it,
so he can get rich out of money that he’s printing. What I do is I travel the world and I teach
people how to trade. If you don’t want to pay to learn how to trade, you can learn it
for free. That’s all it is. Can you imagine the tragedy of paying him
to learn how to lose all your money when you could lose all your money on your own, naturally,
I give better price calls than him for free, period. Furthermore, Bitcoin cannot do time locked
interest. You can lock your coins in Bitcoin, you receive no rewards. If you want to replace
the CD, which has 7.2 trillion dollars, the United States and China, someone has to build
it. I built it. It’s open source. I give it for free to Bitcoin holders. We have two security
audits from two different companies and one economics audit and one of auditors is tied
for top best auditor in the world facility contracts. This guy cosplays and talks about
crypto. But when someone actually tries to make the world a better place and tries to
give you something for free and try and let you buy a new thing that could go very high,
when Bitcoin is already $10,000, you’re buying my bags I bought for $30. The people who get
rich in Bitcoin are three people: shills, who make money selling you stuff with no risk.
People that enable the shills margin trading places of which I told you my link earlier,
right. And cocain founders. Tone, you really don’t think this new cryptocurrency
can help Bitcoin? So apparently Richard’s solution to the financial
problems isn’t Bitcoin. It’s more free perpetual interest at what, 7% a year, 10% a year? Are
you a bit cut tax rates a 1 percent a day yet? What are you getting, when are you gonna
do that? When are you going to offer people a 1% interest a day? Bitcoin miners get paid to push the price
down because that’s the security model. Every single Bitcoin that exists, the 18 million
coins that exist now, nobody that did anything honorable or ethical was given those coins.
The developers were not given those coins. The people that marketed were not given those
coins. The only people that received those coins were people that sold them on market
to pollute the environment by buying electricity. Now, that’s necessary because that’s the security
model. But I can get the same security for pennies on Ethereum without paying a million
dollars an hour to miners that then use that money to attack that network with a fake Bitcoin
and try and convince people to buy a fake Bitcoin, which is what Bitmain did. Having
a free currency that doesn’t overpay miners and is based on staking, so we’re proof-of-work
hybrid. Our inflation rewards are based on proof-of-stake. You locked up your coins,
but our transactions are proof-of-work because that’s the only thing that’s safe. So you really think that proof-of-work is
failable? No, it is an extremely expensive and reliable
and trustful thing. It’s the best thing that we have, but it is terrible and it’s terrible
for the environment. I hope we find something better. We don’t have anything better yet.
So we do use proof-of-work for our transactions. Here’s the important point. If you want the
world to be a better place, you have to replace all of traditional finance with open source,
peer-to-peer trusted systems. I built such a system. He did not build such a system and
Bitcoin didn’t build such a system that would have more than the 2.8 million users total
that have a thousand dollars in a wallet. That is absolutely pitiful adoption. And the
only way you’re gonna get more adoption is if someone has the margin to advertise into
the public to on-board new users like the Ponzi schemes are doing. The Ponzi schemes
have referral programs. The Ponzi schemes print you interest and we’re doing the same
thing. Now he thinks we’ll be high inflation. During the first year, we are because we reward
people so much. We’re going from no supply to lots of supply. But after that year’s over,
the inflation is only 3.69% percent, which is lower than bitcoin has ever been. Furthermore,
there’s no externalities paying miners. All of our inflation only goes to the stakers.
So if you’re an average length, average size staker, there’s no inflation to you because
you’re the one getting all the coins. So we are built to do everything Bitcoin does better
than it ever did. Can you guys please like loop the part on
Cointelegraph video over and over when Richard said Ponzi schemes give you free interest
and we give you free interest? Just loop that over and over and over and over. I suggest. You know, who else gets free interest?
Bitcoin inflates higher than 3.8% every single year since it’s ever existed as a free dividend
to people who pollute the environment. So Bitcoin pays interest not to people that
invest in Bitcoin, but the people that send money to weird countries to make silicone,
to burn electricity, to pollute the environment. That’s who actually makes all the Bitcoin.
Every Bitcoin you ever bought went through one of their hands first. And I used to do
it. I used a mine full blocks on my own, 50 block reward with no pool. I did 5970 GPU
and now I got it for free. And now no one else can get it for free. You guys all have
to buy my bags, that I got for $30, for $10,000. Sorry, guys. Round 5: What is China’s influence on Bitcoin? China embracing blockchain technology. What
do you think, guys? Is it a good thing for Bitcoin or a bad thing for Bitcoin? Lots of
people are saying that China dealing with blockchain can actually impose a kind of authoritarian
turn to the whole environment of blockchain and cryptocurrency. It’s really irrelevant for Bitcoin. Bitcoin
will continue to grow and people will continue to adopt it. It’s really irrelevant to me
what China thinks a blockchain is or isn’t. One of the reasons why less people use Bitcoin
today is because of people like Richard Heart promoting Ethereum all over the place. Probably
Ripple and all other shitcoins, until he started doing his own. I’ve never owned more than $100 of Ethereum
in my entire life. I’ve never owned any XRP in my entire life. I was a Bitcoin maximalist
forever. But then when you decide you want anonymity, you can’t do it in Bitcoin. When
you decide you want to replace the CD you can’t do it in Bitcoin. When you decide you
aren’t interested in game theory to reward people for doing awesome and honorable things,
you cannot do it in Bitcoin because they only inflate to pay people to [email protected]%#ing pollute the
environment. That’s the only people they pay. You know how much better Bitcoin would be
if you could actually pay the developers to make some improvements? You know, the last
improvement you got in Bitcoin? Two years ago, you got SegWit, which we lied and cheated
and steal. And I was part of the lying and cheating, stealing to get SegWit, to get Lightning,
which, by the way, had critical vulnerabilities and lost people’s money, which only has 50%
more Bitcoin in it than wrapped Bitcoin with BitGo as a counterparty on Ethereum, right.
Ethereum’s got DFI, Ethereum’s got a distributed stablecoin which does more volume, stablecoins
do more volume than Bitcoin and all other cryptocurrencies. People really want stablecoins. Tone, are you not worried about environmental
impact? No, not at all. I’m not. I mean, what advantage
do the world do playing video games brings? Nothing. Think about how much electricity
is wasted every year by people playing video games and compare that to Bitcoin mining. You would absolutely dwarf it. So that part
is completely irrelevant to me. As far as Ethereum, the founders of Ethereum have already
admitted that it’s an unscalable platform and for stablecoins on top of Bitcoin, Tether
has already moved over to the liquid sidechain, so I have no idea what Richard’s talking about. Once again, everything’s Tone’s saying is
wrong. The majority of Tether volume trading is done on a ERC20 tokens. They used to do
it on Omni, which used to be on Bitcoin, but it sucked so bad because it was slow and expensive
that they moved the majority of Tether trading on to ERC20 tokens which, believe it or not,
HEX is also ERC20 token. As TRX was, as BNB was. There’s 4 or 5 billion dollar companies
that are ERC20 tokens, right. So if you don’t think China’s important, you
must be crazy. If you don’t understand how wasteful Bitcoin is and you want it to secure
all the world’s value. The energy burns has to be proportional to the value to defend
it. So if you’re promoting Bitcoin, trying to make it take over trillions of dollars
value from the world, you’ve got to burn trillions of dollars of electricity to f#$%ing secure
it. So saying that right now it uses less than videogames doesn’t make any sense because
you want it to be big and you want it to burn more electricity. Furthermore, those guys
in Ethereum, Ethereum’s got something called Optimistic Roll-Ups right now using ZK starts,
which could 100x a throughput on the chain because the Ethereum developers now are smarter
than Bitcoin developers. Bitcoin developers did two or three good things recently. Imagine a future world where everybody’s using
Bitcoin, pollution will grow accordingly, no? Bitcoin can actually scale. Try to download
the Ethereum though. Good luck with that. No one needs a full node. No one runs a full
node in Bitcoin. Let me tell you about Tone. Tone thinks he’s smart. Tone thinks he’s smart
because he runs a full node. Do you know what kind of full node he runs? One where you double
click the exe and he uses the default settings. And when you use the default settings, you’re
just a b#%ch to the guy that set the default. He doesn’t compile the source code. He doesn’t
verify that it doesn’t have hacks in it. If he did, we could blame him for those inflation
bugs that he didn’t catch. But he thinks he’s smart because he runs a nine mining node.
If you run a nine mining node and the network decides, the mining network decides to do
something else, like stop removing the halvening and pay themselves whatever they want. He
could create his own fork that no one’s on. And if no one likes his fork, they can 51%
attack this fork. Now, the UASP that node two X guys threatened the network and put
a gun to the network’s head to get SegWit. And I was part of that and I supported it.
But in the end, the miners are the actual network, and if you’re not mining, you’re
a b#%ch. Yeah, the miners lost. I was users like myself
that one with our non-mining nodes deciding what Bitcoin really is. And no, we’re building
a server right now to run all my web sites and that’s going to be a full node by someone
that really understands the system and better than me. And but it will be a node controlled
by me. Next year, there will be the Bitcoin halving.
So what’s the outcome of this halving, according to you? We will see a spike in price or you’re
not so optimistic about it? Do you think it’s already priced in? What do you think? So I think that we had a $20K top at the end
of 2017 and we’ve only gone up to $14K in a Ponzi scheme, which means we’re not front
running it, it’s not overbought. We don’t have high premiums anywhere. We’ve got choppy
sideways volatility with a lot of news inputs. So I think that the reduction in the future
supply will drive the price up because I don’t think that we’re overbought at this point.
I think if you believe in supply and demand and you do believe the demand is static or
increasing, then reducing the supply, hitting the market is obviously going to influence
the price upwards. So I’m bullish on Bitcoin and especially because of China. Now, China
will say something bad about Bitcoin and it will push the price again. They always do
this. So be ready for it. They’re going to say blockchain, not Bitcoin. They’re gonna
say something very bad about Bitcoin. It’s just a question of how long they wait. Do you agree? I’m a technical analyst. Right now to me,
Bitcoin has been on a downtrend since the $14,000 top this summer. Until it proves to
me that it’s ready to tackle new highs past $14,000, I’m going to remain bearish on the
environment. I am looking for another low, not as low as $3,000, but probably something
lower than $7,000. If it doesn’t calm before the halving then the $7,200 low is in, I let
the price prove it to me. Right now I am looking for a low around the $5,000-$6,000 area before
the halving. And then finally the bull market for me could begin. If not, if we stagnate
here in the $8,000-$9,000 dollar range going into the halving, then I’ll be a bull above
$10,000. Whenever it starts moving in that direction. Round 6: Year-end price predictions. One more question for you guys. So now I’m
going to ask you, what’s your price prediction for the end of the year? And then at the end
of the year, we’re going to check who among you got closer to that prediction. $11,000. $7,500-$8,000. I just pulled this number directly out of
my ass. So this is like I would have absolutely no
certainty in this number, but I’m more bullish than bearish. And it just wouldn’t be making
a new high. So I’m okay with a middle ground of like chopping around $11K seems fine. I
wouldn’t trade it. Listen, don’t trade you gonna lose all your
money. If you’re forced to and you can’t take my good advice, go to richardheart.win and
smash that buy and sell buttons. Many times you can, rack up all the fees again, but you
really shouldn’t trade. I’m more bearish than bullish at the moment
for the year-end. I’m more bearish than bullish. But trading isn’t about, you know, the best
prediction. Trading is about risk management, setting the right stop losses and having good
money management. That’s what will keep you alive and trading. Total bullshit, total lie. Every single guy
that wants to sell you on this idea that he can predict what’s going to happen, which
if you really could, he wouldn’t be wasting his time out here, he’d be on a f#%king island
somewhere. If you think that risk management can make up for bad trades, you’re 100% wrong,
because all your stops will get hit. If you think a stop loss will save you, your stops
will be run and you’ll be chopped up 50 f#@%ing times until you’re finally out of the game.
You will not make up for bad trading with stop losses. You will not make up for bad
trading with cash management. And let me tell you more about cash management than he’ll
ever tell you. Go ahead and Google, what’s the dude’s name… Theoretically, mathematically
proven, if you bet 100% of your stack when you’re 100% of certain, 50% of your stack
when you’re 50% certain and 30% of your stack when you’re 30% certain. If you match your
bet size to your certainty size, it’s proven game, theoretically, the best cash management
it exists. He doesn’t even teach you that shit, right? Like everyone that pretends to
teach you something appeals to cash management or risk management. But really, it just means
you predicted the price properly. It’s a joke, it’s a euphemism. Tone, do you have one last comment? Yeah, betting 100% of your stock when you’re
100% certain is the fastest way to get wrecked and never trade again. Good luck with that
strategy. That was a great discussion, guys. So Tone
Vays and Richard Heart, thanks a lot for being with us. Thank you guys for watching and put
your comments below, deciding who won today’s crypto duel: Tone Vays or Richard Heart?

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