A few days ago, I received a PM from zasad@ to be interviewed. Caught me by surprise, but of course, I said yes. Here is a little bit about me.
1. When and why did you become interested in cryptocurrencies?I became interested in crypto in 2013. Litecoin was one of the first big coins that I started holding. Back in those days, giveaways and freebies were still allowed, so I took part in many giveaways. I did some mining and traded those coins for Litecoin and ultimately for Bitcoin later on.
2. When and why did you buy your first bitcoin?My earliest Bitcoin deals were made thanks to the mining profits I generated and exchanged. The goal was always to use those coins and exchange them when they gained in value for Bitcoin and Litecoin. One such deal earned me over 0.20 BTC. Keep in mind that Bitcoin wasn’t worth much back then, so it wasn't a lot of money. My first actual Bitcoin purchase was on BTC-e.
3. How did you get on the forum?A discussion on Reddit about Digitalcoin brought me to the ANN thread here on Bitcointalk.
4.1. What prevents mass adoption of cryptocurrencies?I don’t think we are close to seeing Bitcoin becoming a significant player in the financial markets, yet. If it happens, sometimes in the next 10 years, I would be happy. A more pessimistic view would be 20-30 years. The populace itself is not ready. The majority of people are OK with the current banking sector. It has been a part of our lives for hundreds of years, and humans have gotten used to the bankers controlling everything. People put their trust in them despite numerous major financial crisis caused by their speculations throughout history.
4.2. How do you think mass advertising of gambling projects has a positive effect on the development of the forum or harms the community?I don’t think it is harmful to the community at all. Suppose someone doesn’t want to see gambling ads for moral, religious, or other reasons. In that case, there is an option to disable the ads in the settings. Use it. The companies pay the forum for the ad space. This money can be reinvested into making the forum better and testing and improving the new forum software. It is used for server costs, and mods and admins receive payment from this pool. Whether we like it or not, people want to gamble, always have, and always will. Bitcointalk, being the most popular forum of its kind, is where these companies will go to advertise.
4.3. How do you consider whether 2-3 years of experience in cryptocurrency is enough to successfully invest or does an investor need to receive special education?Let’s consider this year alone. Warren Buffet is a well-known investor, but despite his experience, his company
Berkshire Hathaway lost almost $50 Billion in Q1 of 2020. That shows that financial markets are hard to predict, even for the best. I have never been interested in carrying out in-depth market analysis, so I am not the right partner to give advice on where and how to invest. I stay away from projects I don’t understand and those that are hyped and advertised aggressively.
5. What do you think of the current Merit system and signature campaigns? Do they harm the forum?The merit system succeeded in what it was intended to do. It stopped account farmers from upgrading their accounts with pointless discussions and activity alone. We now have a ranking system to determine post quality. People say that merits aren’t scarce, but I would like to see the sMerit supplies increase. I have often found myself in a situation where I am a few merits short, and I can’t merit the posts I would like. Some people think that Legendary members don’t need any more merits since they are already of the highest rank. But that is not true, since merit is given to the post and not the person behind it. But when I am faced with the same choice whether to award my sMerit to a Legendary or a lower-ranked member, I often find myself in a dilemma. My thoughts about signature campaigns match with what I said about gambling projects and casinos above.
6. The most useful forum topic? Most helpful users?Hmm, difficult question. From the top of my head, I remember the two sticky threads in Beginners & Help with
tips for newbies and about
Bitcoin wallets. Both were written by Lauda. There are many more, but I didn’t want to search before giving my answer. Singling out 1 or 2 users wouldn’t be right. There are many knowledgeable users. I am just going to say that if you want to see quality and knowledge, swing by
Development & Technical Discussion and
Bitcoin Technical Support. There are other ways one can be helpful. Merit sources are instrumental in terms of ranking up. They have been essential in me ranking up from Hero to Legendary, and I thank them for that.
7. 3 things you would implement on the forum?If I was in charge, Bitcointalk wouldn’t be a place where scammers and swindlers could stay after it was proven that they have scammed and stolen money. Equal treatment for anyone who breaks the rules. We have witnessed cases of the opposite throughout the years. ICO and bounty campaigns would have to deposit their bounty pool allocation in Bitcoin or an established altcoin with an escrow. This shows good faith and some sort of guarantee that they will honour their promises.
8. Do you trade on exchanges or invest in projects?I trade on exchanges, but I don’t invest in new projects anymore. My approach in recent years has been to increase my Bitcoin holdings as much as possible.
9. Tell a story about your big profit or big loss?I held a large bag of Digitalcoin for about a year. It is now a dead project. At the time, the coins were valued at around $0.02-0.03 a piece. I sold them at $0.26 and made some great returns. Had I been more patient, I could have doubled my money, but I am still satisfied. I am going to tell a story of a big loss that was luckily prevented and that made me much cautious in the future. I was sending Litecoin from exchange A to exchange B. But I made a mistake and sent the coins to a Bitcoin address of exchange B that had the same format. When I realized what I did, I contacted the support, and after 10 days or so they were able to recover my coins. It could have been a very costly mistake. I guess I was lucky, because today, few exchanges would have bothered to find my coins.
10. What do you think about the DEFI ecosystem?I honestly don’t follow that trend and know very little about the new Defi coins. I am probably one of the rare members who has never used Uniswap. I think it’s a place where new and unsuspecting users can easily get lost and lose large amounts of money fairly quickly.
11. Is your anonymity a vital necessity or precaution?Both. People don’t value their privacy enough until they lose it, and it becomes too late. I have made my share of mistakes in the past. Luckily and hopefully none of them will come back to haunt me. I am more careful now when I narrowed down my interests. I am no longer a dog looking to get a sniff of everything.
12. The last cryptocurrency book you read?My father started asking me questions about Bitcoin, so I wanted to surprise him by getting him a book about Bitcoin and crypto. There isn’t much available in our local language so I had to look elsewhere. My father knows German, so I got him
“Bitcoin für Anfänger”. It is a book about Bitcoin for beginners. He started reading it but lost interest after a while. Turns out that I bought the book for myself and I liked it.
13. Advise 3 cryptocurrencies/tokens for investment in the next 1-2 years?Buy Bitcoin! Many other assets can become a costly mistake. The biggest powerhouses in finance will soon enough understand that it makes no sense to fight the adoption. Look at the news about PayPal getting into crypto and Bitcoin. Others will follow.
14. How much will Bitcoin cost at the end of 2020?I would rather have Bitcoin reach $15.000 and stay in that region for a while than a replay of the 2017 scenario. So, let’s make it a nice and round 15k.
15. P.S. (Optional)This isn’t a question but rather praise for coming up with this thread that I find very entertaining and informative. Thanks for making me a part of it.