Summary of Glen Goodman's The Crypto Trader

By IRB Media

Please note: This is a companion version & not the original book.

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#1 I met with a painfully shy Dutch post-grad student named Lars who’d started mining Bitcoin on his laptop when it was still worth just $3 a coin. Then he watched, bewildered, as the price rose to $100,000.

#2 I began trading Bitcoin in 2013, after the Mt. Gox exchange was hacked and 850,000 Bitcoins were stolen. The price of Bitcoin fell from a high of about $1,200 per coin to a low of $160, a fall of more than 85%.

#3 A cryptocurrency is a digital currency that only exists online. It has no physical notes or coins. You can usually only acquire it or spend it over the Internet, which involves transferring it from one account to another.

#4 In 2017, the world began to realize and appreciate the value of Bitcoin. As a result, interest in and prices of cryptocurrencies skyrocketed. However, as with all booms and manias throughout history, by the time most people got interested, the peak was already within sight.

• Language: English
• Publisher: IRB Media
• Release date: Mar 28, 2022
• ISBN: 9781669374749

IRB Media

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Insights on Glen Goodman's The Crypto Trader

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 1

#1

I met with a painfully shy Dutch post-grad student named Lars who’d started mining Bitcoin on his laptop when it was still worth just $3 a coin. Then he watched, bewildered, as the price rose to $100,000.

#2

I began trading Bitcoin in 2013, after the Mt. Gox exchange was hacked and 850,000 Bitcoins were stolen. The price of Bitcoin fell from a high of about $1,200 per coin to a low of $160, a fall of more than 85%.

#3

A cryptocurrency is a digital currency that only exists online. It has no physical notes or coins. You can usually only acquire it or spend it over the Internet, which involves transferring it from one account to another.

#4

In 2017, the world began to realize and appreciate the value of Bitcoin. As a result, interest in and prices of cryptocurrencies skyrocketed. However, as with all booms and manias throughout history, by the time most people got interested, the peak was already within sight.

#5

The power of FOMO, or Fear Of Missing Out, can be very strong. It can lead people to throw away their money on things that might not work, just to be the only person in the group not to miss out.

#6

Cryptocurrency was also a breeding ground for highly organized Ponzi schemes. These always involve convincing people to invest money in a scheme with the promise of unrealistically high returns. The organizers use the money from new investors to pay early investors the big profits they were promised, thus proving to newcomers that they can profit too.

#7

I warned my followers about the fraudulent cryptocurrency OneCoin, which is alleged to have a modern crypto twist on a Ponzi scheme. The key signs