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On this episode I talk with Frank Zhu from numeris.capital
There was some high pitch noise at some points on this call and I tried to remove them in Adobe Audition using noise reduction but it’s not perfect 🙂
The business Frank bought is doing good and we talk about his experience as a first time buyer and why I chose Frank as the purchaser!
Frank has recently purchased his second business, an FBA biz (episode 10).
At around the 25m mark the discussion turns crypto… 🙂
Invest in bitcoin
When Frank bought my site last year he explained to me how to make money with bitcoin and that I should buy in which I did at $650 a coin – cheers to you Frank!
Frank owns a bunch of altcoins but ultimately puts gains back into bitcoin. I’m doing similar with a 80-20 split in bitcoin and altcoins and also invest though my UK SIPP pension in a bitcoin exchange traded note.
Frank mentioned Factom.com who have a meetup in Austin who are trying to digitize any documents of physical products onto the blockchain.Setup a free coinbase account and buy your first bitcoin today!
Proof of stake vs proof of work
He likes projects that are proof of stake where you can earn dividends from holding your coins in your wallet rather than proof of work where you have to mine coins and buy special hardware.
An example of proof of stake that Frank likes is particle.io that keeps upgrading Bitcoin’s protocol and is a decentralized Amazon / ebay – a platform where people can sell anything they want. It has a public side and a private listing side. On the public side the token holders can vote for which thing they want to see publicly to the world, i.e. weed ok but guns bad; for private listings anyone can sell privately and you can transact completely anonymously as they will be using a TOR network and secure messaging onto the platform.
They will be using an escrow like service on the blockchain where if there are any discrepancies between seller and buyer then the whole pot gets destroyed through a smart contract and what’s in the pot gets distributed between the node stakers.
Particl will enable people to purchase anything in any coin through implementing atomic swaps using shapeshift.
I’ve recently purchased a Trezor hardware wallet to store my coins as I don’t want to be acting like a trader with my coins, rather I want to invest and hold (on for dear life). I am definitely wired that losses have way more of an impact than wins so want to mitigate that feeling and having to stare at crypto charts all day. I’ll be doing a trezor wallet review soon comparing trezor vs ledger nano S but then the question becomes where do you store your 24 word seed password! Cryptosteel is an awesome solution but then do you bury it?!
Once Bitcoin reaches $100bn market cap Frank reckons wall street funds will start jumping in due to now having enough liquidity – as of these notes BTC has not reached this level 🙂
Frank, like me, reckons bitcoin will reach $10k a coin within 6 months.
He has set up a crypto investment club to manage funds for people so they don’t have to develop the discipline not to sell at the wrong point (super hard as a beginner). They are doing swing trades from technical analysis from good entry and exit points and will look into shorting in the future. They move funds to and from exchanges every day (too scary for me!) and he also does over the counter (OTC) trades that are off exchanges that have a $100k limit.
Check out Frank’s cryptocurrency investment fund >> numeris.capital