On 23rd September, the Baltic Honeybadger 2018 Bitcoin conference was held in Riga, Latvia. The conference was the first major event in Latvia which was driven towards Bitcoin [BTC] and the technologies built around it.
Matthew Mezinskis, host of CryptoVoices podcast organized the panel discussion where one of the panelists was Tone Vays, a traditional Wall Street dealer and host of Crypto_Scam podcast. The two other panelists included Whale Panda, a Bitcoin Accumulator through trading and Florian Maier who was a Software Engineer & Security Professional.
Matthew stated that Bitcoin’s price was $4000 a year ago and those who bought BTC then were in profits. Thus, the first question to the panelists was about who should trade and who should HODL.
Whale Panda opined that “No one should trade”, he added 90% of the people might lose money and 5% of them would breakeven whereas it is only the rest 5% who could actually make it. Tone Vays was optimistic about Panda’s comments, he stated that learning to trade is not very easy and it requires a lot of hard work. Panda further stated:
“It’s like gambling, It really is, you have to learn what you’re doing and you have to be very careful”
According to Panda, in the bull market everybody is a genius and are making a lot of money but the real test for traders is in the bear market. Tone disagreed on that point and stated that the majority of the people were still delusional and did not believe that the market was bearish. He also stated:
“I called the bear market around the second week of January, I realized that we’re heading into a bear market that’s going to possibly last all year but I have people who still believe that we are not in a bear market and still believe that it’s imminent to go back to 15k”
Maier agreed with the other panelist’s point of view and spoke about the insane amount of time put into trading to be successful and would definitely lose many times in the process. He added that any approach in trading required a lot of hard work and it was important to continuously improvise the strategy. Maier said:
“It takes a lot of time and I personally think day trading is really stressful and I would absolutely recommend against it”