Daily Bit #173: Learning the Ropes
By: Daily Bit
Tags: Cryptocurrency, Crypto, Trading, Bitcoin, Blockchain Technology

Word on the Street

Learning the Ropes

Happy Friday Folks!

When I asked yesterday if everyone was still having a good time, I meant it. Trading in these markets is akin to braving the high seas in a dinghy. There’s a strong chance of getting knocked around if you float in place for too long.

In light of the recent volatility, I figured that now is an appropriate time to share two questions from an interview that we conducted with Niffler.co. They’re 9 days out from launching their platform, which essentially lets users trade the crypto markets with monopoly money. In other words — risk free.

Now, there are pros and cons to trading with zero risk

And it has to do with having skin in the game. Folks are less inclined to take things seriously without a risk of getting bit on the butt should things go south. The practice is brought up several times in Market Wizards. I highly recommend the book to anyone interested in learning how some characters made it big in the traditional trading world.

There’s a mild difference between traditional markets and crypto: volatility is a regular son of a nutcracker. Plus, each wave of newcomers typically goes in blind and has a high chance of losing a lot of money.

New traders can also land on the other side of the spectrum, though that depends upon the market cycle (and luck). More importantly, growing an equity stack isn’t impossible. The real pain is preserving it. People that’ve been around the block more than twice or thrice generally apply better risk management strategies than newcomers, who are more inclined to treat trading like a hobby (this is no bueno FYI).

This turned into a bit of a rant… but hey it’s Friyay. There are several free resources in today’s other reads that I believe are bomb.com as far as getting your feet wet goes. I think that Niffler is worth looking into if you’re debating an entry into the markets. Whatever floats your (raggedy) boat.

What are some of the pain points that Niffler.co is looking to solve for cryptocurrency enthusiasts?

In terms of newbies, we would say the number one pain point we solve is removing the fear of not understanding the fundamentals of trading and losing their real life or actual money or capital by making poor decisions on a real world exchange.

When it comes to more experienced enthusiasts or traders, we wanted to give them a home where they could earn money, grow their follower base, their brands by sharing their experience, knowledge and trading actions to a group of people sorely looking for it. We noticed after countless conversations with experienced traders who may currently use Patreon or Telegram, or perhaps even their own website, the experience was first and foremost theoretical only and not hands on, we really wanted to change that with our simulated exchange.

With Niffler.co these experienced traders, influencers have a home where they can now share their live trading actions, TA’s, YouTube videos, links and so much more within their public or closed group feed and earn monthly ongoing pledges for helping newbies learn. We have built upon what Patreon has done for artists, musicians etc and really focused on that experience being more in line with cryptocurrencies and crypto trading.

How does Niffler.co’s platform help prepare investors to put “skin in the game”? Do you think there are any downsides to paper trading?

Great question….Niffler.co is a simulated crypto-trading platform designed to help people learn how to trade cryptocurrencies without the risk.

We achieve this by giving our registered users $100k in play money to trade with and once they’ve proven themselves through something we call “Proof of Experience” they can achieve “trader” status”. At this point, they can also start earning money helping teach others. We like to think of it as Coinbase meets Patreon…without the risk!

We don’t have anything against paper trading as it works for some, and not for others, however, we wanted to approach blockchain, crypto and cryptocurrency trading education from a tech perspective by giving our users a robust hands on experience through a real life and real time simulated crypto exchange. We believe there is simply no safer and easier way to learn than rewards based gamification that is hands on and real time.