To Outsource or to Automate, that is the Question!

Let me give some personal background in answer to this question, and why I consider it such an important one.  Many years ago, I ran across this quote by Gottfried Wilhelm Leibniz.

Gottfried Wilhelm Leibniz, um 1700, Öl auf Holz

Gottfried Wilhelm Leibniz, um 1700, Öl auf Holz (Photo credit: Wikipedia)[/caption]

“It is unworthy of excellent men to lose hours like slaves in the labor of calculation which could safely be relegated to anyone else if machines were used.”

(Describing, in 1685, the value to astronomers of the hand-cranked calculating machine he had invented in 1673.)”
― Gottfried Wilhelm Leibniz

 

Leibniz, (July 1, 1646 – November 14, 1716) was a particularly brilliant mind of his day.  His contributions range from Physics to Philosophy, and he is attributed with the development of calculus in parallel to, but independently of, Isaac Newton.

 

According to Wikipedia, “While working on adding automatic multiplication and division to Pascal’s calculator, he was the first to describe a pinwheel calculator in 1685[8] and invented the Leibniz wheel, used in the arithmometer, the first mass-produced mechanical calculator. He also refined the binary number system, which is the foundation of virtually all digital computers.”

This quote has been sort of a motto of mine for a very long time. It has been one of the themes of my career repeated several times over.


When I was growing up, my uncle worked as a manual machinist for a large aerospace company in NJ. My dad was an engineer / draftsman for the same company. Between them they worked nearly a century for the same company. Neither ever used a computer on the job. Today, my uncle’s job would be done by a CNC machinist. Instead of cranking manual dials, my uncle would be loading computerized code into computerized metal cutting machines that would cut parts automatically. Automation doesn’t mean it takes any less skill to run the machine. Many of the same skills are required to run an automated machine. It just is a different type of skill.

 

The accuracy and repeatability of these machines is simply phenomenal. Tolerances can be held on standard CNC milling and turning machines to within +/- 0.0002 of an inch. That is a mere two ten thousandths of an inch. That is nothing less than extraordinary in the world of manufacturing!  It is an order of magnitude of 5-10 times what can be achieved with manual methods alone.

In my dad’s day, just before he retired, the company had purchased their first computers in the engineering department where he worked. They were big clunky things that took up an entire room of office space. By the way, both lived extremely long lives; my uncle passed away at the ripe old age of 99, and my dad at 98!

Why do I mention this? I became involved with computerized machinery and computerized programming after having seen my family, practically speaking, slave for a nearly a century in the manufacturing industry without the benefit of computers.

I was and still am proud of the accomplishments of both my uncle and my dad, but I also knew that I could be much more productive in my life by taking advantage of the revolutionary advances of computerized manufacturing technology that were not available to either of them.

I have met so many great people in the manufacturing industry over the years, in companies large and small, but especially in the smaller tool and die and plastic injection mold-making shops.

There is something about machining that keeps people honest. Either your part, tool or mold, and whatever you are making works properly, and is made to the specifications of the blueprint, or it is not. There is no grey area or subjective opinion; only measurable fact. The part is within tolerance, or it is out of tolerance. Thumbs up or thumbs down. There is no compromising middle ground. Measurements are precise, accurate, and objective, with mutually agreed upon standards that are universal.

Even though my first glimpse of a computerized (CNC) machine tool was intimidating, I determined that even if it took me years to understand the technology, I vowed that I would learn to master it, and I eventually did on both accounts. If a machine tool has a computerized control on it, chances are I have programmed that type of machine before, at some point in my career. I also learned to run a wide variety of CNC machine tools.

The above quote from Leibniz stuck with me all these years, and when reasonably fast PCs became available in the 80s, I realized that the dream of Leibniz long ago had finally become a reality. Every software program used and the possibilities of communication using the Internet allows us a greater freedom from repetitive manual labor.

By the way, I am not opposed in principle to manual labor. There is nothing whatsoever that is wrong with it. In my life, I have worked as a construction laborer, a mover, a mason, a carpenter and a house painter. Although I enjoyed manual labor, I knew I did not want to spend my entire life doing it.

For example, when I worked as a house painter, years ago in San Francisco, we used electric airless paint sprayers that allowed us to paint buildings at the rate of 60 gallons of paint per day on a two-man team. If you are using a paint roller on a floor, you might be able to paint that much in a day, but there is no way to paint walls at that rate, or to paint by hand, using a brush, with that kind of proficiency!

If the lives of everyone can be improved using computers, I am always on board with it. Although there is a certain nostalgia surrounding the manual art and craft, and some things should be made only by hand, ninety-five times out of one-hundred, I personally prefer the computerized solution.

I have worked with and trained hundreds of machinists and programmers to use CAD/CAM technology to significantly improve their productivity in manufacturing.

I do the same today with small businesses and entrepreneurs. The niche may have changed, but my goals remain the same. I help companies to implement automated marketing solutions that improve their business, and the lives of both owners and employees alike.

Several weeks ago, I faced a dilemma. I needed to locate prospects and send out a large number of emails on a daily basis. I was considering hiring someone to help me send out more emails than I knew I could send out on my own each day. I was on the verge of outsourcing this work.

In principle, I do not like asking anyone else to do something that I would not want to do myself. If it is something that I can’t do, then that doesn’t leave me with a choice. Even if someone else does not think the work is tiresome, it still didn’t feel right to me; the thought of outsourcing this project left a bad taste in my mouth.

I know that there are companies that hire people abroad to send up to 100 emails a day. These people search for email addresses of potential prospects, and are happy to do this all day, for a decent wage based upon what is considered to be a fair wage in their particular country.

As for myself, I know very well I would become crazy doing strictly that and nothing else all day. Again, I was reminded of the Leibniz quotation, and despite my need, I squirmed at the idea of hiring someone to do this kind of job that I am unwilling to do myself.

So what is my conclusion to all of this soul searching and pondering? My advice is to keep looking for an automated solution to any problem you are having. Only as a last resort, if an automation solution is not possible, should you consider the alternative of outsourcing repetitive, tedious work.

I actually found an automated solution to my problem that is far better than hiring two full-time outsourcers, so I came out way ahead.

Also, if you have the means, consider hiring a programmer to build a custom solution to your problem. Then you not only have a solution that you can use, you have a product that you can sell to others that solves your particular problem.

This type of project has a very high probability of success. You are the very best possible beta tester for your product. You know the problem inside and out. You will know who can benefit from this solution, so you will know your target market very well. Your customers will greatly benefit from the automated solution you have found. Of course, you will also benefit by selling a solution that is well-tested, accomplishes the objective, and one that your customers not only need, but also appreciate.

by John Lombaerde

MarketHive

Goldfinch Digital Marketing

Goldfinch Digital Publishing

 

David

The Cryptoconomy – WordPress, Carts and Currencies

We have entered the Cryptoconomy. If you are an ecommerce entrepreneur please read on.

I started an  cryptocommerce site based on WordPress, the backbone of the entrepreneurs of Markethive. My site will take 6 cryptocurrencies. There may be more in the future.

What do I need for a cryptocommerce business?

I need WordPress, the shopping cart, the currencies and the payment gateway.

WordPress is easy however the shopping cart is unique. My discovery process led to only one cart that will do the job, Woocommerce, a highly rated and very extensible free shopping cart. Woocommerce works great for all standard sales of products and services but how does it work with crypto?

A further search in the WP plugins yielded GoUrl WooCommerce – Bitcoin Altcoin Payment Gateway Addon. The search keyword was “cryptocurrency”.

Official GoUrl.io Bitcoin Payment Gateway Plugin for WordPress. Provides Pay-Per-Product, Pay-Per-Download, Pay-Per-Membership, Pay-Per-View and bitcoin/altcoin payment gateways for – WooCommerce, WP eCommerce, Jigoshop, MarketPress, AppThemes, Paid Memberships Pro, bbPress, Give Donations, etc.

This payment gateway accepts Bitcoin, Litecoin, Paycoin, Dogecoin, Dash, Speedcoin, Reddcoin, Potcoin, Feathercoin, Vertcoin, Vericoin, Peercoin, MonetaryUnit payments online. No Chargebacks, Global, Secure. All in automatic mode.

So far so good, I've gotten the site up, the cart installed, the payment gateway, all major functions in place. However,there is one unwritten site requirement , the theme. Yes, I went to my old favorite themes and low an behold they showed an incompatibility in the admin panel.

The plugins didn't quite meet the functional requirements. Woocommerce requires compatible themes. A quick search in WP Themes and you discover several. Most of these themes require upgrading to the “Pro” version. They cost.  The price of an upgrade runs from $18.00 upward some are near $100.00. But, this is the cost of complete functionality.

I tried several but decided to work with one that I normally used (non-compatible), it seems to be working.

Now it looks good and it functions but we can't get paid, yet.

The payment gateway requires the entering of your wallet information for each cryptocurrency.

I chose the following 6 currencies: Bitcoin, Litecoin, Dogecoin, Dash, Reddcoin, Peercoin. for my cryptocommerce business. There is a couple of reasons for this selection, these currencies are acceptable to the payment gateway and they are listed on the cryptocurrency exchanges.

These wallets are for the most part are the same. They look the same (derived from the bitcoin core) and they act the same. They are available to download in almost every flavor of operating system from their home websites.

bitcoin: https://bitcoin.org/en/choose-your-wallet
litecoin: https://litecoin.org/
dogecoin: http://dogecoin.com/
dash: https://www.dashpay.io/downloads/
reddcoin: https://www.reddcoin.com/
peercoin: https://www.peercoin.net/

For my website, I chose to install part of my wallets on a Windows computer, the rest on the Ubuntu/linux OS.
The download and installation are of no real consideration, however, installation instructions are pretty scarce or not there at all. I went through each of them until I found one with instructions and followed those with each of the other wallets. The wallets can be set to activate on startup with Window but has to be called toactivated through the termeinal on linux.

There are three steps to installing and creating a wallet.

  • Download and install.
  • Synchronize with the network. Until your wallet is synchronized  with the currency's private network it doesn't work. This happens by default and it takes time.  My Dash wallet took about 20 hours to complete the synch'ing up, the bitcoin wallet took over 8 days and is still in process, so be patient and anticipate this. If you interrupt this, you will have to start over, however, the restart is not so severe as the wallet stores each block as it is synched and does essentially a review of what is stored on your harddrive.
  • Encrypting your wallet. After getting in-synch you are ready to encrypt your wallet. Care should be taken! The information you create for the encryption process is valuable.  It is your key to your wallet. If you lose this information you lose everything.

I use an online strong password generator to create a 16 character password then use an encrypted email service to send this information to an encrypted data vault in Iceland for safe keeping.

Strong password generator, http://passwordsgenerator.net/

Creating a cryptocommerce business website is just the same as a normal ecommerce site only different.  You take normal then add crypto.

Once I have all the wallets I can load the catalog.

As I work through this, I will blog about it.

Things to look forward to are; the loading of the products in the cart, normal currency and cryptocurrency, testing the clearing house, and exchanging the crypto for USD.

Follow along in the Markethive New Monies Group. https://markethive.com/group/newmonies

David

I Would Have Written a Shorter Blog Post, but I Didn’t Have the Time

Does this sound familiar to you? Originally the phrase has been attributed to Blaise Pascal in the form, "I would have written a shorter letter, but I did not have the time".

Do you think that the world would have known about Malala if she had not blogged about her ideas and communicated them online? It is a fact that if you want to be successful online, you will have to learn to write.

Writing is not only about blogging. Most digital products have text. Even videos have some sort of script. Presentations, slideshares, webinars, emails, autoresponders, press releases and most forms of squeeze or sales pages, are essentially text. Each of these forms of communication has a different, somewhat specialized form of writing, but learning to blog on a consistent basis can help all of the other forms.

You will often see that some of the best writers in a particular niche are also quite prolific. That is not just coincidence.  It takes time, effort, and consistent practice to become a good writer, and extraordinary effort to become a great one.

You don't have to have a fancy vocabulary, or perfect spelling, (always use a spell checker), but you do have to learn to communicate your ideas in a clear, if not persuasive manner. It is necessary to empathize with your reader, prospect, or customer to hold their attention, and help them to learn something they did not know before.

Blogging in particular, requires good communication skill, but it is more than that. You have to have something to say that is interesting to the reader, and if possible, informative, educational, and even entertaining. This is a tall order, without a doubt, but the good news is that blogging is an acquired skill.

Especially in terms of efficiency, an online entrepreneur has many hats on this head, so no one can afford to spend excessive amounts of time dedicated to blogging. I have to say that a new social network called MarketHive has taught me a great deal about blogging and blog promotion.

For most entrepreneurs, it is not easy to generate traffic to a blog, especially a new one without resorting to paid traffic methods. At MarketHive there is a rapidly growing base of friendly entrepreneurs that view content, comment, and quickly engage with your blog posts.

I find the number of views is quite remarkable considering the size of the network. Sometimes is not only size of the network that matters it is the level of engagement. One final note: It really is true that practice makes perfect. With the right attitude, practice and using the right tools, anyone can learn to publish a blog post in about 30 minutes like this one.

For additional information on this topic visit Neil Patel's Quick Sprout Blog and the following links:

Related articles

 

David

Are Sales Funnels Really that Critical to Online Success?

update

What is this thing called a sales funnel, and why is everyone going crazy over it? There is always talk on the Internet about sales funnels, but who really understands what a sales funnel is and how to correctly implement one?

Well, perhaps there is a considerable amount of confusion about sales funnels because it is one of the distinguishing factors that separates the successful marketer / business person from the unsuccessful one. Have you ever bought something online or over the telephone from a TV advertisement? 

The kind of funnel that most of these TV ad-men design more closely resembles a black hole. The realize that they probably have one shot and one shot only to sell to a customer calling on an 800 number. After you have made one purchase, you will usually be given a chance to double the order, for only the (inflated) cost of shipping and handling. Then one product after another will be offered in an attempt to squeeze every last dollar out of the call. This is distasteful to the consumer, but this kind of sales funnel is common in that industry. You really do feel like sucker if you let yourself get caught in their "black hole", and buy product after product.

Just ask any typical business person, what do you do with the people who do not buy your products or services?  Most would say, well, nothing.  Well, you probably have what is called a leaky sales funnel.  This is not so easy to set up for a brick and mortar type of business, but every online business should pay attention to their sales funnel. There almost always is a significant impact on your bottom line.

Everyone knows that taking care of customers is a priority.  If any business is to survive, it is a well-established fact that you have to take good care of your customers.

Say what you will about the Internet Marketing Industry, one thing that good Internet Marketing Professionals have going for them is that they understand very well that it is not only the quality of the product you promote, but the specific design of your sales funnel that can often make the difference between a mediocre success and big success. To rephrase, a well-designed sales funnel could be the difference between losing money, merely breaking even, and making a significant profit.

Let's try to clear up some basic confusion about sales funnels using the above graphic. Most businesses think that everyone in America, or everyone in their hometown of business is a prospect. In reality, until someone walks into your store, they are only a potential prospect. In the case of online business, until someone signs up for your email newletter, free product download, webinar, or other offer, there are no prospects, only potential prospects.

Everyone outside of your sales funnel is the audience you are trying to reach.  This nearly limitless pool contains all of the potential prospects for your business. They have not walked into your store. They have not signed up to be contacted by you in any way. You don't know who they are, although you might have some idea where they hang out.  They are only potential prospects because you have no way of contacting them, until they take the first step into your sales funnel.

Once they walk into your store, or provide their email address, then they actually qualify as a prospect.  Now you can contact them and work with them to help them become a customer. Everyone wants to do more than just survive. If you want to thrive, you need to find a way to quickly determine who is ready, willing, and able to buy right now.  That should be the first step.  

I have to give Steve Rosenbaum credit for identifying this as such an important step.  He also talks extensively about leak-proof sales funnels.  This is a guy who really knows the sales process, both online and offline. As you can see from the graphic above you can see there is a step-by-step process until a prospect becomes a customer.

Also, there should be a clear method to allow customers to become what I would call loyal customers, by making repeat purchases. As shown by the arrow on the right side of the funnel, they should easily be able to become repeat customers. It may be because the product is renewable, or relies on a subscription model, or they simply like your product or service enough to purchase additional products or services from you.

There is obviously a great deal more to discuss about funnels, but I think the fundamentals discussed here are important enough to warrant this kind of post.

Related articles

David

Do You Have A Website? Make Sure Users Can Find It

Search engine optimization (also known as SEO) is a critical part of running any website that is looking to generate more traffic. It is also considered an art that is difficult to master because there are so many different search engines using different search algorithms that you have to account for. However, there are tips and tricks that can help make search engine optimization easier to understand and use. This article aims to share some of these.

Do not go with a shady search engine optimization company. If you were to do so and the internet search engines found out, it would be very bad for your page. Many internet search engines have internal filters that denote any illegal activity. This means one should play by the rules and make sure they employ a company that does the same thing.

The links you are posting now should obviously be keyword-specific with the intention of catering to your market, but you also need to refresh these links at least once a month. Make sure you're linking new keywords in order to cater to others within your market that are also searching related terms.

Before you start your search engine optimization project, be sure to spend some time doing keyword research. There are free versions of a keyword checker on the internet that you can use if you are on a tight budget. If you are not, you can purchase some really great options on the internet as well.

If you have good content and you've written about several different topics, you might as well even create a separate domain for each of those topics. The biggest problem with search engines is that they only list one link per domain or maybe two if you're lucky. Having more domains means you get more exposure on search engine results.

Once you understand the technique for searching the web with specific words, you may want to find specific peer-reviewed journals or purely academic results. There are multiple search engines that allow this scholarly feature. With this feature you will not have to waste your time looking through everything that is not scholarly.

To increase the search engine rankings of products on a commerce website, take advantage of the newly released Schema protocol. This protocol, which was developed by major search engines Google, Bing, and Yahoo, helps search engines to better understand the products you are selling. All three search engines have stated that they will give greater weight to sites that make use of this protocol.

Interact with other websites and other people to get the best inbound links to your site. Inbound links are like references or testimonials. The fact that other, reputable sites in your niche are willing to provide you with a link speaks well for you, gives your site credibility, and encourages targeted users to trust you.

While effective use of search engine optimization can be difficult and at times seem elusive, it does not mean it is completely out of your reach. Hopefully, this article has proven that it is something that you can master and use effectively. When search engine optimization is properly employed, your website will start to see unbelievable amounts of traffic!

David

Niche Marketing – Why It Is So Important

If your website is not producing as much revenue as you would like, chances are you are guilty of not targeting your audience correctly.

Today's business environment is so competitive that a small business best bet is to focus on developing niche products where there is less competition from large firms.

Take the online book market. Amazon.com dominates the field, so smaller start-ups are wise to focus on books in specific niches. There are sites for best sellers, out of print books, used books, Oprah's Books, teen books and so on and on. Imagine a small company trying to compete with Amazon's huge inventory and variety. Then imagine that same company aiming for more depth in a much smaller field.

Another reason for niche websites is because you want to get listed in the top 100 sites on any particular search engine. By making a website based around a highly focused niche you reduce considerably the number of competitors that you have. This makes it easier to rank well in the search engines (the first 3 pages, or top 100 sites). Without a high Website ranking it is not possible to attract free search engine traffic and hence free visitors.

If you are an affiliate that thinks big and joins dozens of programs, you are in for a bit of a shock. Your site is indistinguishable from a myriad of others, no one knows it exists, and you are very lonely. Am I right?

You need to promote what you join, and it is impossible to promote that many programs effectively. You won't succeed at any of them, you will lose interest, and your business will disappear.

Instead, you need to focus on one thing that you love and create a lot of good content.

Everyone who has a website is constantly trying to improve their search engine rankings by optimizing their websites and getting inbound links etc. However one of the easiest ways is to create content that no one else has – unique content. Unique content written for an extremely focused niche market is a sure ticket to promotional success.

If your website contains your main keywords as well as a variety of related ones, used in a natural way throughout your pages, you will out perform your competition with fewer, less targeted pages. Using all these keywords throughout your pages also makes your content more interesting, rational, and satisfying. Imagine that…the question is not whether you simply occupy a niche, but how much obscure secret stuff you know about it, how much of an expert you are about it, how passionate you are about it, and if your site is interactive and fresh.

Yet another example of "build it and they will come."

David

Bitcoin Prices Fall Even After Switzerland Approves World’s First Crypto ETF

Bitcoin Prices Fall Even After Switzerland Approves World's First Crypto ETF

Bitcoin Prices Fall Even After Switzerland Approves World’s First Crypto ETF

Investing.com – Bitcoin and other major crypto prices fell on Monday despite news that Switzerland’s authorities approved the world’s first cryptocurrency ETF.

Bitcoin fell 2.8% to $5,515.4 at 12:47 AM ET (05:47 GMT) on the Bitifinex exchange, while Ethereum slumped 6.2% to $168.29.

Litecoin dived 6.4% to $40.636.

Elsewhere, XRP plunged 7.4% to $0.48959 on the Poloniex exchange.

Amun AG, a crypto startup, is offering the fund that would allow investments in major cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin cash in the coming days, according to various reports.

The fund will track the Amun Crypto Basket Index (HODL5), which is based on the performance of the top five cryptocurrencies.

It would start trading on SIX, a Europe-based exchange that has a market capitalisation of around $1.6 trillion.

Hany Rashwan, CEO and co-founder of Amun, said he explored 23 other destinations before Switzerland but found Swiss the most suitable.

In other news, Japan’s Financial Services Agency plans to regulate virtual coin wallets. Currently, only companies that buy and sell digital coins are required to register with the agency.

The agency argues that wallets are like bank accounts and should fall under their jurisdiction. At the moment, Japanese law does not apply to the wallet service providers because they do not trade in digital currencies.

David

Buying Bitcoins Recent Dip Could Be Profitable, Chart Watcher Points Out

Buying Bitcoins Recent Dip Could Be Profitable, Chart Watcher Points Out

Buying Bitcoins Recent Dip Could Be Profitable, Chart Watcher Points Out

Earlier this week, bitcoin saw its price drop nearly 12% in a single day, taking it below the $6,000 mark and breaking a longstanding support just under said mark. The day after, bitcoin hit a new yearly low under $5,500. The dip may be a profitable opportunity, according to one chart watcher.

As first reported by MarketWatch, Twitter user OddStats revealed that, throughout bitcoin’s history, large two-day sell-offs are usually followed by short rallies that can be profitable.

Using the Twitter users’ analysis it’s possible to see that in some cases it could’ve been extremely profitable to buy the dip, as long as it dropped over 10% in two days. The last time it occurred, at the end of March, BTC dropped roughly 14%, to about $6,840.

Those who bought the dip then would’ve seen their coins go up a whopping 46% in the next few weeks, as the flagship cryptocurrency then surged to nearly $10,000. As MarketWatch points out, in early February, the strategy would’ve been profitable as well.

At the time, BTC fell over 24.5% in said time period, but quickly recovered as in the next two weeks the cryptocurrency jumped roughly 72%. While in hindsight the strategy looks profitable, some of the microblogging website’s users have pointed out it would be hard to time the market, and that the data may not be representative.

Nevertheless, bitcoiners have seemingly been buying the recent dip. Data from the popular cryptocurrency exchange Bitfinex shows the number of long contracts surged from about 23,700 to roughly 26,700 in a few days.

As MarketWatch points out, the outstanding long interest is currently at its highest level since October 11. The two-day sell-off strategy, however, may have its flaws.

Late last year, when bitcoin hit its all-time high close to $19,000, the criteria were met on December 19-20. Buying the cryptocurrency then would’ve set traders down a further 20%, as the cryptocurrency kept on dipping.

David

Tom Lee Cuts $10,000 Off EOY Bitcoin Price Forecast

Tom Lee Cuts $10,000 Off EOY Bitcoin Price Forecast

Tom Lee Cuts $10,000 Off EOY Bitcoin Price Forecast

Per an article from CNBC, Tom Lee, Bitcoin’s inside man at Fundstrat Global Advisors, recently lowered his Bitcoin (BTC) price prediction by $10,000, claiming that this industry’s foremost asset will only hit $15,000 by year’s end, not $25,000 as he has stated incessantly on previous occasions.

Like his previous bitcoin price calls, the Fundstrat executive drew attention to the break-even cost of mining one BTC, which he believes correlates directly with the price of the digital asset. Lee noted that the break-even cost with Bitmain’s S9 machine has fallen to $7,000 from $8,000, adding that it would be fair for BTC to surpass 2.2 times that amount.

He also drew attention to the Bitcoin Cash contention, which is an ongoing epic, as seen by the endless tussle between Bitcoin ABC and Bitcoin Satoshi’s Vision. Like other analysts, Lee explained that recent bearish price action can be attributed to the hard fork, alluding to the fact that this so-called “civil war” is instilling feelings of distrust in crypto investors at large.

However, while Lee’s decision to cut $10,000 off his forecast may accentuate fleeting hints of bearish sentiment, the bottom line is that the Fundstrat’s in-house research savant isn’t ready to give up on BTC just yet, even though his dignity took a strong blow to the chin, so to speak.

Lee added:

While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism… But we believe the negative swing in sentiment is much worse than the fundamental implications.

Other Insiders Remain Bullish On Crypto

Interestingly, Lee isn’t the only industry insider to be bullish on the short to mid-term prospects of this industry.

In early-October, Spencer Bogart, a partner at Blockchain Capital, explained that positive institutional news, like the arrival of TD Ameritrade, Yale, and the Intercontinental Exchange (ICE), will likely be the primary contributor to crypto’s impending bonfire (bull run), as it were.

Lee backed this claim, drawing attention to the looming launch of Bakkt and FDAS as “[a] part of a broader creation of infrastructure necessary for institutional involvement.”

In contrast, Nikolay Storonsky, CEO of Revolut, has recently claimed that retail investors will drive 2019’s crypto bull run, going against the popular sentiment that the launch of the institutional-focused Bakkt and Fidelity Digital Asset Services (FDAS) will propel crypto to Main Street after Wall Street fills their bags.

Others have begged to differ, but as always, investors, whether from the Bitcoin maximalist or altcoin advocate camp, have begun to exert their opinion that a cryptocurrency bull run is in the cards. However, at the time of writing, the crypto market has failed to recover, with BTC and its altcoin brethren posting losses of 2-3%.

David

Economist Explains The State Of Bitcoin

Economist Explains The State Of Bitcoin

Economist Explains The State Of Bitcoin

 

Bitcoin is a currency which is unpredictable. In fact, the crypto market as a whole is volatile and subject change on an hourly basis, so, there’s no way of knowing what will happen tomorrow, the day after that and so on. This is why cryptocurrency investment is so risky

When it was initially created it was seen as one of the hardest currencies ever created – and maybe that is still true to this day – due to its finite supply which means it will always be a better store of value over time, Bitcoin economist Dr. Saifedean Ammous has suggested.

The number one digital currency in the world has just over 20 million token overall and so when the miners uncover all of these coins then there won’t be any more to dig out of the blockchain. This fixed supply is why the coin has surged so much in ten years according to Ammous.

In his new book, Ammous looks into the history of Bitcoin and where he sees it going in the future. The book is titled The Bitcoin Standard: Decentralised Alternative to Central Banking and is out now.

The book goes into what Bitcoin has gone through, from its creation by Satoshi Nakamoto to “ten years later, and against all odds, this upstart autonomous decentralised software offers an unstoppable and globally-accessible hard money alternative to modern central banks”.

In a recent interview with the Daily Express, Ammous says “Bitcoin is not the toy you want, it is the medicine you need.”

Just so you know, we are not financial advisors and this is not financial advice. So, do your own research and make sure you trade safe.

Ammous is one of the members of the Centre on Capitalism and Society at Columbia University and added that Bitcoin is here to stay and that is not optional.

As the number of coins in circulation increases, the cryptocurrency becomes a ‘harder’ asset which gives Bitcoin a better store of value according to the Bitcoin economist. Bitcoin is now

As reported by the Daily Express:

“BTC has become a ‘monetary good’ because its value is ‘completely determined by people buying it and selling it’ rather than people producing it… what makes something worth using as money is once people put their wealth in it and start to use it as a store of value it is hard for others to simply increase the supply and bring the price down and make more if it.”

 

By Robert Johnson Nov 14, 2018

David