Bitcoins and The Oracle of Tai Zen
There are many voices in the cryptocurrency market, but there is only one Cryptocurrency.Market, a company with the goal of accelerating the adoption of bitcoins, blockchain and cryptocurrencies by teaching people how to properly invest in them even if they know next to nothing about crypto. Its CEO is Tai Zen. He also doubles as its Senior Technical Analyst and the Co-Founder of TaiFu ™ 30 Cryptocurrency Market Index at TaiFuIndexes.com, an online cryptocurrency index “to help investors, reporters, hedge funds, institutions etc. gauge the health and ‘pulse’ of the cryptocurrency markets.”
Are Bitcoins Real?
He started his career at an energy brokerage firm in Dallas, Texas that was profitable from its quality services to companies that consumed a lot of electricity. Considering this, one would expect, that the owners would be engrossed with their business venture. But they weren’t. Tai Zen says that he found them spending a lot of their time trying to build computer systems that could ‘mine’ bitcoins. All this was in the year 2013. It didn’t make any sense to him why anyone would go crazy about something that someone had created on the internet. He can’t really be blamed for thinking like this. For most people, this writer inclusive, bitcoins and other crypto were just another elaborate internet scam to rip people of their hard-earned income.
Luckily for Tai Zen, he had the good sense to inquire about the bitcoin craze from his employers, and their responses convinced him to put aside his prejudices and research into bitcoins for himself. What did they say that switched the narrative?
‘If someone is willing to give me some ounces of gold, a gun and ammunition for my bitcoins, the freaking bitcoins are real to me’
This just goes to show how seriously crypto traders take their assets. It’s a sentiment that’s difficult to relate with when you’re outside. Like Tai Zen in 2013, you look at it as crazy. But once you get in the game, the whole thing becomes clear.
A ‘Crash’ Course in Bitcoins
By 2014, Tai Zen, in collaboration with his friend, Leon Fu, started investing in cryptocurrencies. Although they suffered a major loss in Mt. Gox, Tai Zen’s solid background in trading conventional stocks, futures and forex helped them to recover quickly. It wouldn’t be far off the mark to say that they quite lucky. But what about those who didn’t have this investing background? How would they develop the confidence to come back to bitcoin, or for newbies, how would they know how to properly navigate the cryptocurrency landscape?
Maybe they had this in mind, so they (Tai Zen and Leon Fu) started recording their discussions on cryptocurrency investing and uploading them on YouTube. Initially, they were just shared to family and friends. But within 2 years, what started as just a hobby turned into a great demand from viewers for more videos that educated people about cryptocurrencies. This coincided with the rise in prices of Ethereum and convinced them that they should make it more official. With this in mind, they set up Cryptocurrency Market, where they offer crypto investors advice to avoid the pitfalls they faced in the early years.
The Tai Zen Appeal
He has a very democratic approach towards his content marketing, allowing his audience, from the comments on his blog videos and twitter feed to determine what next goes up on his blog. This is definitely a winning strategy. When you sell the exact product the people ask for, you can be sure of ready buyers. Based on a question asked by one of his Twitter followers about when to sell to make profits, his 100th vlog was dedicated to answering this question.
He has a reputation for taking a practical view on crypto investing, devoid of moral or ethical investing. It’s strictly business as far as he’s concerned. For instance, he said that people who are good at coding should drop out of college and take up a course in crypto programming, land a 6 figure salary coding crypto, and then insist that their employer pay 50% of their earnings in crypto.
He also has a very funny approach to busting the false ideas people have about crypto. In response to criticism leveled against him that his activities are destroying the environment, he usually retorts that it makes no sense that to expect crypto to change the world dramatically while we don’t have those expectations in conventional investments like stocks, futures, forex and the like.
Either way, no one can deny that he has paid his dues. His companies stay at the top of the crypto food chain largely because he has maintained the human interface that laid the foundation for those businesses in the first place. Mt. Gox was a bitcoin exchange firm based in Tokyo, Japan. As at 2014, it processed70% of global bitcoin transactions. However, in that same year, it shut down its exchange, website and filed for bankruptcy. It reported that over 850,000 bitcoins in its care were missing. At today’s exchange rate, that would be over $7 billion.
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