Tone Vays on Why Altcoins Are a Bad Investment

Mr Obnoxious - Un pódcast de Peter McCormack

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Interview location: Skype
Interview date: Friday 11th Jan, 2018
Role: Bitcoin/Blockchain Researcher, Consultant Content Creator & Derivatives Trader

Trading is hard, and crypto trading is even harder. There are significant disagreements around the value of all cryptocurrencies, especially altcoins. While maximalists believe that Bitcoin is a valid long-term investment in sound money, they also think that all altcoins and tokens are worthless.

Tone Vays does not believe in trading altcoins as he thinks they are not viable long-term, as such you are only trading hype and market cycles. Tone also believes many of these altcoins and tokens are scams, where the creators have printed money.

In this interview, I talk about trading with Tone, why he only trades Bitcoin and the skills which new traders need to master. We also discuss his upcoming conference, Unconfiscatable, why he is putting it on and why Bitcoin only conferences are essential.

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Timestamps:
00.03.27: Intro and welcome
00.04.50: Tone’s background and why he is a Bitcoin maximalist
00.10.40: Why are altcoins are a bad investment
00.16.54: Does crypto need rules?
00.19.15: The altcoin addiction and why people won’t let go
00.24.20: Why nobody admits they are wrong?
00.28.31: Roger Ver, Bitcoin Cash and why people can’t change their mind
00.43.29: Tone’s Unconfiscatable conference
00.54.18: What is going on in the market
00.58.57: Why most people should not be trading
01.02.52: What skills do new traders need to master
01.06.36: What Tone wants to see for Bitcoin
01.10.16: How to follow the conference and how to stay in touch with Tone

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Helpful Links:

Connect with Tone:
- On Twitter @ToneVays
- On YouTube
- On LinkedIn
- John’s website

Connect with Tone’s Unconfiscatable Conference
- On the website
- The Poker Tournament
- On Twitter

Mentioned in the interview:
- Winklevoss campaign - Crypto Needs Rules
- Ronnie Moas $DIG scam
- Tone’s most influential people Tweet
- Luke Dash Jr - proof of work change to destroy Bitmain

Other relevant WBD podcasts:
- WBD046: Francis Pouliot on the Network Effect of Money and Why Tokens Are Scams
- WBD038: Questioning the Obsession with Blockchains and On-Chain Governance with Nic Carter
- WBD028: Bitcoin Maximalism with Pierre Rochard
- WBD016: Roger Ver on Why Bitcoin Cash is the Real Bitcoin
- WBD012: Trading Bitcoin and Cryptocurrencies with Josh Olszewicz
- WBD006: Charlie Lee on why he Sold all of his Litecoin
- WBD001: How to Trade Bitcoin and Crypto with Luke Martin

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