Nathan Williams, a.k.a. 'BlackRain79', dives into the reasons behind poker players' foray into Bitcoin investments and why many fail, drawing on parallels between poker strategies and investment skills.
Nathan Williams: Nathan Williams, known as 'BlackRain79' in the online poker community, is a professional poker player and the creator of BlackRain79Poker. With a journey beginning in 2004 with a modest $60 bankroll, he has climbed up the ranks to become one of the highest earners in small and mid-stakes online poker. His success in poker led him to quit his job by 2007 to pursue poker full-time. In addition to his playing career, Nathan is a 3-time best-selling poker author, widely recognized for his educational content and strategy guides for poker players. Despite not positioning himself as a financial advisor or an expert in cryptocurrency, Nathan shares insights into the world of investing, drawing parallels between skills used at the poker table and those needed for successful investments. He is an advocate for educating oneself in investing, recommending books such as 'The Intelligent Investor' by Benjamin Graham and 'The Bitcoin Standard' by Saifedean Ammous. Nathan's YouTube channel, BlackRain79Poker, is a platform where he shares poker strategies, tips for players, and occasionally his thoughts on the intersection of poker and other areas such as cryptocurrency investing.
Crossover Skills from Poker to Investing: Poker players can leverage skills such as risk management, analysis, and understanding expected value when investing in cryptocurrencies like Bitcoin.
Investing as a Poker Player: It's beneficial for winning poker players to invest as money in a bank may not outpace inflation, and investing can provide better returns.
Cryptocurrency Investment Variance: Poker players may be well-suited to handle the high variance in cryptocurrency markets due to their experience with swings in poker.
Educational Recommendations: Read 'The Intelligent Investor' by Benjamin Graham for traditional investing and 'The Bitcoin Standard' by Saifedean Ammous for an understanding of Bitcoin and blockchain technology.
Emotional Control in Investing: Poker players' experience in emotional regulation during the game's ups and downs can be advantageous in managing the volatility of investing.
Investment Portfolio Advice: While cryptocurrency can be part of an investment portfolio, it's suggested to not make it a disproportionately large part due to its speculative nature.
Caution Against Misinformation: Be discerning of advice and educate yourself thoroughly before investing, as there is a prevalence of misinformation and scams in the cryptocurrency space.
Poker Pros & Cryptocurrency Investment: Discusses why many poker professionals are diversifying into Bitcoin and other cryptocurrencies, due to skill overlap between poker and investing.
Crossover Skills: Highlights the transferable skills from poker to investing, such as risk management, analysis, and expected value assessment, which are crucial for both activities.
Investment Advice Caution: Advises caution when seeking investment advice, especially in the volatile cryptocurrency market, and highlights the need for education and skepticism towards sensational claims.
Variance and Emotional Control: Compares the high variance in cryptocurrency value to the ups and downs in poker, suggesting that poker players' experience with variance and emotional control can benefit them in cryptocurrency investing.
Long-Term Investing Strategies: Emphasizes the importance of understanding long-term investing strategies, recommending 'The Intelligent Investor' for traditional investing and 'The Bitcoin Standard' for insights into Bitcoin and blockchain technology.
Speculative Nature of Cryptocurrency: Points out the speculative aspect of cryptocurrency investments and advises that only a portion of one's investment portfolio should be allocated to this area.
Education Before Investment: Stresses the need for thorough education on the fundamentals of investing and cryptocurrency technology before participating in the market to avoid scams and poor investment decisions.
Poker Strategy: Reminds viewers that the channel primarily focuses on poker strategy and provides additional resources such as a free poker cheat sheet and strategy videos.
This article is a summary of the video Why Most Poker Players FAIL at Bitcoin (BRUTAL TRUTH!) by BlackRain79Poker published on July 13, 2021 at 11:47:21.
Q: How can poker players transfer their skills to cryptocurrency investing? A: Poker players can apply their understanding of risk management, analysis of expected value, and emotional control to cryptocurrency investing, as these skills are relevant in both domains.
Q: Is investing in cryptocurrency a good financial strategy for poker players? A: Investing can be a good strategy for poker players as it potentially offers better returns than traditional savings, with cryptocurrency being an option for diversification despite its speculative nature.
Q: What should poker players know before investing in cryptocurrency? A: Poker players should educate themselves on the underlying technology of cryptocurrencies, the market's volatility, and the importance of a long-term investment strategy to avoid misinformation and scams.
Q: How important is emotional control when investing in cryptocurrency? A: Maintaining emotional control is crucial in cryptocurrency investing due to the market's high volatility, mirroring the emotional discipline needed in poker.
Q: What is the significance of long-term financial planning for poker players getting into investing? A: Long-term financial planning is essential as it aligns with the discipline required for successful poker playing and helps build real wealth through strategic investments rather than seeking quick wins.
Q: What resources can help poker players educate themselves about cryptocurrency investing? A: Recommended resources for educating poker players on cryptocurrency include 'The Intelligent Investor' by Benjamin Graham for investment fundamentals and 'The Bitcoin Standard' by Saifedean Ammous for understanding Bitcoin and blockchain technology.
Q: How can poker players avoid scams and make informed decisions in cryptocurrency investing? A: Poker players should thoroughly research and educate themselves using credible sources, understand the long-term perspective of investing, and be cautious of advice from unverified individuals on social media.