Crypto Investing #80 – Crypto Lessons From Peter Saddington At Bite Size Bitcoin (aka Mr Bitcoin Lambo)

Tai Zen: What’s up guys, this is Tai Zen. I’m broadcasting from the city of Dallas in the state of Texas now. And with me today we have the Honorable Grandmaster Legendary World-renowned LeonFu.com, the great Oracle of crypto, the Chuck Norris of crypto and an all-around good guy.

He’s helped a bunch of us become millionaires, so I gotta give him credit. Where are you broadcasting from today Leon?

Leon Fu: Right now I’m back at home in Austin, Texas.

Tai Zen: And then with us today also, we have a very special guest. We have Peter Saddington, say hello Peter to the audience.

Peter Saddington: Glad to be here with Tai Zen and the Grandmaster, Chuck Norris, Leon who’s made apparently many people millionaires. Actually, you guys are both in two of my favorite towns. I traveled to Dallas and my family is in Austin so those are the two best places in the world for me other than Atlanta, so I need to hang out with you guys.

Tai Zen: Are you broadcasting from Atlanta, Georgia right now?

Peter Saddington: Yes sir absolutely, from my little office.

Tai Zen: What part of Atlanta are you in, North, South?

Peter Saddington: I’m in the North. So I’m about 25 miles outside of this city, a little city called Norcross. So my wife and I built a house up here, we like being away from the crowds and stuff like that.

Tai Zen: I was kind of shocked, I almost ended up buying a house and I’m glad I didn’t, I’m glad I moved back to Dallas. Atlanta is not for me, too many trees. If you watched all of my videos, they’re just too many trees around.

Peter Saddington: What’s wrong with trees, they’re making us oxygen.

Tai Zen: I prefer more of the Rolling Hills and desert landscape. I prefer the Southern California landscape. I brought you on the show because I was doing some research on getting a supercar, Lamborghini or a Ferrari with some cryptocurrencies and I ran across your channel.

And I ran across your channel several times, you got like thousands of subscribers on your channel and you got some good information that you put out there. Leon and I were thinking about getting some supercars for our channel, to help out our channel.

Peter Saddington: I’ve been into exotic supercars my entire life, so I have a huge network of people that have bought supercars, Lamborghinis, Bentleys, Ferraris, Porsches, these types of things. So for me to bring this part of my life or combining Bitcoin and supercars is a natural evolution of sorts and I’ve had great conversations with people about it.

Leon Fu: I had a Maserati for a few years, we took my Maserati to the first Bitcoin conference and that was in 2014.

Tai Zen: We started broadcasting about cryptocurrency investing over 4 years ago. And everyone thinks we were nuts talking about NXT and a bunch of other stuff, we have 1 client who said you got some balls to be talking about investing in crypto back 4 years ago, especially Alt coins, of all things.

We broadcasted the first video in a supercar in Leon’s Maserati back then and we went to the Bitcoin conference and everybody’s like you guys are the ones who broadcast about cryptocurrency investing out of the Maserati. And Leon I was like how do they know that we were in a Maserati? We actually went through all our videos.

We went in there because my kids were screaming inside the house and I had to get outside and we had to find a quiet spot and we went into his car and shot the videos out there. And we had no clue that in one of the videos Leon moved his head just slightly and the Maserati logo was behind his head.

Peter Saddington: People know what’s up, people are watching.

Tai Zen: Maybe it was like the stitching behind his head and they caught wind of it. And then later every time we were in a different car, we run a contest and give out cryptos for people who guess what car we were in. We were in Leon’s Tesla and one guy knew the exact model and the battery size that he had.

Peter Saddington: Car enthusiasts are just like crypto enthusiasts, they’re crazy detailed and it’s an all-consuming passion for them. The difference between car enthusiasts and crypto enthusiasts is car enthusiasts often last a lifetime, whereas crypto enthusiasts usually last about 2 weeks before they’re burned out and they quit.

Tai Zen: We had a coaching client that came to our cryptocurrency investing boot camp, he said that in one of my videos “You’re driving a so-and-so Toyota Sienna”, and I’m like “How the hell do you know that?”. He said because when you move your head that the airbags where it comes out, that’s only on Toyotas. Now I’m afraid to even show anything in my car.

Peter Saddington: You can’t fake out the car. Whenever I do car videos and I’ve said things on previous videos about cars where I said something wrong and the internet comers like you’ve got this wrong, it’s actually the LP610, it’s not LP580, what’s wrong with you, you’re not a car dude.

Tai Zen: Leon is limited on time because he’s got to run to a doctor’s appointment here. He’s expecting his first child at the end of the year. We might not see him on the channel anymore after his kid comes.

But this is a cryptocurrency investing channel where we talk about how to make life-changing money in crypto and you got your Lamborghini with your Bitcoin so that’s definitely life-changing. So our audience is gonna want to know how you did that and can you share some tidbits with them? What’s your background? Are you an engineer software, doctor or what?

Peter Saddington: I think we can all agree that I’m Asian, that’s for sure. So I was born in Korea, I was imported over to America at a young age. I am a software engineer so I got an undergrad in Computer Engineering at Florida State, and then I have 3 Master’s Degrees in the Social Sciences and so I was trained as a data scientist, a master’s in counseling and organizational behavior, a master’s in education in cognitive learning theory and a master’s in divinity, focusing on apologetics and religion.

So I spend a lot of time in the educational world but all of my professional life has been in startups. So I’ve built 12 startups, 10 of them have failed epically, and then 2 of them have been privately acquired which has availed me the opportunity to buy supercars and exotic cars and so that’s a big passion of mine.

So I’ve been in startups bleeding edge technology as an entrepreneur and also as a consultant, I published 2 books on software development, the last one was in 2012 with John Wiley & Sons. And I traveled all over the world consulting with large organizations on how to help them build better products and services. So that’s the quick recap of my background.

Tai Zen: So basically to just summarize that quick recap, you’re one of those real Asians like Leon, not like me, who can’t pass an algebra test.

Peter Saddington: Technically not a true Asian because I didn’t become a doctor or a lawyer. I ended up becoming a scientist which is kind of a lower tier of Asian acceptability.

So instead of becoming a lawyer or a doctor, I became a scientist and focused on that so I’m still a disappointment to my parents, probably like you guys are.

Tai Zen: The village is not happy in Vietnam where I come from. So with all that education and scientific background and everything, where did you first hear about Bitcoin?

Peter Saddington: I say this in all my interviews is that I just got lucky. In October of 2011, I saw an ARS Technica article about the implosion of Bitcoin from the hack that happened previously in June. And so Bitcoin went just down and this ARS Technica article was talking about is Bitcoin gonna die, is it something that’s still worthwhile.

So I read this article in October of 2011 and then it took me about a month to do research of it because I’m pretty slow, I’m a research scientist so it takes me a lot of time to collect data. So it took me about a month to collect a lot of data, understand the fundamentals of Bitcoin and blockchain technology.

I’m very methodical with my research, I had screens up, I had Excel sheets and looking at all the code as an engineer and it took me about a month. And then in November of 2011, I finally took the plunge, I bought a lot of Bitcoin and at $2 and 52 cents, and I’ve been haunting that shit ever since. I really just got lucky but it’s not something I was looking for, it just kind of came to me.

And be a technologist and entrepreneurs, this is a really good idea, I don’t know if it’s actually gonna be worth anything but at $2 and 52 cents, I can afford to purchase a lot of it so that’s what I ended up doing. And I ended up obviously doing pretty well for myself, now that Bitcoin’s getting close to $6,000 per coin.

Tai Zen: Was it tough letting go a few of those Bitcoins to get the Lambo?

Peter Saddington: I’ve owned these cars before if you look back at my channel and see my garage, you’ll see I owned a lot of these types of cars, Porsches, Lambos, these types of things. So for me, this is an opportunity to buy the world’s first Lamborghini Huracan with Bitcoin.

I know it’s not the first Lamborghini ever purchased but I believe it’s the first Lamborghini Huracan. So I wanted to do that and I wanted to use that as a mechanism to market. And just this last Sunday I went to the largest car show in the South-East Caffeine and Exotics and I brought the Bitcoin Lamborghini and had decals all over it and it was awesome.

I got to speak to a lot of different people about the value of Bitcoin, telling that this is something that’s not going away. And so the mission and vision of my life are to spread Bitcoin and blockchain to everyone that I know.

Leon Fu: Let me ask you a car question, Peter. Cross shop the Huracan with Ferraris or McLaren‘s, why did you decide on the Huracan, Lambo Huracan? Did you look at the Ferrari 488 or the McLaren 720?

Peter Saddington: I did shop around. I’m not a big Ferrari fan, I love the way the 458 looks, not the 480.

Tai Zen: From my art teaching background, I think the Ferrari 458 is one of the most beautifully designed cars.

Peter Saddington: But I can see you, Tai, buying a Ferrari. They don’t have the visceral experience that I enjoy. I like lots of driver involvement.

Tai Zen: I can see that the Huracan fits your beefy, muscle Korean barbecue beefcakes look.

Peter Saddington: I’m not a big fan of McLaren’s because my friends went on a road trip and they had 3 McLaren 570s with them. And as they were driving down towards Miami, all 3 of them hit about 170 to 190 miles per hour. And at 170 to 190 miles per hour, all the 3 McLaren’s, their side intakes started flying off, it’s a manufacturer flaw.

And so they were driving and all the side things were just breaking off and flying off and one actually flew off and hit a GTR Nissan behind them. And so I was really interested in getting a McLaren with Bitcoin, but after my friend showed me the pictures in the video all these McLaren’s breaking at high speeds.

Leon Fu: That’s obviously a warranty issue. McLaren is going to cover that.

Peter Saddington: McLaren said that they’re not interested in it, from what I heard from my friend. So they’re going through proceedings right now as a manufacturer flaw.

Tai Zen: That’s not good either, especially when 3 of them in a row do that consecutively at the same time.

Peter Saddington: I could show you guys pictures, all 3 of them, this front side skirts just started flying off. This is crazy.

Tai Zen: That means that they never even took their car on the track and tested a high mileage just to see what it does.

Leon Fu: McLarens is Ferraris’ rival and that’s something every car manager would test.

Peter Saddington: They probably tested in a controlled environment.

Tai Zen: I was supposed to go to college for mechanical engineering if I got that far. But from the mechanical engineers perspective, if I was building a supercar, I would max it out multiple times just to make sure on different ones. The fact that 3 of them have that problem, that’s not a good sign.

Peter Saddington: For me coming from a scientific perspective and a data perspective, that’s enough data to informing one of my decisions that I will not get a 570s.

Tai Zen: I told you, Leon, didn’t I tell you not to get the McLaren. We were actually in Atlanta shooting the Privacy Coin video series and documentary that we did in downtown Atlanta. Which Ferrari was it that you’re gonna get at the Ferrari dealership? The one that you said that was the collector’s edition.

Leon Fu: There was something called the TDF edition of the Ferrari.

Tai Zen: He was literally going to get that in Roswell, Georgia in North Atlanta. And we’re here to shoot some Privacy Coin videos. Your ass is gonna focus on shooting these videos. They probably thought he was nuts or something, they probably see this video later on and the sales guy probably shit his pants.

Leon Fu: What interested me were actually these supercars, if you buy Ferrari, McLaren, Lamborghini, they make these collector’s editions. And those are actually considered good investments because like the TDF that I was looking at, it was $500,000 new, and now in a couple of years, it’s worth like one over a million dollar in 2 years. The Porsche 918, if you were able to get that for about $900,000.

Peter Saddington: I was on the list to get a 918 when it first came out. I was somewhat allocated a spot through a connection who said that they could allocate the spot for me if I put down the money. But at the time I don’t want to put down the amount of money that I wanted to put down, but obviously, I regret it now because these things are selling, used for over 2 million dollars now.

Leon Fu: One thing we talk about diversification and since we all love cars here, maybe when I probably get to that size, we could cut some out and go for one of these collectors.

I think to get one of those you can’t just have money, you have to have some type of connection or you might have to own like 4 Ferraris. Since you’ve owned multiple of these kinds of cars, you’re probably better connected than we are.

Peter Saddington: 100%. Look at my garage.

Tai Zen: What’s funny is that they probably regret not making a better effort with Leon when he walked into the dealership.

Leon Fu: But you think the Bugatti Chiron, the new one that replaced the Veyron. Do you think that would be a good investment of 2 million euros or 2 million dollars? Do you think that will go up over time? The Veyron did very well.

Peter Saddington: I don’t know if that’s necessarily true. The Veyrons have found themselves to be very expensive to maintain, very expensive to own. And they require really expensive parts and expensive servicing.

Leon Fu: There’s one guy in Beverly Hills that drives it to work every day that on Rodeo Drive. But the majority of these cars are not artwork, most people are not top gear where they’re taking it out to the track and trying to see how fast it goes.

Peter Saddington: That’s where I come from. I drive these cars every day. And so for me, I don’t understand it because I know a lot of guys and I go over to their houses, they got beautiful cars.

And it is always fascinating to me when I’m talking with a guy and he only put 150 miles on this year and I’m like “Why to own it?”

Tai Zen: Leon was driving his Maserati from Austin, Texas to California back and forth all the time.

Peter Saddington: Yesterday my wife took one of my Lamborghinis to drop off my kids at school. I just put miles on them, they’re meant to be driven, they’re the well-built car. I would never own a Bugatti but I mean if you buy an expensive nice car, drive the shit out of it.

Tai Zen: Our audience is probably gonna wonder when we get to your secrets. When you got into Bitcoin, what got you to start vlogging, making videos about Bitcoin investing in cryptocurrency investing?

Peter Saddington: Last year, probably about this time, for me at the time I had reached what I had felt is the pinnacle of the success within the vertical that I was in. I was doing large organizational design consulting engagements helping out business units of 6,000 people move to agile software development, scrum development.

I’ve trained over 16,000 people around the world in software development and better-startup practices. I’ve authored 2 books. For me personally, I had reached the highest echelon that I felt was necessary for me to feel fulfilled in life and challenged in life and started a lot of startups and all that stuff.

And so last year I’ve really got into saying I really love this Bitcoin, I really love blockchain, I’m a developer so much of this stuff that is being built. I can build myself, I can build my own coin, I can build thebitcoin.pub that we’ve already built, I can build mobile apps in iOS and Android.

And so I said let’s see if we can change my life 100%, quite the consulting, quit the book tours, quit all that stuff, quit going around internationally. I actually posted a video of my last trip to Switzerland a couple of months ago consulting with the company out there. And I said can I completely shift and change my life to an online mechanism like YouTube and video.

And so I started running the experiment earlier this year. I pivoted, failed, changed, learned, executed, failed again and finally I came upon Bitcoin was something that the current economy and the current market were interested in. And so it worked out because I’ve been in it for a long time and I’m not an expert in it, I’m just a retail investor like most people and I certainly don’t give out financial advice but I do a lot of research.

And so I found that there’s a particular niche within the cryptocurrency market that enjoys watching people like me. Now every Youtuber, you guys as well, have different niches and I find that to be one of the most promising things about cryptocurrency, is that there is no competition.

I find it fascinating when other crypto Youtubers or crypto media content creators look at us, look at you Tai, and look at you Leon as competition. There’s no competition in this marketplace.

Tai Zen: Every year we bring on new and upcoming channels because we know how sometimes it could be hard getting started. Obviously, your channel has thousands of viewers already so you don’t need help. But there’re new channels that only have thousand or 2 thousand subscribers, we bring them on and just bring the spotlight to them to help them grow their channel because we know how it is when you first start out, nobody wants to help out.

Peter Saddington: That’s immaturity. I mean Tai you have kids, Leon you’re about to have kids, I have 2 kids, I’ve been married for a while. We are grown men, we’ve been through business, we understand that if you’ve carved out your niche and you focus on your niche and you do it fucking well then you’ll make great money, you’ll impact lots of lives, you can influence great people.

And so when I find these younger bugs, these young blood coming into the market, they’re always like I see you in the competition. Why? You’re not doing what I’m doing. I promote 2 things, I promote Bitcoin and blockchain, and I promote cryptocurrency lifestyle, what I call a blockchain designed life.

All I want to show is that you can have a balanced healthy wealthy and purpose driven life in cryptocurrency. I’m not here talking about stocks and trading like other YouTubers, I’m not here just reading the news like other YouTubers, I’m not here talking conspiracies or debunking shit. You guys have your niches, you guys have been successful and I’m not eating your lunch here, there’s plenty to go around, and that’s why I love about these collaborations.

Tai Zen: All the cryptocurrency ICOs just raised over 3 billion dollars this year alone. There’s plenty of room, the pie is big enough for everyone.

Peter Saddington: When you reached out to me, Tai, I did some research on you guys. I’m gonna have a fun time talking, number one. But number two, these guys are really mad.

They have been through shit, they have kids, they deal with real life. Where some of these other Youtubers that I’ve talked to, they’re like children 20, 22 years old and there’s nothing to talk about, there’s nothing that we have in common. Because they don’t have kids, they haven’t been through life, they haven’t failed, they just got out of college, it’s a different story.

Tai Zen: So let’s talk about your approach on cryptocurrency investing and trading and stuff. As you said, our niche is that we’re trading and investing channel, we don’t try to be a technology channel, we’re not a philosophy channel, we’re not out there to preach that Bitcoin can take over the US dollar, we’re gonna make life-changing money. That’s not a theme at our channels. What is your approach?

We bring you on because we want to share your approach with our audience. Our approach is that we come from a traditional world of trading stocks, options, Forex, futures, so when we come into to the crypto world, we apply those same risk management, money management, strategies into the crypto world. You have a background in startups and a scientific background, what is your approach to investing in cryptocurrencies?

Peter Saddington: That’s a great question. My approach is not sexy, it’s not fun and it’s not going to be a huge moneymaker. I have focused for the last 4 years or so, I really got focused on Bitcoin in 2014 when it hit about $200-$250.

Because between 2011, 2014, I was holding on to this Bitcoin but I was like what is it gonna do. And so I finally really woke up around 2014. So since 2014 to now, that’s what I’ve been really heavily involved with Bitcoin and blockchain technology.

And my approach is just cost averaging over time, it’s so unsexy, it’s not gonna make you a shit ton of money like jumping into an ICO. But having done the math as a scientist, just focusing on Bitcoin, I know that the economics around Bitcoin, the 21 million dollar cap, simple supply into demand economics as Bitcoin rises in price. It’s like a lot of the market psychology is going to affect people’s view of it and say it’s going up, I want to keep it as a store of value as that supply decreases, demand will go up and therefore the price would continue to go up.

And so for me, Bitcoin is based on mathematical principles that I can well understand, tells me enough that if you dollar cost average or you cost average into Bitcoin just weekly. And that’s what I tell my channels, every Friday I’ve done the math and actually we could show that on thebitcoin.pub, all my data set that I’ve researched the best days to invest.

The best day is Friday, period, second day, Wednesday. From all the data aggregations that I’ve done, I just smashed money into Litecoin, I smashed money into Bitcoin every Friday.

Tai Zen: So just for the audience that’s outside the US and they may not know what you mean when you say smash money into these. That means you’re putting money into those coins.

Leon Fu: So Bitcoin and Litecoin and Ethereum, what are you buying? What are your dollar costs averaging into?

Peter Saddington: Right now I’m only cost averaging into Bitcoin and Litecoin. I don’t invest in Ethereum.

Tai Zen: The audiences wanna know why he’s not investing in Ethereum so we need to give him time to resound to that.

Peter Saddington: I don’t mind talking about it. Actually, this will actually be the first time that I really talk about it on videos. I’ve talked about it in forums and Bitcointalk and the Bitcoin pub.

I used to be heavily invested in Ethereum until the DAOhappened last year in December. When the DAOhappened in December I lost all confidence in Ethereum based on Vitalik Buterin‘s decision to centralize control. For me, that’s a philosophical imperative that does not sit well with me, and for me it is anti-decentralization, is anti-self-organization.

I’m a free-market capitalist so for me what that essentially means is that I want the market to decide. If you create an ICO, you create a new coin, great, fucking do it. If the market thinks it’s a terrible idea, the market will respond with their dollar and they won’t invest.

What we had with the DAOwith Vitalik Buterin last year is that we have this hack, that’s life, you invested in a centralized exchange, you got hacked. And he decided to play bankster, everyone lost their money, I’ll give you your money back, no worry, FDIC insured. You can’t do that, this is a decentralized system, you are acting like a centralized banking authority.

Leon Fu: I got 2 questions, Peter. The first question is what do you think of Ether Classic, who is formed because of the Dow? That’s my first question. And the second question is, had Vitalik not bailed out the Dow, 80% of the Ethers went into the Dow, had he not done that, would Ethereum have collapsed?

Peter Saddington: Yes and I think it should have. I think we should have allowed the market to respond appropriately to that.

Leon Fu: Let’s say you were Vitalik and you had these 2 choices where you’re philosophically opposed to bailouts which I think we all agree on, but if you don’t do that your baby dies.

Peter Saddington: I’m used to failure. Here’s the thing I think all of us can agree, and we learn best from failure, fair enough? And so the problem is what Vitalik did to the community, he did not let the market learn from these terrible mistakes.

The only reason I’ve been successful in Bitcoin, the only reason I’ve been successful as an entrepreneur is because I execute faster than everyone I know so that I can fail faster than everyone I know so that I can make better-informed decisions.

Leon Fu: You think Vitalik should have left a project he had put all his effort into fail, even though he had the power to save it.

Peter Saddington: For me, I can’t speak to what’s going on in his mind. I have gone through experiences in my startups where I could inject my own capital into something, I could save that startup that failed. But it was never worth that for me, it was a philosophical consideration, it’s like I need to learn from this instead of continuing to pump money into something that was a terrible decision.

I need to learn from this, I need to gain experience from this and to soothe it over with a band-aid, it would not have been the best decision. So I’m just coming from my heuristics as an entrepreneur and realizing through many years that failure really is the best way to succeed.

Leon Fu: What do you think of Ether Classic then?

Peter Saddington: I think Ether Classic is what Ethereum was originally substantiated to be. And so I have a position in Ether Classic philosophically obviously. And so Ether Classic is something that I’ve enjoyed seeing move up especially because Asian, Koreans and Chinese are buying them up.

And so for me Ether Classic it’s kind of a stake that I have for me personally that says this is something that I believed in. I invested in a lot of Ethereum previously, when we had the DAOhack I moved all my money to Ethereum Classic instead, so it was a philosophical issue. Now number two, I think this is very important, and this is coming from a developer background, Ethereum is a protocol that has an application layer above the protocol.

This is tomfoolery, in my opinion, this is completely foolish. Coming from a developer standpoint, having an application layer on a protocol is like having an application layer on your pen, why the hell would you put an application layer on your pen? If you have an application layer on your pen, all you do is invite a huge attack surface to be hacked.

And so for me as a developer, why would I want to create an attack surface on a protocol that doesn’t need an attack surface. What you’re going to see for the lifetime of Ethereum is constant hacking, constant attacks to it that are going to continue to help hopefully improve the robustness and the rigor of the code. But the fact of the matter is as an engineer developer, no code is immune forever.

And so since we have this thing called Ethereum with an application layer with attack surface, it’s going to constantly be attacked, it’s going to constantly be trying to be taken over. Whereas Bitcoin doesn’t have an application layer above its protocol, which is why I’m heavily invested in Bitcoin, Bitcoin cannot be hacked unless there’s some huge conspiracy to throw 52%, 51% at.

Leon Fu: If that’s your view, where do you think the smart contract layer should be if it’s not on the protocol?

Peter Saddington: So far the smart contracts have proven to be almost nothing except an application layer we’re launching ICOS. And so as the ICOS will continue to slow down, Ethereum star picking up in other protocols like NEO, maybe even like ICON out in Korea. We’re going to see different permutations of this grow.

And I’m getting a little serious here because this is a big thing philosophically for me. For me Ethereum, if we want to dumb it down to pure nuts and bolts if the only current market proposition that Ethereum has is that it’s a great platform for launching ICOS. Without ICOS the platform wouldn’t have any viability in the market.

And so what I am looking forward to is in Ethereum, let’s say Fork of sorts, in a fearing Fork of some other platform like Ethereum that could be considered US-based. Because we have NEOs China, ICONs Korea, Ubik out in the UK, and so we have different protocols that represent different market demographics.

So Ethereum focuses on the American North, America South, American markets. What I’m looking for is maybe what Dan Larimer was supposed to build it with EOS, but EOS is just constantly just doing…

Leon Fu: But you believe the whole idea of smart contracts was being able to execute insensible code. Just like Bitcoin is censorship resistant, that a smart contract layer anybody would be able to write code that would execute in a censorship resistant way.

And so far up until now the only application as you pointed out work seems to be ICOS but do you envision an application in the future where having censorship being able to execute censorship resistant code which is what Ethereum is able to do? And I say that censorship is resistant because even when Vitalik himself fork Ethereum, he couldn’t completely fork it, that’s why we have Ether Classic. So don’t you think that has some value that Ether or Ether Classic has?

Peter Saddington: The short answer is yes. However I haven’t seen it yet and so as a data scientist, I don’t make decisions based on limited amounts of data. If your data set is small, therefore your deviations will be large and therefore in many ways, your conclusions mean nothing.

And so for me, there hasn’t been enough substantial data to prove that smart contracts work outside the realm of simply launching ICOS. When I see more proof of concepts being built for the Ethereum platform that is not just ICO related then I’ll start collecting that data.

Leon Fu: My philosophy is that even though I don’t see it today as an investor, I’m anticipating. Just like when I invested in an ICO in Ethereum back in 2014, I didn’t really know what the smart contract was going to be, I was anticipating that something will emerge in the future that this is a broad enough concept that being able to execute uncensorable code. Although we can’t think of what application that would be today outside of ICO that something that no one has thought of.

Peter Saddington: So don’t misconstrue my philosophical foundation as being negative towards Ethereum. It just philosophically it prohibits me to invest because I based my investment decisions on principles and not emotions, rationality and logic rather than emotions and in principles.

So for me philosophically, I can’t invest in that because I feel like he completely centralized control when the whole idea of Bitcoin and blockchain is decentralization. That’s not to say that you can’t make great money, that’s not to say that Ethereum could not in the future, create new applications for smart contracts, I just haven’t seen them yet.

All I see is ICO is being built on the ERC20 tokens, and so for me, I haven’t seen that proof of concept yet. To make money, you can make a lot of money with your Ethereum, bar none. I have just removed myself from that.

Tai Zen: The thing I want to add to what you guys are saying is I believe that least you make a quote-unquote scientific argument for why you’re not into it. It’s better than some of these other people I just say that it’s a scam and they don’t present any argument for why. But at least you’re making a technological argument for it and that’s good.

Peter Saddington: It’s philosophical but it’s also pragmatic coming from a software developer background. For me, I wouldn’t want to expose a protocol with an application layer that hasn’t been proven, and so far what we’ve seen historically from Ethereum is that the applications and layers constantly being hacked, constantly being trying to be overtaken, we’ve seen many occasions where people writing Ethereum contracts are really poor at writing Ethereum contracts.

And so we’re gonna continue to see this pattern within the market until someone comes up with better practices for code development within the Ethereum contract and the Ethereum code bases. And so until that time, I’m staying away from it but I am investing in Ethereum Classic, that’s a philosophical decision.

Tai Zen: Leon even said it began the year, you tweeted out that based on Ethereum Classic and Ethereum, the better bet was to be in Ethereum Classic at the beginning the year. A lot of people said he was crazy. But we don’t call him the Oracle of crypto for nothing.

Leon Fu: Our view is that we should own both. Ethereum regardless of what our opinions are, it’s kind of become the second reserved crypto after Bitcoin. And it’s just widely traded, little liquidity is there and it’s the funding mechanism for many of the ICOs now.

Tai Zen: So I wanted to ask you what your 3 favorite cryptos were, but you already answered it. You said Bitcoin, Litecoin and Ethereum.

Peter Saddington: Well that’s not necessarily true. It’s Bitcoin, Litecoin and Dogecoin.

Tai Zen: So you had mentioned earlier that you do the dollar cost averaging, and you dollar counts average into Bitcoin first and then Litecoin and then the other one was what?

Peter Saddington: I only dollar cost averaging into Bitcoin and Litecoin currently.

Tai Zen: It’s interesting that you brought up Dogecoin because we have a scheduled interview coming up with the founder of Dogecoin.

Peter Saddington: Really? He doesn’t like me. He actually blocked me on Twitter because I have been pumping Dogecoin since day one. What he doesn’t realize is that I was one of the first people to stake and one of the first people to invest in Dogecoin because I believed in it so much.

In every single video that I produce has the Dogecoin. There’s no one in the world that pumps Dogecoin more than I do, but if you look at the history, he’s kinda anti cryptocurrency now from what I gather because of the ICO craze. Maybe he feels a little bit of guilt of supporting that, who knows.

All I know is that I constantly pump Dogecoin and finally got to a point where he was like this guy talks about Dogecoin way too much, I’m blocking him. He tweeted out to his followers don’t follow Bite Size Bitcoin because he pumps Doge. And I was like that’s too bad, there’s no one that could say that they’re his number one fan.

I am Dogecoins number one fan. I pump it in every video. So I’m really interested to see your interview.

Tai Zen: I’ll host a debate between the two of you guys. Dogecoin founder meets biggest Dogecoin fans. Dogecoin Maximus!

Peter Saddington: I am a Dogecoin Maximus. I buy Dogecoin every week even though it makes you zero money. Because I just love tipping people and love giving people coins, it’s a great coin, it’s a tipping coin, that’s what it’s meant for.

Tai Zen:

I know that this is gonna sound crazy and people are gonna think that I’m joining you in pumping Dogecoin here when I say this. We do our cryptocurrency investing boot camp for high-end traders and investors in crypto. And Dogecoin is actually one of the coins that we use to teach them how to execute trades.

We tried it with Bitcoin but it takes forever to confirm, we gotta explain a concept on how to execute. We’re professional traders so we’re trying to explain a concept how to execute orders and put in your orders correctly, and then we gotta wait several minutes and we’re trying to get this idea across but we can’t convey the message in and show how it’s done with Bitcoin. So we had to switch to Litecoin on several occasions, and then we had to finally just switch to Dogecoin because it confirmed faster we were able to show people how to break it up into whole numbers and fractions and decimals, just things that we needed to teach the people.

Peter Saddington: That’s the same thing I did. I used Litecoin and Dogecoin as my two mechanisms for showing people how transactions work.

Tai Zen: When we do demos, it kind of sucks because we’re trying to tell people how valuable Bitcoin is, but we’re using Litecoin and Dogecoin to demo the examples that we talk about. The reason why we use Dogecoin’s because it allows us to use whole numbers first before we get down to decimals, and into Satoshi so people understand.

Because when you try to explain to people like this is how you send 100 Satoshis, why is there 8 decimal places, confuses the beginner. So we just go okay look, here’s 500 Dogecoins, we’re gonna send everybody 500 Dogecoins and this is how you do it.

Peter Saddington: That’s what I do. It’s great because there’re whole numbers and it’s in Satoshi but that is a small enough amount that people can wrap their heads around.

So I have 25 Satoshi of Dogecoins, I get that. It’s much harder to say I have 26,000 Satoshi of a Bitcoin, it’s too much.

Tai Zen: So basically you got Bitcoin, Litecoin and then Dogecoin is your 3 favorite cryptocurrencies.

Peter Saddington: I have other diversified assets but those are the 3 that I buy consistently for sure.

Tai Zen: As many Doges you have, we can probably expect a Doge Lambo or Doge Farrari.

Peter Saddington: I could buy a Doge Lambo, you guys have no idea. I could buy a Doge Lambo.

Tai Zen: You’re not a financial advisor but what would you do if you were a beginner starting out today?

Peter Saddington: Well I hate to sound a little self-service here but on thebitcoin.pub, we have a powerful beginner’s walk-through. And it’s nothing like yours, this is very basic like this is what Bitcoin is, this is what an exchange is, this is how you trade, this is what Bittrex is. And so it’s very simple very basic and for me, that’s how I get people into the game.

Tai Zen: Can you state out the correct domain names so people don’t get hit with a fishing website?

Peter Saddington: You can go to www.thebitcoin.pub.

Tai Zen: Because we got a really bad habit of not leaving the domain address in the description, we always forget. So that’s why moving far I just get people to just say it.

Peter Saddington: It’s all good, it’s a free resource that we built, ain’t nobody getting paid here, it’s just like Reddit. So if you’re used to Reddit, it’s another form-based application and people can walk through in their own leisure.

For me, again, my vision of my life in the cryptocurrency market is to spread the good news of Bitcoin and blockchain, that’s all I care about. The more people to get into Bitcoin, the more people that get into the blockchain, the more everyone’s gonna win.

I’ve been severely and significantly blessed in my life in startups and entrepreneurship and obviously Bitcoin as well and I want to share that with the world. To be quite honest Tai, it’s a little bit self-serving because the more people that invest in Bitcoin, the more we all become wealthier.

Tai Zen: That’s why I had you on. Because I don’t mind people wanting to do something, and they admit.

People always tell us all the time about they disagree with us about cryptocurrency investing and we make it very clear our channel that we’re here to make life-changing money, we’re not here to quote-unquote change the world, we’ve been here to change the size of our wallet and when it gets bigger, we are capable of making changes. I can help more people nowadays than I can 10, 20 years ago when my ass flat-broke.

Peter Saddington: And so if you can help other people make money and you can make money through that, there’s nothing wrong with that. That is free-market capitalism at its best.

Tai Zen: So talk about the Bitcoin pub, because that was something that I was gonna ask you about. What was the purpose of creating the Bitcoin pub on top of the YouTube channel that you have? And by the way, your YouTube channel is Bite Size Bitcoin, and it’s spelled just like you hear.

Peter Saddington: So for me as an engineer, as an entrepreneur and technologist, this cryptocurrency is the exact place that I need to be. Lots of money, bleeding edge technology, great people like yourself, Tai, in the community who are pumping crypto, startups, entrepreneurship, it’s everything that I want to be.

I can build enterprise great applications, I can build iPhone apps, I can build mobile apps, I can build my own coin which I’m looking to do, I’m looking to build my own coin. So I mean I’ve already created our own test net, I got over about $100,000 worth of mining rigs in my office, we’re mining 24/7 so we’re gonna be using part of that to create our own main net for our own coin.

I’ve already forked off of Litecoin as an example, the code isn’t hard to build. And so I want to build the infrastructure for the cryptocurrency network, the cryptocurrency community, so the Bitcoin pub is just part of that. We built this forum, I was a big fan of Reddit.

The problem with Reddit is Reddit has become a cesspool of crap. And so I wanted to build something that’s better than Reddit that were a close-knit of community that loves to help each other out. And so we built the Bitcoin.pub as a place for people just to learn and grow together, that’s the kind of a theme of the Bitcoin pub is that everyone learns and grows together.

So we have some of the nicest people that are building great tutorials walk-through guides, all for free and all on their own time, it’s pure volunteerism. And we’re actually the fastest growing crypto social network on the planet. To give you some numbers, on day one, so we’ve been around for just over 2 months now, we had 780 people show up, it’s not bad.

Day 2 we had 58,000 people show up, in 20 days we had over a million people and in our first 30 days of existence, we had served over 2.2 million people in 30 days. And so we are technically one of the fastest growing cryptocurrency social networks on the planet. And so we want to expand that, there are zero ads on it, no one’s making any money off this, it is all free.

Tai Zen: Outside our products and courses, we don’t have any ads on our channel.

Peter Saddington: I would love to have you join the Bitcoin pub so that we could pump you and people can find you easier as a great resource for coin trading and making money.

Tai Zen: That was one of the other things that cause me to reach out to you. Because I look at if the guys that are serious about crypto because we’re an investing channel, so we want to make sure that we bring people on that actually make money from crypto.

I was shocked because when I go to the Bitcoin conferences I’ve met other Youtubers before where they talk about making money from cryptocurrency investing and stuff. And when you meet somebody you talk to them stuff offline and stuff, and some of this shit that I hear them say and I’m like there’s no way this guy can make money from crypto.

Peter Saddington: Can I let you know a secret? I have spent many years talking with different Youtubers offline and the vast majority don’t invest, they just talk about the news or they talk about the ICO. These guys make good money, that’s their niche, I’m not hating on their niche.

But when it comes to pragmatically make money, just because their niche is new, doesn’t mean you can translate that to making good money in crypto. Their niche is just talking about the news or talking about ICO, is it doesn’t translate to you should follow this guy for crypto financial advice because it doesn’t work that way, they actually don’t invest.

Tai Zen: I ran across one clown one time. It was just like a casual conversation and he was saying something about the hedge funds, I forget what he said but my response to him was that the problem with these hedge funds is that it’s a liquidity issue, they‘re not coming in with $10 or $100,000 or a million dollars.

When they come in, they need to get some Ethereum, they need to get 10 million dollars worth of it. And he’s like that’s no big deal, you just go to the exchange and get it.

I looked at him and I was like have you ever tried to buy $100,000 with Bitcoin or Ethereum before? No it’s not that simple, or you trying to buy half a million dollars or a million dollars worth, and he’s like just go to the exchange, what’s the big deal. And I’m like no you just don’t go to Coinbase and just get a million dollars-worth of Ether, you numb nuts.

Peter Saddington: You can’t move that type of volume by yourself that easily. But here’s the thing Tai, you know who you are, you know what you’re good, you’re an old man just like me, I’m closer to 40 than anything else. I mean you just ignore him.

Tai Zen: I’m not a software engineer but if there was I’d make some kind of certification software. Let me see you buy a million dollars-worth of Ethers and see how long it takes you to do that. And then if you start fumbling around, you’re not a certified trader.

Peter Saddington: And again everyone has their own niche, except you’re a businessman, I’m a businessman and we’re in a different world. And I think your audience appreciates that, they appreciate your maturity, they appreciate your candor, your transparency.

You’re a fun dude to hang out with, I’m loving this, we should do this more, frankly. You can come on my channel absolutely, 100%. I’d love pump you.

Tai Zen: A lot of the stuff that we broadcast, I wish that there was somebody that told us about it, some of the stupid mistakes that we made. We watch some of these go up thousands of percent, just out there like a deer in headlights in our early years and like is this for real.

Coming from the stock market world, from the traditional stocks and Futures and Forex world we come into this. I remember back in 2013, I and Leon were like is this for real. When Bitcoin ran up to $1,000, we were really frozen like a deer in headlights.

Peter Saddington: Those were moments that changed my life. And I’ve done other interviews and said this exact same thing, I did not believe that Bitcoin would be what it is today, I had zero confidence in it.

I was just a technologist who bought a lot of it and hoped that it would do something. But I mean it’s been crazy.

Tai Zen: I actually put my life savings into it back in 2013.

Peter Saddington: I had one of the roughest conversations a couple of years back with my financial advisor who’s been with me for years. And I finally went to him I said you know what I need to cash out everything.

And he was like oh my god, Peter, is there a problem? What’s going on? Do you need money, your financial issues? I was like no I want to cash out my traditional IRA, my Roth IRA, I want to cash out my mutual funds, my money market which is basically bullshit, I want to cash out everything.

He was like you’re gonna take 50% hit plus 10% on all this stuff and I was like I don’t care because I have made more money in the last month than I’ve made with you in 10 years. And you could say I’m a cryptocurrency purist in that regard, I have zero investments in traditional methods.

All of my long-term investments are all in Bitcoins so you can call me a purist, whatever. But I mean you can’t dissuade me from the fact that Bitcoins going to the moon because I invested when it was under $3.

Tai Zen: You’re investing your Bitcoin ideology is immutable, just like Bitcoin itself, it’s not gonna change.

Peter Saddington: You could tell me all the stuff in the world, you can have me sit down with Jamie Dimon and Jamie Dimon can sit me down and say these are all the reasons why Bitcoin sucks and I’d be like it’s hard for me to swallow that because if Bitcoin went from $2 and 52 cents to almost $6,000, I’m doing quite fine.

Tai Zen: I came from a personal training background, used to train athletes. So that and teaching arts was my specialty before I got involved in trading. And I remember back when I was really young, I was taking my clients to powerlifting competitions and everything and I was a good trainer.

So that’s a preamp to something here. One day I was training my client and at that time I had like 16 and 1/2 inch biceps. I’m not bragging about it or not, I’m just saying next to me were these gangbangers, I don’t know if you’ve heard the rap group UGK, the Underground Kingz.

It’s funny because they talk about throwing people out the seawall and everything, it’s funny because they don’t actually live there, I do. The rough neighborhoods in the area that they were talking about, my dad had this philosophy that the property is cheap here, the building is cheap here.

I’m like we’re like the only non-black family living in 100% black neighborhood. I don’t have anything against black people, I love black people but it’s a different culture. The high school only has 6 people that are not black, everybody else is black there.

Peter Saddington: I was one of 6 Asian people at my school, trust me I know.

Tai Zen: Anyway we had these gangbangers and they had like 21 inch, 22-inch arms. Now for some of you who don’t work out, 21-inch arm’s like the size of my head. And I remember my client telling me that what are they doing over there, and I’m like the idiots don’t know what the hell they’re doing.

And my client looked at me and he was paying me to train to get bigger arms, and my client said something that completely changed my mind after that. He said that they sure do have big arms for the stupid shit they’re doing, and it’s not just one guy either. It made me think though, he has a point there.

I can say whatever I want, I can think whatever I think, but the fact that I got 16 half inch arms while those guys over there got 21-inch arms and benching 500, 600 pounds. And so one day I went to the gym when there was nobody there, and I did the exercises that those guys were doing.

What cracked me up was that I was doing it and I was feeling in my triceps, I was like holy shit this does work, except the only difference was that those guys didn’t understand how human joints work and tendons and ligaments work. They were just straight out, balls to the walls, whatever works. This guy has bigger arms, everybody needs to do it and their whole gang would just do that.

They just don’t understand that at this angle it can tear up your elbow ligaments, but if you just move it slightly you can still get the same effect without the injuries. Because they did have a lot of injuries like elbow injuries, and that just blew my mind.

Peter Saddington: And what I think is a great thing to learn from that is that anyone in crypto can make money. There are some methods however that are better than others and I think that’s what you guys are doing is that you guys have trained your crypto muscle for such a long time.

You can make money doing these stupid things or these stupid things, but sticking with someone who’s seasoned, who has an experience like yourself, you guys can show them how to train the right way for the long-term value, is that fair?

Tai Zen: There are some get-rich-quick strategies that we can use, but we actually don’t employ it or teach it to our coaching clients because we want them to succeed long term even when the ICO boom and the crypto boom is over, that it still works.

Peter Saddington: Here’s a question. I’m curious about your treating and I’m wondering whether there’s an opportunity for me to test your trading methodologies, you trading frameworks of sorts so that I can review them. And if I review them and it looks like it really works and it’s great, it would be easier for me to educate my viewers to say Tai and Leon they got legit stuff here.

Tai Zen: We normally don’t share with other people but you’re a data analytic scientific guy so it would make sense, so we can quickly run through it. Whenever I tell people I’m wrong 2/3 of the time but I can still make money from it.

Do people look at me like how can you be wrong 2/3 of the time and still make money? There is method of how probability works. The size of your winners are dozens of times bigger than the size of your losers, mathematically it works.

We’re not here to win, we’re here to make money, and if winning only 20% of the time makes you more money than winning 90% of the time, I’d rather win 10% of the time. But psychologically it’s not easy for people to understand that.

Peter Saddington: But this because you’ve been in the game for so long that it takes mental fortitude and mental grit to stay in the game to make money. You can’t make money in 3 months but if you stay in the crypto game for 3 years, you’ll make a shit ton of money.

Tai Zen: We believe that cryptocurrency is at 175 billion market cap right now as we speak, and we believe that it’s going to go into the trillions. And even if it only goes to just 1 trillion, it’s almost like 5, 6X from here.

Peter Saddington: I will tell you as a data scientist, it is statistically and mathematically imminent that it will happen so that’s why I’m buying Bitcoin and I hold it.

Tai Zen: And we want to make sure that our coaching clients capture that. We don’t want them to be screwing around and then when it hits 2 or 3 or 5 trillion dollar market cap, that they didn’t capture that game. And so our goal is to make sure they capture that.

Peter Saddington: Let me ask you this question. Six months ago, did people tell you Bitcoin was too expensive to buy?

Tai Zen: Yeah. So check this out, I used to fly around the country to all the major cities and coach people on how to trade stocks, options forks, Futures. And I was telling my colleagues, I couldn’t tell the students that I was coaching because there’re financial advisory laws and you can’t say that.

But to my personal friends and my training buddies, I would tell him go put $1,000 in these Bitcoins, buy 10 of them and hold it there, nothing else. And they thought I was nuts when I was telling them to buy Bitcoin at $100, $150, $200. And now they’re calling me up when it’s over $5,000, asking me how to buy it.

The first question I asked him was am I missing something here? I told you to get into Bitcoins when it was like $100, $200, $300, $400, $500 and you said I was an idiot, and now you’re calling me asking up to buy it at $5,000. I told you to put in $1,000, $100, you didn’t want to do it and now you’re telling me that you want to buy $100,000 at $5,000.

How much sense does that make? I appreciate you coming on to our show here, Peter and let me know when you wanted us to come on and be happy to come over and share with you guys what we’re doing. What’s the best way there for people to follow you? Because more than likely we’re gonna forget to put it in the description, so just go ahead and do it now.

Peter Saddington: You guys can find me at Bite Size Bitcoin on Twitter or you can go to bitesizebitcoin.com which goes to my YouTube channel. Or the best place to start is www.thebitcoin.pub, go there, there’re free resources.

We want you in the game, want you to buy your ticket to the big show. So thank you very much, Tai.

Tai Zen: Have you sent them all that stuff in a link also, in the description where they need to go to start the start page on thebitcoin.pub. That way I can put it in the description also.

If you guys like these types of a video where we bring on people that are successful in cryptocurrencies and have made life-changing profits and money in cryptocurrency, go to our channel www.cryptocurrency.market/newsletter.

The whole time I saw you doing that I actually thought it was a Photoshop, where the hell did you get the mask for that?

Peter Saddington: I found it online. No one could ever say that I don’t pump Doge, I pump Doge more than anyone else, I even got the mask guys.

Tai Zen: You should send a link to that because I might buy one too. I might go to Atlanta just to get it from you and drive around with you in the Lambo. Two guys in doge mask.

So if you guys want more of these videos and follow up via go to www.cryptocurrency.market/newsletter and this is where we make all the new videos and send it out. We’ll see you guys in the next video. Thanks for coming on, Peter.

85%

For more info about Peter Saddington & his Bitcoin Lambo check out:

– www.thebitcoin.pub – The Forum
– www.bit.ly/2TheBitcoinLambo – The Bitcoin Lambo
– www.bitesizebitcoin.com – Youtube
– www.twitter.com/bitesizebitcoin – Twitter

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