Getting Hacked and Losing Your Crypto with Nik Patel

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In the second episode of The What Bitcoin Did Podcast, I chat with popular Crypto trader @daytradernik in detail about how he was hacked earlier this year, losing two-thirds of his portfolio and how he has bounced back. Nik also explains his approach to trading strategy, covering topics such as micro-cap trading, comparisons with trading forex and hedging his investments with Silver.

Breakdown of the show

00:04:36: Introductions
00:05:17: Nik's background
00:08:35: Getting hacked
00:14:53: Nik's book and Patreon funding
00:16:32: The BTC community steps up
00:19:40: Security advice…
00:20:27: … U2F keys
00:21:03: … detach your phone number from emails
00:22:04: … scams
00:23:35: … Ponzi schemes
00:24:17: Tether
00:25:59: Nik's trading strategy
00:27:46: Silver
00:34:13: Nik's portfolio preferences
00:36:35: Some trading terms explained
00:37:57: Technical analysis tips
00:41:01: Signals on Telegram
00:42:34: Margin trading
00:46:01: Recommended Twitter accounts
00:47:22: Buy and sell walls
00:53:03: Forks and ICOs
01:00:34: Final comments

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SHOW NOTES

• Connect with Nik:

  • On Twitter @daytradernik

  • His Telegram group

  • Contribute to his book via his Patreon page
     

• Security resources:

  • Read @notsofast's SteemIt article on Crypto security

  • Get a U2F key for your Gmail accounts

  • Have a different Gmail account for each exchange

  • Different passwords for every account - using a password manager for this makes it easy

  • VirusTotal scan wallets before running them, and run in a sandbox or on a VM where possible.

  • Encrypt local wallets

  • Backup everything on an encrypted USB
     

• Recommended resources:

  • Nik's Medium article discussing how to pick micro-caps

  • Chris Burniske 's book: Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond

  • Banking on Bitcoin documentary on YouTube

  • Inner Circle's YouTube videos

  • Laura Shin's podcast Unchained, where she interviews Raval Navikant

  • Where Nik talks about patience I made a video about this

  • Crypto Street podcast where @notsofast is interviewed
     

• Where to buy silver:

  • Zilver Goudwinkel

  • Bitgild

  • The silver chart Nik mentioned in the interview
     

• Twitter people to follow: 

  • Nuse (ant)

  • Bitcoin Dad

  • @notsofast

  • Secrets of Crypto
     

• Other people mentioned in the show:

  • Laura Shin

  • Naval Ravikant

  • Nicola Duke

  • Wilson Trodler

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THANKS

• Jason Camiolo for audio production, his website is at http://www.jasoncamiolo.com/

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