Chambers, Trading Cryptocurrencies

Dec. 20, 2017 7:18 AM ETCOIN-OLD, GBTC, BTC-USD
Brenda Jubin profile picture
Brenda Jubin
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If you're itching to get in on the cryptocurrency mania and don't have enough capital to trade in either of the two new futures markets, Clem Chambers' book is a useful how-to manual. Trading Cryptocurrencies: A Beginner's Guide (ADVFN Books, 2017) is brief, at only 70 pages of text, but it covers the basics of both trading and mining and explains at least part of the rationale behind these digital currencies. It also issues appropriate caveats all along the way.

If you want to mine, don't expect big bucks using only your PC-and you can't even play if you have a Mac. At the moment "you can make pennies [a day] mining with your PC, dollars with a gaming computer, $30 upwards with a mining rig and $50+ with the right ASIC miner. The costs are from nothing to a lot, say $10,000 for a single ASIC device." And, of course, the cost of electricity to run these hot, noisy devices. The fancier the graphics card (think top-of-the-line NVDA and AMD) the more money you can bring in. But the potential for making money as a miner is ever in flux, as with practically everything cryptocurrency-related.

If, instead, you want to trade, Chambers points to the most reliable sites, warning that the cryptocurrency world is "awash with scammers."

I personally don't like trading what appears to be a bubble, so this book isn't for me. But, if I'm wrong and cryptocurrencies are just in their infancy, traders who want to get on the bandwagon should do their homework. Chambers has made that task a lot easier.

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Brenda Jubin profile picture
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Brenda Jubin is an independent trader and investor with an academic and business background. She taught philosophy at Yale and was dean of Morse College, one of Yale's twelve undergraduate residential colleges. She then founded Brevis Press, a company specializing in academic press book production. Throughout she invested in stocks and mutual funds. She has now settled into the life of a full-time trader and investor. She also writes the blog Reading the Markets (http://www.readingthemarkets.blogspot.com).
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