Step 5 – Application Specifications

This page is a work in progress. I’ve been trading using a few bots. As a whole, they are satisfying my requirements and want but separately they are inadequate. I like some things one bot but it’s not in another. As part of testing the validity, I’ll need to identify the elements I’d like this trading bot application to have. Since the application dis-aggregates (pulls together aggregated data), it would be impossible to show everything fro each exchange or all exchanges. I’ll use the 80/20 rule again and let that determine what exchanges we’ll pull in.  Command Center First, the…continue

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Step 5a1 – Automatic Bitcoin Trading Bot Ad (P5)

We’re developing a bitcoin trading bot and we need your help… Are you tired of watching the market 24/7? Have you bought bitcoin and later got BURNT because you weren’t watching it closely?  Are the bitcoin exchanges LIMITING how you trade?  ■ Cannot buy and immediately set a stop loss ■ Cannot “straddle” a potential long or shot position? ■ Cannot OCO (one cancels the other) position? ■ Cannot “what if, then” your trade? What if… you could set up an application to trade BITCOINS for PROFIT and then GET OUT when the market moves against you?      “I’m designing a NEW…continue

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Step 5a – Automatic Bitcoin Trading Bot Ad (P5)

We’re developing a bitcoin trading bot and we need your help… Are you tired of watching the market 24/7? Have you bought bitcoin and later got BURNT because you weren’t watching it closely?  Are the bitcoin exchanges LIMITING how you trade? What if… you could set up an application to trade BITCOINS for PROFIT and then GET OUT when the market moves against you?    “I’m designing a NEW automatic trading bot with your input! “Our bot will automatically trade Bitcoin and other alt-coins like Ethereum for you.” -Nick McDonald    What if… you could help design the software? FAQ

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Step 5 – Test the Viability of Your Product or Service (P5)

This is the hardest step so far because we have to execute on something, instead of just researching or planning. In this step I’m expected to find a way to test my idea. Will anyone want to buy my service? Frankly, I’d rather develop it and get it to market; but I’ve done that before without great success. I’ve also tried to validate by looking at google keywords and keyword prices. This isn’t too bad of a way to judge interest, since supply and demand set the price.  If you use this method to validate, use caution because some keywords…continue

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Step 4 – Develop A Theory: Your Customer (P5)

In this step, I’ll try to better understand my most likely customers — the 80/20 customer. What is an 80/20 customer? Review Phase II, Step 3 for more about this principle, but it’s essentially those 20 percent of customers that make up 80 percent of one’s business. Target Market The professional trader or hedge funds already have expensive FOREX software and bots to automatically trade for them. This product is not for them.  The customer may be in the intermediate stage of learning to trade — they’re day or swing traders who don’t want to sit in front of their computer 24/7….continue

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Bitcoin As A Business Startup

Why Bitcoin? Bitcoin is an amazing invention for many reasons.  For freedom loving people, it unshackles one’s wealth from government meddling. It’s designed to prevent “money printing” and thus prevent monetary inflation and the dilution of wealth by those who earn and save. For the “unbanked” throughout the the developing world, it allows debit-card-like transactions with very low fees. Many say Bitcoin (or something like it) will be the future of money. Why? Because it’s nearly inflation proof and its built-in scarcity makes it a store of appreciating value.  It’s “governed” by consensus of its miners; and it’s less susceptible…continue

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Project 5: Bitcoin Investing and More

Why Bitcoin? Note:  This is reprint of my 27 January 2017 post.  Bitcoin is an amazing invention for many reasons.  For freedom loving people, it unshackles one’s wealth from government meddling. It’s designed to prevent “money printing” and thus prevent monetary inflation and the dilution of wealth by those who earn and save. For the “unbanked” throughout the the developing world, it allows debit-card-like transactions with very low fees. Many say Bitcoin (or something like it) will be the future of money. Why? Because it’s nearly inflation proof and its built-in scarcity makes it a store of appreciating value.  It’s…continue

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Step 3 – SWOT Analysis (P5)

I’ll start the TOWS/SWOT Analysis by assessing the competitive environment — its threats and opportunities.  I’ll then discuss the company’s weaknesses and strengths.  The strengths, weaknesses, opportunities, and threats (SWOT) is reordered as TOWS because it assess the competitive environment first, then it discusses the company’s situation. The Competition Cryptotrader This platform is just that. It’s a platform for various freelance trading bots to advertise on. Each bot costs from a few dollars to hundreds of dollars. It’s a mishmash of bots from various developers. It offers back testing. If a user knows how to code, one can create their…continue

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Step 2 – Exploring Your Business Ideas (P5)

This step is about finding a business to pursue – see the Business Startup Guide.  But, since I’ve decided on an online bitcoin trading bot application, this phase is mostly complete – though there are two elements in this step that still must be addressed: the code name and the businesses’ place in the product life cycle. Business Code Name The business’s code name is:  Bitcoin Trading Bot Application. Product Life Cycle I’ve duplicated Exhibit-A from the Business Startup Guide. I’ll address bitcoin and a bot application from this product cycle framework. Bitcoin Bitcoin essentially started the crypto or digital “currency” industry in…continue

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Step 1 – Nick’s Why (P5)

The below “why” is the same one I used for all of my start ups. However, this time I want to add a prelude. One’s “why” is suppose to be something deep down or one’s guiding purpose of life. However, my “why” isn’t inspiring or derived from a burning desire for something. Instead, my “why” is more of a necessity. It’s more of a need to earn a living doing something that someone else needs. It’s something people may want to part with their hard earned money for. Like Mike Rowe says, the guy from the Discovery Networks Dirty Jobs, most…continue

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