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Alan Seng

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Alan Seng

Team Lead at Tech in Asia

13Upvotes

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Team Lead at Tech in Asia

Alan Seng

Team Lead at Tech in Asia

13Upvotes
  • Answers (5)
  • Questions (0)
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Savings

Career

General

Alan Seng
Alan Seng, Team Lead at Tech in Asia
Level 3. Wonderkid
Updated 3w ago
PSLE: 227 O Levels L1R5: 17 A levels: BCSAA (1 H2 fail) Did not attend university After NS, I wanted to start my own tech startup but I failed. Angel investor took me under his wing and taught me the ropes to marketing. Joined Tech in Asia and work my way up to become a head of department and after three years, I left TIA and took on the role of the head of marketing at a programming school. #LifeBeyondGrades

Cryptocurrency

General

Investments

Alan Seng
Alan Seng, Team Lead at Tech in Asia
Level 3. Wonderkid
Updated 3w ago
What about cryptocurrency exchanges? As a business model, it works great. Yes, some of them got hacked and lost millions of users' money. But this business model is a highly lucrative one. The business just needs to remember to enhance security as the business scales. Case-in-point: Binance is a cryptocurrency exchange started July 2017. Today, just after one year of operations, it has about 6 million users and recorded $200 million in profits (Source: https://www.ccn.com/binance-surpassed-germanys-biggest-bank-deutsche-in-profitability/), far surpassing Deutsche Bank, a 200-year-old bank with 100,000 employees, in terms of profitability. Cryptocurrencies are losing its value now because the market is going through a retrace from the incredible bull run in Dec 2017 - Jan 2018. This is not the first time, price of Bitcoin has retraced several times after hitting highs in 2011 and 2013. Besides, prices of Bitcoin, Ethereum, and other major cryptocurrencies are still higher compared to the prices exactly this time last year. For example, in Aug 2017, Bitcoin is valued at about $4,000. Today it is valued at about $6,500. Don't count cryptocurrencies out yet - maybe it's not stable enough to count as a safe investment right now, but it's important to be open-minded and focus on the technology and why it exists today. Some reasons why the concept of Bitcoin is novel: 1. Bitcoin allows the peer-to-peer exchange of value without an intermediary. All other exchange of value requires a bank/financial institution/company that can be attacked or can experience downtime. 2. Bitcoin is starting to be considered as a safe haven asset. Because it has no correlations with any other assets or commodities markets, it can be used as a good hedge. Most of the activities in the crypto space is white noise, yes. But cryptocurrencies in itself is an interesting concept. I encourage you to be open minded. Don't put all your eggs in one basket and maybe cryptocurrencies might be a way to hedge your risks in other financial instruments.

General

Alan Seng
Alan Seng, Team Lead at Tech in Asia
Level 3. Wonderkid
Answered on 30 Aug 2018
Money is important. But these are 5 things money can’t buy. 1. Health Dont spend every moment of your life making money, only to spend the money on doctors in later stages of your life. 2. Happiness Money cannot be happiness. You might think that condo or that rolex watch will make you happy, but it won’t. Humans always want more if you’re not contented. 3. Family You could have a trillion dollars but you can’t buy one more day with your family when they are gone. 4. Love No money, no honey; but you can’t buy true love. 5. Peace (or conscience) Try doing something illegal for $10M. Try eating and sleeping in peace everyday for the rest of your life.

Cryptocurrency

Investments

Alan Seng
Alan Seng, Team Lead at Tech in Asia
Level 3. Wonderkid
Answered on 13 Aug 2018
Hi Anon! Background: I started researching, writing and investing in cryptocurrencies in April 2017. You need to understand why you want to invest in cryptocurrencies. Just like any other financial instruments such as stocks and bonds, you need to first understand what cryptocurrencies are, and see for yourself if you believe in it. If you're just suffering from FOMO, then I will suggest for you to stay away from it. Stay away from cryptocurrencies if you think it's gonna make you rich quick. Until you truly believe and see that cryptocurrencies have a future in our society, then invest. Invest safely - invest only what you can lose, and learn to understand that cryptocurrencies can be extremely volatile in prices and it can be a very exhausting venture to enter. But to simply answer your question, yes I do believe cryptocurrencies like BTC, LTC and ETH will recover again. I might not know when, but I am optimistic of the technology for these reasons: 1. Bitcoin is getting recognition globally as a store-of-value. 2. Litecoin is getting more merchant adoption. 3. Ethereum is still a nascent technology, with their fourth hardfork bringing better improvements to their network. Buy cryptocurrencies by dollar-cost averaging your purchases, and HODL. May the odds be ever in your favour.

Career

General

Alan Seng
Alan Seng,
Level 3. Wonderkid
Answered on 13 Aug 2018
Hi Anon! I was once like you, wide-eyed and excited to launch my business right after NS. I'm happy to know that you're realistic and you are not afraid of failing. The truth is that the chances of succeeding is extremely slim, and some factors of success might be beyond your control. First up, you must have a vision. - What is your product? What problem does your product address in the real world? - What's the size of the target market? - Is your product a software/service or a hardware? Do you know how much it takes to build your business? - Do you have the expertise to build this business? Do you need to hire for other expertise? Secondly, you need to work out a plan. A timeline. And you need to plan to fail. - To bootstrap and build the business, do you have any side income to sustain your expenses? - If you have support and small investments from your family and friends, how long do you think you can sustain yourself? - Is it possible for you to take freelance work/part-time work to sustain yourself while building your business? - Set a deadline for your business to fail. Be extremely realistic and know when to cut losses. For example, if your business cannot generate an annual revenue of $50K after 18 months, I will close it down. Thirdly, you must learn to communicate with your loved ones. - Let's be realistic. We all know the Singaporean way of life. NS > University > Work in a corporate job > Get a life partner > BTO > Have kids > Support your parents' retirements etc etc. Even if you do not want this lifestyle, you need to help your parents and family members understand what you're doing and why you're doing this for. - Be respectful and communicate your plan to your family and loved ones in a clear manner. Ask for their blessings. - Rely on your family for support - starting a business is not easy. You will need your family in times of need. There are a lot more lessons to entrepreneurship. I hope you embark on this journey (I really do!) and I hope you can meet more business owners to understand and learn how to run a business properly. All the best Anon!
Level 3. Wonderkid
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