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Crypto Investors??

  • B-man
    Participant
    Posts: 4188
    #2053573

    A guy at work is crazy about crypto and was showing me some of his daily gains today.

    Let’s just say it makes me want to toss some money at it to see what happens mrgreen

    My plan would be to invest $1,000. It’s enough to make some actual money by reinvesting gains, but not enough to sting too bad if it all vanished.

    I’m about as new as new can get, and curious what platforms you guys trust?

    What currencies are you buying?

    He uses Coinbase, Coinbase2 and Voyager, and plans to try out a couple others (Gemini being one of them). For currencies he buys ETH, ADA, BTC, VET, DOT, MATIC to name a few.

    I don’t plan on doing a lot of trading, more so just letting my money sit for the long run in several currencies and see what happens to a thousand bucks. Maybe one day it will be $100,000…..or $10 rotflol

    I know I’ve spent a $1,000 on unnecessary fishing crap that is worth far less now, and don’t want to miss the boat if crypto ever really takes off.

    If I lose it all, it’d be no different than a 3700 or two full of cranks blowing out of the boat lol

    ganderpike
    Participant
    Alexandria
    Posts: 511
    #2053584

    Im in the same boat as you. I am a natural skeptic with crypto, but diversity is the name of the game with most things. I got the Kraken wallet. My money will sit in ETH. If crypto has a future, ETH will likely lead it (from what Ive researched). Good luck, hopefully someone with more knowledge chimes in.

    ClownColor
    Inactive
    The Back 40
    Posts: 1955
    #2053596

    ETH for the long run but you need to get lucky and try some cheap new ones in hopes they make it. I’m investing very similar to you…just for fun and not too much cash.

    Get in redit and jump on things early when there’s chatter…

    crappie55369
    Participant
    Mound, MN
    Posts: 4810
    #2053598

    My boss is obsessed with crypto. I think he’s planning on safemoon being his retirement. I’ll stick with mutual funds

    B-man
    Participant
    Posts: 4188
    #2053610

    My boss is obsessed with crypto. I think he’s planning on safemoon being his retirement. I’ll stick with mutual funds

    We obviously have real investments too lol

    This is just to dabble and not to miss out on anything potentially big. I don’t plan to cash out any time soon. It will be fun to see what this $1,000 looks like in 20 years.

    It’s far too volatile with such a short history to bank on it for retirement (but you never know, it could buy a nice boat one day) waytogo

    big_g
    Participant
    Isle, MN
    Posts: 19900
    #2053618

    I have not dabbled.. yet… but. I gave a customer a ride one morning… he has a really nice Home and I commented as such… he said, we are moving, to a nicer one soon. He said he was retired and he had made some good moves on crypto, back in 2014. He has 42 Bitcoin… at that time a couple months ago, it was worth over $2.4M…. I think it has gone down considerably since then, but his initial investment of $8000, still looks pretty good !

    BigWerm
    Participant
    SW Metro
    Posts: 6997
    #2053679

    I don’t invest in crypto, and won’t get into that here so it doesn’t derail the thread. But I think your “put 1k in and see what happens” is the wrong approach. It may work out, but it’s just as likely not to. If I were going to get into Crypto it would be as an active trader, buying dips and selling peaks, it’s so volatile there’s a huge opportunity for short term gains, long term maybe maybe not.

    maddogg
    Participant
    Posts: 330
    #2053702

    How long before Crypto gets hacked?

    eyeguy507
    Participant
    SE MN
    Posts: 3218
    #2053753

    I’m still on the fence. It’s basically a slot machine in your pocket. I too wouldn’t rely on long term gains. If anything, I would throw a couple K at it and try to double/triple up short gains. I’m too chickenshhhh on something I know little about.

    BoatsHateMe
    Participant
    Between Pool 2 and Pool 4
    Posts: 757
    #2053769

    I’m about as new as new can get, and curious what platforms you guys trust?

    Reading this I was excited that I might glean some ground level info but I immediately got lost in the acronyms.

    I need to hook up with someone that has some experience with this to break it down for me. I’ve watched a few YouTube videos but I just can’t grasp it. I’m not sthupid, just can’t get ahold of the methodology.

    Jon Jordan
    Keymaster
    St. Paul, Mn
    Posts: 4416
    #2053775

    I need to hook up with someone that has some experience with this

    Google search >> Warren Buffet Bitcoin

    -J.

    hnd
    Participant
    Posts: 1547
    #2053778

    i have traded doge, ethe, and BTC, i longterm invest in ETHE and BTC using greyscale trusts in my Roth. we are not talking about much.

    i’ve taken gains and have come out ahead with some early on purchases but I’m not sure the true viability of crypto.

    tim hurley
    Participant
    Posts: 4280
    #2053792

    Kinda interesting: groups that launch cyber attacks on businesses and ask for a ransom, to say free a network back up all ask for crypto because it cannot be traced, lots of ways to trace other types of funds.

    big_g
    Participant
    Isle, MN
    Posts: 19900
    #2053805

    Paying them with the money they created and sold to you… genius !

    hnd
    Participant
    Posts: 1547
    #2053975

    Kinda interesting: groups that launch cyber attacks on businesses and ask for a ransom, to say free a network back up all ask for crypto because it cannot be traced, lots of ways to trace other types of funds.

    i listened to a podcast from a guy who has been in crypto since the beginning. He believes Bitcoin was created by the US/UK gvt based on analyzing the code structure and comparing it to other projects. its pretty fascinating and while out there a bit was a fun listen.

    B-man
    Participant
    Posts: 4188
    #2054366

    Well I’m off to a great start jester

    At this rate I won’t have any money left in it next week, let alone twenty years, apparently I should have waited a day or two to buy my stuff mrgreen

    Attachments:
    1. Screenshot_20210812-194240.png

    mwal
    Participant
    Rosemount,MN
    Posts: 998
    #2054438

    600 million was just stolen by hackers. Look it up on the major news sites.
    I am staying away from it
    Mwal

    eyeguy507
    Participant
    SE MN
    Posts: 3218
    #2054443

    Hey Bman, keep us updated once in a while if you don’t mind. I am curious how you do since I know very little too. I hope you do well, then you’ll be hooked! In the end it’s just money, and we’ll make more. Good luck

    maddogg
    Participant
    Posts: 330
    #2054445

    Bernie Madoff said it’s the deal of the century.

    B-man
    Participant
    Posts: 4188
    #2054461

    Hey Bman, keep us updated once in a while if you don’t mind. I am curious how you do since I know very little too. I hope you do well, then you’ll be hooked! In the end it’s just money, and we’ll make more. Good luck

    Will do lol

    Right now I’m back up to $975 (I started with $983 when I jumped in the other day)

    The swings this stuff takes is crazy. I need to stop the alerts on my phone

    I’m more concerned with the year-to-year, not hour by hour jester

    To me it’s like a slot machine that plays itself 24/7

    Just like a casino, don’t gamble more money than you want to lose (in my opinion)

    jake47
    Participant
    WI
    Posts: 560
    #2054463

    600 million was just stolen by hackers. Look it up on the major news sites.
    I am staying away from it
    Mwal

    Your choice, and I respect it. However, just to be clear, this money was stolen off an exchange which is the least secure place to hold crypto. Think of it as your savings being stolen out of a bank vault. To my understanding, no crypto has ever been stolen from soft/hard wallets en masse. This is where you should be hodling (if you know, you know) your money to protect it from the thieving variety.

    Interesting tidbit, some of the money has been returned already. I haven’t kept up with it the last few days, but this could be a situation where “good” hackers are trying to prove to the developers of the exchange that they aren’t as secure as they think they are.

    Ultimately, the Bitcoin network is the most secure financial platform ever built. Period. I will continue DCAing and moving it into my wallet without a care in the world.

    Angler II
    Participant
    Posts: 490
    #2054464

    Well I’m off to a great start jester

    At this rate I won’t have any money left in it next week, let alone twenty years, apparently I should have waited a day or two to buy my stuff mrgreen

    Thats nothing. I lost 80% on the last crash. I’ve crawled back up about 65% and will just continue to hold. if you planned to buy and sell crypto on a daily basis you would need to watch it 24/7.

    Tom P.
    Participant
    Whitehall Wi.
    Posts: 3214
    #2054649

    Just be darn sure you keep your password for your wallet friend of mine cannot find his not very much money. But no way for him to recover it or get to his wallet until he can find it again.

    B-man
    Participant
    Posts: 4188
    #2068963

    Popping this thread back to life.

    Well for the longest time my crypto investment hovered around the initial $983 I put in, even dropping into the $800 range.

    Recently it’s jumped up to $1,350-$1400 range. A 40% increase in two months isn’t too bad.

    The Monday morning quarterback in me wishes I would have initially invested $100,000 jester

    supercat
    Participant
    Eau Claire, WI
    Posts: 780
    #2068972

    The Monday morning quarterback in me wishes I would have initially invested $100,000 jester

    A smart man once told me pigs get fat hogs get slaughtered! Fast money will make you lose everything!

    ganderpike
    Participant
    Alexandria
    Posts: 511
    #2068975

    A smart man also said scared money doesn’t make money. Play with money you can afford to lose and take the emotion out of it and check back in 3 years from now.

    Mookie Blaylock
    Participant
    Wright County, MN
    Posts: 381
    #2069013

    A smart man also said scared money doesn’t make money. Play with money you can afford to lose and take the emotion out of it and check back in 3 years from now.

    This is the way.

    For anyone who is interested enough to throw some loose change in, the safest options are top 10 coins. BTC, ETH, ADA, LINK, DOT. These can all be bought and stored (if you choose) on Coinbase. You won’t turn a dollar into a million, but it can still be a good investment.
    Now is not the time to get in, in my opinion. I think we’ll go up for a while but eventually come back down to these levels (maybe next spring/summer). So I’d wait to see if the moon boys were right about the potential of some crazy new all time highs.
    Personally I’ll be HODL’ing (holding) for a while, but wouldn’t blame anyone for taking nice profits while they are on the board.

    A good resource for anyone, in my opinion, would be Benjamin Cowen.
    He has a YouTube channel like a million others, but is pretty much the only one who really understands what he is talking about.

    I’d also remind people that not all crypto is designed to be a store of value. There are a lot of real word applications for others than BTC.

    I’m only interested enough to throw disposal money at it and barely know what I’m talking about, so this advice is only worth what you paid for it.

    Be careful
    Goodluck

    BigWerm
    Participant
    SW Metro
    Posts: 6997
    #2069025

    I’d also remind people that not all crypto is designed to be a store of value.

    No crypto is a store of value, it is far too volatile. Seems like a good place to make short term gains on the swings, but I don’t see anyway the US Govt/reserve currency legitimizes it, which is why I don’t put any money into it. And while I may regret that as people make bank, I think they are just as likely to lose it all in the long term, and think you guys have the right idea to only put in what you are comfortable losing. Kind of like going to the casino…

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