- Jun 2, 2016
- 6,807
- 8,007
Hey, where in MO are you? I'm in KC.I just went to a car dealership that accepts crypto as payment... in Missouri. Things are changing fast.
Hey, where in MO are you? I'm in KC.I just went to a car dealership that accepts crypto as payment... in Missouri. Things are changing fast.
it's profitable if someone else is paying the electric (ie college students living in a dorm or in mom's basement.)I have a coworker who lives and works in Colorado springs, CO. I found out last week that he has a few machines that he does crypto mining with. Not sure how profitable that is...
Alright BTC is ripping and now the ETF is out but is it a good buy for someone like me that didn't get into crypto early but would like to add another 3% or so of investment funds? I own some Grayscale BTC Trust which is actually based on physical(if there is such thing) Bitcoin whereas the new ETF is actually based on futures contracts which is what f vcks over the precious metals markets...Would you..
A. Wait until BTC pulls back and buy the real thing
B. Hold Grayscale and add on pullbacks
C. Do neither and go balls deep into Ether and some other coins
D. Try to buy a little of all
Alright BTC is ripping and now the ETF is out but is it a good buy for someone like me that didn't get into crypto early but would like to add another 3% or so of investment funds? I own some Grayscale BTC Trust which is actually based on physical(if there is such thing) Bitcoin whereas the new ETF is actually based on futures contracts which is what f vcks over the precious metals markets...Would you..
A. Wait until BTC pulls back and buy the real thing
B. Hold Grayscale and add on pullbacks
C. Do neither and go balls deep into Ether and some other coins
D. Try to buy a little of all
What do you think of the ETF being based on futures contracts? Seems like a way people to manipulate the pricing like in metals to me. For that reason alone I think I'm going to stick with what I have and maybe add some ETH as I've heard some chatter that it may be looking at $20k after the BTC run?Altcoins are worse. They may return much higher but they also crash a lot harder.
What do you think of the ETF being based on futures contracts? Seems like a way people to manipulate the pricing like in metals to me. For that reason alone I think I'm going to stick with what I have and maybe add some ETH as I've heard some chatter that it may be looking at $20k after the BTC run?
I plan on holding long term but as always will take some profits if things go ballistic along the way.
In the St. Louis area helping to take care of my MIL who has dementia.Hey, where in MO are you? I'm in KC.
How about I ship you mine too? She's obviously had one too many leaded paint chips and what could be better than having 2 fruitcakes to look after instead of one....In the St. Louis area helping to take care of my MIL who has dementia.
She would probably love that. Does she play Skipbo? They can share gibberish and make no sense together. Plus, repeat stuff endlessly. Do you have any outside help that looks in on her? We're in the early stages and still figuring out what to do. Scary painful life experience. There's just no easy way off this rock.How about I ship you mine too? She's obviously had one too many leaded paint chips and what could be better than having 2 fruitcakes to look after instead of one....
Oh wow. We did that for mine in Wyo. for several years. Hard thing, but also some nice moments between my wife and her mom.In the St. Louis area helping to take care of my MIL who has dementia.
Can someone give an investment novice like me some advice on how to get into crypto? I have talked with my financial advisor but they aren’t doing any portfolios yet because they still believe it’s too volatile and not mainstream enough….
So what’s the difference between BTC? Doge? Ether? Etc…is one better than the other?
How bout gold and silver?
How do I even go about getting started? Can you download an app or do you have to go through an investment firm?
Can someone give an investment novice like me some advice on how
It's not just stomaching the volatility. You need to be willing to accept the possibility that it could go to zero and never recover.Can you stomach that kind of volatility? If you do, that is step number 1. You have to put money that you are willing to not care about if you lose, or at least not need for 4-5 years, if not longer.
It's not just stomaching the volatility. You need to be willing to accept the possibility that it could go to zero and never recover.
This is not financial advice, just my opinion. I am by no means an expert. Just been investing in Crypto for about 2 years. That out of the way, buying crypto is extremely easy these days. It is as simple as signing up to one of the many reputable exchanges (Coinbase, Gemini, BinanceUS), going through their KYC requirements (know your customer). They will ask for a copy of your ID, SS etc to supply the IRS with information for tax purposes before they allow you to buy and trade.
Once that is out of the way you link your checking account and you are good to go.
The much harder part is actually understanding what your are buying into, and having a plan. Look at the price history of Bitcoin. At many points in its history it crashed by 80%. Most recently in May 2021 it crashed by about 53%. Just to put that into perspective. If you had $100k invested on 5/17, it would have went down to less than $47k within a few days. There is no guarantee it will ever recover, even though historically it always did. Sometimes it took 3 years to get out of that bear market, sometimes it took just 5-6 months like it did this year.
Can you stomach that kind of volatility? If you do, that is step number 1. You have to put money that you are willing to not care about if you lose, or at least not need for 4-5 years, if not longer.
For a novice, I would also stick to big big caps, like bitcoin and ethereum. Bitcoin is gold like. Ethereum is far more sophisticated, and is essentially the base layer for multiple financial applications, also known as "Smart contracts".
The easiest way to invest into crypto is to stick to dollar cost averaging strategy. I personally allocate about 5-10% of my monthly investable income to investing into Crypto, and have a predetermined allocation of crypto I like, then buy a small amount of that every week on saturday or sunday regardless of price, whether it is crashing or at all time high. That is called dollar cost averaging. Another approach is waiting for significant pull backs and buying during those times, that is called value cost averaging. Issue with the latter is there is no way to know when those pullbacks happen, and when they do by how much.
If you really don't want to get into the whole "buying crypto directly" approach, you can still get exposure to bitcoin through Bitcoin proxies on stock brokers like Vanguard or Fidelity. The best known bitcoin proxy is GBTC (Greyscale bitcoin trust). It does not track bitcoin price 1:1, but it is backed by actual bitcoin. It does charge a high expense ratio of 2% a year, which is the price you pay for convenience.
There is a ton of content out there. Hard to go into all the details on a forum, because I could go on for hours. A good source to start is this guy. He offers a basic course on crypto completely free. I have not watched his course myself, but I do watch him on youtube occasionally and he has a good head on him. Sometimes he shills some ****coins, but for the most part he is on point. You can sign up and start reading and watching here:
SIGN UP SQUEEZE AGAIN – DAN Teaches Crypto
This guy is also an EXCELLENT source. His research is extremely indepth into any crypto, and he does not typically shill anything:
This guy is also very good:
Let me know if you have specific questions.