crypto

[0 Bram @surferdouchebag Participant]

Anyone else rolling their financial dice on crypto currency?

I lived with a couple guys a decade ago who both got into BitCoin and became multi-millionaires. I opted to not invest then. But the financial world seems to have shifted a bit, crypto seems here to stay, so I took a gamble a few days ago and sunk some money into Cardano (a coin that seems promising).

When I spoke with my financial advisor (whose parent company can’t buy or sell crypto) he encouraged me to invest some non-managed funds to have a more well-rounded portfolio.

Lastly, I googled “Cardano” and came across this Forbes article:

https://www.forbes.com/sites/billybambrough/2021/08/23/bankers-issue-seismic-warning-bitcoin-ethereum-bnb-cardano-and-xrp-could-replace-the-dollar-in-just-five-years-as-crypto-market-price-adds-1-trillion/?sh=70ff4d379ac0&utm_medium=social&utm_source=ForbesMainTwitter&utm_campaign=socialflowForbesMainTwitter

Ahead of the latest bitcoin and crypto price surge higher, a poll of mostly banking executives found most think bitcoin and digital assets could replace fiat currencies like the U.S. dollar within the next five to 10 years—a shift described as “seismic.”

[0 Grandpa's Spells @spells Participant]

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Crypto isn’t useful yet outside of crime or speculation. It’s impossible to know if it’s under or overvalued. This makes it speculation by definition. It’s also manipulated by the major holders.

I know some guys who have gotten very, very comfortable (on paper, still holding) betting early on BTC and they think they’re geniuses. I’m happy for them, but they aren’t.

I don’t think there’s anything wrong investing 5-10% of an investment portfolio in speculative stuff like crypto, TSLA, etc. But huge proportionate bets will eventually burn the bettor. The smartest investors in the world are, by and large, not investing. When something like BTC, Theranos, Magic Leap get huge techbro buy-in and the sharp money stays away, this is usually a clue.

[0 Bram @surferdouchebag Participant]

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I put 1% of my portfolio into it.

It’s a gamble, but not a huge one.

My success rate so far on spec (picking winners) is ~50%, maybe worse. So, haha, I wouldn’t listen to me as any authority.

[0 Luke @luke Participant]

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During the pandemic, I’ve gone from skeptic to believer it will remain, regardless of what governments do. When you consider the possibly impending metaverse, crypto will underpin whatever goes on there.

[0 Sangoma @sangoma Participant]

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How I made $2,000,000 in the stock market

One of the best books on investing/trading (for me).

Fundamental analysis is a doubtful activity for many reasons. Corporate accountants will have no trouble massaging numbers and showing a great profit instead of a loss. Published financial data is always outdated, and by the time we get it those whose decisions matter – banks, fund managers – already acted on it.

What I am getting at is that valuing Bitcoin is as moot as trying to value any instrument, and the best way to make decisions about investing in it should be made on price. If it goes up it makes sense to take a long position, put some sort of a stop loss and have an exit strategy.

[0 Bram @surferdouchebag Participant]

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Sangoma wrote:

How I made $2,000,000 in the stock market One of the best books on investing/trading (for me). Fundamental analysis is a doubtful activity for many reasons. Corporate accountants will have no trouble massaging numbers and showing a great profit instead of a loss. Published financial data is always outdated, and by the time we get it those whose decisions matter – banks, fund managers – already acted on it. What I am getting at is that valuing Bitcoin is as moot as trying to value any instrument, and the best way to make decisions about investing in it should be made on price. If it goes up it makes sense to take a long position, put some sort of a stop loss and have an exit strategy.

Sounds reasonable, thanks for the share Sangoma 🙂

I’ve sat on it instead of doing what you smartly recommended (I wanted to get a sense of the fluctuations).  An update:

I bought in at 2.70 a coin, it shot up to 3.00, now it’s at 2.06.

If I was to cash out now, I’d lose ~25% of my invested money.

Having watched it daily, it fluctuates all the damn time.  There have been plenty of opportunities to buy dips and sell peaks.  Sketchy!

[0 Barrel @barrel Participant]

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I know one person that has done extremely well in crypto (multi-millions) and many people who have lost the majority of their investment.  The advice from the one person who has done well is that you can not be a passive investor.  The market on crypto is not regulated and it runs 24/7.  You need to spend several hours per day including weekends staying on top of what is going on.  You also need to develop a strong network of like-minded investors to help keep you aligned.  Without the effort and network you are destined to be caught up in one of the big swings and likely to loose much of your investment.

If I were a younger man I could see myself jumping in with both feet.  Right now I am on a predictable path financially and afraid of making the leap.  I am the type of guy who goes to the casino with $20 and is happy to leave when it is gone, so crypto is not for me … at least not yet.

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