Tuffoldman
VIP Member
- May 23, 2011
- 1,513
- 1,279
I would be sweating bullets having that much out there but I agree I believe the numbers going to go higher. Nobody really knows what's going to happen but when more and more large fund managers are putting millions and millions of dollars into it they're not going to throw their money away. I know it's not their money they're playing with always but their reputation is on the line.
So far I've only seen two naysayers which is Dave Ramsey and one other investment guy I can't remember his name he was also saying it's going to plateau at the end of January of 2021 which is fine plateauing is not an issue and it needs to be self-correcting at some point.
from what I can see the prices are rising because more big dogs are jumping in and spending a lot of money which is good but extreme growth could mean extreme crashes later on. If I had seven figures I would pull 50% out I would put 25% of that into one of the other coins such as ETH from all I've read there's a possibility of that going up as high as 35,000 which percentage-wise is way way more than BTC ever will from here on out and the risk is probably about the same. Now I am definitely not any type of expert I just try and follow as closely as possible and keep in mind that anything could happen at any time.
what makes me nervous more than anything is countries like India just announced that they want to put an 18% tax on all BTC transactions. you don't have 18% government transaction fees on buying and selling stocks that I know of other than your taxes now I could be wrong on that but I've never seen anything to that degree. If they want 18% tax on every transaction there's no way to make money because people will stop using it. So that is one news that I'm keeping a very close eye on also which I think everybody should be.
It comes down to people are making money and there's going to be someone some government something that is going to do whatever they can do to take a piece of the action without having to work at it. We put in all the risk we should get a hundred percent of the reward.
I have very little invested compared to most 2020 almost pushed us an our business into bankruptcy we salvaged it with loans to keep us afloat so very little money got invested this year.
So far I've only seen two naysayers which is Dave Ramsey and one other investment guy I can't remember his name he was also saying it's going to plateau at the end of January of 2021 which is fine plateauing is not an issue and it needs to be self-correcting at some point.
from what I can see the prices are rising because more big dogs are jumping in and spending a lot of money which is good but extreme growth could mean extreme crashes later on. If I had seven figures I would pull 50% out I would put 25% of that into one of the other coins such as ETH from all I've read there's a possibility of that going up as high as 35,000 which percentage-wise is way way more than BTC ever will from here on out and the risk is probably about the same. Now I am definitely not any type of expert I just try and follow as closely as possible and keep in mind that anything could happen at any time.
what makes me nervous more than anything is countries like India just announced that they want to put an 18% tax on all BTC transactions. you don't have 18% government transaction fees on buying and selling stocks that I know of other than your taxes now I could be wrong on that but I've never seen anything to that degree. If they want 18% tax on every transaction there's no way to make money because people will stop using it. So that is one news that I'm keeping a very close eye on also which I think everybody should be.
It comes down to people are making money and there's going to be someone some government something that is going to do whatever they can do to take a piece of the action without having to work at it. We put in all the risk we should get a hundred percent of the reward.
I have very little invested compared to most 2020 almost pushed us an our business into bankruptcy we salvaged it with loans to keep us afloat so very little money got invested this year.
ItalianMuscle
Drama Queen senior Vip
- Sep 1, 2010
- 2,563
- 969
Don't buy XRP ever. I bought it when it first came out, at like .20cents. Bought a few thousand dollars worth.
I watched it sky rocket to over $3 when btc was soaring a few years ago. I held on to it like a dumb ass, but eventually dumped it, and just doubled my money.
I was going to buy it again, and backed off. I seen it shoot up again to like .70, then it took a big dump again. They are having issues with the SEC, and I heard they(Ripple LLC) or whatever their called are being sued now. You're best to just invest in BTC or Monero. I bought a bunch of Monero at like $50, its over $150 now. BTC will be at $50K very soon..
Its amazing, BTC wasn't worth anything when it first came out. I wish my email never got hacked. I had almost $3K worth, when it was barely $70-80 for one.
I bought in again at $4K-$5K, and it was a good move. Advice came highly recommended by an investor friend of mine. He said to ride it out, and Im so glad I did.. My investor friend has over $1M dollars worth. Unreal..
slicwilly2000
VIP Member
- Sep 14, 2010
- 1,955
- 305
I don't understand crypto as well as I would like. I remember the days of evocash, egold, and DMT (Digital Monetary Trust). I remember when evocash scammed and ran off with over $30 million USD. It was more than $30 million but I would prefer not to give out the number I was given. I think at some point the US government or a conglomerate of world governments are going to try to dismantle bitcoin in favor of their own adaption of bitcoin. That could be china or the USA or someone else. Does anyone know if it's possible to prevent that from happening? All the people I know that are trading with the exception of two, are avoiding crypto currencies like the plague. I have to think there is a reason for that. The two people that aren't recently got into it in the last 3 months. All the old guys that have been doing it for years aren't touching it. These people are incredibly intelligent and many have law degrees.
Slic.
Slic.
ItalianMuscle
Drama Queen senior Vip
- Sep 1, 2010
- 2,563
- 969
Crypto is being used all over the world now as an additional payment method. Its fast, quick, convenient, and you're able to send overseas quicker then a bank wire. PayPal has bought into BTC. You can now buy, sell, hold, and pay merchants with BTC. I think PayPal offers 4 crypto's you can purchase. One of the reasons BTC is soaring right now. Wait till more companies get on board..
But I dont see what being intelligent and having a law degree has to do with buying, selling, trading crypto.. Maybe they dont want to admit, they missed the boat. I guess me just having a high school diploma, and cashing in on crypto, I am smarter then someone who graduated from Harvard with a law degree. And I probably have a greater net worth, portfolio. Are these also the same people who said dont invest in gold? I stocked up on 1ounce gold coins when gold was $6,7, 800ounce. And many investors said dont put all your money in gold. Well who is the fool now?
macgyver
TID Board Of Directors
- Nov 24, 2011
- 1,997
- 1,672
Bitcoin's rally this time around is being driven by institutional investors who are seeking an inflationary hedge to the current falling dollar. Corporations often hold millions and hundreds of millions in cash reserves. With the amount of money printing going on there is going to certainly be inflationary pressure coming. Worldwide our dollar is losing value.
Since Bitcoin by its nature is non-inflationary it makes it very attractive. Bitcoin from a transactional purpose is not very efficient whereas other altcoins have improved upon that. But they're adoption is still speculatory. XRP is an example of a coin that proposed to replace the swift system but never saw adoption.
I started in crypto in 2013. Took several gambles back then and increased positions recently. I have just been holding long. But I have lost and gained hundreds of thousands if not over a million by now. of course those are not real losses or gains since I've just been holding. Considering possibilities now of what to do because the idea of a seven-figure cash out is not that unrealistic at this point. Probably going to hold until then if not even if it crashes to several thousand dollars I would still be on the plus side. So it still go big or go home for me. Watching the account grow into multiple six figures is pretty stressful though and the temptation to sell is certainly there
Since Bitcoin by its nature is non-inflationary it makes it very attractive. Bitcoin from a transactional purpose is not very efficient whereas other altcoins have improved upon that. But they're adoption is still speculatory. XRP is an example of a coin that proposed to replace the swift system but never saw adoption.
I started in crypto in 2013. Took several gambles back then and increased positions recently. I have just been holding long. But I have lost and gained hundreds of thousands if not over a million by now. of course those are not real losses or gains since I've just been holding. Considering possibilities now of what to do because the idea of a seven-figure cash out is not that unrealistic at this point. Probably going to hold until then if not even if it crashes to several thousand dollars I would still be on the plus side. So it still go big or go home for me. Watching the account grow into multiple six figures is pretty stressful though and the temptation to sell is certainly there
macgyver
TID Board Of Directors
- Nov 24, 2011
- 1,997
- 1,672
Seeing you giving out advice on crypto is similar to watching newbies give out lifting advice.
obviously I know you have experience in the gym but looking at your postings I would caution you might want to research more into crypto before giving out advice..KYC/AML is something for you to Google. If you don't know what that is, it might be a little wake up call considering it is the single largest issue every single person investing in crypto is concerned about.
Your advice above is terrible for that reason. As a matter of fact bittrex announced de listing of monero. I'm sure you have seen the impact on price of XRP with announcements of delisting.
Again this is the internet so I have no idea what you really know but just putting it out there as a word of caution if you have any money tied up in it. You might want to consider where you have it. Don't want to see anybody get crushed
Bigtex
VIP Member
- Aug 14, 2012
- 1,136
- 1,680
Have to agree with you. I got into bitcoins in I believe October of 2013 by investing $150. I held on to it for years now (actually had forgotten I had it). That $150 investment is now worth 5 figures if I cashed in today. I feel confident I can cash out in the press of a key but if I lose it all over night, its honestly only a $150 loss. I am certainly not educated in this field and honestly feel like a financial idiot. So I never invest more than I can't afford to lose. Just an older guy trying to use the money I have saved working since I was 14 years old to make enough money to finally completely retire and live the same life we both live. Needless to say, I am damn happy with this small investment. I see $30,000 coming in the next few days. Since my 1st investment I have invested more when it was at $9000 and very happy with my gains.
Bigtex
VIP Member
- Aug 14, 2012
- 1,136
- 1,680
Here is something from Yahoo Business.....
"Bitcoin started 2020 at $7,200. It ended the year at nearly $30,000, up 296%. (For comparison, the Nasdaq rose 43% in 2020, the S&P 500 rose 16%, the Dow rose 7%.)"
https://finance.yahoo.com/news/bitcoin-keeps-hitting-new-records-193106428.html
Not a bad investment huh? This article is worth reading if you still have doubt about Bitcoins.
"Bitcoin started 2020 at $7,200. It ended the year at nearly $30,000, up 296%. (For comparison, the Nasdaq rose 43% in 2020, the S&P 500 rose 16%, the Dow rose 7%.)"
https://finance.yahoo.com/news/bitcoin-keeps-hitting-new-records-193106428.html
Not a bad investment huh? This article is worth reading if you still have doubt about Bitcoins.
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