I've decided to buy 130k in BTC & put it into cold storage for 5 yrs.

[dougtushyterror]

We all wish we had bitcoin 3-4-5-6-7-8-9 years ago

Good luck with the investment dougie

Appreciate it Sammy. Ridiculous how many of these BTC apps (Binance, Kraken) don't serve NY. Not a fan of Coinbase so gotta purchase elsewhere. Really don't want to use Cashapp

 

[djefferis]

Hope the strategy works out for you !!

Personally - I’d never put more than 20% of my total investment into any one asset / stock /whatever. No idea what the total you’re working with (nor do I really care) - just general advice as time has shown ANY asset can crash and take years to recover (if it does at all).

I think BTC is here to stay - it will never see zero, someone will always want it. Again though - things like gold and oil have been valuable for decades too and both have suffered severe slumps. In my investing life I’ve seen gold at under $400, silver sub $4 and oil below $10bbl (not counting the brief period during COVID when it went negative in value). Don’t expect that BTC or any asset only increases in value EVER.

Again - if you’re sitting on a million plus in investable cash - buying a BTC and holding it probably isn’t a bad idea. Just don’t be one of those people who maxes out into a single investment. Personally - I’d say if we reopen this thread in 5 years - you’ll be at around a quarter of a million. Stocks - probably $150-200k if you just bought an S&P index fund and reinvested dividends. Total speculation of course - but the risk/reward favors BTC over stocks right now medium term.

At first I thought “why wouldn’t you stake it?” - retain the asset and draw a few % - but honestly the risk of staking is probably under stated right now. What do you get - 2% or so per year and the risk of one of these crypto services going belly up is probably about on par with the average offshore sportsbook. 2% for a risk of better than 1/20 losing it all is pretty dumb chance taking which we know you won’t do. You have to take chances to succeed in finance - but making smart choices is what determines who is ultimately getting ahead.

 

[Tanko]

GL @dougtushyterror .

I think this is a good move. But, as Djeff mentions, I wouldn't put all my eggs in one basket.

I think BTC will continue to go up. I know experts are full of crap when making predictions about its future but I've not heard any that have any brains, say it will crater.

And although I dabble on the spikes/drops a little, I'm HOLDing the BTC I have. I plan to eventually sell sometime in the next decade. A little retirement boost if it works out.

 

[jamesy2422]

i think this is a solid idea. as long as you can afford it, investment in solid crypto coins is invaluable.

 

[samsncharge99]

Appreciate it Sammy. Ridiculous how many of these BTC apps (Binance, Kraken) don't serve NY. Not a fan of Coinbase so gotta purchase elsewhere. Really don't want to use Cashapp

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im on coinbase personally, but my investments isn't even close to yours, so im not worried about being limited or banned haa

 

[BigJay]

Good luck with your investment @dougtushyterror

Investing is always the best game plan if you can afford it

Me and @JDS have had discussions about this for awhile

I think we all wish we could go back to certain points of our lives and choose investing/being smart with our money rather than do some of the crazy things we did with it

If I’d have just put 20-percent of my money earned lifetime in investments I’d have likely had enough to retire several years ago

 

[BigJay]

The hope is we all live and learn and make smart choices with our $$ as we progress in life

If not you’ll be fighting an uphill battle forever

 

[dougtushyterror]

im on coinbase personally, but my investments isn't even close to yours, so im not worried about being limited or banned haa

The hope is we all live and learn and make smart choices with our $$ as we progress in life

If not you’ll be fighting an uphill battle forever

Sadly I won't be adding 1M to my crypto wallet. Missed it by that much

 

[lapenti]

The Smart choice would be to put all your bankroll on Sinner to win U.S. Open, double up and THEN buy 250k or so in BTC

 

[pipe]

Hope the strategy works out for you !!

Personally - I’d never put more than 20% of my total investment into any one asset / stock /whatever. No idea what the total you’re working with (nor do I really care) - just general advice as time has shown ANY asset can crash and take years to recover (if it does at all).

I think BTC is here to stay - it will never see zero, someone will always want it. Again though - things like gold and oil have been valuable for decades too and both have suffered severe slumps. In my investing life I’ve seen gold at under $400, silver sub $4 and oil below $10bbl (not counting the brief period during COVID when it went negative in value). Don’t expect that BTC or any asset only increases in value EVER.

Again - if you’re sitting on a million plus in investable cash - buying a BTC and holding it probably isn’t a bad idea. Just don’t be one of those people who maxes out into a single investment. Personally - I’d say if we reopen this thread in 5 years - you’ll be at around a quarter of a million. Stocks - probably $150-200k if you just bought an S&P index fund and reinvested dividends. Total speculation of course - but the risk/reward favors BTC over stocks right now medium term.

At first I thought “why wouldn’t you stake it?” - retain the asset and draw a few % - but honestly the risk of staking is probably under stated right now. What do you get - 2% or so per year and the risk of one of these crypto services going belly up is probably about on par with the average offshore sportsbook. 2% for a risk of better than 1/20 losing it all is pretty dumb chance taking which we know you won’t do. You have to take chances to succeed in finance - but making smart choices is what determines who is ultimately getting ahead.

You sir are a very wise poster

 

[quantumleap]

I think this is a great idea Dougy!

I was one of those that bought a lot of BTC in 2013. I had 100 BTC at one time. My problem is that I was day trading with my gains and could see I was going to lose it all if I kept going. I lost $14k in 2019.

So back in 2014 I bought a house and now have equity in that instead of pissing it away day trading. I hope to sell my house and then take the equity to buy a smaller house in a less expensive area so I eventually won't have a mortgage.

I can't even think what it would be like if I was still renting.

 

[djefferis]

Thinking about it why not trade it a little more and buy and hold less? Something like:

Take 75% of what you’re looking to invest.

Every 10% up or 5% down in price - sell/buy another 5% (say buy more at 110k, 105 and sell 5% of what you have at 125/135 and so on) - never holding less than say 75% of your original stake.

There will be plenty of opportunities to buy in this market I suspect and plenty to sell. Ultimately if your right and the highs keep going higher and the lows meet a floor - you will be adding to the net position in the end and holding more.

BTC is no different than any other commodity in that its value fluctuates based on multiple factors. Like I said - nothing goes straight up or straight down. Trading strategy is your friend.

 

[BigJay]

im on coinbase personally, but my investments isn't even close to yours, so im not worried about being limited or banned haa

I got booted at Coinbase years ago

I think many if not most gamblers did. Can’t imagine how much business they booted over the years

I know I’ve mentioned this before but I can still log in to Coinbase (the first place I used when I heard about BTC) and see my purchases

Still pretty shocking to see I could buy about .1 BTC for $40 (their max per day CC purchase) back in 2015 ish.

Only worth about $12k today. Who knew

 

[jjgold]

Doug you’re thinking clearly gambling a dead end street you do it for fun and maybe you get lucky

 

[samsncharge99]

I got booted at Coinbase years ago

I think many if not most gamblers did. Can’t imagine how much business they booted over the years

I know I’ve mentioned this before but I can still log in to Coinbase (the first place I used when I heard about BTC) and see my purchases

Still pretty shocking to see I could buy about .1 BTC for $40 (their max per day CC purchase) back in 2015 ish.

Only worth about $12k today. Who knew

DAMN, I MUST BE A REAL LOSER TO NOT EVEN BE KICKED OFF HAHAHAHA

 

[keithrichard]

I still have a Coinbase account.....I think? Don't remember my password though and haven't even tried to login in maybe 10+ years. When they started all the KYc and shutting down suspected gambling accounts I ran from them.

 

[jamesy2422]

I got booted at Coinbase years ago

I think many if not most gamblers did. Can’t imagine how much business they booted over the years

I know I’ve mentioned this before but I can still log in to Coinbase (the first place I used when I heard about BTC) and see my purchases

Still pretty shocking to see I could buy about .1 BTC for $40 (their max per day CC purchase) back in 2015 ish.

Only worth about $12k today. Who knew

i got booted from them also.

funny thing is was booted form MG but now they accept me back.

 

[europro]

Damn dougy giving up on the dream

 

[flyingillini]

Look at all the fraud Michael Saylor has done in the past, look at all the negative stuff about him on Reddit. Of course BTC is much bigger than him but he is a huge influence. Can you imagine if he ever made a tweet that says, "I was wrong" then hung himself, it would crash like you have never seen before, haha. Good luck Doug, there are tons of other people in this world doing the same thing , they are buying at least 1 coin to have a tiny bit of exposure , it is either going to be worth a million + a coin or it's going to be worthless. It is better to have some exposure than to have none at all.

 

[jamesy2422]

imagine if bitcoin just tanked back down to like 10K? people would be killing themselves. i really wish there was more discussion about it and making it more mainstream.