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

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JDS

JDS

Joined
Dec 11, 2021
Messages
54,325
Dougy my well respected forumville friend, I’m proud of you scaling back your unit size & realizing being a pro gambler is not an any task to sustain. Smart hedge move with the Bitcoin purchase you’re about to make for your long term finances.

This is you starting from scratch essentially, I did that too with the rest of my winnings from last year. Have that money locked in a Bond Yield Account at 5-6% & I’m not touching it for 20 years. I have 60K in there.
 

JDS

JDS

Joined
Dec 11, 2021
Messages
54,325
Dougy my well respected forumville friend, I’m proud of you scaling back your unit size & realizing being a pro gambler is not an any task to sustain. Smart hedge move with the Bitcoin purchase you’re about to make for your long term finances.

This is you starting from scratch essentially, I did that too with the rest of my winnings from last year. Have that money locked in a Bond Yield Account at 5-6% & I’m not touching it for 20 years. I have 60K in there.
YTC account so I can redeem it with very little to no fee.
 

djefferis

djefferis

Joined
Jan 8, 2024
Messages
3,939
Gambling should only be a hobby investing should be long-term

For some - investing IS gambling.

Way too many people buy a stock based on a tip they found on a forum or because the talking head on TV said buy it.

First clue you have no business in owning a stock (or commodity) - if you can’t fully explain what a company does, why it is better than the competition and what makes it likely to be a quality holding - you probably shouldn’t own it.

When you buy a stock - you are buying a small fraction of ownership of the company. Too many look at it like gambling/speculation - hoping the merry go round keeps spinning and their horse rises hoping to hop off at the peak before it goes back down. Problem is - when it starts to go down - you might not find a buyer.

Look at CRCL - everyone ran in to get a piece at the IPO and it IS a good company. They literally print money. But lots of people bought in high double digits and rode it to 200+ - now it’s at 150 and they want off the ride before it hits 90 again (or worse).

Speculate with 5% of your portfolio - but know a little about what you’re buying and why. Take the majority and buy what you know: if it happens to be crypto - great, your miles ahead of people like me who don’t fully understand it.
 

BigJay

BigJay

Joined
Oct 28, 2021
Messages
20,456
For some - investing IS gambling.

Way too many people buy a stock based on a tip they found on a forum or because the talking head on TV said buy it.

First clue you have no business in owning a stock (or commodity) - if you can’t fully explain what a company does, why it is better than the competition and what makes it likely to be a quality holding - you probably shouldn’t own it.

When you buy a stock - you are buying a small fraction of ownership of the company. Too many look at it like gambling/speculation - hoping the merry go round keeps spinning and their horse rises hoping to hop off at the peak before it goes back down. Problem is - when it starts to go down - you might not find a buyer.

Look at CRCL - everyone ran in to get a piece at the IPO and it IS a good company. They literally print money. But lots of people bought in high double digits and rode it to 200+ - now it’s at 150 and they want off the ride before it hits 90 again (or worse).

Speculate with 5% of your portfolio - but know a little about what you’re buying and why. Take the majority and buy what you know: if it happens to be crypto - great, your miles ahead of people like me who don’t fully understand it.
Jeffery with great points of view a large majority of the time
 
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dougtushyterror

dougtushyterror

Joined
Feb 3, 2024
Messages
1,823
Dougy my well respected forumville friend, I’m proud of you scaling back your unit size & realizing being a pro gambler is not an any task to sustain. Smart hedge move with the Bitcoin purchase you’re about to make for your long term finances.

This is you starting from scratch essentially, I did that too with the rest of my winnings from last year. Have that money locked in a Bond Yield Account at 5-6% & I’m not touching it for 20 years. I have 60K in there.
Appreciate that jerky! Solid long-term strategy with the 60k. The only exchange I could even buy a decent amount of BTC on is Moonapp. Gonna take me till the end of the wk to fill my buy order of 130k limited to less than 30k/day. And here I thought it was only the sportsbooks that limit me. 😐

Screenshot_20250807_220914_MoonPay.jpg
 

raiders72001

raiders72001

Joined
Jan 28, 2023
Messages
247
It's easy to say in retrospect this is something I should've done years ago based on it's exponential growth but it's time to face reality. I'll never get rich gambling so this is my only viable option to ever achieve that. This Thursday when the 130k is available to WD from my HYSA is when I'll make the purchase & store it in a hardware wallet (most likely Trezor) & give it at least 5 yrs before cashing out. I already reloaded 50k into FD & I'll keep 5k in the HYSA at all times but this is the plan going forward. I'm not gonna speculate on the projected growth over 5 yrs but the fact is had I done this exactly 5 yrs ago, I'd be sitting on over $1.36M

View attachment 67946
If you put it in a Roth IRA for at least 5 years and withdraw after the age of 59.5, it's all tax free.
 
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