I just sold all my belongings and bought bitcoin!

Discussion in 'The Tavern' started by Paul Bellow, Dec 9, 2017.

  1. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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  2. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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    Live cryptotraders... heh...

     
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  3. MrPotatoMan

    MrPotatoMan Level 13 (Assassin) Citizen

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    to be fair there havent been any real nukes dropped after the first 2
     
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  4. MrPotatoMan

    MrPotatoMan Level 13 (Assassin) Citizen

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    well there is reason why it helps make money for others but the effect is far less then most forms of investment (although i would like to know if you mean all speculation or just stocks and currency?)
     
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  5. MrPotatoMan

    MrPotatoMan Level 13 (Assassin) Citizen

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    wherever they are in that picture i think i want to be there it looks nice
     
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  6. Joshua Mason

    Joshua Mason Steam Whistle Alley LitRPG Author Beta Reader Citizen

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    The bubble's a lie. Bitcoin's here to stay... it's the new hegemony. There're currently about 35 million millionaires in the world, and will only ever be 21 million bitcoin. Ever. So even if they each wanted one they couldn't get one. Ripple's where its at anyhoo as far as day to day transactions will go - bitcoins evolved into just a store of value..
     
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  7. MrPotatoMan

    MrPotatoMan Level 13 (Assassin) Citizen

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    currency inherently is a bad store of value stores of value are inherently bad currency therefore bitcoin might stay but it will either be one or the other and if it dosent wind up as a currency it will most likely not retain much value
     
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  8. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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  9. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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  10. Alexis Keane

    Alexis Keane Level 14 (Defender) Roleplaying Beta Reader Citizen Aspiring Writer

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    And that is why you get in early and leave early... on a side note XRP is doing very well recently and should get a large boom when it goes up on coinbase
     
    Last edited: Jan 3, 2018
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  11. CheshirePhoenix

    CheshirePhoenix Crazy Hermit on the Hill LitRPG Author Beta Reader Citizen Editor Aspiring Writer

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    Get in early, get out early, and most importantly: diversify your investment holdings to mitigate losses from the high risk high return investments like currency futures.

    I did the same thing with my life savings back when I heard the Iraqi Dinar was about to be revalued. This was in, I think, 2012 or thereabouts? Anyway, I put my entire liquid assets into buying as much dinar as I could. EVERYBODY was recommending it and even Warren Buffet (who’s usually a pretty solid leader to follow, if you’re into investing) had a ton of money wrapped up in it.

    Then that Thanksgiving weekend, everyone who invested in the Dinar, expecting it to be another Kuwait Dinar or Japanese Yen investment (back in the early 90s a ton of people made shitloads of money when the yen mysteriously rose against the dollar to a significant degree, and when Kuwait revalued their currency to combat the hyperinflation after desert storm the same thing happened), lost their ass. The absolute worst possible thing that could happen is exactly what DID happen.

    Instead of revaluing the IQD, they *reissued* it. Which meant, basically, that the Iraqi government was no longer considering the old IQD to be valid tender. That right there is a 100% loss, and the last time it happened was the hyperinflation in Zimbabwe, where people were printing out trillion (Zimbabwe currency) notes for things like a loaf of bread. Iraq wasn’t NEARLY so far gone as Zimbabwe was, which is why nobody expected that to happen.

    So anyway, long story short, I lost my ass on that. And prior to that, my main investment holdings that were low risk “safe” investments were real estate. Boy did I ever have a couple of shite years there, between the bubble of 2008-09 and the IQD fiasco.

    The worst thing about it? Is that my financial advisor sold all of my real estate and put it into mutual funds, treasury bonds, and long term CDs at ridiculously tiny rates of return. Single digits tiny, even. So sure, my retirement is safe (assuming I give it a few extra years before I cash out and retire, like around 70 instead of 65), but it’s gonna take a damn long time before I make it back to where I was sitting at in 2007.

    Moral of the story: never, ever, EVER put all of your financial eggs in one basket.

    Invest your yearly max into as many IRAs as you can, plus your 401(k) (if you have one) then take the rest of your savings and split that 50/40/10: 50% into your rainy day fund until you’ve got enough savings to live at your current level for a full year, 40% into “safe” investments like hedge and mutual funds (or things like crop futures), and the other 10% is your walking around money for things like day trading.
     
  12. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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    Yeah, I started back in August of this year. Took my original investment out when it went from $60 to $370 then dumped in a few more dollars when it dipped back to $200 or so. Definitely not my entire savings at this point, but it's kind of fun for the moment. I plan to hold my few coins for 6 to 12 months and see what happens.
     
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  13. CheshirePhoenix

    CheshirePhoenix Crazy Hermit on the Hill LitRPG Author Beta Reader Citizen Editor Aspiring Writer

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    That’s what day trading is supposed to be. It’s a little bit of excitement and fun that can net you a tidy profit in a short period of time to pay for incidentals like really stupidly fancy meals or pay for things like weddings.

    I really wish I’d shorted coin base a week or so ago, but I just don’t have *any* liquid funds right now. And I’m not going to short change my retirement just so I can go gamble lol.
     
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  14. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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    Technical Analysis for Litecoin 2018 - Hovering between $14 and $1,400

    lol
     
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  15. CheshirePhoenix

    CheshirePhoenix Crazy Hermit on the Hill LitRPG Author Beta Reader Citizen Editor Aspiring Writer

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    A range estimate of $14-$1400? That’s their way of saying “we don’t fking know, stop asking us” and slamming the door in your face.
     
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  16. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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    Yeah, it was definitely satire. Not many people "got it" today, but I was cracking up. LOL
     
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  17. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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    I kinda see LTC with news going back to $350 or so, then maybe to $500 or possibly $1,000 in a year.

    I'm HOPING it ends up around 25% the value of a Bitcoin - silver to the former's "gold"...

    We shall see. Interesting times, for sure.
     
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  18. CheshirePhoenix

    CheshirePhoenix Crazy Hermit on the Hill LitRPG Author Beta Reader Citizen Editor Aspiring Writer

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    I think we will eventually end up with a one world currency, but that’s far, far down the line. Crypto currency probably also won’t be that currency.
     
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  19. Paul Bellow

    Paul Bellow Forum Game Master Staff Member Shop Owner LitRPG Author Citizen Aspiring Writer

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  20. MrPotatoMan

    MrPotatoMan Level 13 (Assassin) Citizen

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    unless im being a collosal idiot the guy who lost half his life savings on bitcoin shouldent be in debt unless he was already irresponsible with his money. here are my rudimentary calculations 300,000/20000 = 20 20x7000 - 140,000 meaning he lost slightly less then half how would that then cause him to go into debt or am i missing someting.
     
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