anyone in bitcoin? What are your predictions?

[Olaf]

I heard from several sources that bitcoin is going back up around october, it already has gone up a bit, which I am happy with as most of my money is invested in bitcoin and ethereum. I have been a bit lazy and not done much homework around following the bitcoin news. So I thought of asking you guys, what are your plans for the next few months around bitcoin?

[Leo Gura]

32 minutes ago, Olaf said:

most of my money is invested in bitcoin and ethereum

Bro, why??

Invest in something serious.

[r0ckyreed]

Buy and hold. Put your bitcoin in a Trezor or Electrum Wallet.

Put most of your money into S&P.

Edited Tuesday at 11:32 PM by r0ckyreed

[Olaf]

@r0ckyreed I have some money in S&P

@Leo Gura I don't have allot of money, so it doesn't matter too much and the upside is huge, it can 10x

[Leo Gura]

51 minutes ago, Olaf said:

I don't have allot of money

That's poor logic. 

Your logic: "I don't have much money so I will use the little money I have, improperly and recklessly."

That is a lottery mindset which keeps you poor.

Edited Wednesday at 12:47 AM by Leo Gura

[Olaf]

@Leo Gura I wouldn't say I am using it improperly it is just higher risk, higher reward, many people invest in bitcoin. Grant Cardone put 100s of millions in bitcoin, Elon Musk 1.5 billion, Mark Cuban etc. I don't  think it is as reckless as you make it seem, if it 10x over the next few years, you will feel you lost out on a great opportunity. Just cause Bitcoin had a rough year doesn't mean it is a bad investment. 

[Leo Gura]

3 minutes ago, Olaf said:

Grant Cardone

He is a clown and a fraud.

If you want to emulate Musk, okay. Copy him by putting 0.1% of your money in Bitcoin.

Notice that Musk is not using Bitcoin go make himself rich. Bitcoin for him is like throwing a penny into the water fountain for fun.

Edited Wednesday at 12:51 AM by Leo Gura

[r0ckyreed]

50 minutes ago, Olaf said:

@r0ckyreed I have some money in S&P

@Leo Gura I don't have allot of money, so it doesn't matter too much and the upside is huge, it can 10x

Most of your money should be in a HYSA. You should have 6 months worth of savings to live off of (10k-20k) and then invest what you can into index funds. I only do <5% of my money into bitcoin. I only do $100 a week into bitcoin.

[Olaf]

he invested most his money in bitcoin, the guy from telegram

[Leo Gura]

The notion that you need to be an ascetic monk to run Telegram, a simple app, is comical.

Him not having enough time to buy a house because he manages Telegram, is just silly.

Super AGI is here, yet this tech bro is so smart he cannot be replaced long enough to buy a house.

Edited Wednesday at 01:19 AM by Leo Gura

[Olaf]

@Leo Gura we can atleast agree on that lol

[LordFall]

My recommendation would be to read the book the Bitcoin Standard and start to make your own thesis.

I think Bitcoin has a lot of solid properties but also some big question marks around it. Biggest of which is who started it and for what purpose? 

It's very interesting to me that the Trump administration is very involved in Crypto. It makes it definitely more shady but also perhaps it's a vouch in the right direction.

If a bunch of corrupt rich criminals are aligning with a form of money that's supposedly more solid future proof digital money, to me that leaves two main spectrum of options.

1) They are using it as a bigger fool trap where they will just sell and dump on people that invest with them. That seems to have been the case with Trump coin.

2) They actually believe it will hold their wealth once their crimes are found out and their other assets are seized.

I think 1 is more likely than 2 but a lot of smart people really do believe in Bitcoin. I'm split on it but if you're young educating yourself and putting some(not all) money into a new asset class is not the worst thing in the world.

Just make sure that you're okay loosing whatever you put it and be careful of the exchange that holds your funds that's the most common way people lose their money.

Have you read or listened to the Bitcoin Standard by Saifedean Ammous? Truly an interesting read, I learned some good fundamentals on macroeconomics from it. Still not 100% sold but I'm watching the markets weekly to see what's going on. 

[Olaf]

@LordFall No I haven't read it, I might read it, thanks. Yes and no one knows who Satoshi Nakamoto is, which is very odd. 

I mainly started this topic, because there was some news that around this time september/october bitcoin would enter the bull market again and I wanted to see if anyone here was more informed about it then me. 

[Leo Gura]

58 minutes ago, Olaf said:

if anyone here was more informed about it then me. 

How can anyone know what its price will be in a month?

Be careful with such astrologizing.

Just because people speak confidently does not mean they know more than a coin flip.

Edited Wednesday at 02:33 AM by Leo Gura

[pablo_aka_god]

I had 50% of my assets in BTC for the past year and recently sold them for -10% cause needed the money for a big purchase.

What I didn't like about BTC is that regardless of wether it went up or down it felt a lot like gambling. I looked at the price every day and put my energy into speculation rather than in my work and that I find more detrimental to finances than btc going down.

Speculation and gambling is a bad mindset to have for wealth building.

So next time I will focus on more on stocks and maybe only after reaching a high enough $ I will allocate 5% to btc.

Edited Wednesday at 11:56 AM by pablo_aka_god

[Leo Gura]

@pablo_aka_god Smart man!

[Jordan]

I have invested in risky things. I bought around $8000 of bitcoin when it was around 8k and switched it to XRP which was $1 at the time and sold it for right around $3 after holding for many years. In my stock trading account sometimes I would buy TQQQ or SOXL and things like this along with calls and puts on stocks based on my friend's advice. I went from like 45k to 80k down to 3k put 30k more in and built it up to 120k went to 160k back down to 120k.

Over the last several months, I have felt unsettled about how I have been handling my money. Even though I am in much less risky stuff than before, I plan to sell most of my stuff today and put everything into etfs that track copper, gold, silver, crude oil and just hold it until it seems overvalued compared to the rest of the market which could take 10-20 years.

If you really feel it is a good idea to invest in something really risky like bitcoin, you could set aside 5%-10% of your portfolio and just go crazy with it but when you lose compared to more stable investments, which is very likely, take that as a lesson.

Edited 14 hours ago by Jordan

[Olaf]

@Jordan somehow I have faith in bitcoin. I also made some money on XRP. Without crypto you never would have went up to 120k. Once you are at 120k I understand that you want to be more conservative as you have more to lose. But if you had put that 8000 in like a conservative place like Gold or silver, at max in 10 years you would have made another 8000 euros. So I think it is just depending where you are at financially. 

[Jordan]

18 minutes ago, Olaf said:

@Jordan somehow I have faith in bitcoin. I also made some money on XRP. Without crypto you never would have went up to 120k. Once you are at 120k I understand that you want to be more conservative as you have more to lose. But if you had put that 8000 in like a conservative place like Gold or silver, at max in 10 years you would have made another 8000 euros. So I think it is just depending where you are at financially. 

Yes it did work out for me but also I would have done better investing in the S&P500 since I started investing around 2010. I am 37 years old now. I did get lucky on some trades which is the only reason I am up from my initial investments. If I was to do it over again, it would be much more boring but it would make sense to me to just put it in the S&P500 from the beginning but at the time I was not mature enough to make that decision. I could easily be 50% down on all my investments if I made a few different choices. I am probably only up around $30-40,000 while having a decent chance of losing money over that whole time. Remember I went from $80k to 3k at one point. I could easily have never recovered from that and be broke now. 

Edited 14 hours ago by Jordan

[vinc3nc]

@Olaf My price prediction would be 180–200K this cycle (2028-2029 probably). That's realistic, but no one really knows.

Buying it right now might not be ideal, because it's already gone up so much since August. If/when it pulls back 20%, I think it would be a great buy, considering we're "officially" in a bull market again.

And don't listen to most people here when it comes to crypto, especially Leo, who's been wrong about it so many times. 

Edited 13 hours ago by vinc3nc