Are you going to Invest in Crypto / Bitcoin?

[Striving for more]

Ethereum IMO is the best coin you can invest in. You can also stake it & earn 7% interest, which can turn into compound interest. 

Just take partial profits gradually & don't leave it all in there because eventually the price surge will collapse after a year or so. 

 

[captainamerica]

@LfcCharlie4 put it on my reading list!

[LfcCharlie4]

@Striving for more Yeah, I've heard plenty of predictions for this Bull cycle. 

I would always say you want to try and at least sell enough to cover what you invested so you're then just playing with profit or sell in a DCA fashion

[Jacobsrw]

On 12/01/2021 at 7:19 PM, LfcCharlie4 said:

Just a thread based on the other thread regarding Crypto being a Get Rich Quick scheme (it isn't in my opinion) 

Are any of you guys invested in it / looking to invest in it? 

It's still early days for the market yet, and if successful, it could completely change a LOT. 

From what I've been told by those with a fair amount of skin in the game is this (and this is for investors not traders, which is very different) 

1) Dollar Cost Averaging- Set aside whatever you can afford every week & simply set it and forget, this way you aren't trying to time the market & can get on with your life. Also, for those who have spare cash along with this, buying in the 'dips' is always favorable, for example yesterday BTC & ETH were down 25%+.

2) RESEARCH- make sure to know what you're investing in, why is that coin expected to '10x in 2021', what is the long term view with Bitcoin etc 

3) Enjoy it! Learn about the technology behind Crypto & why it could be so revolutionary, in fact I'm VERY excited about Crypto in general and what it can bring. (There's a reason the finance / Banking industry hate crypto) 

So, if you are share why you invested, and if you're not, share why not. I think this could be a HUGE year for Crypto, but as with anything there's always a lot of risk so make sure to do your own research!! 

Hey Charlie, 

Your intentions seem genuine here but I would say there lies concern here. Generally, I would say the issue lies not within crypto perse but the whole culture stemming from it.

At the moment there exists an insatiable trend where people are attempting to find any means to make a quick buck and crypto seems to be just one of them. By looking at this culture it appears to have a sort of hedonic adaption. Which implies continually seeking pleasure in those things most easily to attain and proximal to oneself without ever being satisfied.

No one is really into crypto for the aspects of long term study and reinvestment into a meaningful career or even the utility of using it for creativity. It seems to me that crypto is a thrill seeking experience, an amusement park for the ego. Studying the culture it’s easy to see why many struggle to maintain any sense fulfilment. If stocks are up great, if not than one relies on a spike otherwise they fall into despair. I for one have invested previously but could see the ways in which it can be easily abused and self-addicting.

I think the psychology of money and ones relationship to it should be studied before investment types of this sort. Most importantly, understanding the essence of a meaningful career and what one wishes to do in the world be aiming to extract gain from it.

Edited January 15, 2021 by Jacobsrw

[LfcCharlie4]

@Jacobsrw Hey man. 
 

yeah, I’m only recommending those who have spare money to invest & after doing research, I’ve been involved in crypto for a little while now, and am looking to keep investing long term  

I get what you mean & agree! 
 

but, I also feel financial education is  an important part of ones growth and isn’t taught enough, I agree career / LP should be the primary focus though, of course! 
 

I am just saying investing is an amazing way to further build wealth from your income / business money & create freedom to pursue life how you wish! 
 

I am not saying we should invest simply to live idly off of the returns, but more so use that to create freedom & live the life of your dreams including your LP of course  

I would also include education regarding long term stock, precious metals & other asset classes.

And of course to only invest in things we support, and I personally love the technology behind blockchain & BTC, and am planning to invest long term! 
 

hope you get more what I meant now  

[LfcCharlie4]

I get what you mean though in terms of chasing the dragon in this game. 

But, I certainly believe investing for long-term wealth & helping create freedom is brilliant & good for our growth  

[SaWaSaurus]

On 1/12/2021 at 9:14 AM, vinc3nc said:

This.

 

1. wait for the price to deflate.

2. don't buy shitcoins, stick with the established coins.

It's actually very simple, but people tend to get a massive dopamine-boner when faced with the prospect of $$$. Just keep it simple and don't put much dopamine secretion into your investment... i.e. don't spend your time tracking every subtle movement in price and getting high on the idea of how much money you're making, cuz this is going to cloud your judgement.

[Jacobsrw]

On 16/01/2021 at 10:08 AM, LfcCharlie4 said:

@Jacobsrw Hey man. 
 

yeah, I’m only recommending those who have spare money to invest & after doing research, I’ve been involved in crypto for a little while now, and am looking to keep investing long term  

I get what you mean & agree! 
 

but, I also feel financial education is  an important part of ones growth and isn’t taught enough, I agree career / LP should be the primary focus though, of course! 
 

I am just saying investing is an amazing way to further build wealth from your income / business money & create freedom to pursue life how you wish! 
 

I am not saying we should invest simply to live idly off of the returns, but more so use that to create freedom & live the life of your dreams including your LP of course  

I would also include education regarding long term stock, precious metals & other asset classes.

And of course to only invest in things we support, and I personally love the technology behind blockchain & BTC, and am planning to invest long term! 
 

hope you get more what I meant now  

Agreed. Yes long term investment is a much better aim than short term gain one just had to be clear on why it is they seek the return and what they wish to do with it. A lot of money can do a lot of good when in the right hands but can also do a lot of chaos when not.

I think your perspective on this matter seems genuine so in that case you may come across little concern. Yes definitely  financial education is paramount and really needs more attention from an early age, it’s wonder it isn’t.

Lasyly, I would say a life purpose or meaning from which one wishes to live should first be sort before investing in anything. This should also be taught really - how to discover oneself and what they really desire to pursue in the world.
 

Otherwise one can get lost in the accumulation of money and invariably be ran by it. I think a well balanced mind and clear intention can potentially do good with money ?