Bitcoin explosion and ALT coins thread

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Wreckless said:
Thanks for the info! Much appreciated.

Just created an account on Coinbase and might drop a few hundred on Ethereum and see where it goes from here.

When you say hold, until when should someone hold? 5 years, 10 years? I understand that there's no certainty and the market goes up and down. But there must be a point where you're like it can't get any better than this, I need to sell.

Also, i've seen a few times in this thread that it's not worth buying from the smaller ones since it's too risky and they're going to die out. How do we know this won't happen to Bitcoin or Ethereum?

These are probably dumb question but i'm a total noob and should have done my research years ago when I first heard about this stuff.

I will definitely do a bit of reading on this tomorrow to get a better understanding before dropping some cash.
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Bitcoin and ethereum have the biggest market cap. They have been the leaders in crypto for the longest. They actually have full teams working on their block chain to make them better for the future. Most other cryptos don't have much people or even the finances to grow the technology in their crypto.(they also don't have the trust from the people.)

I believe ethereum will reach around 3-5 k a coin in the next few years. Obviously Bitcoin will even go higher.

Holding crypto and stocks for long term usually means your going to atleast hold up to 5 years .
 
Hog-train said:
It's 100% worth it.

Any money you have in your traditional savings account (in dollars) is LOSING value every year due to inflation. It's at about 3% every year and accelerating because the US treasury is printing dollars to pay for pandemic relief.

Meanwhile Cryptocurrency outpaces the stock market, real estate, precious metals and any other investment vehicle in growth since it's inception.

You can just start putting $50 per month or any amount you would normally save into it.

For a newcomer, I would recommend just Bitcoin and Ethereum and just HOLDING. Trying to time the market makes people lose money 90% of the time. It's going to have huge volatile ups and downs. You just have to not panic and just HOLD.... Hodor.
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Agree , Bitcoin and ethereum are the best bet.
 
kenetics said:
It's hard because all I did was hold it for 6yrs even after it crashed from 19k to 3 k. I held strong.
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If you truly believe in Bitcoin why would you cash out now? From the amount it sounds like you have, you'll be a multi millionaire in 5-10 years (possibly less)
 
griffithberserk said:
If you truly believe in Bitcoin why would you cash out now? From the amount it sounds like you have, you'll be a multi millionaire in 5-10 years (possibly less)
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Wasn't going to cash it all out. But owning my 340k house would be Awsome at 35yrs old. Owning a house is an physical asset as well.

I do believe it's going to continue to go up but I became emotional attached to bitcoin because I held it even with all the uncertainty and volitilty. I know that you should never get emotional with any stock you owned. The funny thing is that I don't get emotional with my stocks I hold now but with Bitcoin I do lol.
 
kenetics said:
I have enough for sure. I just believe that it will eventually hit 300k a coin in the next few yrs .
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so is this a flex thread?
kenetics said:
Wasn't going to cash it all out. But owning my 340k house would be Awsome at 35yrs old. Owning a house is an physical asset as well.

I do believe it's going to continue to go up but I became emotional attached to bitcoin because I held it even with all the uncertainty and volitilty. I know that you should never get emotional with any stock you owned. The funny thing is that I don't get emotional with my stocks I hold now but with Bitcoin I do lol.
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Is this a flex thread ts? you are sitting pretty regardless. the house will get paid off eventually. you got time on your side at 35.

Congradz though.
 
Here a video explaining why XRP got into hot water.

It also goes over Bitcoin strengths .

 
kenetics said:
Wasn't going to cash it all out. But owning my 340k house would be Awsome at 35yrs old. Owning a house is an physical asset as well.

I do believe it's going to continue to go up but I became emotional attached to bitcoin because I held it even with all the uncertainty and volitilty. I know that you should never get emotional with any stock you owned. The funny thing is that I don't get emotional with my stocks I hold now but with Bitcoin I do lol.
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I hear ya, I suppose it's just what you're comfortable doing. The money you pull out of bitcoin to pay off your mortgage is going to do much better in Bitcoin over time than it will as equity in your house.

Either way, sounds like you got in at a great time and are starting to see some nice gains, so give yourself a pat on the back and ride the wave!
 
After covid it will go down but I believe it will go up again, it's good time to sell now, wait half a year buy more and wait til it reaches like you said 300k
 
kenetics said:
Wasn't going to cash it all out. But owning my 340k house would be Awsome at 35yrs old. Owning a house is an physical asset as well.

I do believe it's going to continue to go up but I became emotional attached to bitcoin because I held it even with all the uncertainty and volitilty. I know that you should never get emotional with any stock you owned. The funny thing is that I don't get emotional with my stocks I hold now but with Bitcoin I do lol.
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Well do a simple equation. What's your interest rate? Then factor that in and how high BTC/ETH will appreciate.

It's never wrong to take SOME profits along the way up. You don't have to do the whole lot.

And there will always be dips where you can buy more.
 
therealdope said:
Not yet., but dont' bet on it

Governments have a track record of enacting laws - with shocking speed. I can think of a number of ways they could dissolve the value of Bitcoin in a 'crisis'.
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Tell me how they can dissolve it? Do you understand how blockchain works?
 
Hog-train said:
Tell me how they can dissolve it? Do you understand how blockchain works?
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The fact that bitcoin threatens governments' control over the money supply doesn't make it far fetched that they might outlaw it. They could just say that it's a mechanism for avoiding consumption taxes or that it's instrument for illegal activity.

You think that's beyond belief? THe US government confiscated gold during the 1930s. they actually went house to house to collect it.
 
therealdope said:
The fact that bitcoin threatens governments' control over the money supply doesn't make it far fetched that they might outlaw it. They could just say that it's a mechanism for avoiding consumption taxes or that it's instrument for illegal activity.

You think that's beyond belief? THe US government confiscated gold during the 1930s. they actually went house to house to collect it.
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Too bad they would need to shut the whole internet for that to happened lol.
 
kenetics said:
Too bad they would need to shut the whole internet for that to happened lol.
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They can make it difficult and force no direct conversion to US currency but the work arounds are obvious.

Guess you could sue them for tax evasion too. It's a ridiculous idea when it comes to a currency conversion though.
 
FierceRedBelt said:
They can make it difficult and force no direct conversion to US currency but the work arounds are obvious.

Guess you could sue them for tax evasion too. It's a ridiculous idea when it comes to a currency conversion though.
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Ya. The government is controlled by big money. They'll regulate it for sure, but doesn't change anything much
 
kenetics said:
Futures is risky .
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Yeah and if you dont have enough money trade with, I would say at least 100K then youre likely going to lose. I tried to minimize my risk by trading 3 mini oil contracts but I was holding them over the weekend and on Monday that shit dropped the lowest EVER in one day from 44 I believe to $23. I lost about $16K in just that day. Went from being $28 to $16. Then like the idiot I am I longed the S&P when it was around 2450 and that shit went all the way down to 2150 so I got screwed there and Lost about $8K there holding about 8 mini futures contract. Then i sold it and shorted the S&P when it went up to 2550 and lost about 6K there holding ETFs. Now I only have about $750 in ETF shorting the S&P. Depreciation is killing me though since I have been holding that since about may.

I should have just left my money with Vanguard and their mutual fund but I am too stupid for my own good.
 
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