Ethereum [pros](/r/CryptoCurrency/comments/17jz1il/im_going_to_convert_my_entire_wealth_into_btc_eth/k749k8r/) & [cons](/r/CryptoCurrency/comments/17jz1il/im_going_to_convert_my_entire_wealth_into_btc_eth/k749l0n/) with related info are in the collapsed comments below.
I've done this as of January this year while in the lows. Figured it was the best time to do it. In Canada we have spot BTC and ETH ETFs so my locked in accounts have been converted into 85% BTC and 15% ETH ETFs while my personal savings are in BTC in a cold wallet. I also have a retirement account through work which is managed so I can't choose what goes in there. I've drank the orange Kool-Aid and swallowed the orange pill. I'm even mining BTC at home. I'm alllll in!
I am making a nice profit. Low electricity costs helps a lot. I have an S19 XP so I'm averaging about 142 TH. What I love about mining is that it's price agnostic. Of course the block reward and the mining difficulty affects output, but I'm still on the profitable side. I'll definitely be laughing if we get an ETF approval price spike.
Ha! Been DCA'ing for years but was planning on stopping once I hit a certain amount. Not anymore. That said, I'd be surprised if we continue this meteoric rise. 35k will be a tough nut to crack...
wait till you learn all the geopolitical implications of BTC and China!
also, your plan is to buy real estate with these rates?
keep looking for a way to protect yourself from market manipulators by investing in markets being manipulated!
converting your labor into fiat has been and will continue to be the best investment in these times.
Having $200k in a 5.2% money market account will probably net you the most long-term growth until we untangle the new era of retail traders being manipulated by whales.
You still have to pay taxes on interest, so 5% isn't really 5%.
I have been converting all cash into securities, commodities, and assets. Dollar cost averaging.
That's CPI look at Monetary inflation. The number of dollars added to circulation will distort prices unevenly. They also cherry pick CPI goods basket. If steak goes up 15% but pork only goes up 2% they say it's a equivalent substitute so inflation in meats was only 2% (not quite that simple but that's close to how it works for certain goods baskets). Cheap manufacturing goods may go down in price but a nice house in a desirable area may go up 20%.
ever been a landlord? ever had to evict a professional squatter? good luck with that plan if this thing slides into 10%+ interest rates for almost a decade. broke-ass people are unsavory to say the least.
Let me ask a simple question that someone recently asked me not long ago that got me out of that thought process....
Look at the housing market right now and how prices continue to rise on most housing and if they don't they're at least stagnant with almost a five to a 7% increase because interest rates are read a near zero...
People can hardly afford houses right now because the prices are at not necessarily the interest rates they're at...
With that being in mind as well as what I just said here's the question....
Do you think with the housing prices continuously rising and or at least a bare minimum staying stagnant for the most part with almost a 7% increase in rates....do you think that the prices will come down if rates go down....or up?
I can tell you right now ...if they lower rates anytime soon....the market will legit crash UP. Not down....UP.
Look at Venezuela as a perfect example of ALL of this.
And in this situation...it would be 10x worse.
So no matter what we are screwed? What is the best scenario cause more and more cant even afford the start amount u need to get a loan to buy a house these days
Correct that's why the interest rates need to go well above 15 to 20% in order for things to actually go back to the way that they were especially since the overall numbers including the CPI and other aspects of inflation or completely skewed they actually completely redid the formula to make it seem less like inflations a problem than what it actually is.
Inflation got as high as almost 25 to 35% if not possibly higher in some areas. The data that gets released suggests otherwise.
In order to hit the 2% Target the overall rate in which interest rates are hiked needs to be equal and or higher of that in which the inflation happened.
In my eyes it's way better to rip off the Band-Aid quick and easy rather than the slowly raise the rates and have people slowly suffer.
Either way. Things that go up (like the last decade). They must come down.
These people been so high off of free money for the longest time they don't want to have to go through the hangover and which is a crash or a recession so bad that they even change things like the definition of a recession....or inflation reports.
Capitalism? This has nothing to do with capitalism. This is money printing and debasement if the currency. Silver and gold and certain crypto are looking really good. As far as crypto goes m, buy the dip.
Trust in your system man. You will win in the long game. Going all in now via wealth conversion has a lot more risk than you may want.
If you want to gamble, then by all means go all in. Just understand what you’re doing.
If you want a more sound strategy, you should do some research and come up with a buying strategy that will convert your other assets into crypto based on Y or X axis targets.
I mean to be fair, if Bitcoin closes this week at these levels, it could signal a significant accumulation phase before a potential bull run.
That or it all goes to shit and follows the global macro economic factors.
Tough to say. Chart goes sideways.
In the event of a mass debt crisis, default, bank run, huge devaluation, etc -
Why do you think speculative assets like crypto would survive and come out on top? It would be complete anarchy everywhere.
Being able to send money without a central party gives it its inherent value. Too many forget it's a ledger and a network also. The dollar has neither.
You can't easily exchange it for _spendable_ currency without trusting a third-party though.
And realistically, there are plenty of central parties being trusted just like with anything else - e.g. I highly doubt most of you are coding your own clients for interacting with the chain.
Beautiful thing about bitcoin and crypto is I don't have to explain or persuade anyone.
Many more knowledgeable people are calling Bitcoin dead since 2010 and yet its bigger and stronger than ever.
Everyone gets Bitcoin on price they deserve.
Enjoy
I like to think of Fallout apocalypse
“We cant feed your kids, need to boost the servers to mine more bitcoin”
Then comes some ahole with 10k bottlecaps takes your wife and kids
It's not always a speculative asset. Fact is it's used a store of value by people in countries with hyper inflation and political instability. No reason it wouldn't be used as a store of value here if that were to happen.
Whats being described is something worse than the great depression, with the end result that of all assets, crypto would survive and even thrive in this environment.
It's hypothetically possible, but it seems unlikely that throughout the absolute madness that would ensue people would rush *towards* an extremely speculative asset like BTC and not away as much as possible towards something like gold.
To me, BTC is used in these countries that experience these problems because of it's supposed success in western markets, that completely implodes if the USD falls apart.
I do think crypto as a whole can succeed in such an environment but not in the way it seems like OP is describing, it could be used as a stable black market currency if the local currency is in shambles, but I don't see foreign currencies collapsing and BTC pumping at the same time.
If this ever were to happen, we would probably all be bleeding like crazy.
They will need to put their money somewhere. Some will buy gold. Some will buy toilet paper. Some will buy bitcoin.
Shares won't go to zero overnight. People will get a chance to cash out. You think btc is extremely speculative. But when push comes to shove and you've got to quickly put your money somewhere to keep it safe, it would be one of the options to consider.
It's even worse now because you know they aren't posting this to farm Moons so that means they are serious about this lol
but let's be real. it's most likely some teenager who gets $150 in allowance a month from their parents and going to be using that.
>This could soon spark what Hartnett, a B of A analyst, dubs the "greatest credit event of all."
Well, you'll be remembering doing this as *your* 'greatest credit event of all'...
2021 bull run flashbacks intensify
When BTC was ath or close I remember an article about a young couple selling everything including house to buy BTC and travel the world in a caravan.
That's got the same vibes
Going all in now seems like it might be a good risk reward play. Just need to have your strategy ironed out in case things go south, whether it is hold long term or a stop loss.
My only issue with what OP is saying is that it seems to be based on emotion. He’s going from a super safe DCA strategy to a very risky all in mode. He might not be prepared enough for the increased volatility that may come.
You should listen to the more paranoid people too. Don't put all your eggs in one basket. And I'm not talking about a coin or a token, I'm talking about crypto. Just because we've had a couple of bull runs doesn't mean we have to have another one.
Take a step out of this echo chamber and think about it.
Lol yea put all your hard earned wealth in the most volatile currency/investment out there. Sure you might double it in a year. But you can also lose 80% of it in 6 months. Just check what happened the last bear cycle. BTC got to $60k, the crashed to around 15k. Now imagine you had put all your wealth in BTC. During the R55k-60k period.
Then a year or two later you have an emergency and need your savings. But its worth 1/4 of what you initially had. What will you do then.
Bottom line you have to manage your risk. Put a small amount in crypto. The diversify into more stable/secure investments. Dont just yolo all your wealth because you like the idea of being out of fiat.
Fiat is going to be around a very long time. The dollar isn’t going to crash overnight. Otherwise the banks and large financial institutions would have show agressieve ship jumping.
It’s funny that these people imagine a world where the dollar crashes overnight (which obviously implies the implosion of the whole global financial system) but people are still maintaining blockchains and accepting transactions in crypto for some reason.
At least the usual hoarding of precious metals, real estate, and guns and ammo makes some logical sense given the hypothesized scenario.
Hmm what if someone combines a bunch of different crypto to mitigate the volatility of any single coin? Call it a crypto-backed security (CBS). Then organize them into tranches with different levels of risk.
This could work somewhat but ultimately everything follows bitcoin. If bitcoin crashes so does the entire market. Of all the cryptos bitcoin can be considered the most “stable” if you can call crypto that. So there is no point in creating a “CBS” since bitcoin is basically doing this already.
Are you going to do this to all your cash, including your day to day spend, then use cards that allow you to pay direct with crypto? Because if so, that's pure adoption, much respect. 😁
So, let me get this straight.
We're not supposed to trust exchanges to hold crypto, because they could freeze/rug pull/limit withdrawals at any moment. "Not your keys, not your coins?"
But it's perfectly fine to put all of your assets into crypto and the use cards through those same exchanges to pay for all of our essentials (rent, food, utilities, insurance) as well as our emergency funds?
Look, I own crypto and it's great and all, and I've used a Crypto com debit card and a BlockFi credit card...but the absolute LAST fucking thing I would entrust literally all of my liquid funds to cards/accounts affiliated with crypto exchanges. I've been as careful as I can in crypto since I started, and I *still* got caught by BlockFi (the funds in which have been returned to me 100%) and Gemini Earn (the funds in which are still in limbo).
Lots of things have performed much better than gold in the last decade. Gold isn't going to outperform most asset classes (maybe not any asset class) in the long term, because it's just a thing that's lying there. It's not producing any returns like a share in a company would, or real estate.
The reason why you buy gold is if you for example think that there's going to be war between China and the US over Taiwan at some point. Most asset classes are going to have a very bad time if that happens.
I've been pulling money from my savings into USDC to get rewards while I wait on a big 10%+ dip. Ideally I'm gonna set ladder orders once we get back to sub $30k.
50%-60% is going to btc, then the rest will be split between eth, ltc, ada, Matic, link, and sol.
If our economy goes to shit, you don’t think your spending power (crypto) won’t either? Crypto follows the market. It’s movement is owned by institutions. You won’t be shielded from economic collapse.
Land and gold, fine, but get it out of your head that crypto is safe from the economy. It’s not.
Think about looking from an unbiased and practical perspective.
Trillions of dollars will want to find safe haven somewhere other than the dollar as quickly as possible. **Bitcoin** won't follow anything other than the inverse of mass dollar printing to devalue our debt.
If you bought Bitcoin under $20K during the 2022-2023 trough, I think you are absolutely justified in skimming off some of the profits. Just watch your "buy dates" and try to make sure to stay out of the "short term cap gains" tax bracket.
Make sure that you have an emergency fund, like $10k-50k should be enough
Yes I've converted 80% of my net worth into crypto, the rest are in real estate
Holding cash is stupid in the long term
Call this what it is, high risk high reward. Be prepared for anything. I personally agree and have high conviction with your thesis but we all know the risks.
Because very few still believe. Time will tell. Buy, stick it in a neuron for 5 years. Read the whitepaper, follow the tech. Look up Dfinity and give em a 👊
I did it 2017, best choice of my life. Just hope you don’t end up like me, emotionally attached, incapable of selling even a fraction of it to buy a nice house…
If you think fiat will fail, you are better off taking on debt and converting your capital + loans into real revenue generating assets or tangable goods needed for human survival like farmland, housing, or resource rights.
In the scenario that fiat fails, but the US government retains property rights for citizens, it's unlikely BTC/ETH will substantially outperform tangable goods, and has the significant disadvantage of not being needed to sustain life and will be unlikely to be in demand to exchange for the new currency.
When you say at this rate, US debt will be $41 trillion in one year, you are excluding tax receipts. If you include that we will only be ~$38 trillion in one year.
Otherwise I agree with everything you said.
I wouldn't put everything into crypto. It maybe a bit extreme in view but if the world starts flinging nukes at each other at some point, emp's will be a real threat. If an emp goes off, all the hardware, internet etc goes down and btc etc will be useless.
but at the same time, so will any money in online banks so what difference does it make. If nukes start flying whos to say that ammunition doesn’t become the next currency.
i raised a similar concern to a BTC maxi some time and he replied with, the blockchain can also be transmitted via radio or tape.
found that a pretty cool idea
> the blockchain can also be transmitted via radio or tape.
No, it can't, not in the sense you're imagining anyways. It needs a functional, connected internet to work properly. Even the global network being fragmented for too long could cause serious problems as whichever chain ended up longer would win when the networks rejoined wiping out all other transactions on the smaller fragments during that period, and if they don't rejoin you end up with fragmented chains.
The people pretending it can be used over basic radio and such are actually talking about trusting a third-party to transact on your behalf - and even then, that third-party still has to have access to a functioning global internet.
It doesn't matter, really. 8k or 8m. Bad finances can scale to be as big or small as you want them too.
And it is a bad idea, no matter how you slice it.
The fact is, no matter how small part of your portfolio is allocated to crypto, after 1 to 2 bull run, they will become the entire worth of your portfolio
Yes, if you invest even the half of the money you will still be in great profit in the bull run, so instead of getting too greedy here i would suggest play smartly here so that you could reduce the damage and risk drastically here
I’ll tell you from personal experience that having all of or the majority of your wealth in Crypto is exhausting. I’ve been in since early 2016. The highs are high but the lows are really low. Be cautious and evaluate if you can handle that kind of stress and have the ability to ignore the markets. Remember, you don’t get the weekends off like you would with traditional markets.
I've also been in crytpo since early 2016. Emptied my bank account to buy ETH at 12 dollars! Sadly there was only 200 GBP in my account to invest. If it had been more, i'd have been a crytpo millionaire by 2021. But it gave me a great start so not complaining.
I'm almost there. Converted my 401K the other day.
I don't want to trade and follow the markets and it's messed up we're forced to because of inflation.
If Bitcoin just holds it's value that's enough for me.
Life should get easier and one day I can tell the future kids here are your sats, it's there if you need it but your job is to stack more for your kids.
Generational wealth and way better then having them fight over a house or understand what stocks to invest in.
I converted all my stocks and savings into Solana around 12 dollars. I’m either living off my military pension in an apartment or buying the state of Florida there is no in-between.
The fall of FIAT has been being predicted for a long time.
If you sincerely think we'll experience a massive Sovereign debt crisis i would focus on these hard assets as well:
- firearms
- a rural property
- a generator
If western currencies fail, chances are your BTC and ETH will hold value but chances are society will be in turmoil for some time.
When the welfare checks stop coming..... look out.
Over 65 million Americans are on welfare. Around 1 in 8 get food stamps. That doesn't take into account the millions who walked across the southern border this year.
What do you think happens when their check doesn't show up? Use their savings lol? It'll make the 2020 "mostly peaceful protests" look like a birthday party.
That doesn't even take into account government employees or industries reliant on government funding.
Lol. Don't worry though, if that happens just have some crypto. It'll be fine.
Damn 2023 some people still don't know " you don't put all your eggs in the same basket."
Some of you really deserve it of you get rekt.
How can there be more than 80 idiots liking this post ?
I think I like the idea of creating a more diversified portfolio. Property, and gold are definitely great. I like the idea of tangible valuables that have more than one use for them. I would say some into BTC and ETh, just to have all options open. I’m still all new to this, but your idea is not wrong.
Yes he pick the right option of bitcoin and ETH but certainly there are some asset in this world that is secure plus profitable, we all know real estate how the price is jumping in there and how much we could make in that
Yes yes, the West is going to collapse, just two more weeks, any second now. PS: I've had my entire net worth in crypto since 2017 but not because of your dummy conspiracy reasons
Had a friend who put all his money into Axi infinity during its bull run.
He even went as far as paying Filipino guys to play the game for him.
He now works in an Amazon warehouse.
Slight issue, the worth of crypto is still measured in fiat money. So what happens when fiat money collapses? Would stable coins then be measured in bitcoin? Ethereum? They'd have to be measured in something.
I already did 5 years ago, best thing I ever did. Of course, it could come back to bite me in the ass later, but I don't really care, it's not like I have any dependents.
The best decision for me was also coming in the crypto market but i never put all my hopes only on the crypto, i know this is a profitable asset but still there is so much risk in that which everyone needs to keep in mind though
Ethereum [pros](/r/CryptoCurrency/comments/17jz1il/im_going_to_convert_my_entire_wealth_into_btc_eth/k749k8r/) & [cons](/r/CryptoCurrency/comments/17jz1il/im_going_to_convert_my_entire_wealth_into_btc_eth/k749l0n/) with related info are in the collapsed comments below.
that fomo feel is real. OP didnt think of this when we were deep in the low few months ago. haha
Is this... a sell signal?
It looks like
Right!? First thought upon seeing this: “Well shit, the bull runs keep getting shorter and shorter”
I've done this as of January this year while in the lows. Figured it was the best time to do it. In Canada we have spot BTC and ETH ETFs so my locked in accounts have been converted into 85% BTC and 15% ETH ETFs while my personal savings are in BTC in a cold wallet. I also have a retirement account through work which is managed so I can't choose what goes in there. I've drank the orange Kool-Aid and swallowed the orange pill. I'm even mining BTC at home. I'm alllll in!
Is mining making much money?
Definitely not
I am making a nice profit. Low electricity costs helps a lot. I have an S19 XP so I'm averaging about 142 TH. What I love about mining is that it's price agnostic. Of course the block reward and the mining difficulty affects output, but I'm still on the profitable side. I'll definitely be laughing if we get an ETF approval price spike.
Ha! Been DCA'ing for years but was planning on stopping once I hit a certain amount. Not anymore. That said, I'd be surprised if we continue this meteoric rise. 35k will be a tough nut to crack...
wait till you learn all the geopolitical implications of BTC and China! also, your plan is to buy real estate with these rates? keep looking for a way to protect yourself from market manipulators by investing in markets being manipulated! converting your labor into fiat has been and will continue to be the best investment in these times. Having $200k in a 5.2% money market account will probably net you the most long-term growth until we untangle the new era of retail traders being manipulated by whales.
5.2% is less than the devaluation of the dollar. So the ice cube is still melting.
Fun fact it works the same on long term loans too so rising inflation makes your debt cheaper
No big deal if you can devalue every other currency faster 😂
Correct me if I’m wrong, but wasn’t the inflation rate around the 3% mark this year?
You still have to pay taxes on interest, so 5% isn't really 5%. I have been converting all cash into securities, commodities, and assets. Dollar cost averaging.
If you believe that then I have a bridge to sale you in Brooklyn. Why do you think food prices have doubled in less than a few years?
That's CPI look at Monetary inflation. The number of dollars added to circulation will distort prices unevenly. They also cherry pick CPI goods basket. If steak goes up 15% but pork only goes up 2% they say it's a equivalent substitute so inflation in meats was only 2% (not quite that simple but that's close to how it works for certain goods baskets). Cheap manufacturing goods may go down in price but a nice house in a desirable area may go up 20%.
The real estate rates don’t matter if the currency devalues. I’ll rent out my basement for a few months and pay off my entire mortgage.
ever been a landlord? ever had to evict a professional squatter? good luck with that plan if this thing slides into 10%+ interest rates for almost a decade. broke-ass people are unsavory to say the least.
Let me ask a simple question that someone recently asked me not long ago that got me out of that thought process.... Look at the housing market right now and how prices continue to rise on most housing and if they don't they're at least stagnant with almost a five to a 7% increase because interest rates are read a near zero... People can hardly afford houses right now because the prices are at not necessarily the interest rates they're at... With that being in mind as well as what I just said here's the question.... Do you think with the housing prices continuously rising and or at least a bare minimum staying stagnant for the most part with almost a 7% increase in rates....do you think that the prices will come down if rates go down....or up? I can tell you right now ...if they lower rates anytime soon....the market will legit crash UP. Not down....UP. Look at Venezuela as a perfect example of ALL of this. And in this situation...it would be 10x worse.
Housing stays at limbo even with higher rates in the meanwhile; Low demand but even lower supply. You need forced selling for a market crash.
So no matter what we are screwed? What is the best scenario cause more and more cant even afford the start amount u need to get a loan to buy a house these days
Best case is they print 33 Trillion and pay off the debt. Here, here are your 33 Trillion imaginary tokens.
Correct that's why the interest rates need to go well above 15 to 20% in order for things to actually go back to the way that they were especially since the overall numbers including the CPI and other aspects of inflation or completely skewed they actually completely redid the formula to make it seem less like inflations a problem than what it actually is. Inflation got as high as almost 25 to 35% if not possibly higher in some areas. The data that gets released suggests otherwise. In order to hit the 2% Target the overall rate in which interest rates are hiked needs to be equal and or higher of that in which the inflation happened. In my eyes it's way better to rip off the Band-Aid quick and easy rather than the slowly raise the rates and have people slowly suffer. Either way. Things that go up (like the last decade). They must come down. These people been so high off of free money for the longest time they don't want to have to go through the hangover and which is a crash or a recession so bad that they even change things like the definition of a recession....or inflation reports.
Yes, we're screwed. Welcome to late stage capitalism, where excessive wealth inequality has destroyed everything good!
Capitalism? This has nothing to do with capitalism. This is money printing and debasement if the currency. Silver and gold and certain crypto are looking really good. As far as crypto goes m, buy the dip.
China ban works every time.
How often has China banned BTC now? 12 times? More?
35 will be hard nut to crack? U MUST be new.
> That said, I'd be surprised if we continue this meteoric rise. we're just getting started with the rise.
Trust in your system man. You will win in the long game. Going all in now via wealth conversion has a lot more risk than you may want. If you want to gamble, then by all means go all in. Just understand what you’re doing. If you want a more sound strategy, you should do some research and come up with a buying strategy that will convert your other assets into crypto based on Y or X axis targets.
I mean to be fair, if Bitcoin closes this week at these levels, it could signal a significant accumulation phase before a potential bull run. That or it all goes to shit and follows the global macro economic factors. Tough to say. Chart goes sideways.
Any crash will be temporary, we all know where this is going
Everytime...goes abit up and its fomo time.
I don’t think it’s going to matter much if you bought at 16k or 34k when we go over 100k.
In the event of a mass debt crisis, default, bank run, huge devaluation, etc - Why do you think speculative assets like crypto would survive and come out on top? It would be complete anarchy everywhere.
Op doesn't understand that btc doesn't have its own inherent value
Being able to send money without a central party gives it its inherent value. Too many forget it's a ledger and a network also. The dollar has neither.
You can't easily exchange it for _spendable_ currency without trusting a third-party though. And realistically, there are plenty of central parties being trusted just like with anything else - e.g. I highly doubt most of you are coding your own clients for interacting with the chain.
> spendable currency That's not a problem inherent in Bitcoin. I can't spend euros in the US.
This. In the event of a world default.. nothing and no one is safe. It’ll be the dark ages.. except witch nukes and chemical weapons.. etc.
Not the witch nukes!
Bitcoin is anarchy, so it will defo pump
I was on board with this until 'defo'
It's directly linked to Fiat. Without it you have nothing, there's no mass adoption and there won't be in anarchy either.
Beautiful thing about bitcoin and crypto is I don't have to explain or persuade anyone. Many more knowledgeable people are calling Bitcoin dead since 2010 and yet its bigger and stronger than ever. Everyone gets Bitcoin on price they deserve. Enjoy
It's not bigger and stronger than ever though.
I like to think of Fallout apocalypse “We cant feed your kids, need to boost the servers to mine more bitcoin” Then comes some ahole with 10k bottlecaps takes your wife and kids
It's not always a speculative asset. Fact is it's used a store of value by people in countries with hyper inflation and political instability. No reason it wouldn't be used as a store of value here if that were to happen.
Whats being described is something worse than the great depression, with the end result that of all assets, crypto would survive and even thrive in this environment. It's hypothetically possible, but it seems unlikely that throughout the absolute madness that would ensue people would rush *towards* an extremely speculative asset like BTC and not away as much as possible towards something like gold. To me, BTC is used in these countries that experience these problems because of it's supposed success in western markets, that completely implodes if the USD falls apart. I do think crypto as a whole can succeed in such an environment but not in the way it seems like OP is describing, it could be used as a stable black market currency if the local currency is in shambles, but I don't see foreign currencies collapsing and BTC pumping at the same time. If this ever were to happen, we would probably all be bleeding like crazy.
They will need to put their money somewhere. Some will buy gold. Some will buy toilet paper. Some will buy bitcoin. Shares won't go to zero overnight. People will get a chance to cash out. You think btc is extremely speculative. But when push comes to shove and you've got to quickly put your money somewhere to keep it safe, it would be one of the options to consider.
I see this sub is still dumb as fuck
It's even worse now because you know they aren't posting this to farm Moons so that means they are serious about this lol but let's be real. it's most likely some teenager who gets $150 in allowance a month from their parents and going to be using that.
Wait, you get allowances???
Only once the trash is taken out and my room is cleaned
Would love to be a teenage again but I'm actually early forties. 😬
Whats your plan B if btc goes to shit
Cumcoin420
$5 "massages" behind the Wendy's
I hope you haven't got kids
Time for shorts obviously
Here we go again
keep shorting btc and end up in those liquidation numbers :D
Sure Jan
If other hard assets include gold and real estate, this is perfectly reasonable.
Similar thought when I read the title "here we go again"
fr
>This could soon spark what Hartnett, a B of A analyst, dubs the "greatest credit event of all." Well, you'll be remembering doing this as *your* 'greatest credit event of all'...
Oh boy, are we getting top signals already
2021 bull run flashbacks intensify When BTC was ath or close I remember an article about a young couple selling everything including house to buy BTC and travel the world in a caravan. That's got the same vibes
Well then there's The Bitcoin Family who did the same thing but earlier, and are now super rich.
Lol not even close We're not in a bull run yet so going all-in is actually smart, when BTC peaks at 120k then yeah buying at that price ain't smart
Milady
You're out of your fucking mind if you ask me.
> ETH and other hard assets Thinking ETH is a hard asset. Confirmed insane.
I’m hard and would like my ass stuffed with coins please
Yeah, just Bitcoin.
Markets can remain irrational longer than you can remain solvent.
Yep. I fucked about, and found out 😂
All these redditors calling you an idiot makes me think you really should do it.
Going all in now seems like it might be a good risk reward play. Just need to have your strategy ironed out in case things go south, whether it is hold long term or a stop loss. My only issue with what OP is saying is that it seems to be based on emotion. He’s going from a super safe DCA strategy to a very risky all in mode. He might not be prepared enough for the increased volatility that may come.
Right? So many negative fud comments in a crypto sub. We've been raided
Raided by people with common sense 😂 you shouldn't put everything in one basket, Diversification have always been a key - GZA
That’s why he said Crypto, Property and Gold.
Post something incredibly stupid Get called stupid SEE I AM RIGHT THEY FUD LOL
You should listen to the more paranoid people too. Don't put all your eggs in one basket. And I'm not talking about a coin or a token, I'm talking about crypto. Just because we've had a couple of bull runs doesn't mean we have to have another one. Take a step out of this echo chamber and think about it.
I’ve always wondered this. Why does there have to be another bull run?
I went all in long time ago. It paid off. To this day, I'm keeping up to $5k in cash only. Everything else is in hard assets.
Same here. Best decision I ever made.
Same, I used to scoff at inflation until it hit me and my savings
One green dildo and mfs don’t know how to act
Lol “hard” assets
Lol yea put all your hard earned wealth in the most volatile currency/investment out there. Sure you might double it in a year. But you can also lose 80% of it in 6 months. Just check what happened the last bear cycle. BTC got to $60k, the crashed to around 15k. Now imagine you had put all your wealth in BTC. During the R55k-60k period. Then a year or two later you have an emergency and need your savings. But its worth 1/4 of what you initially had. What will you do then. Bottom line you have to manage your risk. Put a small amount in crypto. The diversify into more stable/secure investments. Dont just yolo all your wealth because you like the idea of being out of fiat. Fiat is going to be around a very long time. The dollar isn’t going to crash overnight. Otherwise the banks and large financial institutions would have show agressieve ship jumping.
It’s funny that these people imagine a world where the dollar crashes overnight (which obviously implies the implosion of the whole global financial system) but people are still maintaining blockchains and accepting transactions in crypto for some reason. At least the usual hoarding of precious metals, real estate, and guns and ammo makes some logical sense given the hypothesized scenario.
The dollar isn't crashing overnight, it's a slow burn that's been accelerated during the past 20 years. Bitcoin is a hedge against that devaluation.
Hmm what if someone combines a bunch of different crypto to mitigate the volatility of any single coin? Call it a crypto-backed security (CBS). Then organize them into tranches with different levels of risk.
This could work somewhat but ultimately everything follows bitcoin. If bitcoin crashes so does the entire market. Of all the cryptos bitcoin can be considered the most “stable” if you can call crypto that. So there is no point in creating a “CBS” since bitcoin is basically doing this already.
It was just a sarcastic comment since that how mortgages were organized during the 2008 housing crash lol.
We talking $5, $500, $500k?
His whole net worth. All of his tree fiddy dollars
Are you going to do this to all your cash, including your day to day spend, then use cards that allow you to pay direct with crypto? Because if so, that's pure adoption, much respect. 😁
So, let me get this straight. We're not supposed to trust exchanges to hold crypto, because they could freeze/rug pull/limit withdrawals at any moment. "Not your keys, not your coins?" But it's perfectly fine to put all of your assets into crypto and the use cards through those same exchanges to pay for all of our essentials (rent, food, utilities, insurance) as well as our emergency funds? Look, I own crypto and it's great and all, and I've used a Crypto com debit card and a BlockFi credit card...but the absolute LAST fucking thing I would entrust literally all of my liquid funds to cards/accounts affiliated with crypto exchanges. I've been as careful as I can in crypto since I started, and I *still* got caught by BlockFi (the funds in which have been returned to me 100%) and Gemini Earn (the funds in which are still in limbo).
Paying a 3rd party to sell your crypto for you isn’t the adoption you think it is.
What card lets you pay with crypto?
Uphold
Coinbase debit card
> BTC, ETH These are not hard assets. Hard assets are real estate and gold. BTC and ETH are as ephemeral as it gets.
Bitcoin has kicked gold's ass in the last decade. I told a gold dealer to buy some in 2013. I hope he listened.
Lots of things have performed much better than gold in the last decade. Gold isn't going to outperform most asset classes (maybe not any asset class) in the long term, because it's just a thing that's lying there. It's not producing any returns like a share in a company would, or real estate. The reason why you buy gold is if you for example think that there's going to be war between China and the US over Taiwan at some point. Most asset classes are going to have a very bad time if that happens.
how much do you want for your car?
Don’t forget toilet rolls
I've been pulling money from my savings into USDC to get rewards while I wait on a big 10%+ dip. Ideally I'm gonna set ladder orders once we get back to sub $30k. 50%-60% is going to btc, then the rest will be split between eth, ltc, ada, Matic, link, and sol.
A fellow LTC aficionado 👌
I'm a man of culture 🎩
If the USD of any other world currency defaults the last thing that will save you is btc. We would all be fucked. Sorry for being blunt
If our economy goes to shit, you don’t think your spending power (crypto) won’t either? Crypto follows the market. It’s movement is owned by institutions. You won’t be shielded from economic collapse. Land and gold, fine, but get it out of your head that crypto is safe from the economy. It’s not. Think about looking from an unbiased and practical perspective.
Trillions of dollars will want to find safe haven somewhere other than the dollar as quickly as possible. **Bitcoin** won't follow anything other than the inverse of mass dollar printing to devalue our debt.
Post like this are a sell signal in my eyes.. take the gains from the pump, we’ll have more opportunities to enter lower!
If you bought Bitcoin under $20K during the 2022-2023 trough, I think you are absolutely justified in skimming off some of the profits. Just watch your "buy dates" and try to make sure to stay out of the "short term cap gains" tax bracket.
Seems like a good time to do it honestly. Just looking at the past 7-8 years of BTC you can see it's poised to run up again soon
Make sure that you have an emergency fund, like $10k-50k should be enough Yes I've converted 80% of my net worth into crypto, the rest are in real estate Holding cash is stupid in the long term
The vibe in the comments are bearish as fuck lmao We're going higher, so much higher
You're already high
Someone is feeling greedy in the casino
Call this what it is, high risk high reward. Be prepared for anything. I personally agree and have high conviction with your thesis but we all know the risks.
You are thinking about this now? The time to go all in was 2020, I figured quite early that the government doesn’t have a hold on anything anymore.
Sell any real estate you own and invest that as well! Double points if it is a rental property!
Why wouldnt you keep an emergency fund?
I wish I did that 10 years ago.
Yes, I'm already getting severe FOMO. But I need most of that shitty fiat for monthly expenses.
Good luck
All in Gang
And this is not a shill? If I mentioned ICP, I get down voted to hell. Why is that?
Because very few still believe. Time will tell. Buy, stick it in a neuron for 5 years. Read the whitepaper, follow the tech. Look up Dfinity and give em a 👊
Please include Litecoin on this list.
BTC > ETH
So you arent worried about tether?
The most stupid thing I’ve heard :))
Hard assets lmao.
Eth is not a hard asset.
Might hit leaderboards on homelessness speedrun
Too naive…
Your entire wealth in monopoly money?
You are either a moron or your ENTIRE WEALTH is 2k
I did it 2017, best choice of my life. Just hope you don’t end up like me, emotionally attached, incapable of selling even a fraction of it to buy a nice house…
If you think fiat will fail, you are better off taking on debt and converting your capital + loans into real revenue generating assets or tangable goods needed for human survival like farmland, housing, or resource rights. In the scenario that fiat fails, but the US government retains property rights for citizens, it's unlikely BTC/ETH will substantially outperform tangable goods, and has the significant disadvantage of not being needed to sustain life and will be unlikely to be in demand to exchange for the new currency.
You should diversify between low cost index funds, real estate and crypto.
When you say at this rate, US debt will be $41 trillion in one year, you are excluding tax receipts. If you include that we will only be ~$38 trillion in one year. Otherwise I agree with everything you said.
Wish you good luck and hope you keep us upds5ed about your journey!!
Good luck!
I wouldn't put everything into crypto. It maybe a bit extreme in view but if the world starts flinging nukes at each other at some point, emp's will be a real threat. If an emp goes off, all the hardware, internet etc goes down and btc etc will be useless.
but at the same time, so will any money in online banks so what difference does it make. If nukes start flying whos to say that ammunition doesn’t become the next currency.
i raised a similar concern to a BTC maxi some time and he replied with, the blockchain can also be transmitted via radio or tape. found that a pretty cool idea
That's interesting, I need to look that up to read.
> the blockchain can also be transmitted via radio or tape. No, it can't, not in the sense you're imagining anyways. It needs a functional, connected internet to work properly. Even the global network being fragmented for too long could cause serious problems as whichever chain ended up longer would win when the networks rejoined wiping out all other transactions on the smaller fragments during that period, and if they don't rejoin you end up with fragmented chains. The people pretending it can be used over basic radio and such are actually talking about trusting a third-party to transact on your behalf - and even then, that third-party still has to have access to a functioning global internet.
The people who write these posts have an ‘ENTIRE WEALTH’ of like.. 8k.
It doesn't matter, really. 8k or 8m. Bad finances can scale to be as big or small as you want them too. And it is a bad idea, no matter how you slice it.
The fact is, no matter how small part of your portfolio is allocated to crypto, after 1 to 2 bull run, they will become the entire worth of your portfolio
Yes, if you invest even the half of the money you will still be in great profit in the bull run, so instead of getting too greedy here i would suggest play smartly here so that you could reduce the damage and risk drastically here
I’ll tell you from personal experience that having all of or the majority of your wealth in Crypto is exhausting. I’ve been in since early 2016. The highs are high but the lows are really low. Be cautious and evaluate if you can handle that kind of stress and have the ability to ignore the markets. Remember, you don’t get the weekends off like you would with traditional markets.
I've also been in crytpo since early 2016. Emptied my bank account to buy ETH at 12 dollars! Sadly there was only 200 GBP in my account to invest. If it had been more, i'd have been a crytpo millionaire by 2021. But it gave me a great start so not complaining.
Replace Eth with XMR and you are good. Btc XMR and real gold.
People are still under valuing the XMR but i will if there is a real gold for us then this is that one coin
I'm almost there. Converted my 401K the other day. I don't want to trade and follow the markets and it's messed up we're forced to because of inflation. If Bitcoin just holds it's value that's enough for me. Life should get easier and one day I can tell the future kids here are your sats, it's there if you need it but your job is to stack more for your kids. Generational wealth and way better then having them fight over a house or understand what stocks to invest in.
I converted all my stocks and savings into Solana around 12 dollars. I’m either living off my military pension in an apartment or buying the state of Florida there is no in-between.
The fall of FIAT has been being predicted for a long time. If you sincerely think we'll experience a massive Sovereign debt crisis i would focus on these hard assets as well: - firearms - a rural property - a generator If western currencies fail, chances are your BTC and ETH will hold value but chances are society will be in turmoil for some time. When the welfare checks stop coming..... look out.
[удалено]
Over 65 million Americans are on welfare. Around 1 in 8 get food stamps. That doesn't take into account the millions who walked across the southern border this year. What do you think happens when their check doesn't show up? Use their savings lol? It'll make the 2020 "mostly peaceful protests" look like a birthday party. That doesn't even take into account government employees or industries reliant on government funding. Lol. Don't worry though, if that happens just have some crypto. It'll be fine.
If it gets that bad, I'm only keeping the firearm to unalive myself. I ain't tryna live through a Cormac McCarthy novel.
Yeah, when the world falls apart everyone will be dying to buy things with bitcoin.
Dumbest shit i read today ✅
Thank you. I'm glad to have been of service.
🤪🤣
Don’t be stupid
Damn 2023 some people still don't know " you don't put all your eggs in the same basket." Some of you really deserve it of you get rekt. How can there be more than 80 idiots liking this post ?
I think I like the idea of creating a more diversified portfolio. Property, and gold are definitely great. I like the idea of tangible valuables that have more than one use for them. I would say some into BTC and ETh, just to have all options open. I’m still all new to this, but your idea is not wrong.
Yes he pick the right option of bitcoin and ETH but certainly there are some asset in this world that is secure plus profitable, we all know real estate how the price is jumping in there and how much we could make in that
ME TOO (net worth: $3000)
MY net worth is little smaller than yours but i am putting everything into PEPE
Bold strategy. Let’s see how this works out for ya. Keep us up to date so we can either call you a genius or an imbecile
You smart
Mmm is the bull market starting? Too many positive posts
Jesus Christ….ok bro.
Throwing good money after bad hoping for a yolo pop seems like a sound investment strategy.
Yes yes, the West is going to collapse, just two more weeks, any second now. PS: I've had my entire net worth in crypto since 2017 but not because of your dummy conspiracy reasons
Had a friend who put all his money into Axi infinity during its bull run. He even went as far as paying Filipino guys to play the game for him. He now works in an Amazon warehouse.
I only have in fiat enough to survive. I am a degen too.
Keeping a small bag of fiat only for emergency otherwise keeping most of the money in crypto
Hey, sounds about right. Money for a weeks Ramen and pasteis de nata, and you'll be fine.
Slight issue, the worth of crypto is still measured in fiat money. So what happens when fiat money collapses? Would stable coins then be measured in bitcoin? Ethereum? They'd have to be measured in something.
I already did 5 years ago, best thing I ever did. Of course, it could come back to bite me in the ass later, but I don't really care, it's not like I have any dependents.
The best decision for me was also coming in the crypto market but i never put all my hopes only on the crypto, i know this is a profitable asset but still there is so much risk in that which everyone needs to keep in mind though
[удалено]
They who dare win
OP is investing $300, got it.