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Author Topic: New to crypto  (Read 465 times)

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MGB1229

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New to crypto
« on: December 25, 2017, 11:06:44 am »

So Iím new to all of this and value the opinions of the ones hat have been doing this for a while.

I recently got in on a few and plan to get a few others but the ones I currently hold are TRX, XVG, IOTA, XRP, BTC, BCH, LTC and ETH.

Any advice on what you might get more or less of and why would be appreciated.  I know itís a crapshoot but I feel like not putting all my eggs in one basket is a good way to do it.



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Vantage 8 dude

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Re: New to crypto
« Reply #1 on: December 25, 2017, 12:05:00 pm »

If you haven't already you might want to check out another thread on here discussing crypto curriences heading into next year. Hopefully gives you some things to think about and consider. BTW while I obviously don't know anything about your personal financial situation, I would be VERY VERY cautious/leery about getting too involved from the standpoint of over concentrating your portfolio in one asset sector. And that goes for ANY/ALL such coins. You need to recognize that just by virtue of your buying several different such currencies does NOT necessarily lessen your overall risk.

I can promise you this: there will be FAR more volatility and craziness ahead. You had better have both the wallet AND the constitution to handle the ride ahead. Also keep in mind that as everyone seems to be hopping on the crypto currency train, they can just as easily "get the heck out of Dodge" at the first sign of trouble (and many doubtless will). That is IF the exchanges function efficiently and don't seize up/shut down like it did late last week. How would you like to be one of those who wanted/needed to sell one or more of your holdings but can't do so because the market happens to be illiquid or buyers/sellers can't be matched up?

One last thing: as of last trade(s) the value of BitCoin is now approximately TEN times the price of an ounce of gold. Obviously I can't say where either/both is headed, however, is it realistic to believe that this level of inequality won't adjust at some point? And while other forms of currency have various valuation levels, do you honestly believe at some point there won't be a "day of reckoning" for most/all of these as well? If so, are you smart/fortunate enough to detect that before hand and move accordingly?
« Last Edit: December 25, 2017, 12:27:42 pm by Vantage 8 dude »
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MGB1229

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Re: New to crypto
« Reply #2 on: December 25, 2017, 12:21:16 pm »

Thanks.  Good Advice.  Yeah I am basically going into it thinking more long term and not selling anytime soon to make a quick profit.  I also realize the risk and have not put more in than I am afraid to lose at this point.

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Vantage 8 dude

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Re: New to crypto
« Reply #3 on: December 25, 2017, 12:36:54 pm »

Thanks.  Good Advice.  Yeah I am basically going into it thinking more long term and not selling anytime soon to make a quick profit.  I also realize the risk and have not put more in than I am afraid to lose at this point.
One other (possibly) relevant issue. Not sure whether or not you're doing this in taxable or tax deferred (i.e. IRA/401K) account(s). However, just in case you aren't already aware any selling for a gain in a TAXABLE account is considered an immediate taxable event; it apparently doesn't matter whether or not you reinvest the sale proceeds into another such currency. I suspect a lot of folks are being lulled into a sense of false security that somehow such taxable gains don't apply to them. As a result I can foresee down the road there are likely going to be some ugly IRS confrontations   as a result. So obviously know ALL the rules/regulations before you look and leap.
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HawgWild

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Re: New to crypto
« Reply #4 on: December 25, 2017, 12:39:18 pm »

FWIW, I still have the silver bullion bars and Carson City silver dollars I bought back in the early 1980's when the Hunt brothers were trying to capture the silver market. At least my 1,000 gram bar could be used to weight down the decorative piece of driftwood I had in my aquarium back in the day.

V8 is right though, you're not diversified against risk with all those different crypto currencies.
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MGB1229

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Re: New to crypto
« Reply #5 on: December 25, 2017, 12:54:47 pm »

FWIW, I still have the silver bullion bars and Carson City silver dollars I bought back in the early 1980's when the Hunt brothers were trying to capture the silver market. At least my 1,000 gram bar could be used to weight down the decorative piece of driftwood I had in my aquarium back in the day.

V8 is right though, you're not diversified against risk with all those different crypto currencies.

You are right about that.  The main reason I want to diversify is for the potential for one to hit. I'm not putting a whole lot into some of the long shots, but enough to turn a good profit if one takes off. 



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HawgWild

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Re: New to crypto
« Reply #6 on: December 25, 2017, 02:03:08 pm »

Thereís always the lottery! ;D
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MGB1229

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Re: New to crypto
« Reply #7 on: December 25, 2017, 03:19:01 pm »

Just canít get out of the lottery!
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NuttinItUp

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Re: New to crypto
« Reply #8 on: December 27, 2017, 01:00:22 pm »

I've got most of mine concentrated into IOTA, Cardano (ADA), and NEO, with most of it in IOTA.

I also own several others, but just in small amounts. I got rid of most of my Bitcoin except just a small amount I keep to make purchases online. I feel like I am just playing with house money at this point since I made so much on Bitcoin, so I am not too worried about losing it.

I am digging NEO more now that I understand the whole GAS thing which is essentially them paying you dividends to hold the currency. I made around $40 in GAS just for holding the NEO for around a week. In addition to the gains on the market, this is a nice bit of icing on the cake. (If it ends up paying that much every week, I will be extremely happy.)
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NuttinItUp

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Re: New to crypto
« Reply #9 on: December 27, 2017, 01:25:56 pm »

One last thing: as of last trade(s) the value of BitCoin is now approximately TEN times the price of an ounce of gold. Obviously I can't say where either/both is headed, however, is it realistic to believe that this level of inequality won't adjust at some point?

You are looking at the value wrong to compare a bitcoin to an ounce of gold. You have to compare the value of all of it in circulation because the units are different.

The value of all gold in the world is around $7.84 trillion.
The value of all bitcoin in the world (at the moment of me writing this) is around $258 billion. (or less than $0.26 billion)

Bitcoin has a number of advantages that gold does not have, including the ability to send it without sending a physical item. (i.e. Sending someone $100,000 in bitcoin would be much easier than sending someone $100,000 in gold.)

Also, it is my opinion that bitcoin is not the best cryptocurrency in the world and others will rise in value in comparison to bitcoin. Also, cryptocurrencies are trying to take the place of traditional currencies, so a more apt comparison might be the value of all currency (electronic and physical) in circulation. (USD + Euros + Yen + ...etc...)
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MGB1229

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Re: New to crypto
« Reply #10 on: December 27, 2017, 09:36:52 pm »

I've got most of mine concentrated into IOTA, Cardano (ADA), and NEO, with most of it in IOTA.

I also own several others, but just in small amounts. I got rid of most of my Bitcoin except just a small amount I keep to make purchases online. I feel like I am just playing with house money at this point since I made so much on Bitcoin, so I am not too worried about losing it.

I am digging NEO more now that I understand the whole GAS thing which is essentially them paying you dividends to hold the currency. I made around $40 in GAS just for holding the NEO for around a week. In addition to the gains on the market, this is a nice bit of icing on the cake. (If it ends up paying that much every week, I will be extremely happy.)

Thanks for chiming in man.  Appreciate the info!
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