Crypto

[FrogFire7]

Just starting into crypto, very small scale. It's pretty overwhelming at first!

Interested to hear other people's thoughts about crypto currencies in general, and strategies. Fire away!

 

[snox801]

I think it mirrors to much of the Dutch tulip investment. Nothing of real value and as long as it is traded like a stock it will never be currency's how could I as a business owner take it as payment of say 20k for a job that cost me 18k when tomorrow it will be worth 10k.
Just wait till they raise interest rates and crypto crashes. Right now it's a hedge against inflation but what happens when the interest rate acts to drive it down?

 

[mongo4567]

Do a lot of research and only risk what you are willing to lose.

 

[FrogFire7]

I think it mirrors to much of the Dutch tulip investment. Nothing of real value and as long as it is traded like a stock it will never be currency's how could I as a business owner take it as payment of say 20k for a job that cost me 18k when tomorrow it will be worth 10k.
Just wait till they raise interest rates and crypto crashes. Right now it's a hedge against inflation but what happens when the interest rate acts to drive it down?

Yeah I agree, I wouldn't accept it as currency. Who knows, I suppose it could change. They do have some currencies that are supposed to be tied to actual dollar (or other) currencies values. But again, it's not a physical asset...

 

[FrogFire7]

Do a lot of research and only risk what you are willing to lose.

Good advice for ANY investment/gamble, there!

 

[Bucefal]

When I first got into crypto, it was such a mess tryna keep up with all the coins, wallets, and constant news drops. I started with small trades just to get a feel for it, and yeahhh it was super overwhelming at first, those price swings are no joke. What helped me a looot was keeping it simple: sticking to the bigger coins, not stressing over every pump or dip, and using tools to track my portfolio and set stop losses so I didn't lose my mind. Lately I've been using browser-based terminals, and omg it's sooo much better than manually tracking everything in spreadsheets. Banana Pro's been a solid pick for me, super customizable, easy to use, and perfect for trading, tracking, and watching tokens without needing to know any fancy code or technical stuff. Makes the whole process wayyy smoother fr.

 

[wasskeet]

Berger's, Hodgdon, Lapua, etc. seems like far better investments than crypto IMHO. And I would not say they are investments.

 

[Hand Skills]

I was lucky in that I mined some coins for fun back in the day.

As a result I've been following the saga for almost 2 decades, but haven't done much trading.

My advice to anyone getting in now would be

-start slow, start small. BTC and maybe ETH to begin

-build incrementally a little bit at a time

-buy the dip (now is not the dip)

-play the long game - this stuff is more volatile than precious metals

 

[dfanonymous]

Depends what you're doing if you play the long game.

Bitcoin is forsure a buy and hold strategy. That's not advice, but it's objectively by the far the most common strategy for that crypto.

NFTs on the other hand, that would be a research and "it depends" type thing.

Something like the Trump coin or whatever that was is an active trade thing. Someone on that was going to get screwed. You want to buy immediately and move that like hot potato.

 

[levers4life]

Sell it and buy gold, guns, silver or land.

 

[Idaho Lefty]

I'm heavy into,. Copper & Lead, Plus some, Option Income ETF's and Index Funds that Pay,.. Monthly Dividends !
I can Play with, the Copper / Lead ( Pew,.. Ting !! ) and BUY chit to, Eat from,.. the Stock Dividends !
AND Sometimes, the Copper / Lead, gets me, an Elk, Deer or, Antelope to,.. Eat !
This has "Worked" well for, 40 + Years,.. so Far

 

[dfanonymous]

Unfortunetly for anything substantial in index funds you need huge money.

For example, to live in poverty off an index fund you would need to invest about 1 million. Using the 4% rule.

You would have to invest about 1k/month for 30 years at 7% return to get there.

 

[Recon$$]

The same warnings have been out there for 2 decades and everyone who bet on BTC won. I agree, super volatile, but worked. I was a part of cryptopia and when that went down lost all my experiment money. Nothing crazy but still sucked.

 

[bdlesh]

I could crash the whole thing if I invested any amount of money. My past history is proof of this.