Crypto Sold my house and put it all into bitcoin.

Cold storage is using a hardware wallet to store offline. ​

 

Crazy but cool. How high do you think this will get. @73k at the moment you must be excited by your decision to sell up and get onboard. Hats off sir

 

I think the sky is the limit! It will go to 10’s of millions! Butt it will be volatile. You need to be willing to ride the dips!

 

well that escalated quickly, now we are at a predicted $200T market cap

Having won the game, I hope you are at least taking something off the table. Regardless of the asset class, company, sector, country, why take the risk of all eggs in one basket no matter how strong your conviction?

Even DeepFuckingValue took >$10M of $50M off the table with his GameStop conviction

 

I have not read all the posts... but curious did it pay off?

 

Probably about 10X or so and counting.

 

excellent

 

I use independent reserve, you can insure your capital inside the platform for peace of mind.

Cold storage Ledger Nano S or Ledger X, Trezor. Buy said products on official sites ONLY.

If Cost to Capital is around 20% per year because of Money Supply expansion. You better think of an asset that will appreciate more than that or your Purchasing power is getting diluted every year since Covid -19 hit. Think of any Asset class that can do that year in year out for the next 10 years?..... and GO!!!

1 hour video for all you skeptics to have a perspective on why BITCOIN???

 

Do you think with covid settling down around the place this bitcoin surge will flatten or with a cashless world being spouted maybe it will just keep surging?

 

Nobody knows mate, question you need to ask yourself is. Which is more riskier, stay on the sideline, or at least add it to your portfolio in a % that makes sense to you?

Watch the video above if you have an hour to spare. Good luck

 

So are you guys constantly buying and selling or just buy and wait?

 

shoutout to @Laker , update us on your status, r u still all in BTC? Must be one hell of an emotional rollercoaster at the mo.... how you feeling?

 

The max @Laker paid for BTC was ~$12k AUD, it's now at ~$50k after jumping above that. 4x return in 24 months ain't bad work.

 

4x your money in 2 yrs is an absolutely amazing result, no doubt about it!

Big gamble looking like it'll pay off, I'm just curious if you are still all in, or took some profit off the table? Any plans to re-enter property market?

 

I attended a seminar last night on tax minimization strategies from a financial planning firm I have connections with. The owner stated that he believes it's akin to gambling. I don't know enough to confirm or deny.

 

Still all in. Not really an emotional rollercoaster. People ask when are you going to sell? The answer is never! I will sell whatever I need to live, but i will keep whatever I can for my children. Why would you sell something that is designed to increase in price forever?

 

Personally I think it’s a bigger gamble not owning bitcoin! Definitely would like to buy property but maybe wait till 1 million dollar bitcoin!

 

Throw aside your opinions.

Take $100 to $500 that you are willing to burn. Just move it around the crypto space - set yourself a goal that you are going to move this money around as much as possible and research the different ways in which you can - access it, use it, exchange it, cash out, buy a crypto coin, sell a coin, transfer it to a wallet, move it to another exchange, put it on a USB, give it to somebody etc.

The sheer mobility and control you have over your money will have you hooked on the technology. It is just so fluid and easy once you know how to use it and you will sell yourself on it, nobody else will need too. The technology is here to stay.

After all this log onto your NetBank and cringe at our primitive online banking system that is clunky, controlled and monitored. It feels like the old cheque book in comparison.

Another example; I haven’t been overseas for a long time. But back in the day you had those customs cards that required you to declare cash if you had more than say $10k while travelling. Or if you wanted to transfer you had to go to a western union equal and transfer to an overseas bank account. Not sure if they still do this. But now you can literally just shift your money anywhere on a whim. Take it with you on the aeroplane nobody would know. Sell all your assets in Australia and put it into Bitcoin on a USB and fly to Europe and start a new life. $10k $500k $5mil whatever. Move it quickly. Some crypto’s can even move it instantly. No need for a new bank account in the new country there is ample ways to cash out.

Another example; The simple act of an EFT to transfer somebody can take a couple of days which is ridiculous.
You want to buy something online you get their BSB and Account # and there is that awkward moment where you pay them but you can’t pickup because it hasn’t cleared so somebody is always on the uncomfortable end of that transaction. The guy who paid and thinks he might loose his money or the seller who awkwardly doesn’t want to hold the product but doesn’t want to release until the money clears. A crypto style transaction would be instant - Seconds to move forward.

I followed the 2018 bull cycle and I was quite sold on Crypto then the fact it is still here today and had another boom cements my opinion on it. I’m not a tech guy so I don’t understand the technology, but I forced my self to use it and it feels efficient and modern. I think on that basis alone there is value in the crypto currencies because it is a good product.

 

I might get attacked for this, but I will air my thoughts in any case.

It's easy to convince yourself how amazing it is whilst capital is piling into Crypto, and feeling the euphoria of prices which only move in one direction. The reality is, at some stage, we will see another crash of 80% + as has happened several times in the past. Hopefully, for those with large holdings, prices will again recover and move to record highs.

One day they simply won't. All bull runs come at an end. These prices cannot continue to climb in perpetuity, and once the bull market ends, you'll be happy you kept some of your wealth in boring (but stable) AUD or in a property.

In terms of our antiquated banking system, the '2 business day' processing is slowly coming to an end and there are many ways to do a transfer for free and instantaneously. The difference is you know for sure if you have $10,000 in the bank, it will still be worth $10,000 a month later. The same cannot be said for BTC. Like I said, it's great while prices are shooting higher and higher, but like all bull markets or asset bubbles, the party will end at some stage.

 

I’m not even commenting on the investment potential of crypto and its boom or bust. Just how the technology functions. It functions ABSOLUTELY FANTASTIC. I see it’s value in being technology that will be adopted, not the currency fluctuations. I’m not a successful enough investor to comment on its success as an investment product. But Im merely implying - Its like driving a Holden Barina, an old clunky under engineered pile of junk. Then somebody gives me the keys to a Tesla and says which one would you like. Whether you like it or not you will be adopting crypto currency or block chain currency in some form in the near future because it is just better. Now coming to the investment side of it - whether Bitcoin will go up for ever or whether it busts or whether something else takes or place. I don’t know.

I remember when the internet first became main stream you had - yahoo, altavista. Now they are redundant and you have google. Search engines didn’t just vanish they became main stream but one type of engine dominated.

Same thing with social media. You had chat rooms, ICQ, MSN messenger, MySpace etc. now they are redundant but Facebook dominates. Social media didn’t disappear it tweaked.

I think the same thing will happen here. These cryptos we invest in today may bust or become redundant, but something will come out and dominate. This is a guarantee.

You may as well start learning and adopting the tech now in your own comfortable way and get ahead of the curve. Because it is happening.