posted Sun, 12/10/2023 - 20:25
831
Teach me / crypto/ building wealth
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Evening, gentleman! I've been reading a lot of you guys hitting and doing well in crypto and I also would like to get in on this crypto wealth building. I know VERY LITTLE. Basically I know how to buy it and sell it on cash app. I research it constantly but alot of it is just beyond my understanding of my understanding right now! Teach me!!! Thanks in advance for any information.
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Just be careful where you put it. I lost 150k because of voyager but had I held on to Shib after its initial pump, I would’ve made about 5 million on a 1k investment. I have the transaction for anyone that doesn’t believe me. I bought March of 2021 and sold right before Saturday night live special. Then to watch it do another 10x in October. That was my one lottery ticket to be set for life.
Then I shorted FTX when it hit $100 to get wiped out because it pumped to $114. If I would’ve waited 2 weeks, to short it, it quickly crashed to $50 and then completely lost a peg. That was my other out because my short was 10k 5x long.
You live and learn and here I sit during inflation but I’m glad I did take the risks because had I hit, it was game over. I was looking to retire but instead have to work the rest of my life. That’s what degrees brings you. Now I will just king and short hoping for a big ticket. Whales will always dominate and be skeptical of Alt coins that pump. The fed will always win.
I hit and brought shiba to life on eroids or tried before its 1,200 % jump. Now i sit with my 180,000 sitting in a bank makinr 5% interest to the next new THING or until they drop my interest on cd & money markets
Research, start small, watch out for the evil FOMO, diversify, at the beginning only invest what you can afford to lose. Remember, no one tells you about the time they went to Vegas and lost big. They only tell you about winners. It's human nature. Think long term. Most will be losers but hopefully the winners make up for it.
Yes I wake up with it daily....
FOMO - fear of missing out?
Yes. It’s highly contagious.
I think the days of getting rich of crypto fast are over. Now if it happens I think it’ll be a long game. People got rich on accident and it wasn’t necessarily like a recipe you could follow. Like bitcoin and dogecoin went up like a million percent and will likely never happen again. Like I said if someone does get rich now I think it’ll be slow and long, or if a random coin does go sky high here’s regally not way of knowing which it’ll be, there’s tons of options. Good luck anyways and if you find a way don’t forget to share the secrets bro!!!
If you put $100 into bitcoin today odds are that it will be $600 to $1000 by the end of 2025.
If you put $100 dollars in a safe today odds are it'll be worth $94 by the end of 2025.
Putting it in a safe isn't the only and definitely not the best alternative. I've been putting half my income into the S&P 500 for almost 10 years now. Very low risk and steady returns so far.
I'm comparing two currencies, Bitcoin and the USD, not stocks which you traded USD to get; making that a smart move. the USD is deflationary by design. The feds want it to depreciate 2% each year and point to the economy and call this inflation.
Bitcoin and the halfing it has every 4 years is, by design, inflationary. You experience cost deflation for goods and services.
Bitcoin has an average annual return of 1,576% and a total return of 18,912% from 2010 to 2022. (another 164% growth for 2023)
Stock market returns since 2010:
A return on investment of 417.41%, or 12.78% per year. This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 266.70% cumulatively, or 9.97% per year.
Obviously, Bitcoin growth rate is on a curve and will probably start to flatten out to something modest like 5% YOY with transaction fees eating a percent or two of that. And like gold, it'll keep pace with the cost of goods.
You don’t think bitcoins done going up and up and up? Is ya at like 1/2 of what it was at its highest. I figured those days were over. Your def right about the 100$ bill tho but more like 74$
Yeh, I'm using a very conservative 3% annual deflation rate for the dollar.
Bitcoin halving is next April, the SEC is on the verge of approving a bitcoin ETF and odds are shit's going to hit the fan around 2025 - 2030.
So do some dollar cost averaging starting now. Bitcoin just tumbled from 44k to 40k. It'll get back up to 44k quick enough and after a pullback like this, it could start making a run for 48k or 50k.
Its going back up. Time to buy would have been around where i marked it but around Dec 2022 at its low $20,000 a coin. Its heading back up. The beginning is 2013 when its was $13.28 a coin
I remember in 2009 or 2010 I had a friend who was talking about this new thing that we could use to buy weed and acid on the internet with and said he was setting up a super computer and he was “mining” it and it was like a penny a day or something so we all just laughed at him. I haven’t talked to him since like 2013 so idk how it ended up for him but he could’ve been a millionaire if he had held on through the whole time
Quite a few people have been caught doing that over here, tends to need quite a lot of kit to be able to do it, and the electric companies tend to report it to the authorities because of the surge in electric usage LOL
MMmmm You have a Good point there ....
I always wondered if EROIDS have enough loyal members to actually make a pump and dump on a penny stock ??
I’m down!!
Lol doubt it, there’s not a lot of us that are really on here DAILY, maybe over a few months the post could get a few hundred or thousand views but the number of people who’d actually participate would probably be very few. But then again idk how many people you’d need to actually make a difference, about 300 people joined that wonka promo so you know there’s at least that many active people
Are we talking getting rich. Or just making money.
Cause im totally fine just making money
CAUSE money makes money
Shit even banks are giving 5-5.5 percent for 6 month cds
I think getting rich will be rare now, but making money is definitely possible but idk if it will be just luck or what. Any new coins people are gunna be skeptical about but even if someone’s running a pump and dump it’s possible to be one of the lucky ones to make money on it but definitely risky. I think we’re also gunna see a lot of government regulation in the future because of AI finding patterns and getting people rich by learning the systems and patterns. Idk how there gunna handle that one
This is what I'm saying. I'm not looking to get rich. I'm looking to invest into a coin/coins that will MAKE MONEY and hopefully not LOSE MONEY. hitting rich would just be pure profit
crankyboyInvest in 10 meme coins 100 USD and hope that one will moon by 100x
Buy it on the dips and HODL
Short it everytime Biden speaks
Teach you what? Crypto is not a get rich quick scheme. If you wanna build wealth you're better of starting a business.
If you want to get into crypto, pick a few coins buy-in and hold on to them until you reached the profit margin you want (hope for the best). But always be willing and prepared to lose all your money.
Daytrading crypto? Forget about it.
Definitely not a get rich quick but he should of bought in January around 16,000 and hold till 65,000 again soon
Then sell
Hey look back a year ago i SAID BUY IN shiba and it went up 1,200 % profit. and always remmember dont be there left standing being greedy and losing it all
In all reality, it doesn’t produce much greater, even less than a moderate risk short term? The days of buying crypto at a dollar and it goes to 68K are just over. It will never go that way nor will government let it slip by again to get rich that fast… I’d say buy gold, but how stable will that market be in 10 years? I wish I knew
People said the same thing when bitcoin went from 60,000 down to 16,000 ohh its the end scared people left at a loss. Now acouple months up back at 41-44,000 on the way to 65
Lol I sold my whole portfolio 3 months ago with profit, its worth 3 times at much atm. So you the long game is where its at.
I'm waiting for some big money to come in to invest again.
Not looking for quick money. @wanted what coin would you put money in today?
How do you start a business with no capital? An LLC is what 500? You mean like drop ship business or something similar?
I tried to get into Dropshipping when it first became big on Alibaba many years ago and man it all looks F'in great at first!! Then you realise all that happens is you get ripped off by the Chinese suppliers/manufacturers at the other end LMAO Tried to do it with new model mobile phones as it seemed many were making hundreds of thousands with it - ultimately you have to be prepared to travel to China/Hong Kong to check out and meet the suppliers first hand before agreeing to buy anything otherwise they will play you like a Tuba LOL
Your best bet nowadays would be to start an only fans account especially if your lady is down with it.
And use that money to invest in bitcoin and if cardano coin drops back down to .40 cents
Believe me I think that too but the wife ain't with it. I told her it's just feet pics and still it's a HARD NO.
Please, ask specific questions.
I was really just hoping someone would open up like a book and tell me everything haha. Thanks for that though, BFG. Something I need to work on constantly is being more specific.
For sure. What coins are best to get in as of right now say with not alot to invest in
Davos D seems to be an expert in crypto.
Glad I'm not the only one just starting with btc. Good luck man
You as well!
I can't give you investment advice - I don't trade, but if you have technical questions I'm here.
If you want to get a personal feel for how it operates/fluctuates I'd recommend buying something like $10 worth and leaving it alone, check in on it each week and you'll see it go both up AND down. My small amount has doubled over the past several months too, but its definately a long game that you are investing in. Following markets and current events in the News is something I suspect you need to do daily as with any trading. I know someone who was in a trade the day the WTC went down and he literally lost hundreds of thousands in seconds. There are many trading systems you can buy online/subscribe to and learn a lot from about how markets operate too when I looked into it all. The best situation would be to already know someone who does it for a living so they can teach you how it all works, even then it can be complicated lol
Kinda what I was hoping for here @press1. Thanks buddy
No problem bud! BFG, Greg and Pale all know a hell of a lot about it all. As with anything these days, you can also go on Youtube and there are tutorials on there too you can learn from.