Don't.
See"tulip mania".

Wouldn't you really rather have a P226?

quote:

Originally posted by msfzoe:
Don't.
See"tulip mania".

This. Don’t do it.

I have been doing a massive amount of due diligence on crypto and have seen my views on it change 180 degrees. I went from "I wouldn't buy it with your money" to "It is crazy to not have some allocation to Bitcoin." I think 1-5% is a reasonable allocation depending on your situation. It is difficult to understand an intangible asset and it is not at all without some very real risks, but the risk/reward balance is so lopsided that not owning it is the imprudent move. And all assets have risks: gold can be lost, confiscated, counterfeited, etc.

One of the most important things to remember is that the real asset is the digital key. Bitcoin is a bearer asset and whoever has the key owns the bitcoin (not technically correct as a legal matter, but true for all practical purposes). It needs to be loss-proofed - to whatever degree the value of your holdings means to you. Guys like the Winklevoss Twins who have over a $1 billion in Bitcoin have multiple copies of their private keys fragmented and stored at different safe deposit boxes across the globe. If you're holdings are held by an exchange like Coinbase, it's a little different, but it presents it's own set of risks.

You also need to make arrangements for the administrators of your estate to access and pass on the digital keys if something should happen to you. You don't want your holdings to be lost forever because your heirs can't find your digital keys.

I would also add that there are really only 2 coins worth buying at this time: Bitcoin and Ether. Others are tradable for sure, but these two are the ONLY Those are the ONLY investment-grade coins out there right now.

My very wise financial adviser(brought me 60% gains the past 11 months, unrealized of course) told me if I really had to invest in it to only invest 10% of my investment funds. Kind of a hail mary. I don't understand it enough to be comfortable. Might miss the boat but...

There's only approximately 1 million owners of bitcoin. Etherium may be the silver to btc's gold but I don't think it replaces the actual metals, at least for now. It might be the ultimate pump and dump or the future of all money. Nobody cared about silver at $18/oz and now on it's way to $30 and beyond everybody wants it. I just don't see the same with btc other than the technology for transactions.

Maybe I should get .025 btc just in case.

From Tesla's annual report filed today. BTC hitting new highs today on the news >$43k. Tesla had about 15 billion of cash on its balance sheet as of the last quarterly filing, so this is about a 10% allocation to BTC.

What are the best crypto trading platforms?

Sofi Invest is pretty straight forward. It was quick/easy to setup but it only allows market purchases. You can't set limit buy or sell amounts, which is risky since crypto is always moving.

Coinbase Pro seems like they have many good features such as limit buy/sell functions. I started to sign up for an account there but they want a scanned version of my drivers license. Seems rife for identity theft when they are eventually hacked. Even my E-Trade account didn't require a scan of my DL.

Other good options to look at?

I've heard enough to steer me away from investing in it, thanks gents!

quote:

Originally posted by 220-9er:
[QUOTE]Originally posted by bubbatime:
Imagine if you bought Bitcoin , hundreds or thousands of them , back when it was practically worthless. A $500 gamble back then would be worth hundreds of millions of dollars today . Seems like a no brainer to me.

"So wouldn't Amazon, Apple and many other stocks. You just need a clear and reliable crystal ball.
For that matter ammo and toilet paper just a year ago would have been much better than almost any stocks. Even if they didn't appreciate you could still shoot them and wipe your whatever too."



Yep. If you had a time machine---total no brainer.

I've dabbled in small plays. $500-1,000 at a time. I've always pulled my basis out once doubled. Traded in the "profits", keep it in crypto. I don't want any gains put back into USD.

BTW, AMEX accepts crypto. Seems like a logical place to put gains.

Gold dipped a bit this past week.