Current Events > Is anyone doing anything with their crypto?

(+) Yeah! (+)

Everyone just says what its worth. I literally never hear anyone making actual money or actually doing anything with it.

Its the very definition of shady/sus.

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Most people on here are holding for now or selling a bit. I can sell today and take the money back into my bank account, but it's a small gain. So I'm holding.

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you're making a call on very low info fam.

three options - buy, sell, convert

the old adage, "buy low, sell high" is maintained

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H0LD_Austin_Era posted...

Most people on here are holding for now or selling a bit. I can sell today and take the money back into my bank account, but it's a small gain. So I'm holding.

Im just pointing out ive never heard anyone make profit and or just do something with it.

I just bought a PS5 and Series X with my crypto!

Or anything. Its like a friend that keeps saying how expensive his rare games/comics are worth but never ever sells them so you dont care....

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Lairen posted...

Im just pointing out ive never heard anyone make profit and or just do something with it.

I just bought a PS5 and Series X with my crypto!

Or anything. Its like a friend that keeps saying how expensive his rare games/comics are worth but never ever sells them so you dont care....

Crypto is very easy to sell. You move it onto an exchange, hit sell, they take a modest fee (like 1 to 1.5%) and you get it for the current market price.

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From the looks of it most people here aren't investing a lot to see a crazy return and I doubt they'd take out a $1000 gain to buy a gaming system.

I'm at a $20K gain, I'm waiting till 6 figures before I take some out. I'm doing decent financially so I don't need to take the money out yet. And when I do take the money out I'm just going to reinvest it. Rare event I get to millions that's when I'd buy a way better car. I'm more so holding it as a retirement fund.

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Not shutting up about it?

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Its so sus that people just dont do anything with it. Or theres not stories of poor people cashing their crypto and becoming rich.

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Holding until I have enough to live off of for five or so years, and focus on writing my book

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the superdog

I cashed some out recently to buy $100 worth of DLC for the new Love Live game
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Already going to the Lamborghini dealership!

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I'm holding but I dont have much invested to begin with.

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People are cashing out and paying off loans or buying homes. That Fox News reporter I think like 2 weeks ago sold half his bitcoins IIRC to pay off his mortgage. It's really no different than people selling stocks. Not really news worthy material.

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H0LD_Austin_Era posted...

People are cashing out and paying off loans or buying homes. That Fox News reporter I think like 2 weeks ago sold half his bitcoins IIRC to pay off his mortgage. It's really no different than people selling stocks. Not really news worthy material.

Man, mortgage rates are so cheap I wouldn't pay it off even if I had the crypto to do so. Much better to invest in something less volatile if you're looking to preserve those gains.

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Yeah my crypto investment is just a bonus right now. I may late 2021 or in early 2022 take out a loan and invest in more crypto since I have time to pay off the loan slowly. I'd probably make a decent return then pull it out. It's really just a numbers game being careful with taxes.

The rare few who already made millions some are buying bigger homes and supercars. Personally I'd have to be at a net worth of over $3 million before I bought a used supercar and I'd probably sell the car after 3 or 4 years. Most people aren't selling to buy a bunch of liabilities. I first wanna get to a position where I can put the money in stocks to retire in my 50s if I wanna since my current job is pretty decent. I wouldn't wanna just sit at home all day retired gaming lol.


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H0LD_Austin_Era posted...

Yeah my crypto investment is just a bonus right now. I may late 2021 or in early 2022 take out a loan and invest in more crypto since I have time to pay off the loan slowly. I'd probably make a decent return then pull it out. It's really just a numbers game being careful with taxes.

The rare few who already made millions some are buying bigger homes and supercars. Personally I'd have to be at a net worth of over $3 million before I bought a used supercar and I'd probably sell the car after 3 or 4 years. Most people aren't selling to buy a bunch of liabilities. I first wanna get to a position where I can put the money in stocks to retire in my 50s if I wanna since my current job is pretty decent. I wouldn't wanna just sit at home all day retired gaming lol.

That's risky. I'd wait for the next bear market before pulling that move personally (though I'm way too risk adverse to borrow money to invest it). 2 million is probably my number where I can retire and not have to worry if the books I end up writing doesn't sell well. Strategy for that is finding some low market cap alts with potential and holding until it hopefully takes off and becomes like a 10 - 20 billion dollar market cap.

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Nest egg

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When's the last time you've heard someone say, "I became a multi-millionaire from crypto, prior to that I was doing nothing but surfing on GameFaqs.com"?

Sheiky-Baby posted...

When's the last time you've heard someone say, "I became a multi-millionaire from crypto, prior to that I was doing nothing but surfing on GameFaqs.com"?

friday

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I'm up about $90 right now on my doge give or take. Only 380 coins, but I'm willing to hold out and see. Ideally I'd like to make a few hundred before I do anything.

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Lairen posted...

Im just pointing out ive never heard anyone make profit and or just do something with it.

I just bought a PS5 and Series X with my crypto!

Or anything. Its like a friend that keeps saying how expensive his rare games/comics are worth but never ever sells them so you dont care....

Funny you mention this. Around last Fall, this one Decentralized Finance exchange, Uniswap decided to airdrop 400 UNI tokens to all wallet addresses that initiated transactions of trades worth at least $20 before a certain point. At the time, each token was priced around $4.00, so they essentially gifted everyone who used the site at least $1600 worth of crypto. What did people do with it? Some immediately traded it to some other altcoin of choice they were invested in, others cashed out and bought themselves a PS5. Then there were the last batch that held.

And the price of UNI now? According to Binance, it's trading at $42.00, meaning if you just held the gift, you'd have an easy $16,800 right now.

Investing is a long term deal. Yes, there are people making it quick with Dogecoin or whatever flavor of the month crypto, but they are few and far in between. Time in the market >>> Timing the market.

That being said, once you have a sizable amount of wealth, say $50K, it's easy to make consistent returns with yield farming and other protocols in the DeFi as long as you only care about the money and not what you're investing in since you'll convert everything to ETH or USDC or some other stable coin either way.

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Lairen posted...

Everyone just says what its worth. I literally never hear anyone making actual money or actually doing anything with it.

Its the very definition of shady/sus.

I use it to deposit on poker sites, and withdraw in bitcoins as well

Yeah I more so lean towards time in the market not this get rich quick thing nor do I have interest in buying a bunch of crap. I have the money for a PS5 but I'm good with my PS4 I got like 3 years ago. I barely even play it compared to my kid. Once he's a teen either get a PS6 or a gaming PC for him which won't be much.

Still have time to take risks in my 30s. I paid off my car earlier than needed. Home should be paid off this year or next I guess. Getting an early inheritance from my folks. Depending on what's left over I'd keep as a backup. Then take out a $100K loan to diversify between a bit more crypto and down payment on a 2nd property most likely to rent out. I mostly cook at home since I'm not a huge fan of eating out so I save over $1K a month right now. Plus I take care of my clothes and don't need a lot. I only have 2 pairs of jeans (soon to be 4) and 2 dress pants. And just 4 shorts. A lot of it is just self discipline and my level of interest in buying junk like in my 20s has gone down. I could easily get myself a used Porsche or something, but why bother. I'll see where I am in my 50s and then treat myself.

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honestly having more money is not to buy more stuff, the best thing money gives you is more freedom to do whatever you want, whenever you want, with whoever you want for however long you want

my hobbies dont change as my networth is rising, I just dont get stressed out if I decide to not work and just play games for a month

ROOTFayth posted...

honestly having more money is not to buy more stuff, the best thing money gives you is more freedom to do whatever you want, whenever you want, with whoever you want for however long you want

my hobbies dont change as my networth is rising, I just dont get stressed out if I decide to not work and just play games for a month

Yeah, man, moneys an idea. Not something you buy shit with!

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ROOTFayth posted...

honestly having more money is not to buy more stuff, the best thing money gives you is more freedom to do whatever you want, whenever you want, with whoever you want for however long you want

This, this should be your end goal in investing, aiming for financial freedom so you can pursue whatever you wish. Once you have that financial security, where you don't have to take on a job if you don't want to, then you can focus on buying whatever luxuries like a bigger home or a lambo.

Personally, I'd like to be able to sneeze out a Yacht filled with lambos when I cash out on my main investment, Chainlink. Until then (which could very well be just a couple years from now, now that I think about it), I'll debate picking up a job to buy myself some used car and meet my bare minimum expenses before my cash savings go out.

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Yeah i want financial freedom to enjoy all the fancy shit i bought with money.

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To make it clear I want the option, not that I'd exercise the option to spend frivolously. I used that example to illustrate the buying power I'd need to consider cashing out. Chainlink to $1K End of Year and all that jazz.

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Sad_Face posted...

To make it clear I want the option, not that I'd exercise the option to spend frivolously. I used that example to illustrate the buying power I'd need to consider cashing out. Chainlink to $1K End of Year and all that jazz.

How much chain link do you own? I have about 6k worth currently and that would only take me to 120k at a grand a pop

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3PiesAndAFork posted...

How much chain link do you own? I have about 6k worth currently and that would only take me to 120k at a grand a pop

Chainlink made me a crypto millionaire sometime ago. But you should have a death grip on your Link, it's the blockchain's equivalent to WWW and HTTPS protocol. It's the internet of blockchains. This is why you don't see any of the top 0.01% of wallets selling; we all understand the significance of Chainlink in the incoming smartcontract revolution.

Chainlink is one of the reasons why Ethereum was able to reach its all time high of $3K, what held Ethereum back is the lack of a secure method of bringing information to the blockchain, an oracle network so to speak. Without an oracle network, all you're doing is pushing coins from address to another on a blockchain with zero real use case because the lack of secure method to deliver information to a blockchain compromises the security of the entire blockchain; i.e. the weakest link breaks the chain.

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I bought the parts for my current computer off Newegg using crypto and I've used it through Amazon before (you can get digital gift cards to redeem).

Just because a brand new trchnology isn't immediately adopted by the entire world doesn't mean that there's no use for it. Adoption takes time.

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I'm moving my more lethargic coins into a diversified portfolio of shit coins as we speak

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Sad_Face posted...

Chainlink made me a crypto millionaire sometime ago. But you should have a death grip on your Link, it's the blockchain's equivalent to WWW and HTTPS protocol. It's the internet of blockchains. This is why you don't see any of the top 0.01% of wallets selling; we all understand the significance of Chainlink in the incoming smartcontract revolution.

Chainlink is one of the reasons why Ethereum was able to reach its all time high of $3K, what held Ethereum back is the lack of a secure method of bringing information to the blockchain, an oracle network so to speak. Without an oracle network, all you're doing is pushing coins from address to another on a blockchain with zero real use case because the lack of secure method to deliver information to a blockchain compromises the security of the entire blockchain; i.e. the weakest link breaks the chain.

Yeah, that's definitely something to look out for. I'm personally going to take a gamble and try to get out before this bull run collapses, and get back in during the upcoming bear market. I'm assuming you've been in LINK since the inception; do you see any other small market cap crypto making a similar impact in the next five years? Personally I've got some in YOP and OPEN, looks promising but not something game changing like the current top 20.

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Lairen posted...

Its so sus that people just dont do anything with it.

Like, what would people do with it? People are waiting to cash out because they think it will continue to go up.

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No different than gold or silver. You'd only cash to reinvest like in a house. Only you really wanted stuff like a ps5. Pay cheque to pay cheque person might I guess they aren't financially smart.

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3PiesAndAFork posted...

Yeah, that's definitely something to look out for. I'm personally going to take a gamble and try to get out before this bull run collapses, and get back in during the upcoming bear market. I'm assuming you've been in LINK since the inception; do you see any other small market cap crypto making a similar impact in the next five years? Personally I've got some in YOP and OPEN, looks promising but not something game changing like the current top 20.

Never heard of 'em. I did pay attention to RSR once upon a time but I got lazy in reading up on it. That being said, I got into Link back in late 2018 and obsessed around that one project. I know the company and the project as if I work there (I do want to send my application in someday...). You need to find a project that not only has fundamentals, but is a project you're willing to research and study to the point as if you own the company. For me, I continue recommending Link even if the price is 100x higher than when I started buying in because I know how important it is to the industry and I can liken it to buying the BTC at $100. This is the level of understanding of the project you want to have.

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Sad_Face posted...

Never heard of 'em. I did pay attention to RSR once upon a time but I got lazy in reading up on it. That being said, I got into Link back in late 2018 and obsessed around that one project. I know the company and the project as if I work there (I do want to send my application in someday...). You need to find a project that not only has fundamentals, but is a project you're willing to research and study to the point as if you own the company. For me, I continue recommending Link even if the price is 100x higher than when I started buying in because I know how important it is to the industry and I can liken it to buying the BTC at $100. This is the level of understanding of the project you want to have.

That's a lot of potential you see if you liken to btc at 100 now.

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H0LD_Austin_Era posted...

Yeah I more so lean towards time in the market not this get rich quick thing nor do I have interest in buying a bunch of crap. I have the money for a PS5 but I'm good with my PS4 I got like 3 years ago. I barely even play it compared to my kid. Once he's a teen either get a PS6 or a gaming PC for him which won't be much.

Still have time to take risks in my 30s. I paid off my car earlier than needed. Home should be paid off this year or next I guess. Getting an early inheritance from my folks. Depending on what's left over I'd keep as a backup. Then take out a $100K loan to diversify between a bit more crypto and down payment on a 2nd property most likely to rent out. I mostly cook at home since I'm not a huge fan of eating out so I save over $1K a month right now. Plus I take care of my clothes and don't need a lot. I only have 2 pairs of jeans (soon to be 4) and 2 dress pants. And just 4 shorts. A lot of it is just self discipline and my level of interest in buying junk like in my 20s has gone down. I could easily get myself a used Porsche or something, but why bother. I'll see where I am in my 50s and then treat myself.

Good advice. The best thing to do is live semi-frugal and make enough to retire early. I'd use the money to quit my job, travel the world and stay in nice hotels.

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