With IOTA shooting up over 500% over the last few days and BTC shooting up almost 500% in 12 months, anyone else making big bank off cryptos?
I know the volatility and risk are pretty big but an investment as little as $5K can yield pretty insane results, trust me I know from experience.
I would like to see those calculations
I put in ~3k in Iota back when it was $0.25. Currently loving life and surprised more people don't talk about it on here
The step by step directions I was providing to 10+ people via private message are below:
1) Download coinbase mobile app 2) Become a verified user so you can purchase Eth & BTC 3) Purchase the amount you are planning on investing 4) create an account on Bitfinex.com 5) Transfer Eth or BTC to Bitfinex 6) Sell for USD 7) Buy IOTA 8) Download IOTA wallet to your computer 9) Create a your own personal seed (Wallet ID to store IOTA at) 9) Transfer IOTA from Bifinex to your IOTA wallet on your computer 10) Profit???
You can sell the coin for USD before buying IOTA on Bitfinex. That being said, the only three coins I know of that can be purchased directly with USD, with the exception of OTC markets, are BTC, ETH, & LTC.
I was in Eth for some of the ride and then got out before it topped because it was my first crypto purchase, then I went into IOTA at around .30, followed that with an ICO investment and then added more to IOTA. Currently I am holding IOTA and my ICO which should be listed on exchanges this year.
Honestly, given the average income of the user on this board, I think it's a bad move not to get involved at least on a small scale. The number of coins that could have made people millionaires for a $1K investment is crazy. I currently only have two coins but I am going to let them both sit for about a year + and either I am a millionaire or I lost it all but who cares? The risk adjusted return for the crypto market is well worth the investment. I have already made more money on cryptos in the last 3 months than I have in the stock market over the past 5 years, never having a losing year. The goal here is to buy the well advertised and marketed coins.
I am not recommending anyone buy in because the second you do the market will probably drop. But I am happy with my results!
I think any of the following coins are ** relatively ** safe bets: (Read: Relatively safe as opposed to other coins not overall)
Bitcoin - BTC Ethereum - ETH Litecoin - LTC IOTA - IOTA
By safe bets, I mean coins that will go up as the crypto market increases. Overall volatility and risk are still super high. The best chance for gains is on IOTA because standard fundamentals don't mean anything in this market. The fact that is it at .80 - $1 per unit means it can gain the most.
Most of my friends/colleagues have at this point thrown $500 into each of the above. Personally I am only in Eth and IOTA as mentioned earlier. Some people say BTC will hit $100K per unit at some point in the future. I would say I don't believe it but people said they didn't believe $100 when it was less than a penny, people said they didn't believe $1000 when it hit $100, and people said they did not believe $2000 at $1000. This is literally a legal casino with no rational explanation, but it sure is fun as hell to be a part of it.
DOGECOIN is the NEXT BIG THING. It will UPEND and DISRUPT currency as we know it!
Anyone interested in me trying to add some information on www.thecoinboard.com to make it a resource for cryptocoin investing?
•Tell that to everyone who invested in Eth at the beginning of this year (Made several hundred % return) •Tell that to everyone who invested in BHC this morning (Made 30% today) •Tell that to everyone who invested in IOTA 2 weeks ago (Made 600%) •Tell that to everyone who invested in OMG 1 month ago (Made 600%)
Let me know which one of your equity market investments returns 600+% in a couple weeks time, or even over the course of a year. The number of coins still making people money is incredible. No doubt there is a ton of risk involved but people look for 8-10% a year in equities which are safer, here it's significantly higher risk, significantly higher return. Literally personally know people who made 6 figures this year purely off of Eth. Bought it at $10 this year and sold it at $350-$400. 3500% to 4000% (35-40x) returns. That means less than 3K would get you 100K.
Lastly people thought Bitcoin was at it's peak at $100, $500, $100, $1500, $2000, $3000. Do you see a trend?
The one point I think you are touching on, and 100% right about, is that it's much harder now and there are way more BS coins. You have to dig and research to make better investments now, and yes you won't get the 20000% returns people got on BTC, IOTA, and ETH anymore. But hell I will take 500% any day. I am making my website purely to sure thoughts so that we can dig through all the noise and find the right investments.
Update -
As many have pointed out the virtual currency market has run into some pretty strong head winds. Between Dimon and China the market is very unstable, which opens up lot's of profit opportunities if you can afford the time to pay attention. I strongly recommend only two types of strategies for this market right now. The first being an invest and forget strategy, the second is play the intraday volatility. Both of those are pretty obvious but just incase anyone is new.
A few good coins to buy and forget, in no particular order. BTC (Of course..) ETH (Used for many ICOs) OMG (Think of it as Venmo) IOTA (Think of it as currency for cloud computing) PAY (Trying to put together the technology to actually make purchases with any coin anywhere)
Graphically speaking the virtual currency market is in a huge bubble right now, but I will not comment for or against whether or not I feel that is the truth. I will say that I have been working on a project with some friends to bring a token to market. Have spent a lot of time recently researching gathering thoughts. We are moving to the next level soon and if all goes well here will "pre-ico" in the next couple of months. We already agreed that if at any time our research indicates that the project wouldn't benefit consumers we will drop it, so I will keep everyone updated. Full and clear it's still very 50/50 right now.
I'm writing a whole piece on it for next week. Stay tuned.
In the meantime, I've written about it off and on here since about 2013, so if you do a search you'll find some stuff. Here's a couple to get you started:
http://www.wallstreetoasis.com/blog/why-you-should-own-some-bitcoin
http://www.wallstreetoasis.com/blog/someone-just-made-147-million-btc-t…
http://www.wallstreetoasis.com/blog/im-out-of-bitcoin