What’s your excuse for NOT being in crypto?
So I grew up super poor - food stamps, Medicaid, free lunch, no car or laptop in high school, shared a room with my two brothers my entire life until college, pretty terrible childhood and start to life honestly. I have never made more than $15 an hour at any job and had a net worth of $0 in 2016. I have been very fortunate to have had a lot of success with investing in crypto and have now gotten up to a ~$450,000 net worth at 20 (give or take $50,000 every day) with 0.32 ETH ($1380 as of right now but probably $2000-3000 later this year) a month in passive income.
I am in a good place now with full ride to non target and should have a summer analyst offer for IB closed within the next two weeks or so. I saw another thread of what people’s net worth was after several years in banking and I was very surprised honestly, not just by how much people had spent, but also by how few were in crypto.
My question for you guys, is if you haven’t invested in crypto, what’s stopping you? It’s the best performing asset class over the past decade by far, and its fairly obvious to me that crypto will get to a $10-20 trillion market cap by 2025. You don’t even need to buy shitcoins, you can buy ETH and BTC, and you will easily see a 2-3x this year and probably a 10x by 2025. There’s no other asset class which has the potential to 10x your money in such a short time frame, and if you pour your IB salary into crypto, you can reach financial independence very quickly, and can also receive passive income each month by staking cryptocurrency. If you’d rather put your money in the S&P 500 or real estate, that’s fine, but I think it’s a huge mistake to have zero exposure to one of the best performing asset classes in human history.
Bitcoin is too damn big to make poor people that rich. Chances are the best performing stock in the 2010's will NOT do as well in the 2020's same as any other decade. It's main use is a hedge against inflation, which doesn't justify 20 trillion market cap imo. Not to mention the whole climate change thing. If you want to get rich you need to find some startup or coin that nobody knows about.
I'm in crypto but I'm not delusional about financial independence or what not.
I think Bitcoin won't make poor people rich, but ETH will, and it's much more environmentally friendly once it's proof-of-stake. If you want to get a 50-100x, you probably do need to find a small market cap coin that nobody knows about but Ethereum definitely has a 10x left in it. Obviously, you don't need to go all in, it's just one part of your portfolio, but it's worked out very well for me and I feel pretty confident I will be able to retire with a fat FIRE scenario by the time I'm 30.
Yeah back in 2017, people said BTC only had about 5-10x left and look at it now. It seems that crypto gets bigger and bigger every bull cycle. Wouldn't be on here trying to be Nostradamus of the future, but rather speculate.
I don't even think I'm allowed to lmao
It's so fucking frustrating how hard it is to make any kind of crypto account and transfer money onto it. My account couldn't be verified because the bank statement I had to give them as proof of address (!) had a PO box and not a physical address. Now every shady crypto site under the sun has my social security and just one would let me buy coins
Just use Coinbase Pro
Voyager won't even let me connect my bank account. Another crypto platform would let you deposit funds ONLY with a wire transfer.
My local coffee shop has better technology than these losers.
When asset classes appear to give you easy and sustained abnormal returns, with a drastic reduction in participating investor sophistication, you tend to see the bubble pop. Who knows, maybe this time it is actually different.
No doubt there’s going to be a market crash for crypto, probably later this year or early next, but if Bitcoin is a bubble, then why has it sustained itself and grown stronger for ten years?
Past performance is not a predictor of future performance
I don’t think there will be a widespread crypto crash, but think some cryptos may crash and burn.
To answer your question frankly and at risk of MS- I do not believe in the underlying story of crypto currencies. I also do not see the appeal of some 'fun money' in a market that volatile.
Because slots and more fun and both have about the same instrinsic value
Let’s check back in ten years. To say that an asset like Ethereum has no intrinsic value is idiotic.
I'm just trolling bro, keep your chin up king
This is my reason - tether
https://cryptonews.com/news/ethereum-s-buterin-says-tether-is-bitcoin-s…;
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-d…
Unless there is substantial proof that the currency that people trade crypto with is actually worth 1 USD, I'm not putting my money into it. And no point calling it FUD because the NYAG did find that Tether was unbacked for a substantial period of time.
The question is then on the 19th, when Tether releases their real balance sheet, how much is the backing in crypto? how much is it in cash / treasuries?
I am however, indirectly exposed to it via Square (previously via Tesla, potentially through Palantir) which I am not happy about. I like Square but not the asset.
If what they say about tether is true, are you gonna short bitcoin on May 18th?
I already have positions in assets which directly correlate with BTC but have less counterparty risk.
Don't think shorting BTC directly is wise given how the exchanges have a tendency of going offline during periods of high volatility.
The market cap of Tether is $57B. Even if they had 0 in their bank account, it wouldn't impact Bitcoin's price that much and the price would recover quickly. Don't believe the FUD.
Market cap doesn't matter - what matters is the flow which is all denominated in tether. If you lose tether, you have no flow. No flow = no price discovery and we already know how thin BTC trading volume is.
I'm not sure how this would have no impact.
I'd consider it, but my money is tied up in Tulips right now.
fuck it i just put a grand in eth i dont even know what it is
got some btc idk wtf to do with it
Nice
To answer your question - I'm into cashflow - not appreciation - certainly not speculation
but gambling can be kinda fun
They DO have cashflows if they're staked though
I don't know what that means. Just tell me what to buy.
I’m very risk averse.
It's risk 'averse'...
No it's risk *reimburse*
I’m not sure if I have any money for investing in crypto assets
I don’t invest in something I don’t know.
Because I’m an idiot. I literally put in limit orders about 8 months ago for 5-figures each on two different cryptos and missed both by around $0.03. One is currently up 700% and the other around 400%. So yea, I cost myself ~$100k by being a cheap Jew and literally pinching pennies.
Down 20% today. Not the best timing for this post.
It’s a great time to buy the fucking dip
Sure, but it’s all speculation.
Yeah that was quite a dip at 8pm.
OP - what staking platform do you use?
Kraken and yield farming on PancakeSwap
My cousin just made a killing on Pancake swap but I have no idea what he actually invested in.
Is CAKE-BNB the best choice due to the multiplier?
I'm still trying to make sense of PancakeSwap
If I can't explain why an asset goes up or down on any given day, I don't invest in that asset.
The only use in BTC I see is the "digital gold" thesis. To me, that isn't enough to buy. Sure, it could go to $100k+. But if everyone said f it one day, it could get to 0 a helluva lot faster. To me, that's not a gamble I like. Especially taking days like today into account.. if my gold dropped >15% in value in < 12 hours.. I would be pretty upset. ETH has a little more going for it. I like the concept of smart contracts and how it has the potential to change many industries. However, I don't have confidence that ETH will be the winner.. and further I don't understand how use cases would raise the price of ETH. I think that's something I should do more research on.. definitely not proud of not fully grasping.
Not in crypto because... it’s at all time highs right now. Why would I invest now in an asset than has inflated x5 in a couple months for no underlying value reason? This is the definition of a bubble. Just waiting for it to drop back down again and then will put some money in.
Putting in money in the bear market is really how you get rich. Right now is a decent entry point - 14% dip for BTC/ETH. The crypto market should crash significantly later this year or early next, but i don’t think we’re in the bubble/euphoria phase just yet.
Hold on, do you think we’re in a bear market right now ? Look at a 1-year graph, it’s just insane. But yea agree definitely best to buy in bear markets ...
Apparently it's bad for the environment
That’s FUD. Yeah bitcoin uses a lot of electricity but so does Christmas lights and appliances left in outlets. Bitcoin uses massively less electricity in comparison to gold mining. Proof of stake cryptocurrencies like Ethereum 2.0 (don’t rely on mining) are much better for the environment.
Just referencing Elon Musk's tweet haha. I actually own a bit of bitcoin because I get a slight discount paying with it for my VPN service.
Holy fuck.
I think on the mining side at least it should be almost completely mined soonish ?
Gold mining uses three times as much electricity and people (including children) die getting it out of the ground every year. And proof of stake cryptocurrencies like Ethereum 2.0 are much better for the environment.
I do not invest in things I do not understand. I am in the process of learning more, and right now ETH and XRP seem to be interesting. time will tell if I pull the trigger.
I will say this, I view all investments through the lens that Buffett ingrained in me - I'd like to be able to buy something, go off the grid for 10 years, and come back and it's compounded a good return. I do not like investments that require constant attention, so if crypto happens to be a trading asset rather than a long term hold, I'll pass. too early to tell
Definitely learn more about the crypto space and please don’t buy XRP, it’s basically an unregulated security and the SEC is cracking down on it (but price will probably continue to go up). For me, ETH is the asset I want to be holding in 2030, I am buying it and trying to forget about it and holding for at least a decade.
Nice
Risk averse!
If you’re risk averse, what’s risky about throwing in 1-5%? If it goes to zero (which it won’t), it’s a negligible impact, if you get a 5x, it’s a significant boost
Yes, got the 69th comment. Nice...
What’s Your Excuse For NOT Being In Casino?
It’s not a casino... you are almost guaranteed to win the game as long as you buy and hold BTC and ETH for long enough. If you want the casino, you can gamble shitcoins or literally participate in a decentralized casino, but the blue chips like ETH are a guaranteed win if your time preference is long enough
I would argue the opposite. in short-term you may make some shocking return because of the hype. but in long-term, crypto is useless. we have world currencies already. they've been functioning effectively for centuries. why would anybody need bitcoin? in long-term all this useless shit must go to 0 or slightly above zero for shits and giggles like Doge.
Unfortunately the closest casino to me is 4hrs away, so its kind of a pain going there, but I do like live poker - always a good time.
yeah, there are online casinos. it's not like you're gambling on crypto in person either.
Lottery winner asks why everyone isn't buying lottery tickets, more news at 11
You think doing research and accumulating every week over a span of four years and holding through brutal draw downs is winning the lottery? I earned this shit
What percentage of cryptos are worth less now than they were worth 4 years ago?
What percentage of cryptos are worth less now than they were worth 4 years ago?
What percentage of cryptos are worth less now than they were worth 4 years ago?
I know people who have been buying lottery tickets every week for decades....sometimes they even do bullshit research on what numbers to choose.
Feels to me like an unproven asset class with too much noise and hype. Maybe some crypto will replace fiat money but cant understand a market for so many different variations. if any crypto experts want to explain im all ears
Look at the price now .. genius.
I need to stop fucking listening to people on this board they're so fucking clueless. I wasn't even working yet, so I had no excuse, not busy nothing. Just scared away from all the geniuses in here citing their bullshit. About to use hell of a lot of leverage and go in now fuck it.
I find crypto interesting but would like to learn more about it before I make an investment. And I really just don't have time. My combined investments over the last 18 months have shot my portfolio up about 500%, and I have a lot of confidence in my current positions. I have never lost money on a long play, realistically my worst investments go up about 50% anyways, so I figure I'm better off just sticking to that. It's not that I'm stupid--it's more personal preference of how I allocate the tiny amount of time I can spare on investing. I don't even check my portfolio very often because I like to sit back and let em rip. Additionally, my money is tied up in positions with 1-3 year exit time horizons, and I don't want to dip into my cash because I keep ~10% in case of emergency.
The crypto hype is too real now and there will be an eventual tank that kills off a lot of shitcoins and hurts the big ones. Maybe then I'll buy in at a dip, but not sold even then. Again, I'll need to find time to learn. I do believe ETH is pretty neat though. That one has the most real-world potential from what I know. From your comments, seems like you'd agree.
what did you invest in and what are your current positions? that sounds impressive
The biggest winner of the last 18 months was Microvision, which is currently getting pumped on reddit but I got in at the end of 2019. Turned 20k into about 200, and went back in recently for a short ride and made another 40. Also had positions in Nvidea and Zoom that I exited up about 125% and 175% on respectively. Another position I've liked a lot has been Penn National--even though its nowhere near its all time high, I bought in at around $25 ages ago and need it to get at least back to its 12-mo high or ideally further up before exiting, so I'm in for the long run. Main reason there is because I didn't buy enough, so being up like 25k on a 12k investment isn't really a big W for me. I also like a weed stock, a healthy food/bev stock, and an oil exploration stock that I'm currently in. I tend to take decently sized positions off rip, between 10k and 25k, and sit on them. Most of the earnings from the W's earlier this year are now sitting in growth focused funds I like, which have been doing good so far.
My excuse is I don't understand it. A silly standard these days
Maybe I can add some color as I've been using / buying BTC since 2014. I think OP is catching some flack in the comments for the way he/she comes off (like a douche), almost as if to say "you are an idiot for not investing". This attitude is very common in the crypto community, to see others who don't understand or have little knowledge as "lesser than". Go figure, these guys are a bunch of nerds.
However, to address the comments that this stuff will go to 0 because we already have "currencies" or whatever that half-assed argument was, is just under-informed. Each project does not serve the same purpose of being a digital P2P payment system. If that was the case then sure, almost all of these would crash and burn. Many of these projects will probably do that anyway if they fail to adopt a user base to their projects, just as any start-up who fails to onboard users or beat competitors will fail. Right now, the gamble is on who is going to have real-world use cases to adopt your project's infrastructure (ahem Ethereum).
I'm by no means an expert, but have best friends who are fairly well known Devs in the space that have made millions through believing in certain projects and investing early as well as releasing their own projects that solve other specific use cases.
online poker is very cool!
This is the biggest Ponzi scheme and scam since Bernie Madoff
I'll be honest, I have been becoming more and more bearish on cryptos as the time goes.
It's not an investment so no reason to treat it as such.
BTC was a libertarian fantasy of a stable currency based on scarcity and quite frankly, it has proved that monetarism and the whole concept of scarcity simply have no grounds in reality. As a currency, it's actually one of the least stable in the world, hence not a reserve of value at any time. Its swings are massive. Early on, I saw venture capitalists going into it, but now that it has become mainstream, it's a mixture of a cult of idiots who mix it with TSLA for no real reason, scream ''ZOOM OUT'' on social media whenever it falls and then the crowd who buys it simply because.. everyone else is doing so. That's the definition of bubble and again, quite frankly, they all deserve to lose their money. The real value of BTC is... zero. It's not even an object, it's an online tag that a lot of people like to have, even though it has no real use.
Yes, we might even see btc at 100k or 200k in our lifetime, because the crowd can remain crazy for long. It still makes no sense.
I'm bullish on crypto because of the stupidity of these people. Tons of people want to be rich without working so they blindly throw money at Bitcoin
In a way, that's true. You have legitimate idiots who are never going to sell and that's bullish.
I have a tiny amount in crypto but I only invest where I can also receive the added benefit of learning. Most of my money is in our own deals which will deliver better returns + great learning opportunities and the next largest allocation is about to be emerging managers because it's essentially getting paid to learn an asset class from a top performer. IMO people discount the potential for learning too much when they invest, it should be a huge part of your investment decision making as it allows you juice ROI on your own time significantly.
Investing in BTC or some other crypto will not really teach you anything at all that you can take back and use to grow your skill set. I think getting involved as an angel in a specific DeFi co etc would be interesting and provide that level of learning though.
C’mon crypto let’s go back to the moon!
username checks out
Cryptos looking better recently.
simply due to price change being driven by speculation not cash flow growth, dividend growth, or intrinsic book value.
would consider selling options to make money off the vol.
would welcome any thoughts.
the excuse is that we were too busy updating tombstones and scheduling conference calls that we missed out on some good opportunities.
For the following reasons:
- You can make 2-3x if not 10x returns or way more if you avoid the crashes (these returns are conservative for Crypto...). Just avoid buying high and selling low. Or keep for a few years and don’t trade.
- I missed out on 30x by pulling too early and only making 30% return 2 years ago. I know this is a terrible reason for investing but in fine risking 50% loss for 10x returns if it’s 50/50
- It does have practical applications with (some) potential to become very widespread
- Real life use is becoming more widespread
- A shit ton of people are betting on it so even if value short term is driven by bubbles, you can manage if you’re half monitoring
- If Elon and Draper believe in it, it’s worth taking a look
lol @ guaranteed 10-20 tn market cap by 25. discounting USD is so hot rn. simple answer is there’s no other asset class that has an equal if not greater chance of losing 99% of market cap in 5 years
Cryptos looking good today booooiiiiiiii
Gooo solanaaaaa
SHIB 1 week chart
Solana this month:
ETH this month
ooo yeah Solana coming back again
1 day chart
Isaiah I'm on Solana cus of you. I better retire soon.
haha nice
I was lucky in cryptocurrency much less than you, after the last strong fall of bitcoin, I lost quite a lot. So now I'm just waiting)
Fuga modi vero quos occaecati. Tempora in laudantium error non non sapiente. Vel et qui et error distinctio. Sit recusandae nihil nostrum ad numquam temporibus dolores.
Blanditiis dicta ut perferendis sit sed adipisci atque. Occaecati dolor hic praesentium aperiam recusandae.
Neque sed unde impedit itaque voluptatem quo. Nihil soluta enim voluptatum aut velit eum. Neque ratione fugiat sint velit a. Perferendis est nisi qui suscipit nobis. Recusandae deleniti delectus iure rerum.
Officia quis sunt earum. Autem quas fugit et id quia aut. Occaecati consequatur quia eum est consequuntur temporibus facere consectetur. Et quia sunt ab omnis enim. Porro ut et quidem tenetur illum aperiam velit sed. Enim similique repudiandae temporibus quam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quo aut consequatur id aut tempora quibusdam unde. Pariatur dicta ea quia illo nulla. Sit saepe maiores provident quae.
Tempore magnam facilis facilis saepe ut iste quos harum. Voluptas harum rerum modi eveniet accusantium. Quos quo earum aliquid et perspiciatis molestiae asperiores. Aliquam soluta qui commodi eius quo accusantium. Voluptatem et corrupti animi totam.
Maiores eius blanditiis dolorem perferendis ad. Molestiae numquam ipsam qui dignissimos incidunt praesentium aut sed. Alias ut maiores voluptatem aut sunt exercitationem. Est dolores pariatur dolorum unde officiis est velit.
Tempore et aut quibusdam deleniti consequatur unde et sequi. Rerum nihil itaque sint sunt.
Natus qui delectus vel molestias eos quidem. Eum et consequuntur quia deleniti. Perspiciatis libero quis voluptatibus doloribus qui et dolores. Omnis asperiores quae voluptatem iure impedit. Dolores molestiae natus aut deserunt rem magni iusto. Sunt quis accusamus distinctio sed sunt dicta. Nihil et aut cumque quos voluptas.
Eligendi provident voluptatem consequatur molestiae eos. Quod reiciendis exercitationem dignissimos quas. Provident illum velit ab est consequatur. Unde nam enim a qui quae. Illum accusantium autem officiis non.
Quia quos voluptas quia temporibus libero id in nemo. Ut saepe natus neque. Eum fugiat non non occaecati iusto possimus maiores.
Laboriosam similique aut itaque aut ab. Fuga voluptas blanditiis omnis perferendis ratione.
Aspernatur illo voluptas reiciendis libero. Qui non est libero ut. Animi qui molestias eos impedit ut expedita perspiciatis voluptatum. Quis quam laboriosam unde facilis eos quis. Facere doloribus unde tempora voluptatem eligendi odio. Recusandae beatae ex possimus ipsam et ducimus id.
Aut autem tenetur quia numquam magnam nam eos. Ducimus aspernatur quod expedita repellat provident aperiam. Ut voluptas laboriosam quia placeat saepe consequatur. Ea nobis aut provident blanditiis distinctio quia debitis. Quod molestiae ducimus quod sunt voluptatem.
Magnam dolorem quia ut perspiciatis veniam libero. Ipsam eveniet soluta officia exercitationem est voluptate totam.
Enim unde dignissimos tempore accusamus ut. Mollitia aut ut non error quibusdam maiores. Rerum illum delectus at tenetur voluptates. Modi assumenda ut iusto eligendi corporis ducimus.
Beatae vel enim et ipsa sed quo. Autem enim dolore enim sunt perferendis perferendis reiciendis.