BITCOIN

venmos1 said:

Question regarding bitcoin. So it is predicted to possibly hit 300k maybe some more. That's 9 to 10 times. Then look at eth, ada or xrp that could be 10x plus. Ada and xrp are around $.30 ea. Wouldn't one be better off putting money into those instead of btc? Ada could reach $10. That's over 20x. Any reason to buy say $500 of btc other than just because it's bitcoin?

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great questions and tough ones as well...for me, BTC is the "safe" bet...if you buy BTC today, in 10 years it will still be here and priced higher than it is right now.

Altcoins are more of a gamble for me...I put a lot less money into them and only play them short-term...so this bull market, I have Alts but will sell them once they explode...b/c they will lose 90-99% of their value in a bear market.

venmos1 said:

Question regarding bitcoin. So it is predicted to possibly hit 300k maybe some more. That's 9 to 10 times. Then look at eth, ada or xrp that could be 10x plus. Ada and xrp are around $.30 ea. Wouldn't one be better off putting money into those instead of btc? Ada could reach $10. That's over 20x. Any reason to buy say $500 of btc other than just because it's bitcoin?

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History has shown time and time a again. Whenever you have a clear cut winner in a new space... the disproportionate amount of sector gains go to them.

I.e. AAPL, MSFT, BTC, TSLA, NVDA, NFLX, AMZN, JPM,

98SVTContour98 said:

great questions and tough ones as well...for me, BTC is the "safe" bet...if you buy BTC today, in 10 years it will still be here and priced higher than it is right now.

Altcoins are more of a gamble for me...I put a lot less money into them and only play them short-term...so this bull market, I have Alts but will sell them once they explode...b/c they will lose 90-99% of their value in a bear market.

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q6543 said:

History has shown time and time a again. Whenever you have a clear cut winner in a new space... the disproportionate amount of sector gains go to them.

I.e. AAPL, MSFT, BTC, TSLA, NVDA, NFLX, AMZN, JPM,

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I follow what you are both saying. I would counter with (again, im just learning, going by what i hear and read) that i believe bitcoin will only be a currency. ETH has more versatility and will be able to do more things. Do i think ETH will end up higher than bitcoin? No. There are tons of talks of bitcoin hitting 100k, 200k, etc. I think it is very likely it will hit 6 figures. Many of those same people who are predicting this believe that when its all said and done, bitcoin will settle around$20k. Maybe it will, maybe it wont.

My POV from starting out investing, is how can i maximize my money fastest. I am only investing short money ($1500 total). I feel very confident that ETH, XRP and ADA will take off with 10X plus. Where will they end? no idea. i really dont care. i want to multiply my money as fast as i can. BTC hitting 300k or 400k to hit that 10x could happen. But it seems that the other 3 should hit 10x or higher faster. i could be wrong and they could fall off. I wish i bought btc 2 years ago, same for ETH. From what i read (a lot of it is foreign to me but i try to understand it) it seems that ETH and XRP are more than currency and building for long run for sustainability. Strictly just currency, sure, BTC is it and will be the big dog.

Its a great time to invest. there are some great opportunities for double digit multiplication. It sucks being limited with investment, but if done right, and timed right, can REALLY pay off. Hopefully we all hit it big.

venmos1 said:

I follow what you are both saying. I would counter with (again, im just learning, going by what i hear and read) that i believe bitcoin will only be a currency. ETH has more versatility and will be able to do more things. Do i think ETH will end up higher than bitcoin? No. There are tons of talks of bitcoin hitting 100k, 200k, etc. I think it is very likely it will hit 6 figures. Many of those same people who are predicting this believe that when its all said and done, bitcoin will settle around$20k. Maybe it will, maybe it wont.

My POV from starting out investing, is how can i maximize my money fastest. I am only investing short money ($1500 total). I feel very confident that ETH, XRP and ADA will take off with 10X plus. Where will they end? no idea. i really dont care. i want to multiply my money as fast as i can. BTC hitting 300k or 400k to hit that 10x could happen. But it seems that the other 3 should hit 10x or higher faster. i could be wrong and they could fall off. I wish i bought btc 2 years ago, same for ETH. From what i read (a lot of it is foreign to me but i try to understand it) it seems that ETH and XRP are more than currency and building for long run for sustainability. Strictly just currency, sure, BTC is it and will be the big dog.

Its a great time to invest. there are some great opportunities for double digit multiplication. It sucks being limited with investment, but if done right, and timed right, can REALLY pay off. Hopefully we all hit it big.

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I think ETH is a longterm winner....XRP is sketch b/c they are currently being sued by the SEC...Not much I can say about ADA at the moment.

Long term: BTC $1million or more (10 year view)

Long term: ETH 6 figures or more (10 year view)

Short term: BTC to $80k+ this year

Short term: ETH to $10k+ this year

Omg... your investing goals are not close to realistic... 10x ??? Nahh.. 10%... now we're talking.
Your approach in trying to make money fast is IMO, how people lose money.

If you want to own crypto.. do like the pros. Dollar cost average into it. Weekly or monthly. And never stop unless you need to rebalance your portfolio allocation.

I've allowed crypto to be up to 10% which is also quite extreme.

I really really considering jumping in this shit lol

Is Coinbase or robinhood good to go? Or is there a better option?

I think im gonna do btc, and a little bit of xrp and eth

Double"O" said:

I really really considering jumping in this shit lol

Is Coinbase good to go? Or is there a better option?

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Coinbase and Binance-US are prob the top 2 in the USA....Coinbase will probably be way easier for you to navigate

Double"O" said:

I really really considering jumping in this shit lol

Is Coinbase or robinhood good to go? Or is there a better option?

I think im gonna do btc, and a little bit of xrp and eth

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seems that they all have support and frustrated users. I ended up going with kraken. im just getting started. trying to get the wiring from my bank into my kraken account done today. There are several videos on YT of users saying they do not suggest buying crypto with robinhood. I also believe (may want to verify) that robinhood only has a handful of cryptos. i dont think they have Cardano ADA (you need to check this one out). A lot of people were having issues with binance as well. it seems that a lot of stuff is from freeze ups or mass buyer/sellers when pricing changes. I was hoping for a one stop shop where i could buy ETH, ADA,XRP and regular stocks. But i looks like ill go with Kraken and either Robinhood or Webull for stocks. The good thing is it seems that there are plenty of how to videos about all the platforms.

Double"O" said:

I really really considering jumping in this shit lol

Is Coinbase or robinhood good to go? Or is there a better option?

I think im gonna do btc, and a little bit of xrp and eth

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im only interested in BTC and ETH so i use robinhood. so far so good.

Mpoitrast87 said:

im only interested in BTC and ETH so i use robinhood. so far so good.

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I mainy want btc and eth...i just wanna play with xrp

keep in mind, places like Robinhood/webull/paypal do not let you transfer your coins...so they are good just to grow your cash and get some exposure to crypto.

If you are looking to hold longterm, you would want to use kraken/coinbase/binance b/c then you can move your coins into your own storage wallet for safe keeping.

98SVTContour98 said:

keep in mind, places like Robinhood/webull/paypal do not let you transfer your coins...so they are good just to grow your cash and get some exposure to crypto.

If you are looking to hold longterm, you would want to use kraken/coinbase/binance b/c then you can move your coins into your own storage wallet for safe keeping.

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do you use kraken? If so how do you like it?

venmos1 said:

do you use kraken? If so how do you like it?

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no

I can't believe bitcoin has gotten this high. I still believe the current setup is bogus in the scheme of things. There could be something here with the technology but none of the current coins are really set to go full scale. Bitcoin isn't efficient and there are way too many lost coins. The guy that created ripple owns ~20% of the coins... yeah, that makes sense. Though this post isn't about crapping on crypto so I'll carry on.

I got in a few years ago (2017/2018) when it first took off (right about the same time of year - coincidence?). Everyone was on full FOMO alert. Bitcoin was around ~10k. I bought ripple at .25 and sold it at 1.98 a couple of weeks later. They all tanked after that when February rolled around and it was all over. A ton of people lost A LOT of money.

I always found the mining aspect to be interesting as it is the backbone of the whole thing - especially at current prices. You can buy a mining rig and pay it off in about 6 months at current prices. It'll then chug along at ~$25 bucks a day after electricity which is great. Of course, it all depends on the price of bitcoin. Mining rigs ran in the red for quite a while when the price dropped.

velocicaur said:

I can't believe bitcoin has gotten this high. I still believe the current setup is bogus in the scheme of things. There could be something here with the technology but none of the current coins are really set to go full scale. Bitcoin isn't efficient and there are way too many lost coins. The guy that created ripple owns ~20% of the coins... yeah, that makes sense. Though this post isn't about crapping on crypto so I'll carry on.

I got in a few years ago (2017/2018) when it first took off (right about the same time of year - coincidence?). Everyone was on full FOMO alert. Bitcoin was around ~10k. I bought ripple at .25 and sold it at 1.98 a couple of weeks later. They all tanked after that when February rolled around and it was all over. A ton of people lost A LOT of money.

I always found the mining aspect to be interesting as it is the backbone of the whole thing - especially at current prices. You can buy a mining rig and pay it off in about 6 months at current prices. It'll then chug along at ~$25 bucks a day after electricity which is great. Of course, it all depends on the price of bitcoin. Mining rigs ran in the red for quite a while when the price dropped.

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Ok guys. I just happened in on this and was bored so I jumped in and bought some ETH. What is the lowdown on XRP?

venmos1 said:

seems that they all have support and frustrated users. I ended up going with kraken. im just getting started. trying to get the wiring from my bank into my kraken account done today. There are several videos on YT of users saying they do not suggest buying crypto with robinhood. I also believe (may want to verify) that robinhood only has a handful of cryptos. i dont think they have Cardano ADA (you need to check this one out). A lot of people were having issues with binance as well. it seems that a lot of stuff is from freeze ups or mass buyer/sellers when pricing changes. I was hoping for a one stop shop where i could buy ETH, ADA,XRP and regular stocks. But i looks like ill go with Kraken and either Robinhood or Webull for stocks. The good thing is it seems that there are plenty of how to videos about all the platforms.

Click to expand...

I have been mining Ethereum for 3 years on and off. I would mine in the late fall, winter and early to mid spring. As summer approached I would eventually shutdown all the rigs. Peak payouts I received were 1 ETH per week. But that's with 41 GPUs using around 5500-6000 watts of continuous electricity. The rigs did heat the house for the most part with the furnace barely coming on. So some of the energy costs went into heating the house. Only when it was very cold did the furnace also kick in.

Mining as far as I am concerned was not the best approach because I could have bought a lot more Ethereum when it was going for $80 when the market crashed. However the one benefit of mining is it allows you to get into the crypto market via small bites over time. And at current Ethereum prices I am getting ETH at a much lower rate than you can buy.

My payout last week was .74 ETH for 1 week of mining. So let's say I manage to get around 3 ETH per month. At the current price of over $1100 I would have to spend $3300 to buy 3 ETH. Instead I am spending around $750 in electrical cost to get 3 ETH. So I am getting 1 ETH right now for about $250.

3 of my rigs. There are 13 GPUs in each rig: 7 x 1070 TI and 6 x Rx580. All cards have 8GB RAM. I also have a 1080 ti, 1070 and RTX 3090 in the mix in 3 desktop machines. The 1080 ti is not currently mining but I will probably install it somewhere.

I covered the rigs with insect screen to limit dust buildup. Been like this for 3 years.

Here are some pics of the first rig as it was being assembled in our kitchen.

I have that same knife set.