Originally Posted by Michelangelo:
My $3.88 in BTC turned into $5,100.
“Way down” = it being less than a dollar
“Way up” = $5k!
See the difference?
yeah, I'd definitely put some in but the general rule is put in what you are comfortable you can handle losing. If you put in 50k, that can turn into 5 mill and there is still enough to invest traditionally and retire if bitcoin went away. I'm inclined to believe this is all still going up. I just don't think I'd risk my entire retirement on it. If you do though, it could give some pretty amazing results. Gotta be able to stomach watching it all drop like a rock and let it sit there until it pumps up again. [Reply]
Originally Posted by Shaid:
yeah, I'd definitely put some in but the general rule is put in what you are comfortable you can handle losing. If you put in 50k, that can turn into 5 mill and there is still enough to invest traditionally and retire if bitcoin went away. I'm inclined to believe this is all still going up. I just don't think I'd risk my entire retirement on it. If you do though, it could give some pretty amazing results. Gotta be able to stomach watching it all drop like a rock and let it sit there until it pumps up again.
The idea of going from cds to crypto is so extreme. It’s two different personalities. It’s as if the $429k was inherited, and they would be rolling over in their graves if they knew. It’s like a toddler getting out of the kiddie pool and running straight to the high dive and plunging into the deep end. [Reply]
Originally Posted by SAGA45:
What are the downsides to 100x leverage trading and which is the most secure exchange amongst those that offer it?
The downside? If you are on the wrong side of the bet you will lose money 100x faster. So if you spent $429,000 at 100x leverage, you are essenstially buying $42M worth of Bitcoin. At a purchase price of $31,000/bitcoin, a drop in price of $310/bitcoin would completely wipe you out and your position would be liquidated. In short, at 100x leverage, a price drop of 1% would wipe out your money. [Reply]
Originally Posted by Fat Elvis:
The downside? If you are on the wrong side of the bet you will lose money 100x faster. So if you spent $429,000 at 100x leverage, you are essenstially buying $42M worth of Bitcoin. At a purchase price of $31,000/bitcoin, a drop in price of $310/bitcoin would completely wipe you out and your position would be liquidated. In short, at 100x leverage, a price drop of 1% would wipe out your money.
800,000 people got liquidated in less than a day just this past week. Unless you have been around Crypto a very long time, understand the market extremely well, and are playing with capital you aren't afraid to lose you should never leverage trade crypto.
Long term investing has practically all the benefits with way less risk. [Reply]
Originally Posted by Fat Elvis:
You know...since you've been waffling on this, you missed out on an easy opportunity to turn that $429K into that $5-10M....if you had gone all in at $31K yesterday at a 100x leverage (that some crypto exchanges allow) you could of cashed out today at over $8M.....
Originally Posted by Michelangelo:
True. It’s too volatile for weak hands.
Way down = 80% loss from top (would you be able to stomach seeing that $429k turn into 85k before it goes up to 5 million?)
Way up = 1000%+
Basically I have nothing to lose. My kids are taken care of & this is sorta play money for me as a 62 yr old retiree. I’d love to leave my kids multimillionaires but they are set anyway. It would be fun. [Reply]
Originally Posted by Michelangelo:
The idea of going from cds to crypto is so extreme. It’s two different personalities. It’s as if the $429k was inherited, and they would be rolling over in their graves if they knew. It’s like a toddler getting out of the kiddie pool and running straight to the high dive and plunging into the deep end.
Originally Posted by KChiefs1:
Basically I have nothing to lose. My kids are taken care of & this is sorta play money for me as a 62 yr old retiree. I’d love to leave my kids multimillionaires but they are set anyway. It would be fun.
Reason #25784 of why I shouldn't have kids. Unless I get hit by a bus, I'm going to make sure I spend every cent that I have. Your selfless approach is inspiring though. Hope you can do it and maybe we can all enjoy another crypto ride together.
I thought my life had changed when BTC hit 10k..let alone 50k and 60k. Bitcoin has been one of the best things financially to ever happen to me. [Reply]
Originally Posted by BWillie:
Reason #25784 of why I shouldn't have kids. Unless I get hit by a bus, I'm going to make sure I spend every cent that I have. Your selfless approach is inspiring though. Hope you can do it and maybe we can all enjoy another crypto ride together.
I thought my life had changed when BTC hit 10k..let alone 50k and 60k. Bitcoin has been one of the best things financially to ever happen to me.
What price did you start buying in at? :-) [Reply]
