Hey everyone, wondering how much people have been investing in cryptocurrencies. I got a few k in bitcoin at the moment.
Thoughts on which one is the best to invest now?
How Much Have You Invested in Cryptocurrency? (Bitcoin, Ethereum etc)
glutamic on 13/09/2017 - 09:26
Last edited 13/09/2017 - 11:02 by 1 other user
Last edited 13/09/2017 - 11:02 by 1 other user
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I bought some ETH when it was $30 each. After a few months of not checking prices, I was shocked when it was trading at $300. Sold it pretty much immediately. Then I was speculating on mining and lost all the gains. Sudden increase of crypto prices made mining very profitable but it became unprofitable again within a month. I needed it to be profitable at least 2-3 months to break-even. Lesson learned.
I don't hold and don't plan to buy any. I'm effectively out. It was fun and I've learned quite a bit in the process but have no profit to show for it.
I'm in for ~$3k. Have only just really started learning about it but after understanding what a blockchain is and what some of these companies are trying to achieve, I don't believe it's anywhere near the scam or bubble that the media would have us believe. Though, probably 90% of what coins are on the exchanges now will crash and burn over the next few years.
I'm in BTC, ETH, LTC, BCH, ETC, XRP, VTC, OMG, GNT, STORJ, NAV, PAY, RISE & ARK. I'm probably spread too thinly at the moment but I got excited haha.
I think you have to look at what the company behind the coin is trying to achieve and decide if it will be an idea that is going to stick around once a decentralised network becomes the norm. If it passes that test then check if there's a strong development team and people are talking about it on social media, popularity is definitely a contributing factor to the price. Then look at the market cap potential with the coin supply. If a company like Google, Amazon, etc top out at $500b or so then it's pretty unlikely that a project with a very high coin supply is going to reach a bitcoin-like price, not that it won't make you money if it moves up but I much prefer the idea of holding something that could realistically reach $1000 per coin vs $1 per coin.
I don't believe it's anywhere near the scam or bubble that the media would have us believe.
The media that takes advertising money from the banking industry? Surely they wouldn't lie! Next you'll, be telling us that they're attacking people on Youtube simply because Youtube is competition. THAT WOULD NEVER HAPPEN SIR!
Hey guys where you invest your crypto, plus500? or do you recommend something else. I'm looking to get into it. Thanks
I convert AUD on btcmarkets then transfer bitcoin to bittrex to buy altcoins.
What ID requirements does bittrex have?
I tried to sign up for some of these places and they wanted ID + a picture of me holding a document or something.
At some news agents you can cash in without ID.
I'm still playing with cryptocurrencies, but to be honest I'm looking at the ideal time to exit. Once you have the general public excited about them and inquiring how to invest you know the peak price is here, or has already passed. Several months ago there was a very excited Ozbargainer asking on this forum how they could invest, and start mining. Others were calculating how many thousands of dollars they would make per mining rig within a year. I took that as a sign of ETH's price peaking and sold. Was spot on.
It's all speculation but I would think ozbargainers are a lot more switched on than the general public around financial stuff. Definitely more people are getting involved every day but I've been surprised at just how many people, even in my industry (I'm in tech) still have no idea about it.
Cryptocurrencies have been mentioned in the mainstream media for over five years, ever since bitcoin found a popular use on Silk Road. People may not know how it works or exactly what it is, but they would be strange indeed if they had no idea about it. It's interesting listening to someone try to explain what a bitcoin is to a layperson. There was one such example on Late Night Live ABC radio last night. 'What is bitcoin?' The answer was convoluted and actually quite incorrect, and that was coming from an alleged expert in the field.
What people do see are the easy dollar gains they can make from it. That's all they really need to understand and it's attracting a lot of unsophisticated investors into the space.
I don't have a link to hand, but I also recall a forum topic created where the OP had no idea. There was a recurring question of what exactly they were getting for their (real) money.
A Simpsons quote is appropriate:
"It's like real money, but…fun!"
~100k, i want to retire earlier.
Have you considered borrowing against your home or other assets to invest more? If you could get it up to $500k or $1m your retirement timeline could change dramatically.
Just need to drop $1k on an altcoin and hope it rises 100x within a few months, like Monero did. Better odds than playing a lottery.
mskeggs, you might have dropped this: "/s"
leverage 1:1000 done.
This has to be the quote of the year.
I was reading an article about Jamie Dimon (big bankster) and his attitude towards bitcoin and he said….
"Speaking at an investor conference in New York, Dimon said, "The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart."
http://www.smh.com.au/business/markets/jpmorgans-jamie-dimon…
If you don't get the total irony (hypocrisy) then you need to do some research. :)
only banksters create money from thin air, cryptocurrency require you to invest in hardware and electricity to create it, the current bitcoin value equivalent to the amount of electricity and hardware investment + time to run and manage these hardware.
Are you saying that crypto then has more intrinsic value than the world's fiat currencies? (you're probably right. :) )
need to invest electricity in printing money too…
I've invested around $5k in crypto.
Out of curiosity when did you buy into bitcoin?
Early this year, it is amazed me how the bank create money then give you for a loan, and they live off you by percent of credit repayment you got to pay, this century year old system is unfair, whoever work for the bank or closer to the bank became very rich. we need to reinvent the banking system in our life time.
Not a great deal invested, but over time it's become enough.
Big holds are:
- DASH
- IOTA
- LYKKE
- and a recent one I found, OPUS.
None at the moment.
I can't help but feel like we're not far from a point where government authorities begin to take action to undermine Bitcoin. People think that paper money is bad because governments can print more money at will, thus devalue the currency. However, this is exactly what makes paper money so attractive to government and their objectives. In particular, enabling gradual and steady inflation and full employment. If there is an economic shock to the system and people stop spending, by printing more money and pumping it into the economy you encourage people to spend and jumpstart an economic recovery. If deflation (falling prices) looks to be a threat, this is solved again by essentially printing and circulating more money into the economy, via loose monetary policy. Make Bitcoin the standard currency, and government no longer has those tools.
Government has the motivation and the means to undermine bitcoin becoming mainstream. For that reason alone it makes me very hesistant to buy into it.
I agree that greater regulation is coming and that people with control now will push back when that control is threatened. But the technology is incredibly resistant to being shut down entirely. Even if it doesn't become mainstream it's probably not going away anytime soon.
You can already buy a bunch of things with it. A development in Dubai due for completion in 2018 is going to be the first to accept bitcoin as payment.
Yes, my understanding is that the decentralised nature makes it impossible for any one entity to shut down. But mass acceptance is, in my view, required for Bitcoin to justify on a fundamental basis, high prices targets like $10k+ per coin. As long as government has a vested interest in seeing that not happen, it'll be rough goings for these lofty views.
In the short term, I actually think on hype alone it may well rise a lot more from now, perhaps even exponentially. If you see how past manias (tulips, dotcom, etc) have unfolded, and combine that with the fact that this is now a global mania (vs. localised in the past), one doesn't get the feeling this has peaked. But I can't help but feel like any gains from here on is on a shaky foundation.
Was reading today that at least one gold seller in Aus is accepting payments in BC.
Government don't print money, they borrow it, plus interest from those who do and then try to pay it back with the money they pinch off you as tax. Of course government debt keeps increasing and therefore so does the amount they have to pinch to maintain the line of credit. This results in more and more tax with less and less government services as we are seeing. All part of the plan. Mind you they used to produce our own currency and credit but not for decades now. Google 'the global ponzi scheme', 'money as debt' and 'the money masters' for further info.
sad it is true, the true ruler is not gov, but those elite behind the banks.
Not anymore, made a few K and walked away
~$1k, all of which I mined. I've stopped mining now, but diversified amongst a few different coins with a hold/wait/repeat strategy. Currently in:
ETH
LSK
SIA
XRL
Watching the coins is a nice way to keep me abreast of some of the happenings in the crypto world.
Edit: added coins.
I invested around $25K 18 months ago. Chucked another $10K in a few weeks ago. I'm in for the long haul. If you're looking to buy, I highly recommend BitStamp or Kraken, Australian exchanges tend to have inflated prices. There's some short term money to be made arbing because of the exchange differentials.
I've worked 35 years in technology, now youthfully retired. Cryptocurrencies are yet another get-rich-quick scheme, bound to end in tears. Other than crime, what's the business model? Blockchain has potential, and a number of large tech & finance companies are investing here. Invest in blockchain, gamble in cryptos. My two cents.
https://www.theguardian.com/technology/2017/sep/13/bitcoin-f…If you have cash in the bank or under the bed for that matter, you are gambling too then. Fiat currencies have one big drawback: they can be devalued by the printing press or if the government behind it says it's issuing new notes tomorrow and everything you own today is no longer "legal tender". BTC has a finite limit in its blockchain: 21 million of them only. All mines, all issued, that's it. Better than gold better than cash as long as people continue to have confidence and when you think about it, that confidence has to be higher than trusting someone else and especially a government with your hard earned. I'm vested in 151.134 BTC.
Keep telling yourself that mate. Fiat currencies have been around for 1000s of years (proof of resilience), the US did massive printing (QE) for little affect on its currency or inflation, fiat currencies to varying degrees have asset backing in the form of govt owned infrastructure, etc, and fiat currencies will continue to evolve to provide cost effective services in the spaces cryptos might have thought they had a (legal) advantage (eg international transactions). Cryptos are backed by nothing, created by tech entrepreneurs looking for a buck, traded by gamblers looking at charts rather than substance. "Better than gold"? Good luck!
$400
XVG is a promising long term investment
$8,500 mainly in SNT, QTUM and GO at the moment. I'm trying to buy and sell on the very frequent swings. I'll take 10% each time. Having said that one of my holdings in GBYTE dropped then dropped some more and i stupidly didn't sell and now it's about 30% down…just have to wait and hope i guess.
By the way I also use BittrexMerged from How much % of your net worth have you invested in cryptocurrencies?
So I recently decided to start investing in bitcoin, but still can't decide what percentage of my net worth I should invest. Although I am optimistic about cryptocurrency in the future, I am still skeptical of a "bubble" that could crash.
On reddit you see many who have invested their life savings on it, personally I think that is far too much risk but who knows, maybe they will be the ones laughing in the few years time.
I was thinking perhaps somewhere in the range of 5 - 10% and also consider investing the same amount into an ETF to diversify.
What about you guys? How much percent of your net worth have you invested in bitcoin? Have you invested in anything else?
Any more than 1% of your net worth and you're heavily invested.
Personally I would pay off any liabilities first before buying into Bitcoin.
It's really just gambling only spend what you can afford to lose.
I have invested in a house. The one in which I live. I have cash in capital guaranteed fixed and variable interest deposits paying no less than 3%. I have my superannuation in shares.
I have no liabilities, so its really just liquid assets. Not interested in buying property any time soon.
3% how all i get is 2.2%?
How much of your net worth are you prepared to lose/get scammed out of/forget the key to?
I have nothing to suggest one way or another.
But I find the juvenile aggression displayed when it comes to speculating crypto-bubbles quite amusing e.g. https://www.coindesk.com/comes-cryptocurrency-bubble/. There's some definite "trigger" topics…
haha yeah very different crowd to the conservative (or should I say tight asses) over at ozbargain ;) I suspect most ozbargainers may not invest anything into bitcoin at all.
It will never be a real currency when it's massively changing in value every day.
The reason USD is a strong currency is because it's so solid and well used. US bonds pay barely any return but are safe are houses.
You'd be moronic to have any more than a small % in a cryptocurrency. Surely 99% of people are playing to make money, so when it crashes it will crash hard.
"Oh I have a million bucks I'll retire. 3 weeks later oh I have $250k guess not" :)
Once investors rack off it's got a chance of becoming more than a risky play toy.
Only put in what you're prepared to lose.
yeah but if it does take off it will be more stable and values won't change so often.
It will crash before it becomes more stable.
How many people are buying it to park money for years? Hardly any. And that's a huge problem for it gaining real credibility.
Soon as it goes down most will pull the plug.
@noyesmaybeok: The other argument is that it literally has a finite supply so its price will always gradually increase. Nation currency is just printed at the will of policymakers.
I check the prices daily but have about 20 positions that I have kept for a few months now. No Bitcoin.
I keep thinking I should trade daily and read a lot more because of the swings it has so gains to be made; but in general the market is moving forward so not too bad.
I knew about Bitcoin years ago but never knew what to do so when a mate told me about Ethereum last year I looked into it and put in $1,000 for 50 ETH. A few months ago I felt that there was more gains to be made in other cryptos (short term, long term ETH is a hodl) so thats what I moved out of ETH for. Portfolio was around 30k now.
What other coins are you looking at short term?
I don't remember the reasoning behind them but this is what I am in. MCO was 3x its price at one point… I'm in at around $2 it was like $28. NEO also up to $64 at one point and I'm in at $8. Just a couple to show that if I was trading this it could be a bit better. That would be 28k just out of them…. I will wait, 1 day in crypto world is a year in the share market… the amount of news and price changes, best not to look at it for me.
ADX
ANT
GNT
HMQ
IND
IOTA
KNC
MCO
NEO
OMG
PAY
RLC
SNGLS
STRAT
TKN
TRST
ZRX
I have negative money so…. minus 5% ?
200%
Just the time I spent reading this (assuming Time=Money??). Never been one for fads.
Personally I wouldn't call it a "fad" any more than FIAT currency is a fad. It does have the potential to take off and be used as the world's currency. Crypocurrencies actually do solve a problem - slow bank transfers that take days, anonymity, very little or no fees, international, and of course no government regulation.
The problem with Bitcoin specifically is that it solves basically none of those, whereas there are other coins that do.
Aud transfers are already negligible in cost — it would actually cost you more to buy a cup of coffee with bitcoin than it would to tap your card. As for speed, bank xfers are instantaneous next year (contrast to BTC: to jump on the next block you're looking at a couple of bucks fee and up to 20 minutes). The anonymity and lack of regulatory framework are really neither here nor there. Any legitimate business already needs to adhere to AML and other reporting requirements in their country whether they accept bottle caps, bitcoin or AUD. Beyond this, the Bitcoin community is learning bit by bit why there is a regulatory framework surrounding commerce — as consumrs get taken for a ride by fly by night operators that are either insecure and get hacked or simply cut and run where no protections exist.
The idea that it would become the currency de jour is just fantasy. There are cryptos that do actually solve the issues you've highlighted but none of them are Bitcoin. As a speculative asset, I'm sure it's worth something (though its volatility will scare most people with their head on right), but as a store of value its all but worthless.
Unfortunately we can't generalise cryptocurrency benefits. I've had Bitcoin transfers take a full day using the average fee and as a percentage of my small transaction I lost more than I would have using Paypal. The volatility can get so bad (or good, depending how you look at it) that you end up ignoring transaction fees.
When we get the long-awaited instant bank transfers in Australia with the NPP it will put many crypto transactions to shame for domestic transactions. Popular services in Europe like moneymail.me and Revolut are just the beginning of licensed services that will let you transfer currencies internationally much faster and easier.
Early cryptocurrencies like Bitcoin are only pseudo-anonymous without good tumblers, like Ross Ulbricht found out…
No government regulation? This is only the beginning: https://www.ethnews.com/australian-bill-addresses-cryptocurr….
Of course newer cyptocurrencies are trying to achieve the features you've listed. But the last one is a toughie. Just because I can download a movie (or "a car") without getting caught doesn't make it legal.
100%
Got about $250 in it!Was that your centrelink cheque?
No, that went into the pokies
Close to 20% for me.
Twelve monies
I got all my super in Bitcoin. My bro is selling a house to invest the proceeds into it as well. All my weekly earnings goes in, all my bills are paid from LivingroomOfSatoshi.To the moon.
Best to invest now? IOTA, PIVX, CIVIC, EOS, MONARO, DECRED, OMG, ZCASH
How can you invest in Bitcoin using super? I do not think that is possible. Care to shed some light
Disclaimer : I'm no financial whiz, anything you do or choose not to do is at your own risk, always seek advice from your accountant or financial adviser.
Step 1. Setup SMSF. Ensure you have the deed of the SMSF trust amended to include investment in cryptocurrency, include various examples, definitions so that there is felxabilty for you to invest in digital assets, coins, tokens and ICOs
Step 2. Get a trading account setup in SMSF name to trade/buy on your own behalf (account must be in SMSF name, not your personal account) and ensure you have sufficient purchasing capability to buy your coins without hitting a daily $2000 (or similar) buy limit. A limit that mataches how much you are looking to buy would be ideal eg: if you need to purchase $100k of bitcoin, you should have a limit of $100k per day purchasing limit. Otherwise, you will be watching BTC price track up over the 50 days you will be buying @ your $2k daily limit.
OR
Contact a broker in Bitcoin to get the purchase done and secured to your hardware wallet/vault in around 24hrs and perform the annual ATO audit in conjunction with an accountancy in Sydney who sets up the SMSF with a customised deed.
I personally thought I would be knowledgeable enough to do the purchasing of my own super in bitcoins, but realised the logistics challenges of large sums of money, eg risk of exchange freezing your account as well as the daily limit problem etc so figured this was the simplest and most convenient way to arrange the SMSF quickly and with minimal risk. I've used this broker/SMSF before so I'm happy to recommend them.
Mod: Removed link to commentor's associated website. Note that this is against the store rep code of conduct
You realise BC hit 3500 today? Many on ozbargain have suggested over the past year don't bet your house on it.
Good luck to you and your bro.
I have recently bought $500 Bitcoin through coinbase
Anyone still investing in this ponzi scheme?
Wonder how that guy is going who sold his house to invest in bitcoin. Wonder if he's still married.
https://www.news.com.au/finance/money/investing/dutch-bitcoi…So scared right now. All my friends got liquidated.
If he invested on the date of that article or before that date, then he's actually made money. Ponzi scheme is the term used by anyone that doesn't understand block chain.
Block chain and cryptocurrency and two separate things. You can use blockchain without the need to have a cryptocurrency attached
Plenty of people getting rekt in crypto at the moment. Down 80 to 95% across the board. My warnings from late 2017 were spot on. I hope people here avoided getting hurt.
It'll be fun over the next year or three, watching crypto fall to below $350 (Bitcoin). Many on here said it's NOT an absolute, to rise forever as so many Ozbonites asserted. So many kwowitall 12 year old-minded kids don't know reality very well at all.
Crypto is now a slow dying fad. Not needed, or fundamentally useful. A serious global con overall.
Neg as you always do, I don't care. Ppffhft.
Crypto has it uses but the stuff people invest in is unlikely to be the stuff used in future. (As to whether people need to invest in it or not is debatable)
I think we probably will see crypto comeback very slowly. Its like the tech bubble.
The tech bubble took 17 years to recover.
I wouldn't be surprised if it takes as long. Problem is can't predict which crypto will be around at the time.
Cryptos always were tech snake oil, as both the tech and financial industry warned the public. For those who genuinely thought they were the future of currency, surely you’d invest in the technology, not buy the actual currency … especially not a currency some random unknown people were creating in their garages
$200 in XEM and $300 in IOTA.
I'm very conservative and check the trends every hour haha
Waiting for another IOTA dip before chucking another $1000 in.