Bitcoin Forum
December 14, 2017, 04:23:19 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: $20,000 in the bank, should I invest?  (Read 2427 times)
Headsaflame
Newbie
*
Offline Offline

Activity: 16


View Profile
March 19, 2013, 07:38:08 AM
 #1

I have over $20,000 just sitting in an account.  Would it be a good idea to invest some or all of it in bitcoin?  I'm looking for any way I can to stick it to the central banking system, and If I can make a few bucks by doing it, all the better.

1513268599
Hero Member
*
Offline Offline

Posts: 1513268599

View Profile Personal Message (Offline)

Ignore
1513268599
Reply with quote  #2

1513268599
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513268599
Hero Member
*
Offline Offline

Posts: 1513268599

View Profile Personal Message (Offline)

Ignore
1513268599
Reply with quote  #2

1513268599
Report to moderator
1513268599
Hero Member
*
Offline Offline

Posts: 1513268599

View Profile Personal Message (Offline)

Ignore
1513268599
Reply with quote  #2

1513268599
Report to moderator
TradeFortress
VIP
Legendary
*
Offline Offline

Activity: 910


View Profile
March 19, 2013, 07:39:57 AM
 #2

How much is losing $20,000 to you, and how much do you have in bitcoin right now?
bonker
Hero Member
*****
Offline Offline

Activity: 560



View Profile
March 19, 2013, 07:41:53 AM
 #3

I have over $20,000 just sitting in an account.  Would it be a good idea to invest some or all of it in bitcoin?  I'm looking for any way I can to stick it to the central banking system, and If I can make a few bucks by doing it, all the better.



I gots the same "problem" Im just buying mining rigs, basically so I can impress girls that I bring round.

Pies
Headsaflame
Newbie
*
Offline Offline

Activity: 16


View Profile
March 19, 2013, 07:44:52 AM
 #4

How much is losing $20,000 to you, and how much do you have in bitcoin right now?

I currently have no bitcoins, I just really started looking in to bitcoin a few days ago.

I'm not thinking $20,000 to start, but I'm willing to invest a chunk of it to see how it works out.  

It looks to me like I'm already a tad to late if I was in it for the most profit, but I'm still optimistic about where bitcoin's going.

I'm only 21 so $20,0000 is quite a bit in my mind, I'm working on changing that though lol
TomRado
Newbie
*
Offline Offline

Activity: 28


View Profile
March 19, 2013, 07:53:05 AM
 #5

Put some playmoney on MtGox or similar and check it out.
In your case I would advise to not stay in BTC for too long a time since the trading sites are not supporting stop loss orders. If you don't need any of the money in the future, of course you can risk it. However, if you feel like drawing a safety line, you have to watch the btc/usd course closely and hammer in your stop loss in case btc tanks manually.
Since the fees are based on a percentage of the traded volume, you can trade with small amounts without loosing too much in fees compared to a high roller, this is different in other market places where fees might be an absolute value per order.

18FoHvM5nfkTyiEC9ScxieMNedh7wwgrG2
the joint
Legendary
*
Offline Offline

Activity: 1806



View Profile
March 19, 2013, 07:53:31 AM
 #6

How much is losing $20,000 to you, and how much do you have in bitcoin right now?

I currently have no bitcoins, I just really started looking in to bitcoin a few days ago.

I'm not thinking $20,000 to start, but I'm willing to invest a chunk of it to see how it works out.  

It looks to me like I'm already a tad to late if I was in it for the most profit, but I'm still optimistic about where bitcoin's going.

I'm only 21 so $20,0000 is quite a bit in my mind, I'm working on changing that though lol

If I were you I'd take 2 grand and throw it into BTC.  That's 10%.  But, I'm not you.

In my opinion, Bitcoin has a long way to go before a person can be considered "a tad to
  • late."  There's a pretty popular idea around here that goes something like this: "In a few years, either Bitcoin will be worth thousands of dollars apiece, or they will be worth nothing."  I actually think this reasoning is quite sensible.

TradeFortress
VIP
Legendary
*
Offline Offline

Activity: 910


View Profile
March 19, 2013, 07:54:54 AM
 #7

I'm currently permabull on bitcoin. There's lots of people not going in because they thought that the greatest returns were already over, and it happened so many times - at $8, $10, $20, $30, $40, and you're the one saying it at $50 Smiley

Go in with the mindset that you have a chance to lose a significant portion of your investment.
TradeFortress
VIP
Legendary
*
Offline Offline

Activity: 910


View Profile
March 19, 2013, 07:55:24 AM
 #8

How much is losing $20,000 to you, and how much do you have in bitcoin right now?

I currently have no bitcoins, I just really started looking in to bitcoin a few days ago.

I'm not thinking $20,000 to start, but I'm willing to invest a chunk of it to see how it works out.  

It looks to me like I'm already a tad to late if I was in it for the most profit, but I'm still optimistic about where bitcoin's going.

I'm only 21 so $20,0000 is quite a bit in my mind, I'm working on changing that though lol

If I were you I'd take 2 grand and throw it into BTC.  That's 10%.  But, I'm not you.

In my opinion, Bitcoin has a long way to go before a person can be considered "a tad to
  • late."  There's a pretty popular idea around here that goes something like this: "In a few years, either Bitcoin will be worth thousands of dollars apiece, or they will be worth nothing."  I actually think this reasoning is quite sensible.
I believe that quote was from Satoshi but about the transaction volume.
Headsaflame
Newbie
*
Offline Offline

Activity: 16


View Profile
March 19, 2013, 07:59:19 AM
 #9

I think around $2,000 sounds like a reasonable investment to start with. I've made an account with https://mtgox.com/, is there a better way to buy coins to start?

Also if there's any required reading on bitcoins that I don't know about, please share your wisdom anyone!
alcibiades
Jr. Member
*
Offline Offline

Activity: 39



View Profile
March 19, 2013, 08:01:06 AM
 #10

I don't know, but I am feeling silly for paying down some 20% APR short-term credit last month instead of buying more bitcoin!

crack money: 1BFzpDHT69SrwLXndVogGgoSf5W4A8TMVS
Headsaflame
Newbie
*
Offline Offline

Activity: 16


View Profile
March 19, 2013, 08:08:12 AM
 #11

If anyone would like to check it out, I started putting together an updated design for bitcoin:
https://forrst.com/posts/Rebranding_of_Bitcoin-Ft5

I feel we need to have a more modern look to help put us on the same playing field as the likes of Paypal.
the joint
Legendary
*
Offline Offline

Activity: 1806



View Profile
March 19, 2013, 08:09:15 AM
 #12

I think around $2,000 sounds like a reasonable investment to start with. I've made an account with https://mtgox.com/, is there a better way to buy coins to start?

Also if there's any required reading on bitcoins that I don't know about, please share your wisdom anyone!

If you're going to invest any significant amount of money, familiarize yourself with Bitcoin security and learn how to keep your bitcoins safe, make sure you know exactly how to move your funds from place to place, familiarize yourself with the practices of any exchanges you intend to use and with the challenges you might encounter (e.g. identity verification, etc.), and familiarize yourself with how the Bitcoin protocol actually works.

TradeFortress
VIP
Legendary
*
Offline Offline

Activity: 910


View Profile
March 19, 2013, 08:18:47 AM
 #13

I think around $2,000 sounds like a reasonable investment to start with. I've made an account with https://mtgox.com/, is there a better way to buy coins to start?

Also if there's any required reading on bitcoins that I don't know about, please share your wisdom anyone!

If you're going to invest any significant amount of money, familiarize yourself with Bitcoin security and learn how to keep your bitcoins safe, make sure you know exactly how to move your funds from place to place, familiarize yourself with the practices of any exchanges you intend to use and with the challenges you might encounter (e.g. identity verification, etc.), and familiarize yourself with how the Bitcoin protocol actually works.
Don't ignore this advice Smiley

JordanL
Donator
Sr. Member
*
Offline Offline

Activity: 294



View Profile
March 19, 2013, 08:19:04 AM
 #14

I think around $2,000 sounds like a reasonable investment to start with. I've made an account with https://mtgox.com/, is there a better way to buy coins to start?

Also if there's any required reading on bitcoins that I don't know about, please share your wisdom anyone!


What country are you in? mtgox are good, but there are some better localized exchanges. If you're in the USA, I'd say mtgox is your best bet.



If you're going to invest any significant amount of money, familiarize yourself with Bitcoin security and learn how to keep your bitcoins safe, make sure you know exactly how to move your funds from place to place, familiarize yourself with the practices of any exchanges you intend to use and with the challenges you might encounter (e.g. identity verification, etc.), and familiarize yourself with how the Bitcoin protocol actually works.

This. Store your coins in a couple paper wallets, if you don't have a computer you will keep offline forever to use as a cold wallet. Getting familiar with security should be your first priority, by far.
JordanL
Donator
Sr. Member
*
Offline Offline

Activity: 294



View Profile
March 19, 2013, 08:21:07 AM
 #15

If anyone would like to check it out, I started putting together an updated design for bitcoin:
https://forrst.com/posts/Rebranding_of_Bitcoin-Ft5

I feel we need to have a more modern look to help put us on the same playing field as the likes of Paypal.


I wouldn't count on people adapting to your new design, the original was chosen by consensus and is likely to remain in place.
TradeFortress
VIP
Legendary
*
Offline Offline

Activity: 910


View Profile
March 19, 2013, 08:45:25 AM
 #16

If anyone would like to check it out, I started putting together an updated design for bitcoin:
https://forrst.com/posts/Rebranding_of_Bitcoin-Ft5

I feel we need to have a more modern look to help put us on the same playing field as the likes of Paypal.


I wouldn't count on people adapting to your new design, the original was chosen by consensus and is likely to remain in place.
But there's no stopping someone from running, say, "whyusebitcoins.org" or "learnbitcoins.org". A decentralized currency needs multiple, unofficial, websites.
JordanL
Donator
Sr. Member
*
Offline Offline

Activity: 294



View Profile
March 19, 2013, 08:55:14 AM
 #17

If anyone would like to check it out, I started putting together an updated design for bitcoin:
https://forrst.com/posts/Rebranding_of_Bitcoin-Ft5

I feel we need to have a more modern look to help put us on the same playing field as the likes of Paypal.


I wouldn't count on people adapting to your new design, the original was chosen by consensus and is likely to remain in place.
But there's no stopping someone from running, say, "whyusebitcoins.org" or "learnbitcoins.org". A decentralized currency needs multiple, unofficial, websites.


I totally agree.
Krabby
Sr. Member
****
Offline Offline

Activity: 364



View Profile
March 19, 2013, 09:00:20 AM
 #18

I'm also thinking of investing $1800.
Primarily so that I have enough for when Batch 3# of Avalon's come out but I'm also interested in potential profits.

My worry is transfer times, I'm not sure of the danger if the market started to crash and I needed to bail out.

JordanL
Donator
Sr. Member
*
Offline Offline

Activity: 294



View Profile
March 19, 2013, 10:48:51 AM
 #19

I'm also thinking of investing $1800.
Primarily so that I have enough for when Batch 3# of Avalon's come out but I'm also interested in potential profits.

My worry is transfer times, I'm not sure of the danger if the market started to crash and I needed to bail out.

The last thing you want to do it sell while the market is crashing.   Wink

You could store your coins in your MTGOX wallet, although that is not as safe as a cold/paper wallet. However, for $30 you can get an MTGOX yubikey, which is a pretty solid form of two factor authentication.

FYI it only takes ~ an hour for a transfer to get enough confirmations to appear in your MTGOX account.
Gab1159
Member
**
Offline Offline

Activity: 75


View Profile
March 19, 2013, 10:49:27 AM
 #20

You can set trigger orders to prevent from loosing it all if it crashes. Set it at the value you want, and when it reaches "at or below" the value you have chosen, your bitcoins will sell automatically without the need to be in front of your computer and you will be able to "secure" your funds until the bitcoin economy stabilizes.

Honestly though, I don't see it crashing yet. All the news that is coming in is very good and promising for the future!
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!