ScotiaInvest (OP)
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September 10, 2017, 11:16:25 PM |
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Hi All
Just joined the forum, what a wealth of information! My first question is relatively straightforward in its asking, although I appreciate the answer might be anything but!
I'm more interested in playing the long game with any investment I make, 'long game' meaning investing now and seeing where my investments are at when we get to 2022. If I'm being honest, my interest isn't really in making multiple smaller investments and buying/selling as I go. I'd rather make what, to me, are more significant investments and as I say play the long game. Note if I lost all of this investment I would survive i.e. I'm not going beyond what I can afford to lose.
Here's what I'm thinking:
1. Invest in 1 x Bitcoin.
2. Invest in 10 x Ethereum.
3. Attempt to resist the temptation to sell between now and 2022 unless either/both increase very significantly in the interim.
4. Assess the situation come 2022 and, if either/both are going to bring me a significant return, sell.
I'm making a LOT of assumptions re: the intervening years I know. Been reading lots of interesting articles about the way cryptocurrencies could go over coming years so yes, anything between now and 2022 can obviously happen.
However, given none of us truly know what the future holds, do you think my proposed approach is reasonable or foolhardy?
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mk4
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Paldo.io 🤖
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September 11, 2017, 12:49:01 AM |
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Your plan is very good and reasonable in my opinion, and I like how you only went only for Bitcoin and Ethereum because these 2 are like the top 2 cryptocurrencies at the moment while leaving out the new cryptocurrencies(possibly shitcoins).
Your problem here is with the temptation to not sell(like you've said). Maybe it's easy to say right now that you wont sell, but you might easily change your mind if lets say.. ethereum and bitcoin quadrupled in price, or maybe something like a new coin gets your interest and you're tempted to go all in on that certain coin. I'd say go ahead with your plan. Just do your best on just holding it.
P.S. I'd invest in a Ledger Nano S or a Trezor if I were you.
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aer0
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September 11, 2017, 02:40:42 AM |
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In that scenario you've made a bet on 2 top technologies in the space. While that's one way, it might be a useful thought experiment to take a look back at the Dot com bubble, and ask your self how would you have invested then. Blockchain has many similarities to that time - a new, not well understood technology - that everyone knows is going to be big, but not sure which tech will be big.
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Cryptomover
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September 11, 2017, 03:37:12 AM |
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It's generally safe to just invest in the top 2 currencies, Bitcoin and Ethereum. However, if you resist selling at any moment, there can be a risk: you don't know what will happen in the future: the price might crash to the bottom, or some new technologies might be replacing those 2 coins. Therefore, I think a better strategy would be slowly selling a portion of your position when the price rises so that whenever something bad happens, you have already cashed out part of your positions and be safe.
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Indighost
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September 11, 2017, 02:42:11 PM |
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small change in your plan
1. Invest as much as you can in BTC
2. Invest as much as you can in ETH
3. Never sell
Your children's children children will never have to work
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ikilledcobain
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September 11, 2017, 03:33:04 PM |
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I don't think it's a bad approach, per se, but I'd really lock down the specifics.
You should have a number in mind that you'd like to hit. Instead of ' unless either/both increase very significantly in the interim' - have a percent increase you'd like to see or a number in mind.
The same idea is true for when you hit 2022. If you don't have a goal ahead of time, you'll just be second guessing yourself later.
And, if you can, I'd keep holding past 2022 - maybe then you could take some profits and diversify, but I wouldn't take it all out if it's given you a really good return.
Just my two cents.
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ScotiaInvest (OP)
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September 11, 2017, 08:05:31 PM |
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Thanks all for the thoughts and advice. Yeah I reckon, rightly or wrongly, I'll be sticking with BTC and ETH, at least for now! I'll keep you posted on my journey, now to do some more research re: the buying process etc etc etc  |
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Lumining
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September 11, 2017, 08:58:38 PM |
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small change in your plan
1. Invest as much as you can in BTC
2. Invest as much as you can in ETH
3. Never sell
Your children's children children will never have to work
I share the same opinion, Hold as much as you can. Buy 1 ETH for your grandson and keep as much BTC and ETH ass you can. Just spread your investment 50/50 on both coins and you will not be deceived by the future! |
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