I've made 600k in Crypto - When to call it quits

[bitgolden]

Diversify some of it into stocks, gold, property or other types of assets.

Yes, diversify it and just don’t put it in the old fashioned stocks and gold. You can buy some property which will give you better result after some time and later on you can get the profit from that as well. And as compared to stocks, I think the crypto currency is better than the stocks and will give you much more returns than them. Also you can diversify it into different altcoins and not just bitcoin, but do remember that the volatility is much higher in the altcoins. Make up your mind and spend or invest it wisely.

The one who have made this much amount of money can definitely invest that money which he has earned through this investment at some other place but the thing is there is no point of quitting and that too at time, when you are doing exceptionally well while investing your money into it. You actually need to keep on working hard in the very similar manner and that will surely bring more money for you.

[redsun114]

if we begin the bitcoin games earlier,  it is easy to earn some much ! But now it's not!

I don’t really think so that making of this much of money is hardly a big deal for anyone who is having some good amount of money for sake of investing that money into the crypto world and other than this, if he has some good amount of knowledge regarding the things which can then help him in deciding the things in the best possible way. You don’t need to quit this if you are doing this much well.

[Biggapp]

if we begin the bitcoin games earlier,  it is easy to earn some much ! But now it's not!

I don’t really think so that making of this much of money is hardly a big deal for anyone who is having some good amount of money for sake of investing that money into the crypto world and other than this, if he has some good amount of knowledge regarding the things which can then help him in deciding the things in the best possible way. You don’t need to quit this if you are doing this much well.

There is still no doubt that bitcoin has given the chance to make thousands of people millionaire and let them go after their dream projects, but question is that is it still possible because earlier the price of the bitcoin wasn’t that much and those who invested before January 2017 really made the huge amount without even getting involved in any kind of trading? The answer certainly is NO because at this time you have to be an expert in trading to get this much huge amount of profit.

[cryptolottocc]

I invest in XPR and STR.

I believe in the next month it will give up to 30-40% profit

[Viriatu]

Also - your friends are financial idiots - I can tell that by what you said about them. If they are telling you to buy a house, a car and "live a nice lifestyle" - they don't have money and don't know how much capital it really takes to "live a nice lifestyle." You can't do that on your returns safely until you hit low 8 figures (which you can at your age with your nest egg) net worth.

Do not buy a house - buy a multiunit building - live in one unit, rent the rest. Thereby you both get a great cash producing investment and you also eliminate your housing expense completely - accelerating the race to more wealth.

sound advice! i did something similar plus i dont pay bathing or anything and lots of other ways to cut corners main concern is turning some of that into cash i am sad i cashed in early on BTC but i dont think at the time being sick i could have managed without selling, so for the OP dont stress yourself after this point in the same manner... its a value that is all in one place with few options, the banks in some countries can even deny to receive a transfer and so on so start working smarter to make some of that in you bank profile lots of ways you can do this depending on the counrty your in i think....

[Zadicar]

if we begin the bitcoin games earlier,  it is easy to earn some much ! But now it's not!

I don’t really think so that making of this much of money is hardly a big deal for anyone who is having some good amount of money for sake of investing that money into the crypto world and other than this, if he has some good amount of knowledge regarding the things which can then help him in deciding the things in the best possible way. You don’t need to quit this if you are doing this much well.

There is still no doubt that bitcoin has given the chance to make thousands of people millionaire and let them go after their dream projects, but question is that is it still possible because earlier the price of the bitcoin wasn’t that much and those who invested before January 2017 really made the huge amount without even getting involved in any kind of trading? The answer certainly is NO because at this time you have to be an expert in trading to get this much huge amount of profit.

Making out potential profits would be entirely different just like before when it was still very on low price when we do talk about bitcoins potential income or price volatility difference.It wont really turns out to be the same opportunity for you to make money since it has already do have a high price it can make you money but only on smaller scale.This is why most traders do end up on trying out altcoins instead on hoping on hitting up that making yourself a millionaire.

[neonshium]

Holy sh*t! Dude you mind giving a more better explanation to this? Do you mean 600k dollars, euros or what? Mehn… you must have made a lot of money in this, what the… I haven’t even gotten up to 100k dollars in this. Well, from the way things are actually working out for me, I expect to hit a huge profit soon. But I don’t think you should call it a quit yet, but be careful on how you invest so you don’t lose what you have gained.

[SchiefelbeinBTC]

That is a good chunk of amount and you can buy something useful from it.

[contentboxuser]

So, I am fortunate enough to make 600k from buying and trading Bitcoin and other crypto assets, and I don't know what to do with the money. Personally I think this is the year I will become a millionaire, as I can only see the market cap of all coins growing.

[.....]

This is not based on greed btw, I want to make enough money so I can buy my siblings houses and see them mortgage free.

What would you do if you were me? When do we call it a day and give up trading?

Many thanks for your help in advance.

Are you saying you've never taken profit to USD? You've been actively trading altcoins.... what is your tax situation? How do you plan to deal with the capital gains?

Raiblocks has already seen phenomenal growth. Sure, another double is possible, but the idea of not taking some profit off the table seems certifiably insane to me.

Your portfolio is not well-diversified. I would stop thinking about buying people houses and start thinking about better diversification and overall exit plan. You especially need to craft a tax plan that considers short term vs. long term gains and maximizes the capital you can reinvest. Remember, none of this is real until you have some of that USD value stashed in real bank accounts. It's prudent to put some gains away for taxes and a few years of living expenses, while reinvesting profits from your remaining capital investments.

Very good advice!

[nl247]

That is a good chunk of amount and you can buy something useful from it.

A good chunk it is indeed. For someone to have made that much, I am sure he must have been dedicated enough to the community, invested in some ICOs in the past and HODL to have gotten to this stage. I am not sure the amount he started with but one thing for sure is that it is a whole lot of money not to know what to do with it.

Calling it quit depends on him, but I would not do that, when the cryptocurrency space is just about getting started for more action. Best I will do is to diversify to some projects in the real world, and keep getting loaded for the rest of my life. If he is smart, then he is made for life.

[Wolfwar]

That is a good chunk of amount and you can buy something useful from it.

A good chunk it is indeed. For someone to have made that much, I am sure he must have been dedicated enough to the community, invested in some ICOs in the past and HODL to have gotten to this stage. I am not sure the amount he started with but one thing for sure is that it is a whole lot of money not to know what to do with it.

Calling it quit depends on him, but I would not do that, when the cryptocurrency space is just about getting started for more action. Best I will do is to diversify to some projects in the real world, and keep getting loaded for the rest of my life. If he is smart, then he is made for life.

The fact is that you can not use the entire amount for your personal life, as well as for investment. It seems to me that it's right to have a reasonable approach to this and distribute your financial flows to investments, trade and to your personal life .

[argonresonates3]

Save some and send some on trading and other investments.

[daydreamer_]

Damn,it was a huge money,even my self still targeting earn 6k. But you have achieve 600k. Amazing,and people like you Will inspiring me to do better ini crypto. Btw i have bad experience on XRB..

[Arkham Knight]

It just proves that the earlier you get in crypto, the sooner you'll get your millions and I believe sir that you can still multiply that gains in multi-millions of dollars so just keep going.

[newwest]

That is a good chunk of amount and you can buy something useful from it.

Its a very big amount and definitely majority of the amount should be withdrawn and some of them should be invested back in the bitcoin and other crypto. You should make it a long term investment in many of the ICO which are in its pre ICO stage or ICO stage for better returns.

[el kaka22]

I invest in XPR and STR.

I believe in the next month it will give up to 30-40% profit

Good for you to have invested in a coin that is highly manipulated and I hope you actually understood that perfectly before investing. I am sure the OP by now should have even known better to not just invest in any project since he has been able to make a lot of money anyway over the course of the years.

There is no need for him to call it quit, as for someone like me, I will just do some additional offline businesses to spread the risk, invest in great upcoming project ICOs and then keep increasing the more. The money is never enough as long as you are a business man unless you feel it is too much for you to handle.

[BaraxLo]

That is a good chunk of amount and you can buy something useful from it.

This money really belongs to you and that it is all and all your choice to use that money in any possible manner you want to use but the thing is you really need not to quit this investment as this is indeed helping you in making you earn such a huge amount of money and that if you will keep on doing this in the next couple of years or so, you will be able to become millionaire one day.

[knowthyself]

Hi Guys

I've been in the crypto scene for many years now, first time post here over a dilemma I am facing.

So, I am fortunate enough to make 600k from buying and trading Bitcoin and other crypto assets, and I don't know what to do with the money. Personally I think this is the year I will become a millionaire, as I can only see the marketcap of all coins growing. But friends close to me think I am an idiot for not selling yet, and if it were to collapse to zero, I would never forgive myself. But they don't know the market like I do, and I do believe that it is only the beginning. They say I should sell 95% buy a house, a car and live a nice lifestyle. I am frugal, have always lived within my means and never spent any crypto money as of yet, but I am tempted to start spending some of it now. I am 26 years old, rent an apartment and drive a car worth less than most peoples pushbikes.

My portfolio currently looks like this....

43% Raiblocks
40% Oyster Pearl
5% Enigma
4%Dash
1.5% Bitcoin
and tiny holdings in Waves, Lisk, Stratis, Game.....

I think that both XRB and PRL can double easily this year.

This is not based on greed btw, I want to make enough money so I can buy my siblings houses and see them mortgage free.


What would you do if you were me? When do we call it a day and give up trading?

Many thanks for your help in advance.

Live life to the fullest, enjoy what you have right now! You can convert half of your Coins if your afraid that you will lose the opportunity when it rises again and make a local business with what you have earned. I think from time to time we need to reward ourselves for the achievement  that we have done. Good luck!

[cryptodreams]

……
I think you should keep holding……

[dunfida]

That is a good chunk of amount and you can buy something useful from it.

A good chunk it is indeed. For someone to have made that much, I am sure he must have been dedicated enough to the community, invested in some ICOs in the past and HODL to have gotten to this stage. I am not sure the amount he started with but one thing for sure is that it is a whole lot of money not to know what to do with it.

Calling it quit depends on him, but I would not do that, when the cryptocurrency space is just about getting started for more action. Best I will do is to diversify to some projects in the real world, and keep getting loaded for the rest of my life. If he is smart, then he is made for life.

Decisions would really vary into each person since we do have different mentality when it comes to things. This is really a hell lots of money which someone can able to build up business with that amount on physical world which is ideal on where you are securing out business rather than on losing it again into some investment that would potentially make.If you are wise then diversifying is always the best choice to maximize even more further profits in longer years to come in crypto.