libert19 (OP)
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December 17, 2023, 12:52:23 PM |
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I wrote this in my notes app when I became aware of ledger library exploit. All this writing was spontaneous, and you should definitely heed it.
Crypto is wild west. Scams/hacks, all the new ways to get compromised never ceases to amaze me. Yet, it remains one of fastest way to build one's portfolio, once you have made enough, secure it, diversify in real estate, gold, etc.
You could having million dollars worth crypto in your wallet and next moment, puff it's gone.
Thank you.
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Churchillvv
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December 17, 2023, 01:10:29 PM |
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I usually have such thought in mind head too, like how do I stay safe from this hacks when I get up to a high amount of assets in my wallet.
So diversification is required whether into a physical asset of virtual asset, my conclusion was hang around having different wallets and split this virtual assets into smaller pieces and move to different wallets to keep hackers eye off one big wallet with alot of cryptocurrencies in it.
I could also diversify into physical asset but taxes and other factors discouraged that decision.
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Coyster
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Crypto Casino and Sportsbook
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December 17, 2023, 02:41:10 PM |
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Yeah, crypto is pretty risky, and even riskier for people who do not know how to safely hodl their assets and the coins to buy, the thing is, quite a lot of people only think about the ROI they can make through crypto when they buy it, they do not care to think about how to ensure that they do not lose it. Of course it is bad to put 100% of your money into one asset/investment, if anything happens to that asset, you are going to lose everything.
Having said that, diversification should be in assets that are not intrinsically connected, if you buy Bitcoin, then buy gold and real estate, do not buy Bitcoin and then go ahead and buy only altcoins and think that you have diversified your assets.
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WillyAp
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December 17, 2023, 04:24:07 PM |
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You could having million dollars worth crypto in your wallet and next moment, puff it's gone.
The person having 1 million $ in crypto in one wallet has most likely more than one wallet plus some offline storages. Where do the people get the thought that hoarding all money in one place is safe?
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Beparanf
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December 17, 2023, 04:29:01 PM |
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You could having million dollars worth crypto in your wallet and next moment, puff it's gone.
The person having 1 million $ in crypto in one wallet has most likely more than one wallet plus some offline storages. Where do the people get the thought that hoarding all money in one place is safe? The existence of hardware wallet makes people think of that since it’s an air gapped. But yeah having multiple storage is better than single storage to have a room for error once shit happened. Diversifying investments to stocks and crypto works for me in a long time. I never all in on any investment with same market to avoid to exposure on same risk once the market collapse like in crypto. Not only hack and scammer are the enemy but the market crash can be as painful as being robbed.
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WillyAp
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December 17, 2023, 04:35:20 PM |
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Not only hack and scammer are the enemy but the market crash can be as painful as being robbed.
You could wake up tomorrow and find the world with an asteroid the size of Hawai landed in the pacific.
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electronicash
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December 17, 2023, 06:56:11 PM |
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i learned the lesson myself when i hold a token thinking it will have a high value the longer i hold it but it's not the case when it comes to altcoins. in a few days, the price could take a nosedive and you are left with zilch. in the bull market, an altcoin could pump its price to $80 each while in bear season its price could fall to $0.18, this is very true for the token i hold.
it feels like everyone is dumping the coin like there is no community willing to hold to show they support the project.
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nelson4lov
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December 17, 2023, 07:12:33 PM |
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Crypto is wild west. Scams/hacks, all the new ways to get compromised never ceases to amaze me. Yet, it remains one of fastest way to build one's portfolio, once you have made enough, secure it, diversify in real estate, gold, etc.
You could having million dollars worth crypto in your wallet and next moment, puff it's gone.
In light of all the recent exploits and vulnerabilities in crypto, it's a good advice. Diversification is a key topic for discussion and while a lot of bitcoin enthusiasts would frown at the idea, I really think it's a good one as the hacks that have happened in recent times were on chain and some times, offchain (eg: An attacker taking over the DNS of a website domain and routing users toa phished version). In some pf those cases, the user didn't need to do anything to get compromised (see mixin hack). The key is to stay in crypto. Many people join the bandwagon, get something good going and then lose it all.
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ajiz138
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December 17, 2023, 07:27:50 PM |
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I have been thinking about this because putting one basket is indeed very dangerous especially when the entire portfolio is in crypto all this as a red flag where when we realize it should not be done.
Diversifying into other assets is important, an investment advisor also advises like this where we should not put it all because it is too risky even if we keep it in a cold wallet it is still exploitation that is compromised there is always a loophole behind it, so by partially switching to gold or other property then it would be a good suggestion where our assets have been diversified not only in crypto or bitcoin all.
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| . .Duelbits. | │ | | │ | ▄▄█▄▄░░▄▄█▄▄░░▄▄█▄▄ ███░░░░███░░░░███ ▀░░░▀░░▀░░░▀░░▀░░░▀ ▄░░░░░░░░░░░░ ▀██████████ ░░░░░███░░░░▀ ░░█░░░███▄█░░░█ ░░██▌░░███░▀░░██▌ ░█░██░░███░░░█░██ ░█▀▀▀█▌░███░░█▀▀▀█▌ ▄█▄░░░██▄███▄█▄░░▄██▄ ▄███▄ ░░░░▀██▄▀ | . REGIONAL SPONSOR | | ███▀██▀███▀█▀▀▀▀██▀▀▀██ ██░▀░██░█░███░▀██░███▄█ █▄███▄██▄████▄████▄▄▄██ ██▀ ▀███▀▀░▀██▀▀▀██████ ███▄███░▄▀██████▀█▀█▀▀█ ████▀▀██▄▀█████▄█▀███▄█ ███▄▄▄████████▄█▄▀█████ ███▀▀▀████████████▄▀███ ███▄░▄█▀▀▀██████▀▀▀▄███ ███████▄██▄▌████▀▀█████ ▀██▄███▀██▄█▄▄▄██▄████▀ ▀▀██████████▄▄███▀▀ ▀▀▀▀█▀▀▀▀ | . EUROPEAN BETTING PARTNER | |
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Bitcoin_Arena
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฿itcoin for all, All for ฿itcoin.
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December 17, 2023, 08:34:32 PM |
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Especially shitcoins that can get attacked, “hacked” and disappear overnight. One should only rely on them short term, get profits and move on to the next one. I made this mistake during the 2017 ICO boom. I put a lot of trust in a number of tokens, thinking I would become a millionaire after another bull run. I was completely wrong. Most of those altcoins tanked and never recovered by the next bull run.
Indeed, diversification is one of the best strategies anywhere in the business and investment world.
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batang_bitcoin
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December 17, 2023, 08:53:34 PM |
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Those that know how to store their cryptos won't have any problem having an all-in portfolio with 100% crypto. But as we build ourselves also to become better investors, we have to diversify and scatter these profits that we make in crypto. I think that majority of us are also engaging with real estate especially those that have made larger profits last bull run and potentially planning to venture there for the next bull run. That's how it goes, we just circling around in investments and those that have started with crypto, you'll never forget where you started.
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Rent this sig space so that BTC goes to $100k.
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Silberman
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December 17, 2023, 09:03:20 PM |
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Crypto is wild west. Scams/hacks, all the new ways to get compromised never ceases to amaze me. Yet, it remains one of fastest way to build one's portfolio, once you have made enough, secure it, diversify in real estate, gold, etc.
You could having million dollars worth crypto in your wallet and next moment, puff it's gone.
In light of all the recent exploits and vulnerabilities in crypto, it's a good advice. Diversification is a key topic for discussion and while a lot of bitcoin enthusiasts would frown at the idea, I really think it's a good one as the hacks that have happened in recent times were on chain and some times, offchain (eg: An attacker taking over the DNS of a website domain and routing users toa phished version). In some pf those cases, the user didn't need to do anything to get compromised (see mixin hack). The key is to stay in crypto. Many people join the bandwagon, get something good going and then lose it all. What we are seeing is an overall loss of trust, since there does not seems to be a good way to store our coins as we can lose them even when we are not at fault due to the ingenuity of hackers, so I think it deserves attention to think about keeping some of our wealth in other assets that can also serve as a store of value, even if we may not be able to obtain as much profits with them, compared to the profits investing in this market could give us.
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goaldigger
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December 17, 2023, 09:27:52 PM |
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Diversification and reinvest your profit is always a good idea, we should practice this more often. Crypto is not the only place where we can make profit and yes it is not always safe and not always about profit. If you are able to earn a significant amount make sure you invest as well in stocks, real property and of course save some for your retirement. Crypto opens a lot of good opportunity but then again, securing your profit is always advisable.
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Mate2237
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December 17, 2023, 09:35:28 PM |
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Really when one has acquired enough Bitcoin in the investment process they have to diversify the investment to other coins and if possible invest in physical projects which can make them acquire more properties and assets. I don't think the millions of dollars you have I'm your cryptocurrency wallet will just disappear like that unless you were careless with your wallet. When you have such huge amount as coins then you have to tighten your wallet security. Though there are will be time the cryptocurrency market would turn to red as bear market and even as that you won't loss the money if your well protected and all want you have to do is to be patient for another bul time to come.
In the investment of Bitcoin no money has lost but impatient make people to loss out.
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sunsilk
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December 17, 2023, 10:21:33 PM |
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once you have made enough, secure it, diversify in real estate, gold, etc.
I agree and thanks for the reminder. I've got some plans already and I'll diversify my profits with this coming bull run, maybe some in real estate if I can afford it and will some small business for which I think will work for me. Everyone who's in here should also know the other investments because with crypto, while we all know that it is here to stay. You may want to diversify and explore into something new. It's like a back up investment and asset that you may seem to want, gold? Not for me but who knows in the future if many of us from here will get on it because before we can't afford.
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_BlackStar
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"Crypto Casino and Sportsbook"
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December 17, 2023, 11:08:01 PM |
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Diversification of assets is recommended - but consider it very wisely. You shouldn't force diversification if you don't really do the analysis - even if you believe altcoins in the top 10 market caps are good. I'm considering diversifying into some altcoin - but will probably consider some other options like gold, land, or some kind of real estate as well once I get some returns.
What you need to know is; Investment instruments are not only bitcoin or altcoins – this means that several other instruments are also worth considering. The goal is not just to make a profit – but to have more than one or two sources of income. But right now it's a good idea to stay focused on crypto - you need to exploit this opportunity wisely.
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yazher
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December 17, 2023, 11:22:21 PM |
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Diversify is one of the means to secure it because you won't gonna be making it easy for the hackers or whoever wants to get it from you in one container, instead, you are scattering it to be safe and this also requires proper knowledge because you also need to have a good brain to preserve your wallet and keys at the right place. nevertheless, people should be careful and wise when it comes to their investment, not only choosing the right altcoins but also knowing how to safely secure their crypto assets once they have them.
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btc78
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December 17, 2023, 11:44:09 PM |
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once you have made enough, secure it, diversify in real estate, gold, etc.
this is all our end goal i always worry now that i am carrying my phone which holds bitcoin around i think i have become more aware and careful of visiting links and downloading files in my phone or my phone’s system right now i have not made enough profit that i have no choice but to let it be in bitcoin but once i get my targeted price i will be sure to take it and split it into different assets
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Taskford
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December 17, 2023, 11:58:08 PM |
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I wrote this in my notes app when I became aware of ledger library exploit. All this writing was spontaneous, and you should definitely heed it.
Crypto is wild west. Scams/hacks, all the new ways to get compromised never ceases to amaze me. Yet, it remains one of fastest way to build one's portfolio, once you have made enough, secure it, diversify in real estate, gold, etc.
You could having million dollars worth crypto in your wallet and next moment, puff it's gone.
Thank you.
Normal for us to take precaution on everything on crypto since there's a lot of negative possibilities happening here that's why its really advisable if we don't store a millions worth of asset especially if we are dealing any platform which keys is not under our control since hacking is huge chance to happen. If keys is under our control still its fine but the second issue is the volatility that's why we need to choose which coin we are going to hold so that instead getting worries about it can turn into positive since we could have huge chance to gain especially if the price of the coin we hold experiencing a bull run condition. overall it still matter how we secure our asset and we need to be aware then more careful about this issue.
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| . .Duelbits. | │ | | │ | ▄▄█▄▄░░▄▄█▄▄░░▄▄█▄▄ ███░░░░███░░░░███ ▀░░░▀░░▀░░░▀░░▀░░░▀ ▄░░░░░░░░░░░░ ▀██████████ ░░░░░███░░░░▀ ░░█░░░███▄█░░░█ ░░██▌░░███░▀░░██▌ ░█░██░░███░░░█░██ ░█▀▀▀█▌░███░░█▀▀▀█▌ ▄█▄░░░██▄███▄█▄░░▄██▄ ▄███▄ ░░░░▀██▄▀ | . REGIONAL SPONSOR | | ███▀██▀███▀█▀▀▀▀██▀▀▀██ ██░▀░██░█░███░▀██░███▄█ █▄███▄██▄████▄████▄▄▄██ ██▀ ▀███▀▀░▀██▀▀▀██████ ███▄███░▄▀██████▀█▀█▀▀█ ████▀▀██▄▀█████▄█▀███▄█ ███▄▄▄████████▄█▄▀█████ ███▀▀▀████████████▄▀███ ███▄░▄█▀▀▀██████▀▀▀▄███ ███████▄██▄▌████▀▀█████ ▀██▄███▀██▄█▄▄▄██▄████▀ ▀▀██████████▄▄███▀▀ ▀▀▀▀█▀▀▀▀ | . EUROPEAN BETTING PARTNER | |
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Samlucky O
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December 18, 2023, 12:37:06 AM |
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I could also diversify into physical asset but taxes and other factors discouraged that decision.
I don't really thing tax can make someone not to diversify his /her potfolio because there are many physical asset that doesn't require tax. For example adventuring into livestock management. Like fish farming and poultry farming etc
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