libert19 (OP)
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December 18, 2023, 12:48:35 AM |
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Where do the people get the thought that hoarding all money in one place is safe?
Having lack of knowledge may make one do that. 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.
I know that feel. You don't know how much money I have given up by holding alts for long time. 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.
I did precisely same thing. Those that know how to store their cryptos won't have any problem having an all-in portfolio with 100% crypto.
Even if you know how to secure it, it's better to diversify and minimize risk exposure to one asset class.
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LogitechMouse
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December 18, 2023, 06:57:14 AM |
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Re: Secure your crypto wealth by not having it all in crypto It's self-explanatory. In short, just diversify. When I say you need to diversify, I mean don't diversify it into a single asset like cryptocurrency but instead, diversify into different asset classes Stocks, Bonds, Real Estate, Commodities like Gold, Silver, etc. I mean there are many asset classes out there for us to choose from. With this kind of strategy, you lessen your risk of losing your money. Many users here think that when you invest in Bitcoin and other altcoins, they think they're already diversifying. Well, you are diversifying since you invested in different coins, but the risk is still the same since we know how volatile the crypto market is. Investing in different asset classes lowers the risk. I've been in crypto for years already (though I'm not an expert still), but I've seen numerous hacks that happened yearly already, and these events made me realize that I don't need to put all of my money into crypto, but I need to invest into lesser risky assets as well like the Index Funds, other Stocks, and Bonds. What OP said was true, and I hope many will not go all-in on crypto like what others are doing.
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Natalim
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December 18, 2023, 11:39:56 AM |
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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.
Indeed, we can't ignore the risk and possibly losing our money in an instant. A good suggestion is not to put everything on crypto alone but also to consider buying real stocks like gold, land, etc. Because crypto investment is prone to hacking and usually targets wallets that hold a lot of money. However, we can prevent this from happening by using different wallets and spreading funds to multiple wallet addresses but yes, the risk of losing is too high. I'm not sure if this is a good idea but what I did is that when I got enough profit I withdrew my capital and left my profit to continue investing in crypto.
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batang_bitcoin
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December 18, 2023, 12:03:41 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.
Even if you know how to secure it, it's better to diversify and minimize risk exposure to one asset class. Yes, but if it's about storing our crypto safely. We know how to do it and I also advise to diversify because it's best to get more exposure from different investments and assets that we may have. That's a good strategy for you to grow on yourself and get a better portfolio aside from the crypto portfolio that you're building up. But again, if someone is confident and fine with having 100% of crypto on his portfolio, that's also fine.
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Rent this sig space so that BTC goes to $100k.
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jrrsparkles
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December 18, 2023, 04:42:07 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.
It's an interesting perspective and its true though, digital assets are prone to hacks and this is a technological era and people are always looking for ways to exploit bank accounts, crypto wallets, credit cards, etc so it is always important to keep a certain percentage of your portfolio in the traditional assets and for the best physical assets like gold and real estate over stocks.
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| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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AnonBitCoiner
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December 18, 2023, 04:47:37 PM |
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One should not save his whole amount in a single location no matter it is with Fiat currency or cryptocurrency. There are many solution to avoid scammers or hackers one of which is to save your cash or coins in more than one wallet. If you are choosing a single wallet and save all amount in a single wallet then it means that you are deposting your money unprotected.
Beside a wallet a person should also select different coin because if one can get shorter in worth then whole money will not be unprotected but you will have surely another source of coin to get the reward and return your loss amount. Other way is to broaden your money in different businesses like crypto as well as another business which is not based on cryptocurrency because crypto is volatile but your other business can make you able to earn more than that amount about which you are worried in crypto due to Volatility.
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| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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TelolettOm
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December 18, 2023, 04:57:30 PM |
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.. You could having million dollars worth crypto in your wallet and next moment, puff it's gone. ..
Can't deny, this is so true. We are all very familiar with the big risks of investing in crypto, no one guarantees that it is safe, and no security is 100%. Of course there will be a risk of something that we really don't want, whether it's because of being scammed, phishing links, losing access to wallet, wallet being hacked, losing private key/seed phrase, rugpull, and so on. Yes, this is part of the risk of crypto investment itself. And we must have an understanding and readiness for this. So, by preparing ourselves in this matter, we can try to play as safely as possible. To not reveal our privacy and continue to protect our secrets. and not to be too trusting with someone who has access to your wallet, or to avoid various scam concepts which are actually very tempting because of the huge rewards. And this requires knowledge, insight and experience which will definitely not be easy. At least, this will help us to reduce or manage this risk.
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MFahad
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December 18, 2023, 05:30:27 PM |
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Real business is also necessary with online crypto. crypto scamming is increasing and security has been broken many times from the last year but i think 2023 proved worst of them. Holding all fund in one source is not a good strategy which could anytime become zero. i like your idea of diversification. Gold,land and other precious metal are good for investment but the most better investment is to invest in business which will gives you daily profit better than just holding.
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| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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Coyster
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Crypto Casino and Sportsbook
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December 18, 2023, 06:19:02 PM |
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Beside a wallet a person should also select different coin because if one can get shorter in worth then whole money will not be unprotected but you will have surely another source of coin to get the reward and return your loss amount.
I don't think diversifying your money into different cryptocurrencies is actually a good idea, cryptocurrencies are intrinsically connected and they move together, when Bitcoin rises, altcoins rise too, and when it falls, they fall. Thus if you wanna diversify, the smartest thing to do is to buy Bitcoin and different assets, like gold, or you could prolly start a business, buying too many cryptocurrencies isn't really diversification imo.
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justdimin
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December 19, 2023, 12:11:03 PM |
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Real business is also necessary with online crypto. crypto scamming is increasing and security has been broken many times from the last year but i think 2023 proved worst of them. Holding all fund in one source is not a good strategy which could anytime become zero. i like your idea of diversification. Gold,land and other precious metal are good for investment but the most better investment is to invest in business which will gives you daily profit better than just holding.
The online world is booming, so to have a business here is an advantage. We can integrate crypto along with other payment methods, to be able to reach out more customers and give them convenience. Together with the growth of cryptos, are the scams. It sucks, but with a proper knowledge, we can be able to combat them. Scammers/hackers are smart to break securities but devs are still doing their best to fixed and improved it. Diversification has a benefit but it also gives us more responsibility. I think this is the reason why there are people who just prefer to go all-in. It doesn't mean that they are not trying hard on protecting their possessions. A business might be a kind of investment. It has an advantage but it's riskier than the other.
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Yogee
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December 19, 2023, 02:11:56 PM |
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[....]I could also diversify into physical asset but taxes and other factors discouraged that decision.
I personally think you'll still get some tax benefits from investing in physical or hard assets like real estate but better ask someone who knows how taxation works in your country. Policies differ. [...] Diversification has a benefit but it also gives us more responsibility. I think this is the reason why there are people who just prefer to go all-in.
It's still a good problem to have. Taking on more responsibility from managing various investments and business can build you up to become better at increasing wealth.
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Hewlet
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December 19, 2023, 02:32:51 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.
true, i goes to support the saying that one shouldn't put all his eggs in one basket. It's damn risky and could send you to your early grave. If you have accumulated a reasonable amount of crypto asset, it's only reasonable to out some portion of it into some other things since securing your crypto funds isn't 100% guaranteed to be safe.
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Mpamaegbu
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Once a man, twice a child!
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December 19, 2023, 03:02:10 PM |
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Crypto is wild west. Scams/hacks, all the new ways to get compromised never ceases to amaze me.
Scam and hacks don't only affect cryptos. They affect every aspect of investment, provided there's money to be made there. It's just that crypto scam and hacks are more prevalent and reported in bull seasons than in the bear moment. ...once you have made enough, secure it, diversify in real estate, gold, etc.
I don't think that advice is ripe at this time. Now is a good time to concentrate on crypto investment. Maybe after the bull rally, investors can look in the direction of what you mentioned. You could having million dollars worth crypto in your wallet and next moment, puff it's gone.
Yes, hacks happen but in most cases it's with the connivance of the victims who are likely to ignorantly give out vital information leading to the vulnerability of their wallets. For instance, we shouldn't be clicking on every link or extensions we get sent to. If one must get involved in airdrops, one should get a burner wallet for it. Don't expose any wallet you've a substantial amount of coins in by using it for airdrop.
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Before you boast of your material acquisition, take a stroll to a morgue and there you will find those who were once better than you're. Only fools think they've it all. Stay humble 🤔
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Essential10
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December 19, 2023, 04:18:58 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.
If a large amount of assets are stored on a platform where there is no control over the keys, it certainly increases the risk of hacking. Even if the keys have their own regulation, market volatility can cause significant fluctuations in the asset's value. Diversification of investments can be a good and safe strategy to reduce risk and increase potential returns. Spreading money across different types of investments such as stocks, bonds, real estate and other assets can reduce the impact of a downturn in any sector. This can help protect savings from significant losses and create a more stable long-term financial plan. However, care must be taken to conserve resources.
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MFahad
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December 19, 2023, 04:32:20 PM |
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Crypto is wild west. Scams/hacks, all the new ways to get compromised never ceases to amaze me.
Scam and hacks don't only affect cryptos. They affect every aspect of investment, provided there's money to be made there. It's just that crypto scam and hacks are more prevalent and reported in bull seasons than in the bear moment. I agree but crypto scam is more worst as we cannot identify a person, wallet and no way to reverse or freezing hacker account while in other investment the chance of recovery is also available. I don't think that advice is ripe at this time. Now is a good time to concentrate on crypto investment. Maybe after the bull rally, investors can look in the direction of what you mentioned. you means that we investment in only crypto despite of daily hacking and draining of wallet ? why not adopt a safety strategy by divide investment in all precious metal. Yes, hacks happen but in most cases it's with the connivance of the victims who are likely to ignorantly give out vital information leading to the vulnerability of their wallets. For instance, we shouldn't be clicking on every link or extensions we get sent to. If one must get involved in airdrops, one should get a burner wallet for it. Don't expose any wallet you've a substantial amount of coins in by using it for airdrop.
These are old ways and most common crypto hacking issues which is easy for intermediate level crypto users having some knowledge of crypto and safety. The most dangerous thing which should be think is what OP bring up in the first post which is ledge hacking, contract compromised or any other which causes thousand of people hacking without knowing it.
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EarnOnVictor
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December 19, 2023, 05:05:46 PM |
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You are so wise in this write-up, it's little but dully passed the message. I hope that people can be so wise to consider it. This is also what I just discussed in one of my last posts, it is not always about crypto, what about its safety and reliability? Even if crypto did not disappoint you, what about the heists that are possible in it? And as we know all internet users are susceptible to it. All of us must be smart and not only be thinking of the money alone, we have to think about what can really happen in the nearest or farther future that many may never foresaw. This is why it's good that we plan ahead, we should ensure that we diversify and be wise, but this time, it mustn't be online again, it should be physical properties like land, and houses, buying businesses also is good, and much more.
But if we must invest further in online dealings, we should ensure that they are not such that are self-custodial to avoid being careless about or doing it for the sake of letting another party take responsibility for it. An example of this is buying shares/stores and ETFs. With them, you can still continue to partipate in the liquidity investments online but with a reduced risk.
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AakZaki
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December 19, 2023, 05:28:29 PM |
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Yes, but if it's about storing our crypto safely. We know how to do it and I also advise to diversify because it's best to get more exposure from different investments and assets that we may have. That's a good strategy for you to grow on yourself and get a better portfolio aside from the crypto portfolio that you're building up. But again, if someone is confident and fine with having 100% of crypto on his portfolio, that's also fine.
Of course, 100% of your crypto portfolio must be in crypto that has a good and clear future, don't just choose crypto coins that are unclear and have no guarantee whatsoever for future development. examples such as bitcoin which is the main asset, ETH for the king of altcoins and several altcoins such as SOL, BNB and LTC. it can provide significant upside when the bulls arrive. don't just buy obscure memecoins or shitcoins. Indeed, if you buy shitcoin correctly, it will provide fantastic profits, but if you buy it wrong it will be a 100% loss.
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tygeade
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December 19, 2023, 06:06:26 PM |
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You are so wise in this write-up, it's little but dully passed the message. I hope that people can be so wise to consider it. This is also what I just discussed in one of my last posts, it is not always about crypto, what about its safety and reliability? Even if crypto did not disappoint you, what about the heists that are possible in it? And as we know all internet users are susceptible to it. All of us must be smart and not only be thinking of the money alone, we have to think about what can really happen in the nearest or farther future that many may never foresaw. This is why it's good that we plan ahead, we should ensure that we diversify and be wise, but this time, it mustn't be online again, it should be physical properties like land, and houses, buying businesses also is good, and much more.
But if we must invest further in online dealings, we should ensure that they are not such that are self-custodial to avoid being careless about or doing it for the sake of letting another party take responsibility for it. An example of this is buying shares/stores and ETFs. With them, you can still continue to partipate in the liquidity investments online but with a reduced risk.
I think there are a lot of situations where it is not going to be all that crazy, we need to reconsider it all and we need to make sure that it is going to go well enough, otherwise we can't really come up with anything substantial. Security is the most important part of it all and we need to make sure that we are secure and our money is safe as well. Many people end up not realizing what that "safety" means, they do think that they put it somewhere safe and most of the time they put it somewhere risky. That is the real trouble, it is not that people ignore safety, they do care about it and they do want to do it but they do it with something that is not safe at all and think they did all they could. We need to try to prevent that.
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Rengga Jati
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
December 19, 2023, 09:59:01 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. .
We should all understand basic things like this in crypto. that is, investing in crypto is quite high risk. Therefore, there are several things that must be considered before or when we invest in crypto. It's not just related to what crypto we should hold for Southam or long time. because this will indeed affect our level of possibility of making a profit. but also how we can manage these risks and also manage finances so that after all we don't lose all our assets in crypto. and what is certain is investing in crypto with the amount that we can afford to lose. not all in...
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libert19 (OP)
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
December 20, 2023, 05:14:13 AM |
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Crypto is wild west. Scams/hacks, all the new ways to get compromised never ceases to amaze me.
Scam and hacks don't only affect cryptos. They affect every aspect of investment, provided there's money to be made there. It's just that crypto scam and hacks are more prevalent and reported in bull seasons than in the bear moment. True, there are more newbies to prey for in bulls too. Correct that scams/hacks exist everywhere where there is money factor involved, but there is minimal resistance in crypto — you lose pvk/seed, sign malicious transaction, clipboard hijacked, you send funds to wrong address — all gone. ...once you have made enough, secure it, diversify in real estate, gold, etc.
I don't think that advice is ripe at this time. Now is a good time to concentrate on crypto investment. Maybe after the bull rally, investors can look in the direction of what you mentioned. If person is already having significant wealth in crypto, he should diversify. You could having million dollars worth crypto in your wallet and next moment, puff it's gone.
Yes, hacks happen but in most cases it's with the connivance of the victims who are likely to ignorantly give out vital information leading to the vulnerability of their wallets. For instance, we shouldn't be clicking on every link or extensions we get sent to. If one must get involved in airdrops, one should get a burner wallet for it. Don't expose any wallet you've a substantial amount of coins in by using it for airdrop. That's true.
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