Crypto----thoughts going forward

[JParis]

Kraken wont operate in Washinton State.    Go figure.

Do you guys store everything in your own wallets or do you use the exchanges wallet?

I've done both....

Currently I am completely out...I cased in a couple weeks back, took my 3 figure earnings and and cashed out.....watching this cratering...I am starting to think there are a couple good opportunities to buy back in...

[neurosis]

I've done both....

Which did you prefer?   The personal wallets cost money to transfer to them, correct?  Is it worth having your own?

[Jim at Gentex]

Depends on your level of comfort and your balance.

The web-based wallets are fine if you are just dabbling.
Once you reach a balance you consider to be serious money, go to a hardware wallet.
That amount will obviously vary from person to person, but when your balance gets large enough that you start to worry about security, that's the time for a hardware wallet, or several.  

[Dan_AKA_ROY23]

Kraken wont operate in Washinton State.    Go figure.

Do you guys store everything in your own wallets or do you use the exchanges wallet?

I've done both....

Currently I am completely out...I cased in a couple weeks back, took my 3 figure earnings and and cashed out.....watching this cratering...I am starting to think there are a couple good opportunities to buy back in...

3 figures as in hundreds? Or hundreds of thousands?  :p

I'm holding. I always hold. Don't ever plan to sell. I invested $500 3 years ago. Little bitcoin, ethereum, and litecoin. Main reason I won't sell (or buy more) is I'm still a skeptic and don't want the tax hassle. Well, if it goes below my cost basis I could sell without worrying about the taxes but such a small amount I won't bother.

I've been wrong before, Jim (like a LOT of times lol). I just, well, be careful with Dogecoin. Its in free fall. Watch for now and if you like the price level... probably prudent to not bet the ranch.

(Great point about security, Jim. Another reason I never put serious money in it)

[Jim at Gentex]

I just, well, be careful with Dogecoin. Its in free fall. Watch for now and if you like the price level... probably prudent to not bet the ranch.

(Great point about security, Jim. Another reason I never put serious money in it)

My source tells me the free fall is by design, and that DOGE is re-tooling its blockchain.
He understands much more about how this stuff actually works than the average human, so I take his word for it.
He showed me a screenshot of his portfolio when his holdings topped $1.1M, so I have no doubt he knows what he is doing.

Having said all of that, yes, it's still very similar to investing in stocks, but much more volatile.
Only invest what you can afford to lose, and you should be good.  

[neurosis]

The more I read ab out Doge, the more it sounds as if it will never amount to anything.

[gcode]

It's a pyramid scheme that has run out of suckers
That doesn't mean a new crop of suckers won't come along some time in the future though

[JParis]

I've started wading back into the crypto waters...

In on Cardano only at this point...I do think it's at or near its bottom. With the new Alonzo update being finished up in the next couple months, it should only help it to expand from there....ETH could be in longterm trouble....we shall see

[JParis]

Well, the Crypto winter is certainly holding on...FTX.

Coin exchanges losing tons, cutting workforce, stocks taking major hits.

IF and if, anyone is holding any crytpo in an exchange still....do the smart thing and get it into a private wallet...

for good or for worse, crypto isn't going away BUT exchanges maqy come and go and if yours is being held in an exchange and it goes belly up...you're unlikely to have anything left...whereas if you are at least holding it in a wallet, you still have it though it's value may take a hit, it's still yours.

[gcode]

Well, the Crypto winter is certainly holding on...FTX.

Coin exchanges losing tons, cutting workforce, stocks taking major hits.

IF and if, anyone is holding any crytpo in an exchange still....do the smart thing and get it into a private wallet...

for good or for worse, crypto isn't going away BUT exchanges maqy come and go and if yours is being held in an exchange and it goes belly up...you're unlikely to have anything left...whereas if you are at least holding it in a wallet, you still have it though it's value may take a hit, it's still yours.

There are a bunch of people at my shop who got into Doge in a big way @ .3 to .35
I declined to join them and they gave me major shit about being an old fogey who was missing the boat.
I don't hear much about it these days.

[Dan_AKA_ROY23]

Crypto has exchange risks, as noted by JP (good advice...though I don't care, I leave it in Coinbase..just invested $500 3 or 4 years ago. Don't ever go in there anymore)

But funny how investments like crypto, stocks, etc..Everyone wants to buy when prices are high, sell when prices are low. Exact opposite of the real world (main street). We don't avoid items that are on sale and only buy the most expensive. End of Tweet (James Caan would always say)

[CNCAppsJames]

My youngest's foray into Crypto;
$250 in Bitcoin
$250 in Etherium

He didn't get in at the peak, but close enough to be a real problem for his investment.
Today;
$114.43 in Bitcoin
$122.64 in Etherium

-53.43%

My advise to him when he wanted to get in; "I wouldn't do that shit if I was you."

Even if he had put that money in a Roth IRA he'd only be maybe -30%.

[Incogneeto]

In Texas they have a lot of houses with gambling on the down low.

Cause it's illegal.

so if you are sitting there and loose your ass....there ain't no one to call.

and if you loose and can't pay??? well some people will figure it out. Kneecaps.

if you are stoopid enough to put your hard earned Deburr cash into someone's magical money making machine.


Well Then.

My money is in my bank account and in my dollar bucket.

don't ask.

[Dan_AKA_ROY23]

I'm buying in increments in Tesla stock. Down -70% from all time highs. It was around $310 3 1/2 months ago and at $123 now. Hit $104 a couple weeks ago and now in a modest rally.

I'm betting on Elon Musk...

[Rstewart]

Well Then.

My money is in my bank account and in my dollar bucket.  Do you mean Deburr Bucket?