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I want to go all in on crypto

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Deleted member 1659

User requested account closure
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Oct 25, 2017
1,191
That is I want to throw all my liquid assets into ethereum and stake it.

The interest will sustain me. My job will provide me with normal cash which I'll keep a small amount to pay bills for. The rest I wanna throw into ethereum.

Tell me why I this is a dumb plan.

Edit: Sorry about the pre-edit post that was meant for another unrelated forum.
 
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Magneto

Magneto

Prophet of Truth
Banned
Oct 25, 2017
14,449
Debt: He's never given me exact details on his debt but it's in the six figures
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It's gonna be a no from me dawg

Edit : The post has been edited. But it depends first and foremost of your financiary situation. The number one rule is that you have to spend money that you're not afraid to lose.
 
Krakatoa

Krakatoa

Prophet of Regret
Member
Oct 29, 2017
3,092
Well, its gamble. If you'd asked me a year ago I would say you are crazy, but nowadays I'd say go for it.

Personally I would spread it over a few coins.
 
Bigwombat

Bigwombat

Banned
Nov 30, 2018
3,416
Don't know what was written before but I have a friend who has done this. He has no debt and has a high paying job as a hs teacher. I ask him to diversify but he said even if he lost all the crypto money he'd been OK cause he could juggle his bills until the next pay day.

He is also single with no kids. That's a huge caveat for this to work
 
8bit

8bit

Member
Oct 27, 2017
5,390
If you must, spread your investments. Otherwise you might as well set fire to your money.
 
Xando

Xando

Member
Oct 28, 2017
27,314
Do what you want but be sure to remind yourself that you're investing in a speculative bubble and could very well end up with huge losses
 
Yahsper

Yahsper

Member
Oct 29, 2017
1,525
DGP said:
That is I want to throw all my liquid assets into ethereum and stake it.

The interest will sustain me. My job will provide me with normal cash which I'll keep a small amount to pay bills for. The rest I wanna throw into ethereum.

Tell me why I this is a dumb plan.

Edit: Sorry about the pre-edit post that was meant for another unrelated forum.
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Only put the money you're absolutely prepared to completely lose in Eth, stake it, and get the 6% staking reward. And first pay off your debts before you go into any crypto if you have debts.

Put any value you get out of staking your Eth into ETF's.

Just don't spend any money you don't have. And if you're really in debt, the risk isn't worth the reward. Despite the instititional adoption and PoS coming, the value of any crypto could still be half of what it is now next year, and you'd be fucked if you have sudden bills.
 
BobsReset

BobsReset

Chicken Chaser
Member
Oct 26, 2017
912
Its a dumb plan because crypto has already had cycles where coins have been worth a lot and then worth not much at all. If we enter a bear market, your 6% APR or whatever might be calculated on a base cost on something that's valued 80% less than its worth today.

Its also a dumb plan because your FIAT is nice and safe in a bank where if it got stolen or anything happened you would get it back. In crypto there are a million ways of losing it all. Countless stories of forgotten passwords/ hacks/exchanges delisting/losing access to private keys etc.

Its also a bad idea because crypto is in its infancy and your bet on Ethereum might be backing the wrong horse.

Also, have you considered how you are going to pull your money out of crypto? The tax implications etc?


All of that said I believe Crypto could pay off fantastically and have put a bit of money into it but I would urge you to DCA in and keep at the very least least an emergency fund tucked away in FIAT. Personally I wouldnt advocate more than 20% of your net worth in such a risky asset but thats why I probably wont get uber wealthy out of it.
 
Senator Toadstool

Senator Toadstool

Attempted to circumvent ban with alt account
Banned
Oct 25, 2017
16,651
DGP said:
That is I want to throw all my liquid assets into ethereum and stake it.

The interest will sustain me. My job will provide me with normal cash which I'll keep a small amount to pay bills for. The rest I wanna throw into ethereum.

Tell me why I this is a dumb plan.

Edit: Sorry about the pre-edit post that was meant for another unrelated forum.
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you're an idiot.
 
Rayasab

Rayasab

Banned
Apr 12, 2021
1,954
If you feel FOMO, you're already late.... but what do I know it could run 1000% in the next few months.
 
killerrin

killerrin

Member
Oct 25, 2017
9,238
Toronto
For the love of God don't just do crypto.

Practice Responsible Investing! Never put too many eggs in one basket. Spread your money out between Stocks and Crypto.
 
Quample

Quample

Member
Dec 23, 2017
3,231
Cincinnati, OH
Crypto has never been a safe bet. It's been high potential upside/high risk since the general population became aware of it. When a ton of people start buying just because others are buying, they'll start selling when others are selling. That means big swings. And when the banks/wallstreet get involved, manipulation becomes very real as well. Very wealthy and very competent people do this shit full-time in large groups. They want to take your money.

I don't believe in the "diversification" mantra either though, if you're trying to make actual money. Or to be specific, I believe in investing in what you know about, but if you only know about one thing, diversify your knowledge before you diversify your portfolio. Otherwise you're just watering your money down.
 
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rjinaz

rjinaz

Avenger
Oct 25, 2017
28,404
Phoenix
You really have to think of crypto as gambling. Even the people that have gotten rich off of DOGE will tell you the same thing. The thing is, those people that got rich almost always didn't invest their entire portfolio on crypto. They just threw in what they could afford to play with, $1000, $100, whatever it may be.

So I would say no to the OP. Pick a percentage and stick with that, but don't go all in.

yes, someday you might find you could have made a lot of money, but, someday you may also be glad you didn't lose everything because of a crazy idea you had during a crypto high time.
 
OP
OP

Deleted member 1659

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Man everyone who is warning me that this is a gamble don't know how much more attractive you just made it sound.
 
BLEEN

BLEEN

Member
Oct 27, 2017
21,890
Coins are peaking currently.

Horrible time to jump in.

There's always a nice dip. Always.

Do it but wait a bit.
 
Chopchop

Chopchop

Member
Oct 25, 2017
14,171
Definitely don't do this. If you're going into crypto, treat it as a high risk investment. It can go sharply down just as easily as it goes sharply up, which means that it's a terrible place to park your savings.

For every story of someone making it big with crypto, there are countless stories of people who bought in to get on the train, only to lose more than half of their investment.

If you want some passive income on the side with your savings, there are much safer ways to do it, like index ETFs. If you want to play with crypto, don't put money into it that you don't mind losing. Just a small amount of your overall portfolio, maybe.
 
Gunny T Highway

Gunny T Highway

Unshakable Resolve - One Winged Slayer
Member
Oct 27, 2017
17,019
Canada
Never throw all your assets into one hat. Diversity is safer even if you may not get those big numbers back in return. Better that than something that is currently very volatile and seems to be a bubble about to burst thus you lose big time.
 
rathesungod

rathesungod

Banned
Jun 8, 2019
51
You should always invest responsibly but if you're going to do it I'd recommend a diversified portfolio that includes some YARRR, ASS & CUMMIES.
 
Yankee Ruin X

Yankee Ruin X

Member
Oct 31, 2017
2,685
Just put it into Stablecoins if you don't want to take a big risk.

I use Belt.fi which wraps USDT, USDC, BUSD and XDAI together and I get 70-80% APY on that.
 
JEH

JEH

Prophet of Truth
Member
Oct 25, 2017
10,220
You've already decided you're going to do it so just do it. These threads always just look for validation.
 
OP
OP

Deleted member 1659

User requested account closure
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Oct 25, 2017
1,191
When you guys say diversify, are you telling me to diversify into other cryptocurrencies or diversity in other investments? Like I have stocks, a retirement plan, a defined benefit pension plan, NFTs, high value sports cards and seven different accounts on sports betting websites plus a job. It's not like imma liquidate all that to buy ethereum.

I'm just dumping my all cash into it.
 

bananabread

Member
Oct 28, 2017
137
If the crypto market follows the 4-year cycle that it's repeated 3 times previously, then your plan to stake and live off the returns probably isn't mid-term feasible.



This video is extremely dry, but the guy is highly respected in the field.

Most analysts agree the cycle will break down and things will settle eventually, but most seem to think it'll be next go-around (2026-7) rather than now.
 

Deleted member 41520

Banned
Mar 29, 2018
7,078
Speak to anyone who knows even a little about investment and the CORE RULE is that you spread your money around. You can NEVER know when a currency or investment will tank and/or disappear forever.

It's all about risk mitigation, not potential gains.


DGP said:
When you guys say diversify, are you telling me to diversify into other cryptocurrencies or diversity in other investments? Like I have stocks, a retirement plan, a defined benefit pension plan, NFTs, high value sports cards and seven different accounts on sports betting websites plus a job. It's not like imma liquidate all that to buy ethereum.

I'm just dumping my all cash into it.
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Oh okay. That makes more sense. Fair enough.

but get out of betting and NFTs
 
skeptem

skeptem

Member
Oct 25, 2017
5,747
DGP said:
When you guys say diversify, are you telling me to diversify into other cryptocurrencies or diversity in other investments? Like I have stocks, a retirement plan, a defined benefit pension plan, NFTs, high value sports cards and seven different accounts on sports betting websites plus a job. It's not like imma liquidate all that to buy ethereum.

I'm just dumping my all cash into it.
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Are you ready to liquidate it if you hit a rough patch?
 
Yankee Ruin X

Yankee Ruin X

Member
Oct 31, 2017
2,685
Oh also check Fantom (FTM) out as will probably rise faster than ETH in the short term at least. Lots of new projects popping up on it with great APY's if you get into them early so can just park your LP's in them and make real nice income.
 
Quample

Quample

Member
Dec 23, 2017
3,231
Cincinnati, OH
DGP said:
When you guys say diversify, are you telling me to diversify into other cryptocurrencies or diversity in other investments? Like I have stocks, a retirement plan, a defined benefit pension plan, NFTs, high value sports cards and seven different accounts on sports betting websites plus a job. It's not like imma liquidate all that to buy ethereum.

I'm just dumping my all cash into it.
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If you're going to do that, I recommend smashing your head against the wall until you forget you forget what you invested in. When the damage heals in a few years and you remember, you might be rich.

In other words, if you put all your liquidity in crypto, you're gonna be watching that shit like a hawk. It will take balls of steel to hold through all the swings. If you can forget about it and come back in 5 years, that's probably the way to go.

Disclaimer, I don't know much about crypto compared to other investments. But what I do know about is the people, perception, sociological side of investing/economics. Does crypto have real and lasting value? Maybe. Is it changing the currency landscape? Maybe. Are people herding to it like its the last drop of water on earth? Yes. And it's not the last drop of water on earth.
 
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djplaeskool

djplaeskool

Member
Oct 26, 2017
19,747
Don't go all in on crypto.
Work with a professional to develop a diverse investment plan, in which crypto can be a portion. Trying to force enough money into a market that volatile is likely to end in tears.

Remember, it doesn't always go up.
Markets also come down.
 

Deleted member 23094

Banned
Oct 28, 2017
2,217
I went all in in 2017 and have no regrets, but this isn't 2017. I think there is potential for a lot more upside from here, but at the same time am comfortable knowing a bear market could kick in at any moment.
 
trashbandit

trashbandit

Member
Dec 19, 2019
3,910
I think a good rule of thumb is "can I lose all of the money I'm putting into this and be okay"? If it's yes, then I guess go for it, if it's no then don't.
 
rjinaz

rjinaz

Avenger
Oct 25, 2017
28,404
Phoenix
So you're not really looking for advice then. What is the point of the thread? If you want to gamble, then by all means, gamble, but really you're just saying "I'm about to gamble all of my money!"
JEH said:
You've already decided you're going to do it so just do it. These threads always just look for validation.
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I know, right?

OP- "I need some advice"
100 people- "Don't do this"
2 people "to the moon!"
OP- "I knew it! TO THE MOON!"

Thread is pointless. It's more a declaration of "hey y'all going to gamble a shit ton of money, wish me luck!"
 
Br3wnor

Br3wnor

Banned
Oct 27, 2017
4,982
Putting 100% of your assets into crypto would be really stupid, but if you're ok with possibility of it going up in flames and leaving you with nothing then go for it
 
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