If you really did buy that much BTC, get it off the exchange and into cold storage. Wait for the next halving. When BTC pumps past $40k take some profit.

You're welcome.

Forgive my ignorance, why will it go up after it halves?

1. Get it off Coinbase and into a cold wallet.
2. Decide on a plan - how much to trim in profits during next peak cycle.
3. Hodl the rest.

I have 1 BTC purchased in Coinbase in late 2022. Plus 10 ETH. I'm not an active crypto trader, looking to hold long term.

Should I look to move into my own wallet? If so, any guides on how best to do it?

I received this when I checked Coinbase today.

Done7 said:

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Are you friends with this dude??

Holy hell a buddy bought 5 #BTC on the dip.

I’m buying him a beer for going from no coiner.

— Bobby Shell⚡Lightning SMB Guy (@iBobbyShell) August 19, 2023

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Nah, I didn't buy the dip unfortunately. All 5 of mine were around $29k. I'm just hoping it is, in fact, only a dip.

ac04 said:

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if this is real, i recommend you start by learning about what you just bought by reading these in order until you get it.

The Bullish Case for Bitcoin - 2018 article that is a great intro for beginners

Bitcoin First - fidelity whitepaper from 2022 that expands on what bitcoin is and how it's different than other cryptocurrencies

Gradually, Then Suddenly - series of articles that goes a bit deeper and addresses common misconceptions

The Bitcoin Standard - free PDF copy of what is generally considered the best book about bitcoin

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I'd also add the original Bitcoin white paper which is what started it all.

Authored by the mysterious Satoshi Nakamoto, largest owner of bitcoin which has never been seen or heard from again. /robertstack

Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto .pdf

Adverse Event said:

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bmks270 said:

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It's a ponzi.

It's price is dependent on FOMO.
(Which is ultimately what caused you to purchase. Admit it, you're afraid of missing out aren't you?)

I'd recommend selling and buying an index ETF instead.

Don't break the rule of not investing in what you don't understand.

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Such a bad take. It's literally the platform many global and domestic politicians are running on.

Bitcoin is many, many things but it's definitely not a ponzi under any definition.

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It does literally nothing.

Currencies aren't investments.

bmks270 said:

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Adverse Event said:

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bmks270 said:

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It's a ponzi.

It's price is dependent on FOMO.
(Which is ultimately what caused you to purchase. Admit it, you're afraid of missing out aren't you?)

I'd recommend selling and buying an index ETF instead.

Don't break the rule of not investing in what you don't understand.

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Such a bad take. It's literally the platform many global and domestic politicians are running on.

Bitcoin is many, many things but it's definitely not a ponzi under any definition.

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It does literally nothing.

Currencies aren't investments.

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You've done a great job showing you know nothing about money. Bitcoin is the hardest money ever created. Can't be inflated. Saleable across space and time. Can't be corrupted. Can't be debased. It's an asset and perfect store of value.

bmks270 said:

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Adverse Event said:

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bmks270 said:

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It's a ponzi.

It's price is dependent on FOMO.
(Which is ultimately what caused you to purchase. Admit it, you're afraid of missing out aren't you?)

I'd recommend selling and buying an index ETF instead.

Don't break the rule of not investing in what you don't understand.

---

Such a bad take. It's literally the platform many global and domestic politicians are running on.

Bitcoin is many, many things but it's definitely not a ponzi under any definition.

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It does literally nothing.

Currencies aren't investments.

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Fine, it's not a currency, if that's your hangup.

If it's not Bitcoin, it's something else.

The U.S. Court of Appeals for the DC Circuit issued its opinion in Grayscale v. SEC on Tuesday, ruling that the agency was unreasonable to deny the crypto giant permission to launch a Bitcoin ETF.

The ruling, which came after the SEC rejected crypto giant Grayscale's latest bid to launch a Bitcoin ETF last October, opens the door to a potentially huge amount of new capital flowing into crypto markets.

heavily intoxtricated said:

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I've been hesitant to get into any kind of crypto for years because I do not fully understand it. I don't understand what "mining" for crypto is. I don't totally understand how blockchain works, although I've read up on it quite a bit. I don't understand why any of this has a monetary value that can be quantified in U.S. currency. I don't understand why there are like ten thousand different cryptos you can buy or how any of them have value.

That being said , it seems like something I should at least have in my portfolio in some form or fashion. Not that I have a super complex portfolio, but I have some cash, some real estate, some equities, and part of a law firm, so I figured it made sense to just have some crypto in case…I don't know. In case it goes through the roof again I guess.

So I opened a Coinbase account the other day, wired in some money, and bought a few bitcoins. What are you guys doing with this stuff? Day trading it? Just holding it? What should I do with this asset (hopefully it ends up being an asset) that I just acquired?

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Enjoying the run? I wonder what it's like to view a bull run with virgin eyes.

Adverse Event said:

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heavily intoxtricated said:

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I've been hesitant to get into any kind of crypto for years because I do not fully understand it. I don't understand what "mining" for crypto is. I don't totally understand how blockchain works, although I've read up on it quite a bit. I don't understand why any of this has a monetary value that can be quantified in U.S. currency. I don't understand why there are like ten thousand different cryptos you can buy or how any of them have value.

That being said , it seems like something I should at least have in my portfolio in some form or fashion. Not that I have a super complex portfolio, but I have some cash, some real estate, some equities, and part of a law firm, so I figured it made sense to just have some crypto in case…I don't know. In case it goes through the roof again I guess.

So I opened a Coinbase account the other day, wired in some money, and bought a few bitcoins. What are you guys doing with this stuff? Day trading it? Just holding it? What should I do with this asset (hopefully it ends up being an asset) that I just acquired?

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Enjoying the run? I wonder what it's like to view a bull run with virgin eyes.

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Looking back, I think when I made this post I hadn't actually bought all 5 bitcoins yet. Coinbase was limiting how l much I could purchase at one time and I was having to buy repeatedly in small increments. By the time I got that resolved with Coinbase and made a lump sum purchase of the remainder, it had dropped to about $26,000 or so, so my total basis in these 5 bitcoins is roughly 27,000.

My total gain at this moment is around $52,000. I don't need this money for anything else, but I'm having a hard time resisting the urge to lock in a $52,000 gain in less than 2 months and sit on the sidelines for a while. But I know I will be kicking myself if it goes up to $40,000 or higher. Tough decisions.

2 things.
Rarest thing on the planet.
It's only useful if it's used.

You gotta balance those things.

If you haven't begun the due diligence to put in cold storage, you're exposing yourself to massive risk.

Selling just to have dollars, imo, is a pretty poor decision.

I don't think it's the rarest thing on the planet. I made an account in 2 minutes and bought $150k of it.

Are you saying maybe I should sell?

If that's your opinion, you got a lot of pain in front of you. Pain is good. It build character. You'll be forged by the fires of your decisions.

I'd definitely AT LEAST read the Bitcoin Standard before I sold, understand a little more about the world and the game theory being played out.

I can't tell you what to do with your bitcoin, but I can tell you what not to do. Do not keep them in your cupholder in your vehicle and accidently put them in vending machines. Don't ask how I know.

Quote:

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Selling just to have dollars, imo, is a pretty poor decision.

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He's made 52K for goodness sake. Selling it is a good decision right now. Bitcoin may be at 18K in a month, or 60K.... no way to tell.
(BTW, I'm in the same boat. I could sell & buy a very nice new shotgun.... so tempting)

Cattle men will tell you if it's too high to buy it's too high to hold. But BTC don't eat feed

we're six months from a halving which is bullish on its own, then add in that it has a high likelihood of coinciding with multiple spot ETF approvals. if you don't need the money, i would hold.

Check out ETFs for gold (GLD) and silver (SLV) and what happened to their corresponding commodity prices since inception ...

I don't think BTC etfs are going to be the BTC panacea everyone hopes. Futures contracts can be spoofed and manipulated to the house's advantage.

gold went from $700 to $1,800 in ~7 years after the first spot ETF was approved.

edited to correct the price in 2012, was accidentally looking at inflation-adjusted numbers. either way, the spot ETF was very bullish for gold. and gold's supply issuance rate is price-sensitive, while bitcoin's is not.

ac04 said:

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gold went from $700 to $2,450 in ~7 years after the first spot ETF was approved.

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Might want to check that top number, about 20% off

I think it really boils down to his investment thesis - why did he invest and what are his goals?

If a purely speculative play, then taking $52k in profit after just 2 months is pretty good return, but he'll have short-term capital gains to pay on that so the net profit will be significantly less than $52k.

If he bought it as an informed investor and intends to hold the asset over a long time horizon, then the recent run-up isn't reason to take profit. Especially if you are looking at 5-10 years down the road. If he wants to reduce his cost basis, that could be reason to liquidate some of his holdings. Yes, it could go to zero but it could also go to $100k or more, no one knows. But, there ARE upcoming events that should provide support to further price appreciation, including the halving and eventually ETFs.

If I wanted to become knowledgeable about bitcoin, what are the best single sources for information? By single source, I mean one source that provides complete knowledge. Books or links are both fine.

"The Bitcoin Standard" seemed to be that a couple years ago. No idea if anything improved upon it

Jabin said:

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If I wanted to become knowledgeable about bitcoin, what are the best single sources for information? By single source, I mean one source that provides complete knowledge. Books or links are both fine.

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