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However it is also insanely risky. There is no law that states that Bitcoin will keep going up. In fact, it will go in the direction that will benefit the people who are already rich the most. If price outstrips adoption, price rises will not be exponential for a while.
I dont think it is so risky as you say. It is true you may sell for less than you bought, it really only matters on supply/demand, but as long as Bitcoin is usefull payment method, the price wont crash under 1 USD, this Im sure
There is some extremely irrational investing advice in this forum, be careful.
Bitcoin has a very high potential upside. This galvanises people and turns us all into dreamers. We see people getting rich and want it too. A very high potential upside.
However it is also insanely risky. There is no law that states that Bitcoin will keep going up. In fact, it will go in the direction that will benefit the people who are already rich the most. If price outstrips adoption, price rises will not be exponential for a while.
Now, for most people, it is wise to take on high-risk investments. When you put the money in you accept it as lost, a sunk cost. If you are lucky, that pays off handsomely. It's a great idea. But the key is, you have to write off that initial investment.
For you, it is not -- the money was not yours, and you can't afford to lose it. You're in no position to write it off -- it was theft. You certainly can't take those decisions on behalf of others. In fact, your college is much more important, and many other opportunities will come in life.
You must also understand that easy riches is not the opportunity here. In life there are far more important opportunities that will make you into a person you can be proud of.
At this stage, if you are staying in due to potential greed, I'd advise you to liquidate some of your principal soon, and eventually keep only the BTC with which you could buy with profit. This will be very painful, especially when you see it go up, but it is wise to be careful when everyone else around you is greedy. Seeing all the responses here, I think you can judge for yourself, regardless of your age. These people who are so eager to see you buy now, will sell when the shit hits the fan. And they'll do it before you.
Bitcoin has a very high potential upside. This galvanises people and turns us all into dreamers. We see people getting rich and want it too. A very high potential upside.
However it is also insanely risky. There is no law that states that Bitcoin will keep going up. In fact, it will go in the direction that will benefit the people who are already rich the most. If price outstrips adoption, price rises will not be exponential for a while.
Now, for most people, it is wise to take on high-risk investments. When you put the money in you accept it as lost, a sunk cost. If you are lucky, that pays off handsomely. It's a great idea. But the key is, you have to write off that initial investment.
For you, it is not -- the money was not yours, and you can't afford to lose it. You're in no position to write it off -- it was theft. You certainly can't take those decisions on behalf of others. In fact, your college is much more important, and many other opportunities will come in life.
You must also understand that easy riches is not the opportunity here. In life there are far more important opportunities that will make you into a person you can be proud of.
At this stage, if you are staying in due to potential greed, I'd advise you to liquidate some of your principal soon, and eventually keep only the BTC with which you could buy with profit. This will be very painful, especially when you see it go up, but it is wise to be careful when everyone else around you is greedy. Seeing all the responses here, I think you can judge for yourself, regardless of your age. These people who are so eager to see you buy now, will sell when the shit hits the fan. And they'll do it before you.
I couldn´t write it better. Thank you.
Now, for most people, it is wise to take on high-risk investments. When you put the money in you accept it as lost, a sunk cost. If you are lucky, that pays off handsomely. It's a great idea. But the key is, you have to write off that initial investment.
Young man, people on these boards are not evil. But neither are their your friends. Remember that when asking how to manage money of your family.
There is some extremely irrational investing advice in this forum, be careful.
Bitcoin has a very high potential upside. This galvanises people and turns us all into dreamers. We see people getting rich and want it too. A very high potential upside.
However it is also insanely risky. There is no law that states that Bitcoin will keep going up. In fact, it will go in the direction that will benefit the people who are already rich the most. If price outstrips adoption, price rises will not be exponential for a while.
Now, for most people, it is wise to take on high-risk investments. When you put the money in you accept it as lost, a sunk cost. If you are lucky, that pays off handsomely. It's a great idea. But the key is, you have to write off that initial investment.
For you, it is not -- the money was not yours, and you can't afford to lose it. You're in no position to write it off -- it was theft. You certainly can't take those decisions on behalf of others. In fact, your college is much more important, and many other opportunities will come in life.
You must also understand that easy riches is not the opportunity here. In life there are far more important opportunities that will make you into a person you can be proud of.
At this stage, if you are staying in due to potential greed, I'd advise you to liquidate some of your principal soon, and eventually keep only the BTC with which you could buy with profit. This will be very painful, especially when you see it go up, but it is wise to be careful when everyone else around you is greedy. Seeing all the responses here, I think you can judge for yourself, regardless of your age. These people who are so eager to see you buy now, will sell when the shit hits the fan. And they'll do it before you.
Bitcoin has a very high potential upside. This galvanises people and turns us all into dreamers. We see people getting rich and want it too. A very high potential upside.
However it is also insanely risky. There is no law that states that Bitcoin will keep going up. In fact, it will go in the direction that will benefit the people who are already rich the most. If price outstrips adoption, price rises will not be exponential for a while.
Now, for most people, it is wise to take on high-risk investments. When you put the money in you accept it as lost, a sunk cost. If you are lucky, that pays off handsomely. It's a great idea. But the key is, you have to write off that initial investment.
For you, it is not -- the money was not yours, and you can't afford to lose it. You're in no position to write it off -- it was theft. You certainly can't take those decisions on behalf of others. In fact, your college is much more important, and many other opportunities will come in life.
You must also understand that easy riches is not the opportunity here. In life there are far more important opportunities that will make you into a person you can be proud of.
At this stage, if you are staying in due to potential greed, I'd advise you to liquidate some of your principal soon, and eventually keep only the BTC with which you could buy with profit. This will be very painful, especially when you see it go up, but it is wise to be careful when everyone else around you is greedy. Seeing all the responses here, I think you can judge for yourself, regardless of your age. These people who are so eager to see you buy now, will sell when the shit hits the fan. And they'll do it before you.
Go big or go home! Nobody wins half a$$ing it. I think you did great. In 50 years you could be on the cover of Forbes! And since you're a kid you see things without being in debt. CLEAR!!!!! Debt is a prison and now you never have to go there! Every kid that gets a student long is willingly stepping foot into the Workcamp... Get big loan, shitty education that you could basically get online for free or at the library. Only to get out of school stress out about the first loan payment. Get a job working at the mall selling Cell phones. Little kids going door to door selling candy make more than those guys. Keep up the investing work! But look to other things don't let Bitcoin consume your time. Your already invested and you're in for the long haul so the works done. Staring at the chart or trolling forums isn't going to bring the riches any faster. I suggest you start reading some books on investing and business. You could have your lawyer or parents form a corporation for you when your 16 and begin your way to wealth.
If your parent granted you all freedom in how to use the fund, then you can do whatever you want. If not, I really don't think you should risk other's money with your own optimism, especially when now you have more than twice of the original fund. Risking others' money when you have more than enough looks not responsible at all to me.
Pretty strong balls. Hold them.
sell off 1 or 2 every now and then and buy more!
i'm not phased by the price surge, and i'm prepared for the coming correction.
when bitcoin hits $10,000 in the next couple of years, i may cash out 0.5 to cover the initial deposit,
and put that money towards my further education.
i have no reason to sell or trade. i will hold indefinately. i love bitcoin.
when bitcoin hits $10,000 in the next couple of years, i may cash out 0.5 to cover the initial deposit,
and put that money towards my further education.
i have no reason to sell or trade. i will hold indefinately. i love bitcoin.
so, i'm not that old, about 13, i don't have a job and i don't have a lot of savings to invest.......
after a huge amount of research, and in a moment of madness i withdraw from my college fund, which is technically mine although its my parents who pay into into it.
i've managed to buy 12 bitcoins. i'll be holding these indefinitely, even if the btc price drops 90%. no trading, although i may sell x amount to cover my expenses if things go well.
please reassure me i've done good?
and is 12 btc a good position?
and no lectures.
thanks
after a huge amount of research, and in a moment of madness i withdraw from my college fund, which is technically mine although its my parents who pay into into it.
i've managed to buy 12 bitcoins. i'll be holding these indefinitely, even if the btc price drops 90%. no trading, although i may sell x amount to cover my expenses if things go well.
please reassure me i've done good?
and is 12 btc a good position?
and no lectures.
thanks
You're in an excellent position. You have more Bitcoins than many of us here and the average human being will have less than 0.1 Bitcoins in their life. Whether Bitcoin goes up to $10,000 or $1 million you will be in a better position.
In the long run it may very well have been a good investment. I would recommend any (adult) friend to consider buying right now.
Since you are a minor, lectures are not optional:
[lecture]
You should have convinced your parents instead of doing it behind their backs. Would I have been your dad, I would have been mad and proud at the same time. These kinds of decisions are for adults. Period.
[/lecture]
Since you are a minor, lectures are not optional:
[lecture]
You should have convinced your parents instead of doing it behind their backs. Would I have been your dad, I would have been mad and proud at the same time. These kinds of decisions are for adults. Period.
[/lecture]
Yeah just like we should have convinced our governments instead of doing it behind their backs? I think the kid has balls. Sometimes you gotta make a decision for yourself for your own sake, your own happiness and your own future. This even applies to kids.
He should tell his parents about it 6 months down the road when the price is up and he has secured it beyond their reach.
i think there is potential for a much bigger move into the 4 digits before xmas
but even if btc corrects 80%, i'm strong enough to tough it out.
i'm not scared. and i have decided to sell 0.5btc once we get to $10000 next year.
but even if btc corrects 80%, i'm strong enough to tough it out.
i'm not scared. and i have decided to sell 0.5btc once we get to $10000 next year.
All your 3 sentences are too optimistic, but hopefully your right
thanks.
i think there is potential for a much bigger move into the 4 digits before xmas
but even if btc corrects 80%, i'm strong enough to tough it out.
i'm not scared. and i have decided to sell 0.5btc once we get to $10000 next year.
i think there is potential for a much bigger move into the 4 digits before xmas
but even if btc corrects 80%, i'm strong enough to tough it out.
i'm not scared. and i have decided to sell 0.5btc once we get to $10000 next year.
I wish I'd have your optimism, kid.
I was your age. You weren't mine yet. So I know how you think and I can tell you this:
Open up your computer, open your exchange and put a sell order at spot price that would equal your withdrew school funds BUT DON'T EXECUTE IT YET. Bring your parents, explain them what you did and if they feel uncomfortably at any time execute the order and get the money back. Keep the rest in an offline wallet. Maybe you'll loose half of the coins but you'll win your parents.
Open up your computer, open your exchange and put a sell order at spot price that would equal your withdrew school funds BUT DON'T EXECUTE IT YET. Bring your parents, explain them what you did and if they feel uncomfortably at any time execute the order and get the money back. Keep the rest in an offline wallet. Maybe you'll loose half of the coins but you'll win your parents.
Now that your average entry price of $350 per BTC has been eclipsed and the price is now at $800, I urge you to cash out your base investment and put it back in your college fund. I suspect your parents will be much happier to know that you haven't squandered their cash, but just borrowed it to make a smart investment.
Yes, good advice. They might not be able to understand bitcoin as you did so cash out and keep the rest. Don't be fooled by the recent price inflation. It can go down.
Now you have enough fund by yourself, it's not proper any more to put your parents' fund at risk.
very good advice. you can put back your parents' money and continue investing
Now that your average entry price of $350 per BTC has been eclipsed and the price is now at $800, I urge you to cash out your base investment and put it back in your college fund. I suspect your parents will be much happier to know that you haven't squandered their cash, but just borrowed it to make a smart investment.
Yes, good advice. They might not be able to understand bitcoin as you did so cash out and keep the rest. Don't be fooled by the recent price inflation. It can go down.
+1. Put the base investment back and only play with what you can afford to lose. And don't wait much to do this.
Sadly I think it`s too late to take good advice and he`s already been convinced by the bitcoin echo chamber that the price is on course to $10,000. If he really is 13 (which I have my doubts) this will likely end up as a painful lesson in investing... but hopefully an educational experience nonetheless.
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I think it will happen. I hope I never have to sell my bitcoins, just use them for purchases.
I'm with you there. I'm 36, I have 9 bitcoins and I'm jealous! It might be safer to print the private key - thumb drives sitting for 10 years could easily get corrupted and I wouldn't bet that much on them being reliable.
12 bitcoin is good, you made the right choice. By the time you graduate you will have a decent amount. Keep in mind the current generation GenY (18-32) don't have much money on them so a lot of people here twice or thrice your age have fewer coins that you do.
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