Personally, I find your statement to be in tension because you first tout bitcoin as the best investment and the thing that you should be investing in within the cryptocurrency segment, and then you talk about having some hedges by having and/or building a crypto portfolio.. which seems really dumb, and sure there might be low income people who are investing into bitcoin who feel that they are not able to diversify in traditional ways, such as with property, equities (stocks), commodities, and bonds.. of course there is also cash and cash equivalents, but most people are able to at least hold their own local cash and maybe even some foreign currencies such as the dollar.
Previously, thank you for providing a very good response and explanation. Yes. In many areas, traditional investment channels such as property, equities and bonds may be difficult to access due to various socioeconomic factors. Well, In that case, it's my view in general that Cryptocurrencies can provide a more accessible entry point for more individuals.
That's pretty dangerous to be framing the matter that way... it lacks focus, and it seems dangerous.. because there are so many ways that normies (or even poor people) might end up overallocating to shitcoins and not really understanding bitcoin.
I frequently tell newbies that I ONLY recommend bitcoin, and I do not recommend shitcoins at all, but if they feel that they want to fuck around with shitcoins to allocate no more than 10% the amount of their bitcoin holdings into shitcoins, and sure I understand that people can do whatever they want and frequently they are likely to allocate into shitcoins way more than what I had suggested to be the max, and they have the right to do whatever they like, but I feel that I at least gave my suggestion to them, and surely I don't even claim to be any kind of an advisor even though that's how I tend to frame the matter.
Another way of thinking about the matter is for any newbie to work towards figuring out bitcoin first, and then once they may get some grasp upon bitcoin, then they would be in a better position to decide for themselves the extent to which (if at all) they would delve into various shitcoins...
So, even referring to the space as "crypto" is misleading because it unduly puts too much weight in terms of attempting to count bitcoin as if it were just one of many other cryptos and that is far from even being close to true, and if you are using the term crypto and including bitcoin as part of that, then you likely do not even understand bitcoin enough and you are speaking sloppily by using such a term.. without specifying what you mean exactly.
By the way, I am not opposed to the use of the term crypto if it might come to explaining some kind of a dynamic regarding something that all cryptos might have in common, such as they are all digital representations that may or may not attempt to peg to physical items/assets.. but if it comes to describing investment strategies or even how to think about bitcoin. .there is almost no good use of terms like crypto or crypto currencies unless you specifically say what you are talking about and if you are talking about bitcoin, then why not just use the word "bitcoin?" if you are referring to other crypto besides bitcoin, then either specify what you are talking about or make it clear that you are not talking about bitcoin... and if you make that clear most of the time, then you will be better able to get away with using the term crypto from time to time without specifying what you mean, but people already know what you mean because you said what you mean at an earlier point in time or frequently enough that they know what you are wanting to say.
So then the question still becomes how important might it be for those people who might feel that they are not able to diversify into other traditional investments regarding how much they might consider that it helps them to put any value into building a crypto portfolio... besides bitcoin and cash. Careful with suggesting too much, such as beyond 10%. why even fuck around with those non-bitcoin shits that may well end up rug pulling you at any particular time, and sure maybe anyone gets up to an amount of bitcoin that they are actually wealthy enough to start to be able to diversify into traditional asset classes, then maybe they might not even need to diversify very much until they get to such a point.. and that might be having more than $10k to $20k in their investment portfolio.. which might start out with just bitcoin and cash (and maybe no more than 10% in various shitcoins.. which you refer to as crypto).. It surely is difficult to figure out the number in which diversification beyond bitcoin and cash would be justified based on quite a bit of variance in what investments might be available to people once they get up to a certain amount of value..
So, the question of how much diversification is right is still fluid and depends on individual circumstances. Yes, there is no one-size-fits-all recommendation as factors such as risk appetite, investment objectives and available capital differ from person to person but , what is of common concern is that caution should be exercised in adopting percentage thresholds.
Sure that is all true, but wouldn't you consider that you may well need a bit more specifics than what you are saying that "everyone has to decide for himself/herself.. blah blah blah..? That seems pretty vague to me.
Investing in the world money market, especially outside of Bitcoin, does carry additional risks due to the proliferation of less established projects and scams and conservative guidelines such as not exceeding 10% are reasonable, given the speculative nature of many cryptocurrencies.
You seem to be mixing things up. There may well not be any need to diversify at all if someone is new to investing, but if they already have some investments the category is not necessarily talking about money markets because even that concept is vague. When I think of money market, then I think about a kind of cash equivalent that has the mere purpose of attempting to maintain or increase its value through a kind of yield that the money market fund might have.
If you are suggesting that many of the non-bitcoin crypto currencies are another kind of money market that is done through another kind of vehicle so it serving a very similar purpose as a traditional money market, but instead normies are able to get in and out of the "crypto" version of the money market because it is more accessible to them than a traditional money market. and surely we are getting into baloney shitcoin talk when going down this avenue, evnen thogh this thread is specifically asking for comparisons to bitcoin and shitcoins and asking about what kinds of exchanges to use and/or ways to hold coins.
individuals with limited income, the priority should be to maintain their capital but at this point.
Sure, it seems that we are agreeing on this point, yet we know that some people, even with limited income, are in a position to be more risky with whatever capital that they do have as compared with some other people, and sometimes there is an age factor that deals with future potential earning capacity.. so we likely would even agree that the balance of something like capital preservation and capital growth is not going to be struck in the same kinds of ways for all people, even if we might categorize them as "limited income."
And if I might be talking to two different limited income persons and one of them happens to be young and has a lot of skills and income potential and the other has more of a set job or maybe even late in his/her career so there are thoughts that income is not likely to increase, then surely I might still give similar suggestion about mostly sticking with bitcoin, but I might understand that the younger person might be more willing to take chances and to rely on his/her future earning potential as a kind of insurance in case s/he fucks up whatever risk taking that s/he is contemplating.
maybe we might consider folks who are in places in which annual incomes are lower than $10k to likely not have much of any investment options besides bitcoin, until they get up to a certain size, but that still should not justify getting into shitcoins, and there do seem to be several ways in which some kinds of equities exposure is coming more available to more and more people, but sure maybe if you live in some of the places that have a lot of unbanked people, then there are a lot fewer options regarding how to diversify outside of bitcoin and cash.
Another point of view is that as cryptocurrency adoption continues to grow and develop as it is today, investment opportunities may arise thereby indirectly providing another exposure in the money market but not necessarily the investment direction to shitcoins, because that is so bad.
Even though I might not be disagreeing generally what you seem to be saying, I still have some troubles in regards to what it is that you are even talking about because who gives any shits about the growth of cyptocurrencies, unless you are talking about bitcoin, and if you are talking about bitcoin, then sure, let's talk about the various potentials for its future growth - why is it necessary to consider the extent to which various other shitcoins may or may not grow along with bitcoin. I assume that shitcoins are going to grow, yet I also believe that it is a general waste of time to spend mental energy in thinking about them, or to study into them or to put value into them, absent some kind of a minor allocation.. that would not exceed 10% in terms talking about them, thinking about them and/or finances.
so o.k. if we agree that there are going to continue be shitcoins.. then let's get back to how bitcoin fits into this and focus or discussions on bitcoin rather than getting distracted or being vague in terms of what we mean or what we are talking about.
Good day to you all, I am new here and I will like to get your advice,apart from bitcoin,do you think that there is a high possibilities of making profit from other altcoins. Also which wallet do you advise a newbie like me to use to store my coins. Are exchanges wallet an open source wallet. How can I differentiate an open source wallet from a close source wallet.
There's no need to be confused. Maybe If you take time to acquire some knowledge about how the market works it will help you make inform decisions.
Besides Bitcoin, there are hundreds of token/coin you can make profit from.
Pretty dumb, lame and lacking in focus advice Victorik.
Agreed! Can you pls come up with a more potent, and focus bearing advice. I do not claim to know it all. I only have a candid advice. Maybe you could help here, I will be willing to learn from you.
Great. Agreeing seems to be a step in the right direction to potentially show that there might be some hope with you.
I have no obligation to back up my statement that criticizes your statement for being vague and not backing itself up. You are the one who has the burden to back up what you are saying with facts and/or logic, and instead you just presented a lame, and perhaps disingenuous, conclusory statement.
Your suggestion that I back up my statement further demonstrates your likely lack of genuineness.
Besides Bitcoin, there are hundreds of token/coin you can make profit from.
Pump and dump coins you mean, or coins/tokens that have no actual utility but survive on just hype, i'm pretty sure you yourself don't believe in what you just said. Making ROI through crypto isn't as straightforward as that, even with a coin like Bitcoin that has an actual utility, now if it is with Altcoins, it becomes a whole lot more difficult and somewhat like Gambling or looking for a needle in a haystack, because out of even a hundred of them, you might struggle to find one good coin/token.
Week honestly, I personally do not even have faith in altcoins except for eth, BNB. Besides BTC, I often do not recommend altcoins for obvious reasons like you said, pump and dumps.
Hm? At least you are attempting to be a bit more specific. That helps
a little.
