Convince me why I should or shouldn't convert all my Silver to BTC

cr1776

legendary

Activity: 4270

Merit: 1313

Quote from: beatljuice on April 16, 2014, 05:13:03 PM

Why not start slow and do a 20-30% conversion. If the pundits are right, the dollar is going to crash and silver will go up for sure if that happens. We don't know if Bitcoin will be hurt or helped by the crash of the dollar, though my guess would be that Bitcoin will get a boost.

This is a good suggestion. If bitcoin increases in price to make $25k worth life-changing, 30% ($8k) will also be life-changing. And50% would be life-changing.

If you have to be convinced either way though, think long and hard about changing course.

:-)

grifferz

full member

Activity: 154

Merit: 100

If you have virtually no living expenses and no debts, does that imply that you are currently living with your parents for free?

Is this situation going to change at some point?

I mean unless you are lucky enough to have been given a mortgage-free property to live in, at some point you're going to have to pay rent or mortgage.

If that is the case, rent is going to be one of the biggest expenditures you're ever going to have, and in that position I wouldn't be keeping $25k in silver or bitcoin but using it as a deposit on some property.

I suppose basically I struggle to imagine how $25k of net worth could be lost and still consider it as having no effect on day to day life.

If that truly is your position though, then I agree with other posters who have urged caution and diversity and pointed out that if you have to ask, you shouldn't do it.

iluvpie60

hero member

Activity: 700

Merit: 500

Quote from: megashira1 on April 16, 2014, 05:01:43 PM

I got about $25k(a large portion of my net worth) sitting in silver and I just don't see it outperforming Bitcoin in the near future. I can afford to lose it all. What would you do?

fyi

I'm young.
I have virtually no living expenses and no debts.
I understand risk and volatility and am comfortable with it. If i lose it all I won't be killing myself.

The way I see it, if Bitcoin crashes to 0 my life situation does not change. If it booms however, my life situation has to potential to change dramatically. win/win right?

You just proved you aren't a very savvy Silver investor then... Silver is set to go up again very soon, many silver shortages lately in the technology industry(they use silver in a lot of parts)... I call troll on this or prove you have it. Anyone who bought in on silver awhile back is feeling great.

aztecminer

legendary

Activity: 1092

Merit: 1000

Quote from: megashira1 on April 16, 2014, 05:01:43 PM

I got about $25k(a large portion of my net worth) sitting in silver and I just don't see it outperforming Bitcoin in the near future. I can afford to lose it all. What would you do?

fyi

I'm young.
I have virtually no living expenses and no debts.
I understand risk and volatility and am comfortable with it. If i lose it all I won't be killing myself.

The way I see it, if Bitcoin crashes to 0 my life situation does not change. If it booms however, my life situation has to potential to change dramatically. win/win right?

my advise to u young padawan is maintain ur precious metals stack and use new fiat reserve currency dollars to buy crypto-currency mining hardware. u don't need to gamble your stack to get more reserve currency fiat dollars. that isn't even a gamble that is just losing your stack. inflation is already hitting the us. i used to buy shaving cream at .99 a can and now that same can is 1.67 at walmarts .. they used to sell my razors in 15 packs for $24.95 .. now they don't even sell 15 packs anymore, they are 10 packs at $24.95 . that in just the last year or so. the us dollar is already buying less than it was a year ago. i wish i woulda bought a bunch more razors while they were still on sale in 15 packs a year ago! meditate on this and the rest of the answers to ur questions will come to you.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: omahapoker on April 17, 2014, 10:17:32 AM

fter learning how to ake money on BTC

You mean by holding?

omahapoker

hero member

Activity: 868

Merit: 1000

i started all in with BTC, after learning how to ake money on BTC i buy silver with all my profit.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: nkocevar on April 17, 2014, 09:25:05 AM

Quote from: roslinpl on April 17, 2014, 09:16:48 AM

Quote from: nkocevar on April 17, 2014, 09:10:24 AM

Buy litecoins as well! Look at the return you would have gotten had you invested $100 a year ago!

Yes well.. Perhaps 50% BTC 50% LTC from silver it is reasonable Wink

Or maybe 70% to 30% would be better?

Which currency do you think is more stable? LTC or BTC?

Bitcoin by a huge margin.

daneel2

newbie

Activity: 13

Merit: 0

keep $5k in silver, rest to BTC is what i would do.

LAMarcellus

full member

Activity: 180

Merit: 100

Quote from: nkocevar on April 17, 2014, 09:25:05 AM

Quote from: roslinpl on April 17, 2014, 09:16:48 AM

Quote from: nkocevar on April 17, 2014, 09:10:24 AM

Buy litecoins as well! Look at the return you would have gotten had you invested $100 a year ago!

Yes well.. Perhaps 50% BTC 50% LTC from silver it is reasonable Wink

Or maybe 70% to 30% would be better?

Which currency do you think is more stable? LTC or BTC?

Litecoin is less volatile than BTC. By design it uses weaker computers.
It has a smaller market share, less hash-power, less interest worldwide, isn't as secure, and my personal favorite...
Is probably already obsolete due to side chains. Invest accordingly.

nkocevar

sr. member

Activity: 294

Merit: 250

Quote from: roslinpl on April 17, 2014, 09:16:48 AM

Quote from: nkocevar on April 17, 2014, 09:10:24 AM

Buy litecoins as well! Look at the return you would have gotten had you invested $100 a year ago!

Yes well.. Perhaps 50% BTC 50% LTC from silver it is reasonable Wink

Or maybe 70% to 30% would be better?

Which currency do you think is more stable? LTC or BTC?

roslinpl

legendary

Activity: 2212

Merit: 1199

Quote from: nkocevar on April 17, 2014, 09:10:24 AM

Buy litecoins as well! Look at the return you would have gotten had you invested $100 a year ago!

Yes well.. Perhaps 50% BTC 50% LTC from silver it is reasonable Wink

Or maybe 70% to 30% would be better?

nkocevar

sr. member

Activity: 294

Merit: 250

Buy litecoins as well! Look at the return you would have gotten had you invested $100 a year ago!

yayayo

legendary

Activity: 1806

Merit: 1024

It's not a good time to sell silver, because it already has corrected substantially. I think both silver and bitcoin will rise. But you should not focus on potential gains alone. You should also focus on potential loss. Bitcoin is by far a more risky investment, hence the greater potential return.

I would keep half the silver and invest the other half in Bitcoin. With silver you also have something physical in case of emergency.

ya.ya.yo!

lumierre

full member

Activity: 862

Merit: 100

You could actually buy things with bitcoin you know. I doubt that you'll find any restaurant near you that accepts silver coins. It's simply impractical because the merchant accepting it must verify its purity while in bitcoin, we can simple look at the blockchain to verify. Silver is not easy to liquidate for the average person while in bitcoin you can simply buy stuff at overstock, etc. or go to an exchange and sell your coins all within your comfortable home. Bitcoin adoption rate is faster than silvers'. For an investors perspective, that is a window of opportunity.

DrBitcoin

sr. member

Activity: 350

Merit: 294

Diversify! 25K is a lot for someone young. Putting it all in Bitcoin is a mistake. Silver is at a historical low. Keep some in silver. Buy some Bitcoin (maybe 5K).

Never put all your eggs in one basket.

vnvizow

sr. member

Activity: 364

Merit: 250

Well silver ain't going anyway, the market potential for Bitcoin is way higher than silver's. Your choice

zimmah

legendary

Activity: 1106

Merit: 1005

Quote from: megashira1 on April 16, 2014, 05:01:43 PM

I got about $25k(a large portion of my net worth) sitting in silver and I just don't see it outperforming Bitcoin in the near future. I can afford to lose it all. What would you do?

fyi

I'm young.
I have virtually no living expenses and no debts.
I understand risk and volatility and am comfortable with it. If i lose it all I won't be killing myself.

The way I see it, if Bitcoin crashes to 0 my life situation does not change. If it booms however, my life situation has to potential to change dramatically. win/win right?

I have about $6000 in bitcoin and directly bitcoin related investments
And about $300 in silver right now
Gold will follow in a couple of months

I think it would be wise to have at least a percentage in gold and silver, but in the short term bitcoin will likely hugely outperform both gold and silver, and silver will likely outperform gold on the short-medium run. What will happen in the case of economic collapse however remains a question. Gold and silver have a history of doing exceptionally well during a currency collapse, but bitcoin obviously has no history on that.

I'd say, out of your $25k sell 20k, invest in bitcoin
Sell another 1k for gold maybe
Leave the other 4k in silver.

That's just my advice.

Also, out of the 20k invested in bitcoin, maybe invest a little on bitcoin related investments instead if directly into bitcoin. Especially companies that yield dividend in bitcoin. In my signature you can find one such investment. Note that it may be a Ponzi so be careful, but if it is a legit business, 1% a day (which they often make) is a huge profit. (In roughly 70 days your investment is doubled).

rohan1

newbie

Activity: 40

Merit: 0

Silver is better than Gold, suggest 50% silver+25% bitcoin+25% other alternate coins.(potential ones)

smoothie

legendary

Activity: 2492

Merit: 1491

LEALANA Bitcoin Grim Reaper

Quote from: megashira1 on April 16, 2014, 05:01:43 PM

I got about $25k(a large portion of my net worth) sitting in silver and I just don't see it outperforming Bitcoin in the near future. I can afford to lose it all. What would you do?

fyi

I'm young.
I have virtually no living expenses and no debts.
I understand risk and volatility and am comfortable with it. If i lose it all I won't be killing myself.

The way I see it, if Bitcoin crashes to 0 my life situation does not change. If it booms however, my life situation has to potential to change dramatically. win/win right?

If you know the risks and understand that you could lose it all then I would (if I were you) get into Bitcoin and out of silver.

megashira1

legendary

Activity: 1146

Merit: 1000

Thanks for all the perspectives guys really appreciate it. Sometimes ones mind can blind itself. Thanks for the clarity.

As for now I believe staying diversified is the best option. I'll probably transition maybe 20% of my current holdings into my BTC holdings.

Topic: Convince me why I should or shouldn't convert all my Silver to BTC (Read 3913 times)