Convince me why I should or shouldn't convert all my Silver to BTC - page 2.

freedomno1

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Learning the troll avoidance button :)

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?

Go for it better to try something with more volatility when young then when your older and need more safer investments.

burritofanatic

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Because in the next decade, at least one major government will re-do their constitution along with their financial system.

Trillium

hero member

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A good investment portfolio is not 100% of one thing or another.

You should not even have 100% silver right now. You should not exchange it for 100% bitcoin.

I suggest you find someone to assist you with creating a diversified portfolio, you'll probably thank yourself in 10, 20, 50 years time (or your children ~~will~~ might).

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: Bit_Happy on April 16, 2014, 07:13:48 PM

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?

Congrats on having a good spot to start at.
I would sell only 60 to 70% of the silver at first (to buy BTC soon), then you have some money left in case BTC goes back close to $300 (or lower)

obviously, the flip side of that is the risk that it never does go lower, and the opportunity is lost to buy coins at the current price.

Deviant1

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Quote from: OROBTC on April 16, 2014, 05:50:52 PM

...

I always recommend diversification, even if young. Since this is money that could be lost without too much heartache, I would go something like:

1/3 in gold
1/3 in silver
1/3 in BTC.

Bulletproof!

THIS! If you want more BTC, dump the gold part but don't ditch all your silver!

Bit_Happy

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A Great Time to Start Something!

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?

Congrats on having a good spot to start at.
I would sell only 60 to 70% of the silver at first (to buy BTC soon), then you have some money left in case BTC goes back close to $300 (or lower)

PrintMule

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FREE $50 BONUS - STAKE - [click signature]

Invest in a business, for Pete's sake!

Instead of sitting on that money, put it to good use.

If I had extra money, I would've hire artists for my game. Or open a little shop. Or sponsor someone talented.

Not simply lie in wait and hope for the better.

acoindr

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I'll give some advice which should never steer you wrong:

1. Don't put more in crypto than you can afford to lose.
2. Always diversify.
3. Don't invest in anything you don't understand.

You've already addressed #1, so I'd definitely hold some crytpo. With respect to #2 I'd hold onto some silver (I think others have wisely said similar). That leaves #3 which is how I'd determine how much to put into each. I personally understand cryptocurrency a whole lot better than the silver market (which I think I have some clue about too), so I personally would load up on crytpocurrency.

The fact you already hold a significant part of your wealth in something tangible other than fiat puts you far ahead of most of the world's population. The fact you also have the opportunity to get into crypto while it's even more obscure on the world stage than gold/silver which have been around thousands of years advances you further. In other words you're doing pretty well either way. The only thing I'd have on my wishlist in addition, if at all possible, is some way to hold property/land. Having precious metals, cryptocurrency and land is the best possible asset portfolio going forward IMO.

vpitcher07

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Never put all your eggs in one basket. Never do it, you may look at it now and say it wouldn't be terrible if you lose everything but when it actually happens you'll be very pissed. Unless of course $25k is nothing for you ( in which case I envy you).

Littleshop

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Quote from: SgtSpike on April 16, 2014, 05:10:21 PM

Do it. Bitcoin will either go to (virtually) zero, or be worth MASSIVELY more than it is today. There's just no other alternative.

That is a good argument for putting half of it into BTC. If it is worth massively more then the OP will be set anyhow. If not, they have not lost everything.

bitcoinforhelp

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you ask what would you do on bitcoin forums, what do you think? -_-
try bitcoin, looose it all or double it or triple it

jparsley

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You can sell 5k of that silver and invest in bitcoin. I dont see silver going x10 in a decade.

hellscabane

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Quote from: OROBTC on April 16, 2014, 05:50:52 PM

...

I always recommend diversification, even if young. Since this is money that could be lost without too much heartache, I would go something like:

1/3 in gold
1/3 in silver
1/3 in BTC.

Bulletproof!

I was looking for a response like this. Although, I would say he puts more into BTC especially since it's now finding relative stability.

[However, maybe the idea of diversification isn't considered because this person is willing to lose it all.]

master-P

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https://keybase.io/masterp FREE Escrow Service

I'd buy bitcoin with $20,000 and leave the rest in silver. Then as btc prices go up, I'd take some profits and put it in silver.

OROBTC

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...

I always recommend diversification, even if young. Since this is money that could be lost without too much heartache, I would go something like:

1/3 in gold
1/3 in silver
1/3 in BTC.

Bulletproof!

ChuckBuck

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better everyday ♥

If you're feeling froggy, take the leap!

Who needs $25k, when you can get 5 to ten times that or more. Cheesy

roslinpl

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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?

In my opinion - I would sell all silver I have and buy as much BTC as I can.

That is what I would do.

franky1

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if your thinking about a jump into bitcoin. do the smart thing

"dont throw all your eggs into one basket"

keep half as silver, but the other half into bitcoin.

reasons
bitcoin has atleast another 125 years of growth.. before it meets its total rarity amount. so thats more than a lifetime.
if bitcoin tanks.. then you can use the other half of silver to buy up btcoins for pennies and catch the profits on the rise that always follows a tank,

just never throw 100% of wealth into one resource, especially at the point where you still have questions about it..

basically if your still half unsure, only risk half.

Lethn

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Because when paper money collapses you'll want to keep precious metals for trading locally with people and when the shit hits the fan people will be much happier with metal than they will with Bitcoin so you'll have an easier time. I trade Bitcoin and precious metals ( I guess being a Jeweller you could even count the gemstones I buy as a part of that ) purely so I can preserve my wealth, not because of the speculative value of them.

If you find having that much a bit pointless then you can always sell it off and buy Bitcoin with it instead yes, just make sure you don't get rid of it all and regret it later.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: Meuh6879 on April 16, 2014, 05:22:25 PM

buy some metal money is useless ... how can you buy online with physical metal ? and then, what is the "commercial firm" that it accept "metal money" ?

the banks. Grin

An excellent point, I hadn't thought of that!

Once the banking industry has gone the way of the dodo, the value of gold and silver will almost certainly plummet! Of course!

Topic: Convince me why I should or shouldn't convert all my Silver to BTC - page 2. (Read 3913 times)