Invest in Bitcoin by selling wife's jewelry - page 6.

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Quote from: Minor Miner on March 06, 2023, 07:59:15 AM

If you follow his other comments, you can see him saying that he lost a lot of money investing in Luna and FTX, and now he doesn't have enough money to invest. It means he is selling assets for investment because he believes bitcoin will give him 10x return by 2024. It can be seen that he is having financial difficulties, and this action is not advisable. We all expect bitcoin to increase and hit new ATHs, but no one can be sure, and no one knows when that will happen. So selling assets to invest in bitcoin is not a good idea.

too bad when he lost out on investing in Luna and FTX, then sold his wife's jewelry and bought bitcoin after that. what's bad isn't selling his jewelry or buying his bitcoins, but he's promised a 10x increase, and I think that's going to be very hard to happen, even when the halving happens. In addition, the risk is too great, especially if the jewelry is very important to his wife. there is no guarantee that the bitcoin price will go up that high even if we hope it will.
I'm just assuming that his wife doesn't really understand the risks involved in investing in bitcoin. Well, I hope that the decision is right, and something like this is not recommended to do. It's better to invest little by little than in a hurry.

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Quote from: Uruhara on March 06, 2023, 05:17:59 AM

Quote from: huu78 on March 05, 2023, 12:00:44 PM

some people will say you are too hasty, some people say it's a wise choice, but the thing that must be prioritized is that you think that it is the right thing for you to do, because your goal is to invest to get a return or profit.
even though you use a method that is quite different from most people.

So true. and actually whether or not the actions made by the OP make sense. it depends on the situation and financial condition of himself and his family. if selling his wife's jewelry won't disrupt his family's finances then it might still be tolerable. because it could be jewelry is also rarely used. and certainly he sold it with the permission of his wife. But it's a different story if actually selling the jewelry will have a negative impact on the finances of his own family, then this action can indeed be said to be an inappropriate action.

because investing in bitcoin means we must be prepared with the risks. but in the long term then we all believe that over time the price of bitcoin will continue to grow and become more expensive at each passing bitcoin halving. and maybe the OP also thought of that.

If you follow his other comments, you can see him saying that he lost a lot of money investing in Luna and FTX, and now he doesn't have enough money to invest. It means he is selling assets for investment because he believes bitcoin will give him 10x return by 2024. It can be seen that he is having financial difficulties, and this action is not advisable. We all expect bitcoin to increase and hit new ATHs, but no one can be sure, and no one knows when that will happen. So selling assets to invest in bitcoin is not a good idea.

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Quote from: LDL on March 01, 2023, 06:16:11 AM

It was only necessity that forced me to sell my wife's jewellery.
In 2022 I lost a lot on several investments, most notably $4000 worth of cryptocurrency during the Luna crash and $1500 worth of crypto during the FTX bankruptcy. So right now I don't have enough liquidity in my pocket to invest. So I am forced to sell my wife's hobby jewelry even though it is very difficult.

you got it into your head that you have to make a 10X profit, that's why you fell for the luna scam, it was your greed that is blinding you, you are not investing, you started to place bets, this is a very serious problem and if you don't take 10X profit out of your head so you will lose money. bitcoin is at 22000$, 10X of that value would be talking about more than 200,000$ in 2024, that is impossible, even reaching 70,000$ will already be a very difficult task for 2024, if we are talking about 2026 I believe that it may be possible to see the price will reach more than 70,000$ if certain conditions are met, for example: reaching an agreement on the war in ukraine

therefore: do not sell your wife's jewelry thinking that the price will rise too soon, it may take many long years for the price to break its old ATH again, now if you are aware that you have the patience to wait for 2 or 3 years then it would be worth investing in bitcoin, but not putting money in altcoins, you will be wasting your wife's jewelry when you sell it to put money in altcoins

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Quote from: huu78 on March 05, 2023, 12:00:44 PM

some people will say you are too hasty, some people say it's a wise choice, but the thing that must be prioritized is that you think that it is the right thing for you to do, because your goal is to invest to get a return or profit.
even though you use a method that is quite different from most people.

So true. and actually whether or not the actions made by the OP make sense. it depends on the situation and financial condition of himself and his family. if selling his wife's jewelry won't disrupt his family's finances then it might still be tolerable. because it could be jewelry is also rarely used. and certainly he sold it with the permission of his wife. But it's a different story if actually selling the jewelry will have a negative impact on the finances of his own family, then this action can indeed be said to be an inappropriate action.

because investing in bitcoin means we must be prepared with the risks. but in the long term then we all believe that over time the price of bitcoin will continue to grow and become more expensive at each passing bitcoin halving. and maybe the OP also thought of that.

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I will follow this! But i dont think it is a good investment. This market is very volatile.

mv1986

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Quote from: posi on March 06, 2023, 12:15:47 AM

Quote from: mv1986 on March 05, 2023, 12:47:13 PM

The whole thing that I still don't fully understand or might have missed reading through the thread is whether your wife fully agrees? Is she emotionally attached to the jewelry or not? Did she consent with ease and did she say that she understands the risk and is willing to take it together with you? Or is the burden all onto you and your relationship would fall apart because she would feel betrayed it if doesn't work out as you are holding for?

His wife agreed, but I believe from what he explained to her, she is just delusional about the x10 return she will receive in 2024. She doesn't yet understand the risks bitcoin can bring to that gold. How can someone who has never heard of bitcoin understand the risk from someone's few words?
If she understands the risks, I believe she will disagree because for women, jewelry is not only a hobby but they also think about the risks that the family will have to bear if the investment fails.

And this is where the risky part kicks in when you ask "How can someone who has never heard of bitcoin understand the risk from someone's few words?": the person asking the women to sell her jewelry is not a "someone". It is her husband. That is why all of this is so incredibly risky and naive. She trusts her man because two things come into play. On the one hand she loves him (I assume), and on the other hand the 10x is tempting to everyone. Now if I don't understand something, but someone who says understands the technology very well and I truly love that person, is it possible that I would agree to such a move? Perhaps not in my case, but I don't want to rule out the idea that many people would agree, especially when they are in need or even dire straits. There is so much potential for this to go wrong...

posi

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Quote from: mv1986 on March 05, 2023, 12:47:13 PM

The whole thing that I still don't fully understand or might have missed reading through the thread is whether your wife fully agrees? Is she emotionally attached to the jewelry or not? Did she consent with ease and did she say that she understands the risk and is willing to take it together with you? Or is the burden all onto you and your relationship would fall apart because she would feel betrayed it if doesn't work out as you are holding for?

His wife agreed, but I believe from what he explained to her, she is just delusional about the x10 return she will receive in 2024. She doesn't yet understand the risks bitcoin can bring to that gold. How can someone who has never heard of bitcoin understand the risk from someone's few words?
If she understands the risks, I believe she will disagree because for women, jewelry is not only a hobby but they also think about the risks that the family will have to bear if the investment fails.

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it would be better if your wife understands about bitcoin first, it is feared that if you don't fully understand, then if something bad happens, it will become a problem in your family, of course your wife will be angry with you. this is a risky investment if you do not have sufficient understanding of bitcoin. on the other hand, of course, don't imagine big profits in a short time, because this is not as easy as we think. because in your family and wife become one and all risks and luck are the luck of both of you

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Quote from: LDL on March 01, 2023, 05:16:24 AM

We know gold is very precious metal, but Bitcoin is much more expensive than gold. Bitcoin will cross $100k after halving in 2024 ie if I invest $3000 in Bitcoin now then there is a chance of getting 10x after 2024. If I get $30000 from investing $3000, nothing can be as valuable as Bitcoin. I explained this formula to my wife at night and she was not willing to give me her jewelery at first but today she told me by herself that you can sell my jewelery and invest in Bitcoin. At present I am forced to sell my wife's jewelery as I have no fiat money.
I seek advice from expert investors/holders/users of this forum,,,,
whether selling my wife's jewelery and investing on bitcoins makes sense?
Is it reasonable to invest in gold rather than bitcoin?

I am not against your decision to sell jewelry for bitcoin because it is yours not mine but then we should all understand that volatility plays a larger role in this one, there's no guarantee that in this small span of time we can get this amount of profit, as always we should invest only the amount we are not afraid to lose, maybe sell some for bitcoin and save some pieces for the future since both can be a good investment as time pass by.

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Have it in mind to go into long-term investment for you to have the profit you desire together with your wife consent

mv1986

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The whole thing that I still don't fully understand or might have missed reading through the thread is whether your wife fully agrees? Is she emotionally attached to the jewelry or not? Did she consent with ease and did she say that she understands the risk and is willing to take it together with you? Or is the burden all onto you and your relationship would fall apart because she would feel betrayed it if doesn't work out as you are holding for?

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some people will say you are too hasty, some people say it's a wise choice, but the thing that must be prioritized is that you think that it is the right thing for you to do, because your goal is to invest to get a return or profit.
even though you use a method that is quite different from most people.

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I think that's Super dumb idea because I have seen that people who invest someone's people money, always end up in loss and their reputation might also go down. And that's not good idea in my opinion.
That's why people should invest those money whom they want to loose. That's why I am never doing these such things. I have my own earnings, if I loose this money than i have no such regrets.

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Quote from: LDL on March 01, 2023, 05:16:24 AM

We know gold is very precious metal, but Bitcoin is much more expensive than gold. Bitcoin will cross $100k after halving in 2024 ie if I invest $3000 in Bitcoin now then there is a chance of getting 10x after 2024. If I get $30000 from investing $3000, nothing can be as valuable as Bitcoin.

It seems that your math grades were so good in school that it pushed you to make big choices that most people don't normally have the courage to do, even though many realize that bitcoin is the best investment that can generate huge returns the long term

Quote from: LDL on March 01, 2023, 05:16:24 AM

I explained this formula to my wife at night and she was not willing to give me her jewelery at first but today she told me by herself that you can sell my jewelery and invest in Bitcoin. At present I am forced to sell my wife's jewelery as I have no fiat money.

Do you give a special guarantee to the wife, that in 2024 bitcoin will reach $100k, then what if that scenario doesn't work and bitcoin is still as stable as its current price, are there any consequences for your decision?

Investment is not how big you start, but how ready you are to accept the risk and you should have understood the conditions and will not experience panic when bitcoin is hit far at a low enough price (worst case scenario). But my advice is to stay calm and don't panic when it happens, because you can wait for the recovery process, calm in investing in bitcoin will lead you to success.

Quote from: LDL on March 01, 2023, 05:16:24 AM

I seek advice from expert investors/holders/users of this forum,,,,
whether selling my wife's jewelery and investing on bitcoins makes sense?
Is it reasonable to invest in gold rather than bitcoin?

For me this is not a smart move that you are doing, selling your wife's jewelry is the same as making her feel anxious and worried, it is different when the jewelry is purely yours. But whatever decision you make, I'm sure it has been considered very carefully.

Long term holding will always be a winner in bitcoin, never hesitate to hold on under any circumstances.

Nheer

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Quote from: LDL on March 01, 2023, 05:16:24 AM

We know gold is very precious metal, but Bitcoin is much more expensive than gold. Bitcoin will cross $100k after halving in 2024 ie if I invest $3000 in Bitcoin now then there is a chance of getting 10x after 2024. If I get $30000 from investing $3000, nothing can be as valuable as Bitcoin. I explained this formula to my wife at night and she was not willing to give me her jewelery at first but today she told me by herself that you can sell my jewelery and invest in Bitcoin. At present I am forced to sell my wife's jewelery as I have no fiat money.
I seek advice from expert investors/holders/users of this forum,,,,
whether selling my wife's jewelery and investing on bitcoins makes sense?
Is it reasonable to invest in gold rather than bitcoin?

Bitcoin has a future and there is every possibility that you will earn that much from investing but its not guaranteed, I don’t think you are new to this so you should be aware that its a 50/50 chance. It has always been advised never to invest the money you cannot afford to loose and also never to sell your valuables just to be part of the train as it is seen as investing due to FOMO which is a not a proper way to invest. Involving you wife and her belongings is also not appropriate, I’m sure you only told her about the benefits and not the risk involved and when the time is due she would be expecting a huge return from the investment. She would be heartbroken if your predictions fail and you risk loosing her trust for you.

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Quote from: LDL on March 01, 2023, 05:16:24 AM

We know gold is very precious metal, but Bitcoin is much more expensive than gold. Bitcoin will cross $100k after halving in 2024 ie if I invest $3000 in Bitcoin now then there is a chance of getting 10x after 2024. If I get $30000 from investing $3000, nothing can be as valuable as Bitcoin. I explained this formula to my wife at night and she was not willing to give me her jewelery at first but today she told me by herself that you can sell my jewelery and invest in Bitcoin. At present I am forced to sell my wife's jewelery as I have no fiat money.
I seek advice from expert investors/holders/users of this forum,,,,
whether selling my wife's jewelery and investing on bitcoins makes sense?
Is it reasonable to invest in gold rather than bitcoin?

your choice is right now the asset that can be profitable is bitcoin because there is a possibility that if you save it for the long term you will get a lot of profit, but you need to remember that every action has a risk that bitcoin has the possibility of going up and it can also go down, so if the price of bitcoin goes down then I really hope your wife will be fine.

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Quote from: CoolBoybd on March 04, 2023, 12:13:23 PM

Practically Bitcoin is more valuable that Gold and it can be able to give you a huge return after the Bitcoin halving. And that's why I think it makes sense to sell jewelry to invest in Bitcoin because of its high volatility return.

If you feel he did the right thing, then you can do the same, sell your house, sell your car, sell your kidney to invest in bitcoin, because as you and the OP predicted, there is only 1 year left can x10 properties easily. You and the OP have forgotten our old saying: only invest what we can lose, invest with idle money, and do not sell assets to invest.

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Quote from: LDL on March 01, 2023, 05:16:24 AM

I explained this formula to my wife at night and she was not willing to give me her jewelery at first but today she told me by herself that you can sell my jewelery and invest in Bitcoin.

I feel this is not the right move, you bought that jewelry to build a better relationship with your partner but taking this away from your them I guarantee you in the future this will be brought up and you will regret selling the precious items.
Btw If these are genuine and she likes them don't sell them, better find other modes to get the money for your crypto investment otherwise you forgive yourself.

Quote from: LDL on March 01, 2023, 05:16:24 AM

At present I am forced to sell my wife's jewelery as I have no fiat money.
I seek advice from expert investors/holders/users of this forum,,,,
whether selling my wife's jewelery and investing on bitcoins makes sense?
Is it reasonable to invest in gold rather than bitcoin?

Before you even get to the option of choosing where to invest, that's your wife's property hands off !

Advice don't sell the jewelry that's your persons property...

Uruhara

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Quote from: CoolBoybd on March 04, 2023, 12:13:23 PM

Practically Bitcoin is more valuable that Gold and it can be able to give you a huge return after the Bitcoin halving. And that's why I think it makes sense to sell jewelry to invest in Bitcoin because of its high volatility return.

Actually we also need to pay attention to the risks taken in investing in bitcoin. looking at the potential price of bitcoin, of course it has very good potential and can experience a higher increase. But we also need to weigh the risks such as when there is a decline. But if the gold jewelry being sold is really a cold asset or will not be used in the near future. then putting it in a long term investment in bitcoin does make sense.

But I can't say that Bitcoin is more valuable than gold. I still see both as important in their respective places. depending on the angle from which we see it.

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Quote from: Nrcewker on March 05, 2023, 04:13:56 AM

Quote from: alik111 on March 04, 2023, 02:50:33 PM

It's almost sure that Bitcoin will give you more return than Gold or any Jewelry. So I also appreciate your decision to invest in Bitcoin. But you should wait for the best price to invest in Bitcoin in current market situation.

I am a Bitcoin supporter, but to be honest, in any type of investment there is risks. If you invest in greed and expecting high returns, then let me remind you that, with high returns, high risks also come. So more is the risk, more will be the return. I am not saying Gold is better than Bitcoins, but Gold is stable and legalised for the public. Whereas Bitcoins are totally dependent on the market and the people. Nevertheless I wont comment whether you did a good job or not OP, but I will warn you to be careful before investing any big amount in any asset. Wish you all the best for your future.

Invest rationally and always carefully weigh all the risks. Basically people who try to drop money with greed due to seeing a bullish Bitcoin market instead of making themselves rational investors but with the ambition of chasing profits. In my opinion, there is nothing wrong when OP will invest his jewelry in Bitcoin, but in a rational portion and still not forgetting the risk factors that will be accepted. Gold or Bitcoin if I had to choose I would drop money on a 50:50 scale.

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