Wow thanks for all your help guys. looks like I have some responding to do!
As for my plan, I am taking out 30k, my intial investment was 10k in 2014, so I am 3x up no matter what happens now. I am going to buy a nice car and have a nice holiday this summer with my money.
I will diversify my portfolio with a few top 10 coins, IOTA and Cardano look good to me. I think Bitcoin and the Alts will ebb and flow a lot this year, so plan on moving most of my funds back into Bitcoin when I see a bullrun commence (I think this will be around mid 2018 when other big banks start offering investments into BTC) once the bullrun has ended, I will flip back into Altcoins and hopefully make a tidy return. I will keep you all posted on how it turns out for me
Just be smart. Take small % off the table the more milestones you hit.
For example, with 600k why not take 10% off the table and keep it in FIAT.
If the market crashed you have some chips on the sidelines to get in even heavier at lower prices.
This is the way I would play it. I would never cash out 100%.
Thanks, this is the advice I will follow dude!
Lucky dog!!
I think you already have the answer,you say the XRB and PRL can double easily.
So, I think you should hold them without doubt.And the other,you can sell a half to get
more cash!If the whole market goes down,you can get more coins,on the other side,if
the market keep bull,you also can earn pretty much profit with XRB and PRL.
Above is my opinion!Finally,you have to make a decision by yourself.
Lucky? No. I didn't accidentally buy Bitcoin, and I didn't accidentally trade it for PRL and XRB, I did my research and backed coins I saw had potential to grow.
So, I am fortunate enough to make 600k from buying and trading Bitcoin and other crypto assets, and I don't know what to do with the money. Personally I think this is the year I will become a millionaire, as I can only see the marketcap of all coins growing.
[.....]
This is not based on greed btw, I want to make enough money so I can buy my siblings houses and see them mortgage free.
What would you do if you were me? When do we call it a day and give up trading?
Many thanks for your help in advance.
Are you saying you've never taken profit to USD? You've been actively trading altcoins.... what is your tax situation? How do you plan to deal with the capital gains?
Raiblocks has already seen phenomenal growth. Sure, another double is possible, but the idea of not taking some profit off the table seems certifiably insane to me.
Your portfolio is not well-diversified. I would stop thinking about buying people houses and start thinking about better diversification and overall exit plan. You especially need to craft a tax plan that considers short term vs. long term gains and maximizes the capital you can reinvest. Remember, none of this is real until you have some of that USD value stashed in real bank accounts. It's prudent to put some gains away for taxes and a few years of living expenses, while reinvesting profits from your remaining capital investments.
I have never touched any crypto money yet, though I ordered a Bitcoin Debit Card last night and sold some Bitcoin-Cash I had on an old wallet. In my country there is no capital gains tax on Bitcoin yet, so I dont need to worry about that. I am diversifying my portfolio now, thank you for your help.
600Kcrypto - I'm roughly 15 years older than you - 40. The time is going to rush by for you - 26 today - 45 tomorrow.
With this plan you are almost guaranteed to become very very rich in life. If you stay in crypto at this point you are gambling with your money. You have a $600K nest egg - a GIGANTIC head start in the wealth game. Use it wisely.
Also more advice:
-STOP TALKING RIGHT NOW ABOUT YOUR GODDAMN WEALTH TO YOUR FRIENDS. NO GOOD CAN COME OF THAT.
-Get educated - if you do not yet understand and are educated about modern portfolio theory and behavioral finance, economics and statistics - make it your biz to learn. For the record I don't believe MPT holds water but you need to know it because it underpins almost all financial advice given by pros (again I think they're wrong - I'm a value fan of Ben Graham and W Buffett). You MUST understand discounted cash flows, time value of money, net present value, internal rate of return and other core finance topics because they are the foundation of all wealth building and investment analysis - take a course at your local jr. college if you have to
Best of luck - remember the #1 rule of investing is DON'T LOSE MONEY.
The #2 rule is - SEE RULE 1.
Thank you so much more your kind advice, I will look into all you spoke of in great detail, as I need to think of an exit plan soon I believe, on a small note, I dont discuss my wealth with my friends, my family, my friends and colleagues - none of them have any idea I have these assets, only 2 people know, one friend is a lot older than me and doesnt understand crypto at all, but he puts so much FUD in me its untrue, now everytime I see him he is asking if I have sold it yet. I wish I had never shared the secret with him.
