Transfer My Entire Savings to Cryptocurrencies? - page 25.

JimmieA

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Quote from: Triple on December 03, 2017, 11:26:42 PM

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

I do not know what you thought but when I read the title of the topic I felt it was a wise thing not to say it was stupid. At present there is no certainty with the future of crypto but you want to dump all the savings that you have on it. When investing in crypto, what make you must afraid is not the hackers, it's the volatility of the currencies, you should invest in copper that many people use to trade.

wuvdoll

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Quote from: brickafterbrickwalldpt on December 08, 2017, 07:13:37 PM

Diversification is a better option here, you're basically opening yourself to potential huge losses. Bitcoin may not fall anytime soon, so it's a bit different, but if this was fiat money you were talking about and a certain currency, that'd be a deathwish. Also cryptocurrencies are not designed to pay for basic needs such as groceries or anything else you may need during a daily routine, so keep that in mind.

I really do not understand why people do not understand the importance of diversification. It is one thing to know that there is a possibility of something working well, and it is one other thing to also know that there is a possibility of things going wrong. That is enough to let any investor or trader know the necessity of spreading risk.

Going all in like you said is even crazy enough to give you high blood pressure with the huge volatility risk of cryptocurrencies.

aloha99

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It would be good idea. Personally, I receive my salary in bitcoins and I hold it in my hard wallet. I spend money from freelancing incomes and invest the rest in promising crypto projects. Remember, DON'T PUT ALL EGGS IN THE SAME BASKET. Your entire savings in crypto => yes Your entire savings in bitcoin => NO

Aikidoka

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Sinbad Mixer: Mix Your BTC Quickly

Be careful! Do not transfer all of your savings to any cryptocurrency! Believe me, you do not know what happens in the future. If you are really confused, try to use 20% of your savings to avoid the risk because we are not aware of the fate of the cryptocurrency. It is unpredictable.

Added to that statement, you can start trading and of course while being cautious. Try to buy some crypto coins and then sell them so you can add them to your savings. Good luck!

promosn

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I do read these types of threats over and over again and mostyl all of the answers sound like: never ever invest all your savings in afluctuable market like this. For sure you should have been doing this back in 2013 or back in 2014 or last month but even since I am a strong believer in btc and some alts (ltc, for example), your investment could turn out to be worthless one day...
good luck though

Svelto

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I won’t suggest you to put all your savings in crypto. You should continue investing in stock market and use a certain percentage of your funds in crypto, diversification is the key.

As for storing your coins in exchanges, I strongly recommend you NOT to do so. You do not control the wallet and you never know when will the exchange closed down and whether you will be able to get back your coins. Leave the coins you use for day trading and transfer the rest to your coin wallets. I suggest a hardware wallet such as Ledger or Trezor for this.

Triple

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Quote from: Jackblack90909 on December 12, 2017, 11:59:49 AM

I think this is a very risky decision. If you transfer your entire savings to Crypto currencies you can lose because the price still volatile and there is no guarantee that it will rise in the future, even for BTC. So invest only what you afford to lose.

What a useless post that only repeats what other people have said... If you looked through the thread instead of just posting, you'll see that I've already transferred my funds to Alt-coins. Check out my other post to see my holdings. The recent burst with LTC and ETH has already made me $10,000. Now obviously this isn't sustainable but the short term return for my decision has paid off tremendously.

Jackblack90909

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I think this is a very risky decision. If you transfer your entire savings to Crypto currencies you can lose because the price still volatile and there is no guarantee that it will rise in the future, even for BTC. So invest only what you afford to lose.

goldade

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The Standard Protocol - Solving Inflation

Quote from: Triple on December 03, 2017, 11:26:42 PM

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

I wouldn't advise you to move all your stocks into trading cryptocurrencies because the risk involved are so great. I'd advise you to just get some capital, however little it may be, and trade with it, in few months you will ve able to boast of a substantial amount of money.
Concerning a reputable exchange platform, I'd recommend you use Bittrex or Poloniex. They are very good exchange platforms.

dzhan

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Thats not a good idea. You can transfer a good part of your savings to crypto currencies because its a good investment and most likely their price will increase highly in the future, but there is always some risk involved because their prices still volatiles.

katinko

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It depends on you mate, but i think lots of people are against to put all your fund in crypto currency, yes i know you want to earn much bigger but i think you know how risky in crypto currency than stockmarket.

My recommendation is just put some percentage or 50 50 for stock market and in crypto what even happens you have safe investment which giving you small profit but your capital is secured that is very impirtant.

streazight

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Quote from: Rob101 on December 04, 2017, 01:48:27 AM

I agree...

As a young person you can afford to be riskier in your investments, though I would also be cautious about investing your entire savings. If I were you I'd put a good chunk in but still retain some savings and other investments.

Never put all your eggs in one basket... remember that, cliques have meaning for a reason.

Honestly, being young does not mean being stupid as well. There is a lot of life ahead and it is good when you are planning your life out now when you are young even if you do not have much to lose than to start all over again.

Moreover the fact is, investment requires diversification which is because, if one turns out to be what you did not expect, the other can be the saving grace. $50000 is not a small amount of money, but putting few of it into crypto is good enough instead of everything.

beerlover

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Quote from: Triple on December 03, 2017, 11:26:42 PM

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

You have said it bro, the risk are so much greater which is why you should consider that and not go all in. You have been doing pretty well for yourself with the stocks and I would not advise you to pull it all out. We are all optimistic that the crypto world is going to be huge, but you have to consider all the risk as well.

Pull out part of what you have and invest in crypto. No one knows the future but at least, you will be happy knowing you diversified and less worried. No exchange is 100% reputable since anything can happen and you can lose your funds. They are not decentralized exchanges, and if any bullshit happens, there is no way you can get your funds out.

However, so far, I can only count on bittrex when it comes to security. I have not tried other ones, but from reviews, Binance is not bad as well.

zhekinsp

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★777Coin.com★ Fun BTC Casino!

You are going to take huge risk but I think it is worth to take this kind of risk because the profit is very high in crypto market.But you need to pick the best coins even the profit is low I think bitcoin is the better option to invest but don't invest all money into one crypto just split your investment and keep your savings in paper wallet or hardware wallet because online walle is not safe to store for long time.

shamzblueworld

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Transferring all your savings to Crypto is not a wise decision, I think its better to go slowly with this process. And make the portfolio as diverse as possible, hence reducing the risk of losing everything and keeping a balance.
Even with all this, I would advise against keeping all your savings in crypto, its just not viable enough as of yet.

Triple

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Just an update on my status with this situation. I have transferred 95% of my savings into cryptocurrency. The last 5% are in long term stocks that I believe will be profitable in the future.

My holdings are:
ETH: 15%
LTC: 25%
IOTA: 45%
QSP: 10%
WAVES: 5%

What do you guys think?

nl247

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Quote from: BUK2016 on December 09, 2017, 09:05:39 AM

It will be irrational investment decision if you invest all your saving in crypto currency. Ideally it will be more rational for you to invest amout 50 Percent into crypto currency while the remaining balance should be spread into different investment opportunities.

Irrational indeed. That is like one crazy thing to do and I consider it as greed and we sure do know how that has led a lot of people into making the wrong decision. I am not saying crypto does not have the potentials to increase hugely in the long run and get extremely established, but one have to also consider the other side of it where things just end up not going as expected. Going all in, when such a scenario would not sound so cool, is good enough for someone to make the right decision.

Happiest

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Quote from: Triple on December 08, 2017, 09:43:42 AM

Quote from: kensaii on December 04, 2017, 04:31:38 AM

Quote from: Triple on December 03, 2017, 11:26:42 PM

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

No, don't be stupid. Why would you risk all of your saving to something you are hardly know it? Try to invest a bit of your saving to gradually know a basic and only then, make an important choice like that.

It's not something that I hardly know about. I've been in the cyrpto game for about 5-6 years now. I've always traded BTC and ETH and always converted them to fiat so I can place them into stocks. Just recently I've noticed that exchanges can give me the same, if not better opportunities as the stock market, and that's why I'm considering this option. I would never just throw money at something that I hardly know about.

Since you have been into the business of cryptocurrency, for almost up to 6 years, therefore you have probably know how the business, trading and investment runs. You might have probably know the do and don't s, so no need to speak on that.
For your investment, I think its better, if you leave some savings in to crypto coins, why the others into offine investments.
You should consider setting up a business which will be a backup plan in case cryptocurrency has a bad turn up.

katrimans

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Quote from: crairezx20 on December 08, 2017, 10:45:51 AM

Here in cryptocurrencies there is no safe here everything could be change the price is not stable and everything could be possible everything is online in crypto but you can reduce the risk from choosing the right decision and i recommend to you if you really wanted to hold all of your cryptocurrency better to use a hardware wallet for safety of your coins..
Just choose the top 20 altcoin you wanted in coinmarketcap and hold it for a long time you can make good profit..
If you are looking to transfer all of your savings into crypto i will say 50% of your saving should be in bitcoin because of massive increase of bitcoin i think you can make more profit if you invest a lot in bitcoin.. and 50% in 5 altcoin should be enough i think to make a good income..

In my view you are doing right because in crypto there is on coin that will give you much more than you expect that is bitcoin invest into bitcoin and that will gave you the whole new life to live a lavish and millionaire life and there are a lot of people around me who are very blessed by the bitcoin so be committed to the bitcoin and it will make your life bed of roses and it delivers what it promises about here,

Boseda

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Quote from: Triple on December 03, 2017, 11:26:42 PM

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

There are many exchanges which require 2fa before processing a withdrawal. Also, you may use decentralized exchanges like Waves' one, so you don't have to worry about getting hacked.

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