Vitalik Buterin's Financial Advice - page 2.

JariKriting

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Quote from: aTriz on January 13, 2024, 10:02:30 AM

Vitalik Buterin Took to Twitter to share Some of His Financial Advice.
quoting a Tweet About Bill Gates and Warren Buffett He Wrote:

Quote

Some actual financial advice:

* Diversification is good.
* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.
* Be boring with most of your portfolio.
* Don't use >2x leverage. Just don't.

Tweet Link: https://twitter.com/VitalikButerin/status/1743991285214527532

What are Your thoughts about his financial advice guys? I like the first and 2nd which I've been doing by myself too.

Diversification of cryptocurrency investments refers to constructing a portfolio consisting of multiple different types of cryptocurrencies this mean multiple coin not only one coin rather than solely investing in one specific coin such as Bitcoin or Ethereum. Consequently, this approach reduces the overall risk associated with investing in a single asset class.
is good investment in spot market not future.
If you only use 2x leverage in futures, it's better to trade on spot, not on futures

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Quote from: yahoo62278 on January 21, 2024, 12:12:31 AM

Quote from: aTriz on January 13, 2024, 10:02:30 AM

Vitalik Buterin Took to Twitter to share Some of His Financial Advice.
quoting a Tweet About Bill Gates and Warren Buffett He Wrote:

Quote

Some actual financial advice:

* Diversification is good.
* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.
* Be boring with most of your portfolio.
* Don't use >2x leverage. Just don't.

Tweet Link: https://twitter.com/VitalikButerin/status/1743991285214527532

What are Your thoughts about his financial advice guys? I like the first and 2nd which I've been doing by myself too.

He forgot to put no love life. If you got a girlfriend/wife or whatnot, you likely aren't thinking about saving. Looking to impress most likely and get all the action she will give.

Solid advice or course, but how easy is it depending on your circumstances?

Well, then Vitalik Buterin forgot to add a couple of points:
* Never, under any circumstances, ~~get rid~~ tell your girlfriend / wife about your crypto savings, otherwise all the points listed above will not make any sense.

Financial literacy doesn't lie in your compliance with this, but also in the ability to explain these principles to your immediate circle (girlfriend or wife) in accessible language. If your girlfriend / wife is extracting money from you while you are trying to save it for future growth, then... get rid of this wife.

yahoo62278

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Quote from: aTriz on January 13, 2024, 10:02:30 AM

Vitalik Buterin Took to Twitter to share Some of His Financial Advice.
quoting a Tweet About Bill Gates and Warren Buffett He Wrote:

Quote

Some actual financial advice:

* Diversification is good.
* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.
* Be boring with most of your portfolio.
* Don't use >2x leverage. Just don't.

Tweet Link: https://twitter.com/VitalikButerin/status/1743991285214527532

What are Your thoughts about his financial advice guys? I like the first and 2nd which I've been doing by myself too.

He forgot to put no love life. If you got a girlfriend/wife or whatnot, you likely aren't thinking about saving. Looking to impress most likely and get all the action she will give.

Solid advice or course, but how easy is it depending on your circumstances?

doomloop

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Quote from: boyptc on January 14, 2024, 04:00:56 AM

There is no magical with his financial advise. They are mostly common and we hear it typically from the usual financial advisors.

But he is right, in all of them I like what he said about have a boring portfolio. What boring is like? when you hear most people say and advise to buy the same thing, Bitcoin.

Some may take his advise to diversify, many might take it personally to the point that they will diversify with pump and dump coins which is wrong.

Bitcoin, boring? Cheesy

. No it's not, because it's highly volatile. So it's actually thrilling to have a BTC. And once you know to handle it, BTC can be a highly profitable crypto. Vitalik is a famous crypto personality. So indeed that some will take his advice personally or seriously. Add in the fact that his advices are also common (as you said).

However to diversify does not mean that we are now going for the crap coins since there are also plenty of great coins out there. But, I still won't say that investing in a pump and dump coin is wrong because they are also profitable as long as you know how to time your moves. In short in needs a very good skill first.

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Quote from: pooya87 on January 13, 2024, 11:24:08 AM

Quote from: aTriz on January 13, 2024, 10:02:30 AM

I like the first and 2nd which I've been doing by myself too.

As long as diversification doesn't translate into buying altcoins and thinking there is a portfolio, they are good advices. Otherwise buying assets that depend on Bitcoin's price and get dumped each time bitcoin makes a move are terrible options for diversification and even for investment.

Totally agree because this happened to me a lot of times before. 😁 I converted half of my Bitcoin investment into some Altcoins way back in the last quarter of 2017 and yeah I get profit with Bitcoins surge that time but that turns the other way on the first quarter of 2018 where prices goes down and so my Altcoin bleeds to death. This is the reason why I changed my strategy of diversification I am now into Bitcoin for my decentralized asset and for my centralized asset I'll go for real estate also I have plans on acquiring gold coins as soon as I have extra money.

Anyways the first two on the OP's list is what makes me a fan of.

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Quote from: Raflesia on January 17, 2024, 04:46:36 PM

Actually doing this is also quite good but we also cannot be monotonous of course when there is momentum and a good situation to start a little more aggressive than usual as long as we are able to handle it then why not.

agreed with such statement tbh sometime aggresive play is needed if we truly strive for that big profit then of course we will need to increase the risk as well, but its not wrong following such advice either though its definitely suited for those with big enough capital to go on long term without worrying about anything but what matter is the APY or profit from the investment in the long run.
if im so sure about the coin that im gonna trade, like basically im so sure it will increase in the future then i would be using 3 time leverage or even more because its a way to maximize my profit with of course increased risk but sometime its just worth it, this one high leverage might be life changing.
but then again we need to see whether we can also afford to lose the money because otherwise it'd be a really bad idea if im being frank with my experience in the past.

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Quote from: aTriz on January 13, 2024, 10:02:30 AM

Vitalik Buterin Took to Twitter to share Some of His Financial Advice.

Quote

* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.

Saving for emergency is the main purpose of this. It is what I hear mostly from the financial tips of the content creators that are dealing with financial management and contents. I think it's always good to get reminded to save and then invest. Saving for your future and emergencies actually, from the contents that I've watched, they're telling you to save for 3-6 months of your total salary as your emergency fund and it's so much better to get motivated and save for multiple years of expenses. That preferable because the times of inflation isn't going to stop, the cost of goods and everything are increasing so, that's the motivation that someone can think of but do not forget to invest as well.

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Quote from: aTriz on January 13, 2024, 10:02:30 AM

Vitalik Buterin Took to Twitter to share Some of His Financial Advice.
quoting a Tweet About Bill Gates and Warren Buffett He Wrote:

Quote

Some actual financial advice:

* Diversification is good.
* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.
* Be boring with most of your portfolio.
* Don't use >2x leverage. Just don't.

Tweet Link: https://twitter.com/VitalikButerin/status/1743991285214527532

What are Your thoughts about his financial advice guys? I like the first and 2nd which I've been doing by myself too.

The first point is critical and maybe advice that some diehard crypto fans should take onboard, because having all your money invested into a single asset is always a terrible idea. If you've got rich off owning it, consider that sheer good luck and fortune, but if you want to stay rich they follow the old adage of buy low and sell high. Cash out some of your money that you've quadrupled in a short period of time and invest it in something else. You never know what is around the corner, but having your money spread around in property, stocks, even precious metals or other collectibles is very wise. It's all about reducing your exposure to risk, as we've already seen things like crypto go into reverse many times.

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There is nothing wrong in this because it is indeed a pretty good advice for us to manage the finances that we have and actually it is a pretty controlled way to have a good financial stabilization in the end but it is indeed sometimes it cannot be used all the time because in the end when talking about life there are situations where we have to be a little bit more aggressive and there are situations where we have to make ourselves comfortable by playing safe like that.

Actually doing this is also quite good but we also cannot be monotonous of course when there is momentum and a good situation to start a little more aggressive than usual as long as we are able to handle it then why not because I'm pretty sure we often experience situations like this and I think improvisation like that also needs to be done because we also need a challenge to pass the risk so as not to stay in our own comfort zone.

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Quote

* Diversification is good.

Especially if you diversify into shitcoins. Have ETH? Diversify into HEX. Richard will thank you for it. He'll buy himself some jewelry.
What about people who were diversifying from Bitcoin to pictures of penguins, punks and monkeys?

Quote

* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.

Can't say anything bad about this one. I'd only ask Vitalik about his ETH dumps in the last few years. If saving is so important why is he turning his valuable coin into fiat money? Is that him diversifying? Cheesy

Quote

* Be boring with most of your portfolio.

I don't think you can be boring with a crypto portfolio. It's impossible with these assets, even if you hold only bitcoin.

Quote

* Don't use >2x leverage. Just don't.

What about 100x leverage? Arthur Hayes recommends Wink

I'd add another one: don't trust Vitalik.

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Quote from: aTriz on January 13, 2024, 10:02:30 AM

Vitalik Buterin Took to Twitter to share Some of His Financial Advice.
quoting a Tweet About Bill Gates and Warren Buffett He Wrote:

Quote

Some actual financial advice:

* Diversification is good.
* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.
* Be boring with most of your portfolio.
* Don't use >2x leverage. Just don't.

Tweet Link: https://twitter.com/VitalikButerin/status/1743991285214527532

What are Your thoughts about his financial advice guys? I like the first and 2nd which I've been doing by myself too.

#Diversification - Is a must, not not all does have the money for us to do so, so it would be situational. Grin

#Save? - This is where people do totally forgot, they would really be just doing things on the time that they would really be experiencing hardship.
#Boring or not minding about your port? This would be the most impossible thing that a certain investor would really be doing. Even myself cant really just make that not even on peeking into my port even
on a single minute. lol

#x2 leverage? This would really be that depending on certain person because not all would really be that satisfied when it comes to spot trading
but rather they would really be loving on touching up themselves on higher leverage.

This is something that would really be situational because it would always falls down on someones interest if we do speak about these things.
So its up to someone on what are the guidelines that they would be following or really just that simply stick into their own common sense.

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Quote from: aTriz on January 13, 2024, 10:02:30 AM

Vitalik Buterin Took to Twitter to share Some of His Financial Advice.
quoting a Tweet About Bill Gates and Warren Buffett He Wrote:

Quote

Some actual financial advice:

* Diversification is good.
* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.
* Be boring with most of your portfolio.
* Don't use >2x leverage. Just don't.

Tweet Link: https://twitter.com/VitalikButerin/status/1743991285214527532

What are Your thoughts about his financial advice guys? I like the first and 2nd which I've been doing by myself too.

I agree with all his recommendations. Around 2021 he said he bought millions of Dogecoin in 2016 and sold everything when the meme coin becomes the next hot cake in crypto community and he was happy that he sold everything at the peak of the price. I was jealous about that because cool money was made so easy and simple even when himself wasn't sure about the coin back then. It's good to throw some money into these coins and overlook them for future.

If you are not financially buoyant enough, investments will be hard because if you don't have back up as savings, you will likely sell more than half, if not all before your investment grow to maturity. Financial discrepancy is one of the reason why many of us don't have any coins today but if you save enough, you can invest for good.

Leverage is gambling, some people are good at it though but on a personal level I don't like it and I would recommend it for anyone. Spot trading by far is better than leverage and what baffle me with this leverages trading is people with small capital that like them, they want their $50 to be $1M over night. Cheesy

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I feel like the fact that he talks about the boring part, is the most important part. All those people who invest into some unknown and small number of things that needs to change, they are doing it for like some insane x100 return or something, they want to get rich with just a few investments but the reality is that you are not going to get rich like that, it will not work that way no matter how much you try.

So, the best thing you could do at this point would be just making sure that you do your best. I personally do as boring as it gets, in fact, I had long periods of my life where I invested only into bitcoin and nothing else, Vitalik may not enjoy that Cheesy

lol, but it is as boring as it gets, and yet it is very healthy move.

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Quote from: aTriz on January 13, 2024, 10:02:30 AM

Vitalik Buterin Took to Twitter to share Some of His Financial Advice.
quoting a Tweet About Bill Gates and Warren Buffett He Wrote:

Quote

Some actual financial advice:

* Diversification is good.
* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.
* Be boring with most of your portfolio.
* Don't use >2x leverage. Just don't.

Tweet Link: https://twitter.com/VitalikButerin/status/1743991285214527532

What are Your thoughts about his financial advice guys? I like the first and 2nd which I've been doing by myself too.

The financial advice looks good and juicy and if followed diligently will guarantee financial freedom, and in old age the person will not lack or be dependant on family and friends for financial needs, but the problem is that your income needs to atleast meet your basic financial needs first before thinking of diversification and saving enough to cover your multiple years of financial expenses. My point is that many people can be aware of many tips to financial freedom, but these knowledge alone is not enough to secure the desired financial freedom.

The standard of living is getting very high in most countries and even with two jobs people can hardly meet the responsibilities of their basic needs, so these feel good theories are for people who are able to escape the shackles of the hardships that sorounds them, which is not easy. Almost every ideas are saturated and it's quite hard to get extra income for the average income earners to diversify..

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I agree that financial safety is freedom or, let's say, it is about being financially free and safe, and at the same time, you've got more freedom than the other people who have been dealing with their hardships in life. What's with these people giving tips whether it is Vitalik or any other financial advisor or someone who's well off in life. The words that they say become words of wisdom because they're at their peak and we don't know how they've been through with it but it's good to take some tips from them. But, it's still nice to hear such tips and concerns from other people and give suggestions on what should one do to achieve some financial goals financially. Note that it is not going to be an easy thing and it's still you that shall work on it and don't just be a good listener but be a good follower.

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It is like the financial version of "keep it simple." Diversify to play it safe, save up for a financial cushion, and be a bit boring with your investments for stability. The no-more-than-2x-leverage rule is a clear "stay safe" signal. It's a down-to-earth approach that makes sense for anyone wanting a solid financial game plan.

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Quote from: pooya87 on January 13, 2024, 11:24:08 AM

As long as diversification doesn't translate into buying altcoins and thinking there is a portfolio, they are good advices. Otherwise buying assets that depend on Bitcoin's price and get dumped each time bitcoin makes a move are terrible options for diversification and even for investment.

This is similar to what I wanted to say after reading the OP.
There's no point in buying different altcoins when most of the altcoins won't be worth shit in the future. That's just a way to lose money.
Trading altcoins as a trader is okay, but holding to make a profit from it is a very big mistake.
No point in buying every popular altcoin all in the name of diversification.

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Quote from: Lucius on January 14, 2024, 07:39:38 AM

Who does this advice apply to? Maybe people who work 8 hours a day, 6 days a week and at the end of the month get a salary that is not enough to cover the expenses of 20 days of life? Vitalik, like all those shitcoin creators, has definitely accumulated a lot of money and can enjoy his financial freedom - which is very easy if you have an altcoin that is premined and has unlimited max supply.

I understand your point, and the caste differences have indeed occurred. Coincidentally, Vitalik said something about it. The simple formula is that the voices of the wealthy will be louder than those of the poor. So, it's certain that the quote is more suitable for the wealthy, because only those who can earn money will be able to sustain their lives for the next 10 years. Idealistic people might think that the poor can also become wealthy someday, but they don't understand how challenging it is for the poor to reach that point.

If someone denies it and says that Vitalik started from zero, I don't think that's entirely true. Everyone is blessed with their privileges, and it has a significant impact on someone's future.

He had scientific intelligence from a young age, and his talent was evident as early as the 3rd grade in elementary school. The blood of a programmer runs in his veins, inherited from his father, Dmitry Buterin, who is also an IT expert. It's certain that he started his life with a good foundation, and it has a significant influence on his financial condition now, thanks to ETH.

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Quote

* Diversification is good.

Yes but I diversify into different types of assets, not shitcoins.

Quote

* Save. Get to the point where you have enough to cover multiple years of expenses. Financial safety is freedom.

Okay, but with the qualification that having more than 6 months of expenses in liquidity is usually a loss in real terms due to the opportunity cost. Better to have a maximum of 6 months of expenses and the rest invested.

Quote

* Be boring with most of your portfolio.

Agreed.

Quote

* Don't use >2x leverage. Just don't.

For most people it is better not to use leverage at all.

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I don't know why someone who is good at coding like Vitalik is suddenly giving financial advice to people where he has 284,000 ETH in his wallet that he can transact at any time and the key to Ethereum's backdoor. Even the financial advice he gives can be found on many investment websites LOL. I respect him as the founder of the best altcoin, namely Ethereum, but it's just ridiculous when someone like him gives financial advice to other people, he should focus on developing Ethereum instead of giving people financial advice.

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