Bitcoin is still early

[Jantoven]

DeFi, my friend. look into it. I would start with the large cap projects, like AAVE SNX REN UNI LINK COMP etc. Those will be the most "stable" (whatever that means in crypto world). But if you want 25x, 50x, 100x, you would need to dive into the small cap projects, 100-200M market caps. I don't give individual names, but I've had a few that have gone 10x in one month, 7x in one day, and many many projects that have 2x, 3x, 4x. It makes sense though: when you invest in a very speculative field (crypto), and then even a more speculative slice (low to mid market cap projects on Ethereum blockchain), you should be handsomely rewarded. You need to put in the time to learn about it, before you invest. Or you could just buy some of the large coins I mentioned above to get a taste. There's also an index coin, DPI, which holds the top 10 I believe.

I'm literally the only person on this entire forum who talks about it, as far as I've seen. The only reason I mention it in this thread is because there's no Ethereum thread, due to lack of knowledge and/or interest. It's a shame.

XRAY - if you were to recommend one DeFi project, what would it be? ETH is promising, as is LINK. As someone who is fairly new to the space, curious about what DeFi project is most promising in the long-term.

[Jaqen Haghar MD]

well sure but who is to say it isn't 200k in 5 years? The best time to plant a tree was 20 years ago, the second best time is today.

I don't really understand what conclusion you're trying to make. No one knows with a crystal ball that 47k is bitcoin's ceiling.

Bitcoin is not a tree, where the default and natural direction is growth over time. Nor is it an index fund, where holdings will be added and subtracted to favor or almost ensure growth as the default over time.

It is a speculative trade in a single entity with a hopeful, but certainly unsure, future. In a speculative trade it’s usually better not to buy into a big run up, as a trader. But hey, if it goes straight up from here and your plan is buy and hold for a couple decades, now’s a great time to buy.

When I first started out in all this, I did mostly swing trading and trend following strategies for years back in the day. I actually prefer buy and hold investing in indexes at this point in my life.

[xraygoggles]

But what if you buy within a Roth IRA - you could capture the gains of BTC without being taxed. So while it may not be quite as good as buying BTC directly, if you can hold it in the Roth IRA, avoiding taxes seems like it would confer an advantage - right?

Yep, solo 401 and roth IRA are the only instances where it would make sense to have GBTC and ETHE.

Alternately, if you strictly just want Bitcoin exposure, you could also buy MicroStrategy, Bitcoin mining stocks, Square, and some other small-cap companies with a large Bitcoin reserve. You can even get Tesla now if you want.

[Jantoven]

xraygoggles

Thanks for the advice!

For those who buy crypto and move it to a cold wallet - are you concerned you will ever lose your 16 word passphrase (i.e., misplace it or something more drastic, like a house fire), or someone may steal it (i.e. if someone breaks into your home, etc)? From my understanding, you are to write it down on paper (i.e. not keep it anywhere online).

[Panscan]

xraygoggles

Thanks for the advice!

For those who buy crypto and move it to a cold wallet - are you concerned you will ever lose your 16 word passphrase (i.e., misplace it or something more drastic, like a house fire), or someone may steal it (i.e. if someone breaks into your home, etc)? From my understanding, you are to write it down on paper (i.e. not keep it anywhere online).

to me these kinds of things seem more likely than coinbase getting hacked

[Panscan]

or just the device itself inherently failing

[Jantoven]

or just the device itself inherently failing

I'll defer to those far knowledgeable than I am in this field, as I'm just starting to learn, but my understanding is if the device itself fails, as long as you have your seed, you can just use that seed on another device and restore your crypto. At least that is how I understand it.

But it emphasizes the importance of not losing that seed, and also of someone not stealing it, both of which would seem to be sizable risks to me, too.

[Panscan]

I'll defer to those far knowledgeable than I am in this field, as I'm just starting to learn, but my understanding is if the device itself fails, as long as you have your seed, you can just use that seed on another device and restore your crypto. At least that is how I understand it.

But it emphasizes the importance of not losing that seed, and also of someone not stealing it, both of which would seem to be sizable risks to me, too.

If your first paragraph is true then what is the point of the device ? That seems inherently pointless . My understanding is the point of it is that you have an air gapped means of storing the coins which by definition cannot be hacked without physical possession of the device since it has no connection to the internet. Therefore if the device is destroyed or messed up your stuff would be gone.

I have been wrong before

[Lordosis]

Can you make this 16 word password anything you want? I feel that should be pretty easy to make something you can remember by making it a simple sentence or 2 or a short passage from a book or whatever.

[Nysoz]

If I had one it would be buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo

[pierre]

I've spent too much time on this thread. I am now getting ads for a visa crypto rewards credit card

[CordMcNally]

xraygoggles

Thanks for the advice!

For those who buy crypto and move it to a cold wallet - are you concerned you will ever lose your 16 word passphrase (i.e., misplace it or something more drastic, like a house fire), or someone may steal it (i.e. if someone breaks into your home, etc)? From my understanding, you are to write it down on paper (i.e. not keep it anywhere online).

You can buy stainless steel tablets that can be engraved for protection from fire and water.

[Kamban]

Can you make this 16 word password anything you want? I feel that should be pretty easy to make something you can remember by making it a simple sentence or 2 or a short passage from a book or whatever.

I thought you cannot have words where the first 4 alphabets are different, and different from the other words.

[xraygoggles]

XRAY - if you were to recommend one DeFi project, what would it be? ETH is promising, as is LINK. As someone who is fairly new to the space, curious about what DeFi project is most promising in the long-term.

Ethereum is the blockchain where all the DeFi projects are created on, they use ERC20 tokens as their currency. I don't give individual picks, but I did list a bunch of the top market cap ones earlier. The small cap projects are where you make the most bank - higher risk but much higher reward. A simple google search will lead you to them, or check out Bankless newsletter. It's a complicated field, so there's a learning curve re: terminology, names, projects, how to transact etc. But the ultimate payoff is worth it IMO.

[Zaphod]

If your first paragraph is true then what is the point of the device ? That seems inherently pointless . My understanding is the point of it is that you have an air gapped means of storing the coins which by definition cannot be hacked without physical possession of the device since it has no connection to the internet. Therefore if the device is destroyed or messed up your stuff would be gone.

I have been wrong before

Exactly, I know less than the average person but if that first quoted statement was true than why are all these people rummaging through landfills and such?