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Thread: Buying Altcoins/Bitcoins and investing in the stock market

  1. #16
    RaisorZone Raisor's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    If you want to move bitcoin around, you'll want to also open an account on blockchain or another service. I use Coinbase strictly for buying and selling bitcoins. I use blockchain if I want to use bitcoins to make purchases.

    Little extra bit of security.

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  3. #17
    Moderator JaxRed's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    If you can't do 401k than do IRA/Roth IRA/Self-Employed IRA. (I like Roths). I have a lot of experience with Ally (bought out Tradeking) as a brokerage service.

    I don't ever plan on buying anything with my Coinbase. I just bought a little in case it went crazy. it's almost doubled since I bought it.
    The lowest acceptable payroll amount for ownership to show they are not greedy pigs is 15 million more than they are currently paying. No matter what that currently is.

  4. #18
    Member BernieCarbo's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    One of my sons is into Bitcoin in a big way, and I invested a flat ten grand in it in 2014. He is managing the investment, and I'm kind of detached from that particular technology, but I am very interested in ethereum and Dapps. The technology can appear frightening to some, but when you think about it, it isn't any sillier than saying "Ok, we'll put a big pile of gold in this vault over here and keep an eye on it, and you get to hold onto these paper dollars that change real value according to the economy, so that if the worth of gold goes up, you still have the absolute value of what's on your paper dollar. Got that?"

  5. #19
    Sprinkles are for winners dougdirt's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by BernieCarbo View Post
    One of my sons is into Bitcoin in a big way, and I invested a flat ten grand in it in 2014. He is managing the investment, and I'm kind of detached from that particular technology, but I am very interested in ethereum and Dapps. The technology can appear frightening to some, but when you think about it, it isn't any sillier than saying "Ok, we'll put a big pile of gold in this vault over here and keep an eye on it, and you get to hold onto these paper dollars that change real value according to the economy, so that if the worth of gold goes up, you still have the absolute value of what's on your paper dollar. Got that?"
    I don't want to put your money out there, but $10K in bitcoin in 2014 is doing very, very well right now. Good job. There's no way I'd have not sold by now were I in your situation, though. I'm too risk averse.

  6. #20
    RaisorZone Raisor's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    It's going to be at 10k per bitcoin today. If you bought $10k worth in 2014 you are buying us all ponies tomorrow

  7. #21
    Member BernieCarbo's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by dougdirt View Post
    I don't want to put your money out there, but $10K in bitcoin in 2014 is doing very, very well right now. Good job. There's no way I'd have not sold by now were I in your situation, though. I'm too risk averse.
    The thing is, I really don't care. I looked at it as a way to invest in young entrepreneurs, and seeing that my son had done his homework about it, $10k was nothing considering that people will spend $40k on a new vehicle that will lose most of its value in a few years. I'm the kind of guy that could have millions in the bank and still be the happiest with a pot of pea soup on the stove and a 15 year old pickup in the driveway.


    Quote Originally Posted by Raisor View Post
    It's going to be at 10k per bitcoin today. If you bought $10k worth in 2014 you are buying us all ponies tomorrow
    Sorry, I'm saving up to buy the Reds.

  8. #22
    Sprinkles are for winners dougdirt's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by BernieCarbo View Post
    The thing is, I really don't care. I looked at it as a way to invest in young entrepreneurs, and seeing that my son had done his homework about it, $10k was nothing considering that people will spend $40k on a new vehicle that will lose most of its value in a few years. I'm the kind of guy that could have millions in the bank and still be the happiest with a pot of pea soup on the stove and a 15 year old pickup in the driveway.




    Sorry, I'm saving up to buy the Reds.
    Well, if you had bought bitcoin a few years earlier, you might be able to buy the Reds tomorrow. Where was your foresight? Slacker.

  9. #23
    Waitin til next year bucksfan2's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by dougdirt View Post
    I'm kicking myself for not buying bitcoin over the summer when I really wanted to first go ahead and do it. It's up nearly 70% since then. Now, since I'm broke, I wouldn't have actually made that much money since I probably would have only been buying a few hundred dollars worth. Still, you've got to start somewhere. Today I bit the bullet and bought small amounts of bitcoin and ethereum. We will see what happens over the next few months in this market. Does anyone out there have any money into any altcoins?

    As for investing in the stock market - I've never done it either. But I plan to change that starting in January once I figure out my tax situation and how much I owe. Ideally, though, my plan is to put whatever "extra" money into the market each month that I can. I've got two stocks I like that, unless something changes, will probably be where I'll be investing. We're probably talking somewhere between $100-300 a month, so nothing big. There may even be months where it doesn't get anything put in. My best friend is probably the guy I'll go to for where to get everything started when the time comes, but do you have any places to avoid, or places you recommend for buying/selling?

    Complete newbie here, so I'm willing to listen to any advice you've got to offer.
    Going back to the OP, Doug I see some problems with your philosophy. I think your idea is fantastic, and I would listen to what JaxRed had to say about setting up a Roth. There are other things you can do as a self employed person, but I don't know enough about those avenues.

    If you are looking at $100-$300 per month, it would take you anywhere from a year, to four months to buy one share of Amazon right now. I am a big believer of Amazon, and do own it, but one slip up could send it tumbling to the point where a year of savings could be slashed in the matter of months.

    Never got into the whole Facebook thing, I check it from time to time, but I find it more annoying than anything else. I do think they are on the cutting edge of technology, but if I am making a play on that, I am looking towards Amazon, Apple, or Google.

    What I would recommend is looking at a low cost brokerage, find yourself a no transaction cost total market ETF or Fund and invest in that until you have built up a little war chest. One of the funds I own is SWTSX which among its top 10 holdings you find Facebook and Amazon.

    I understand the entire kicking your self for missing out, I have done that as well, but that has caused me to make both good and bad ideas. I still think the best idea I ever had was to save up and buy AEP with my first investment back in 2010. I have since bought when it sold off or when I though it was cheap, but he DRIP function and appreciation has made it a fantastic purchase. Anymore I am looking towards a 50/50 portfolio with 50% in low cost index funds and then 50% of stock picking. I generally like to allocate a few percentages to boom or bust ideas. But I found out, losing money feels a whole lot worse than the joy of making money!

  10. #24
    Sprinkles are for winners dougdirt's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    bucks - Maybe I was misinformed (again, total newb here), but was told that I would be able to buy partial stocks in a company like Amazon, which has a very high price for 1 share. Is that incorrect?

    As for apple - I simply hate them and all that they are. I can't bring myself to buy their stock even if I would believe it's a great investment (I'm not sure that it is or isn't, to be honest).

  11. #25
    Waitin til next year bucksfan2's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by dougdirt View Post
    bucks - Maybe I was misinformed (again, total newb here), but was told that I would be able to buy partial stocks in a company like Amazon, which has a very high price for 1 share. Is that incorrect?

    As for apple - I simply hate them and all that they are. I can't bring myself to buy their stock even if I would believe it's a great investment (I'm not sure that it is or isn't, to be honest).
    I love me some Apple, love me the eco system. The products are absolutely expensive, but the ease of use has me hooked.

    I did a quick google search and the only partial individual stocks shares you can hold are the result of dividends. I don't know if there is a site that in essence pools a bunch of clients dollars together in order to buy one share, but I would be a little leery about that.

  12. #26
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by dougdirt View Post
    bucks - Maybe I was misinformed (again, total newb here), but was told that I would be able to buy partial stocks in a company like Amazon, which has a very high price for 1 share. Is that incorrect?

    As for apple - I simply hate them and all that they are. I can't bring myself to buy their stock even if I would believe it's a great investment (I'm not sure that it is or isn't, to be honest).
    Doug I work as a financial advisor and I can't really give you any specific recs on a message board, but I'm happy to give general info. Lots of people here have given you good feedback. If you are looking to do $100-$300 a month what I would strongly recommend is finding a good no load no fee mutual fund. That way you can just invest the money each month and be done with it. ETFs are another great idea, but the issue is they trade like stocks and some of them are worth more than $100 a share, so you might not be able to buy a share and you also might run into a commission on each purchase. That might only be $2-7 but still eats into your contributions at that amount. Bucksfan already posted the answer, but you cannot buy partial shares of stock (only dividend reinvestment).

    I like to follow an 80/20 rule for where to put money. 80% I like to have in long term diversified allocation using ETFs and Mutual Funds. Basically you just want to figure out what risk you are comfortable with and find 6-10 investments that help you diversify. That might take you a few years to build into, but that would be the idea. That would leave 20% to play around with and buy stocks and other investments that are probably more risky that interest you (like the stocks you have mentioned). There's no right or wrong answer here, but I would generally look to build up the 80% part of the portfolio before you start messing around with the 20%.

    I hope that helps and I'm happy to answer any questions.

  13. #27
    Sprinkles are for winners dougdirt's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by bucksfan2 View Post
    I love me some Apple, love me the eco system. The products are absolutely expensive, but the ease of use has me hooked.
    I won't get started on Apple or it will literally be the thread that never ends. I'm ruthless in my opinion of Apple, their products, and their marketing. I hate them with a passion to the point that I fully understand it's completely irrational.

  14. #28
    Member BernieCarbo's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by dougdirt View Post
    I won't get started on Apple or it will literally be the thread that never ends. I'm ruthless in my opinion of Apple, their products, and their marketing. I hate them with a passion to the point that I fully understand it's completely irrational.
    I don't like their PC's, but the iPhone rocks. It blows androids away.

    And their marketing is pure genius. Can't argue with success. And by the way, I just did some work for a company that built over 300 grinding machines last year that were sent to China and that will do nothing but polish a slight bevel in the glass face of the new iPhone. As much grief as they get for being portrayed as hiring slave labor, most of the technology is home-grown.

  15. #29
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Here is my amateur input on why I have been putting money into Ethereum and recently bitcoin. Initially when reading and researching Ethereum earlier this year, I chose to invest some smallish amounts (around 3k over multiple purchases) and it has had a nice run-up since then. My thoughts are it has more practical and scale-able potential for a variety of things whereas Bitcoin very limited transaction capability. However, Bitcoin seems to be taking the "store of value" place that we have seen gold take for a long time. Why the store of value aspect doesn't seem very sexy, I think it could be huge, and recently invested 2k in bitcoin as well and may purchase more on a fallback.

    With many countries suffering from political instability, being able to use a decentralized "store of value" across the globe has massive appeal. In a lot of countries people stand the risk of having to hold the asset like holding actual gold, jewels, etc, or running the risk of holding it with a financial institution in that country which can probably be raided by the governments.

    The issue with fiat (paper) currency is the governments who issue those currencies ultimately control the value because they can inflate away their own currency. When currency is inflated the value of the fiat currency goes down so the price of assets purchases with that currency goes up. Nearly every country in the world is hand over fist in debt, including the US and every other major country I can think of. At some point countries theoretically will have to pay off their debts, and most, if not all will have to inflate their way out of debt. This should be a boom to the value of "store of value" items like gold and now bitcoin.

    As many have mentioned it is a pretty speculative investment, I wouldn't call it a total gamble like putting your money on black on the roulette table. But there will be volatility, dips and dives and jumps along the way, so I would only put in any amount you are okay with completely losing, and then not look at it or touch it for quite some time, otherwise you may be tempted to sell low, buy high.
    "Today was the byproduct of us thinking we can come back from anything." - Joey Votto after blowing a 10-1 lead and holding on for the 12-11 win on 8/25/2010.

  16. #30
    Sprinkles are for winners dougdirt's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by BernieCarbo View Post
    I don't like their PC's, but the iPhone rocks. It blows androids away.

    And their marketing is pure genius. Can't argue with success. And by the way, I just did some work for a company that built over 300 grinding machines last year that were sent to China and that will do nothing but polish a slight bevel in the glass face of the new iPhone. As much grief as they get for being portrayed as hiring slave labor, most of the technology is home-grown.
    You can absolutely argue success. Apple has the best marketing, maybe ever. But it's usually misleading from a tech aspect and drives me insane. Apple products are great for soccer moms who don't need a powerful machine to get anything accomplished. If you need to get actual work done on an Apple device, be ready to drop $3-4K. Or, you could spend half that on a PC and get a similarly powered machine. Or spend all of it on a PC and it would literally chew up and spit out whatever Apple is giving you for that same price. One thing that Apple does better on the laptop side thing is the screens. It's better. That's about as much credit as I can give them, though.

    Also, I lied. You got my started. Now I want to go Hulk-smash something.


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