Diversifying with Crypto

>implying you're not shilling your bags
No one who isn't holding heavy ETH bags would advice someone to buy into that sinking ship.

Is it sinking? It seems to have been steadily increasing. As with all things I don't think putting all eggs in one basket is a very good idea, kinda the reason I'm looking into this gamble in the first place.

Once we break 6k, it will be the new floor for the rest of time. If you're willing to risk missing the huge gains after we break through, then accumulate over the coming months and hopefully get a dollar cost average. It is still very possible we revisit 3-4k before the next run.

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it's 5% of my portfolio, I don't really care what crypto you buy. 100% BTC is also perfectly valid.

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Ethereum has lost most of its market share to EOS and Tron. In its current state it's barely usable. They have some really complicated scaling solutions that everyone keeps talking about, but they've been talking about it for years with nothing to show for it. At this point, even if they do implement their scaling solutions within a year they will be fighting an uphill battle, whereas back during the last bullrun they were the only contender. Even (((they))) are starting to take note, pic related.

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They dumped like 2 days ago. And all price levels are from "manipulation". If you are trying to avoid prices changes caused by buys/sells, you should be in bonds. I'm not trying to be mean; you'll learn how this market works after being in it for a bit. Now is as good a time to buy as you're gonna get. The 3-4k level is over, imo, but nobody knows. But if you are waiting for the 100M buyer to dump, they already did when we fell from 5300 to 4700. Then we came back up to 5000.

When the US has it's next economic downturn I think it will tank. Crypto is doing well now cause everyone is doing well. This doesn't bother me, I'll hold on to this for 10-20 years if I have to, it's just something I want as a long term investment.

I know a lot of you guys trade and do this and that with it but for me it's just something I want to sit on, like precious metals.

They mean sinking as in developer exodus. Also Binance has started their own ICO scam platform which was the entire reason Ethereum mooned in the first place.
I am a degenerate gambler who is heavily into esoteric shitcoins but this is true. Read the whitepaper, make sense of how Bitcoin works on a high level, and you will see that it is absolutely genius. It is a revolutionary technology that is here to stay. Bitcoin's Proof of Work is protected by raw energy, computing power and military grade cryptography. Ethereum is moving over to Proof of Stake soon which from my understanding is not as secure.

I need honest advise so don't worry about being "mean". I don't really care about the fact that it's 25% higher than it was last month. I'm not trying to play the trade game, crypto is just something I want to have as part of my net worth. I have some money wrapped up in bonds as well.

Fuck off with your scam stats you boomer ass nigga. EOS and Tron are both absolute scams and those dapp statistics are fraudulent. No one cares about either of them.

This is exactly what I meant about not buying things this board shills. Even as a newcomer to this board it's totally obvious.

>Ethereum is moving over to Proof of Stake soon which from my understanding is not as secure.
This is nonsense desu and so is the "raw energy" argument. The reason Bitcoin is king has nothing to do with it being PoW. It's king because of two factors: brand, and endurance. It's the gatekeeper to all other coins, normies and boomers know what it is, and it has survived all sorts of attacks, FUD, forks etc. for over 10 years which makes it inherently more trustworthy than any other coin. PoW itself is a shitty, dated technology that will be obsolete soon outside of Bitcoin/Litecoin which will be treated as legacy.

Sure thing buddy. The market disagrees.

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There are serious competitors to Ethereum coming out, but they are coin flips and potentially vaporware. I refrain from mentioning them in these types of threads because it is unethical to shill alts to noobs.

You are an autistic street shitter and I'm not even going to entertain a conversation with you. Kys

Wouldn't competition be good for eth? If Eth is being competed against it must be the standard for which the competition occurs.

Ethereum bag holders in denial and on suicide watch

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One thing I don't quite gasp is how to store crypto. If you keep it on something like KeepKey, and the wallet physically breaks, you lost everything correct? On the other hand, if you have it on an online wallet and the one who hosts the wallet goes belly up, you lost everything there too. What is the most secure way to hold on to it for the long term?

You make multiple backups of your private key and store them securely.

Physical wallet with the recovery phrase stored very securely. I'd recommend split into at least two pieces and stored in multiple copies across various safety deposit boxes.

So, for instance, have multiple USB drives all with the same private key locked away somewhere safe?

Ledger Nano S + Cryptosteel to backup the recovery seed. The recovery seed is a 24 word mnemonic representation of your private key. Don't lose it, ever. If you ever lose or brick your hardware wallet you input the recovery seed to restore it. I have a few copies of it hidden in different locations.

I'm all in eth as well, completely cool with it going to 0, with 2% of net worth

I choose eth over btc because if I'm going to gamble on some longshot then I might as well pick the underdog

Just one physical wallet? It's an electronic device...I don't trust the longevity of any electronic device. Am I off base here or...?

That's what the seed is for. You can always get a new device and input it to restore your wallets

You can print a paper wallet, encrypt it with a strong password and send it to your mom's email etc etc. Use your imagination

Shit. I need to read up, you lost me on "seed". Got a link to an article? I'm not a boomer by age but I feel like one with how out of touch I am.

Google 'wallet recovery seed' you lazy fuck. Read the bitcoin.org site (NOT .com). Read the Satoshi whitepaper. Also do not buy any cryptocurrency until you understand how this stuff works or else you'll just lose it like a retard.

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It takes years to get acclimated to this space. We're all still learning. My friend actually works in blockchain and even he can't keep up with everything.

en.bitcoin.it/wiki/Seed_phrase

Paper wallet is the most secure as long as you don't have your house burn down- at which point, since this is just 2% of your portfolio you have a lot more to worry about.

Also here's what my portfolio looks like for reference: 40% BTC, 30% ETH, 25% LINK. The numbers don't add up because I'm rounding down for all of them (i.e BTC is actually 42.3%). Overall I'm up 30% of initial, bought back into crypto in December right after the crash. So it's a pretty damn great return, were I to have only gotten into BTC and ETH I might be up 5% higher but overall I'm comfy with my bags.

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This. Learn how it works and how to store it before putting any significant funds into it. Coinbase us pretty safe, but it is a custodial exchange and keeping your coins with them is a huge gamble.

because he's shilling his btc bags
truth is with $5k out of $250k the asymmetric opportunity makes more sense, and that's ETH. ETH could do a 20x, while this is all but impossible for bitcoin (outside of hyperinflation

>this is your brain on mETH

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this is pretty much the truth

Just leave your crypto on coinbase. Don't fuck around with ledgers or whatever, you are literally wasting your time and money.

Bitcoin is only 3% of my portfolio and even I will say that it is absolutely the safest coin in this entire space. OP shouldn't even be bothering with alts until he actually understands bitcoin.

How are you sure that it was the same whale dumping? Seems really silly to dump it so soon.

This is either bait or straight up NPC talk. That's antithetical to the entire idea of cryptocurrency.

dont listen to the gooks,

eth is solid

Basically, except all the usb drives are encryped as well.

OP, this rabbithole does go extremely deep though... I can't think of anything more redpilling. This space will destroy your social life once you really start getting into it. It is a disease.

I'd go 75% ETH and 25% BTC

I will do that, you're right.

> Also do not buy any cryptocurrency until you understand how this stuff works or else you'll just lose it like a retard.

I don't want to do that. Not at all. I'll read up.

>Trust someone else

Nope. I might be new but I'm not stupid.

I'm not prone to gambling addiction. I see a lot of people here are though.

You trust a bank with your money.
I assume you guys have daily airgapped harddrive backups too, because that is the level of paranoia here. Yes you should in theory follow perfect security, but it comes at the cost of convenience. If you want to introduce risk of fucking up losing keys etc to your life which is magnitudes greater than the black swan of mt gox 2.0 on coinbase (for 2% of your wealth) then go ahead.

Buy one bitcoin and forget about it after putting it in cold storage. Put the rest in litecoin or monero.

Can’t go wrong with BTC/ETH/XMR really

It's way more than degenerate gambling, it is an entire self-contained ecosystem. Crypto Twitter is a thriving, mostly insulated community. Nothing else matters to me anymore. All formerly normie hobbies I had like hiking and live music are the last thing on my mind. Every morning I wake up thinking about crypto. Once you really start to learn about and appreciate how bitcoin works there is no going back. I'm either on this board, Twitter or Telegram 90% of the time I'm using the internet.

Interesting, I didn't know Coinbase was FDIC insured.

Are you day trading? Has this become your full time job?

That's why I'm warning OP about this, because you may actually be right if he wants to keep his sanity. Way more than 2% of my net worth is in crypto too.

Devil trips of truth. Listen to this man.

Why not have eth as well? I guess I'm just not understanding the harm in it. It's all a gamble, why not diversify crypto?

might wanna grab some NIMIQ before it’s next leg up

I just don't want to wake up one day 10 years from now, see btc skyrockets, go to coinbase and find they went out of business years prior. I think you guys are thinking on a way higher level of commitment than I am.

Don't buy EOS or TRX. Literally lighting money on fire.

If you're US based, look into Helius come May. Going to be a real estate smartcontract that uses stable coins to provide liquidity that traditional REITs don't. I hear the ROI is above 15% annually.

No, I don't day trade, I speculate on esoteric shitcoins that you probably haven't heard of and probably won'thear of for another 2-3 years, if ever. I have two jobs and work 50-60 hours a week, but it's all just to buy more crypto. Still doing 401k contributions as suicide insurance because I'm not completely insane (yet). If I could get over my autistic reclusiveness I would try to get a job in the space. My friend thinks I could, he tells me I know way more than most of the VC faggots he has to interact with.

It's already been explained to you. ETH is a big gamble and if you're going to invest in an alt, it's far from the best choice. BTC is about as sure of a thing as you can get in crypto.

>Don't buy EOS or TRX. Literally lighting money on fire.
See this is how you can tell this dude holds heavy ETH bags. It takes two seconds of looking at charts to see how full of shit you are.

>why not buy lottery tickets as well? it's all a gamble!
You yourself said that you are brand fucking new to crypto. Maybe listen to those of us who have been in it for years.

Only the usd funds afaik, meaning it is essentially pointless as you arent keeping money on coinbase to keep it as fait.

How much EOS do you hold?

When I see things like "I hear the ROI is above 15% annually" on something that hasn't happened, I just disregard.

The only advise I've heard consistently is buy btc. If I bought at $5k and it shot up to $20k I wouldn't sell, I'd just wait till its back down to $5k and buy more.

Yeah you're right.

They don't give you the value of your crypto in fiat as a payout? What's the point then?

This is my portfolio relative to ethereum. Good thing I didn't listen to you delusional eth bag holders

In before poorfolio, I don't give a fuck, this is just my hobby not my future.

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>no skin in the game
>hobbyist
>thinks his opinion is relevant

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>listening to emotional bag holders who just lost their life savings because they joined a gay blockchain cult and are desperate to make their losses back but not smart enough to recognize their poor judgement

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Yes pajeet. You probably can't buy in anyway.

No, I'm curious. EOS is likely going die out, TRX is already outted as a scam. Just strange you'd bother defending it

If what you were saying were true and not just what ETH bag holders wish were true it would be reflected in the market.

I don't hold any portions in ETH. This is just common sense.

Savage.

It would be savage if it were true. Imagine living through a huge bull-run and not coming out profitable, you'd have to be a retard.

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in the future but not for the next year or so

Idk, I just want this to act as a means of protecting against inflation. If you didn't get in and buy big prior to 2014 you're really just out of luck when it comes to huge bull runs.

support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

>Digital currency is not legal tender, is not backed by the government, and digital currency accounts and value balances on Coinbase are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections.

Its basically a meme to make coinbase seem more legit. While they probably are, it isnt much more than a marketing talking point.

This space is never going away. I doubt even Satoshi envisioned the huge ecosystem that would emerge from Bitcoin. It all started on a fringe cypherpunk email list and turned into the multibillion dollar industry you see today. There will be a few more mega bull runs. However, if you want to hedge against inflation buy bitcoin, Ethereum has an uncapped supply.

>military grade cryptography

This statement gave you away as an utter fucking moron. AES 256 is a standard used by everyone. 512 is overkill. There is no such thing as 'military grade' encryption you fucking idiot. You sound marketing material for some kinda scammy product or service.

I've lost everything to a fire before so I know what it is to want things backed up. Having everything on a drive in a safe seems sketch.

...

SHA-2 was literally developed by the NSA.
My point is that it is extremely difficult to reverse a bitcoin transaction after a certain number of blocks. It uses raw hash power in ways that Proof of Stake does not. I do not fully understand the mechanisms behind Casper but I imagine it has significant vulnerabilities compared to something that requires physical energy expenditure to attack.

It's also not used by everyone, e.g. shitcoins like IOTA
link.medium.com/w8TpKBCvEV

Would a massive advance in computer technology render crypto "obsolete"? It seems like it's all based on todays computing power.

>It uses raw hash power in ways that Proof of Stake does not.
This makes no sense. PoS uses the same or equivalent crypto algorithms to PoW. You can't reverse transactions in PoS networks any easier than PoW networks.

Bitcoin is designed to be more profitable to mine than to attack. Shitcoin clones are more vulnerable to 51% attacks if they use the same hash function. Quantum computing could in theory be used to steal bitcoin but we are in much deeper shit if that happens because like the user said it is widely used in a number of other industries that affect our day to day life

I think gen 3 cryptos are addressing quantum computing if that’s what you are referring to

By the time a computer is powerful enough to 'break' encryption for a cryptocurrency, we'll be in the year 2196, Bitcoin and its other spawn won't exist anymore. Putting money into crypto and not nowint about tech is dangerous.

PoS networks aren't computing 10^50 hashes/second to find a nonce. It's very different and if someone here can explain how it's secure I would appreciate it

In a persons lifetime in the 1900s they went from horse and buggy to men in space. Curious why you think it would be 170 years out until crypto could be stolen?

The thing is all the normal bank shit is using encryption too, and tons of other shit including nuclear weapons. Once quantum computers hit then everything is going to need to swap algorithms, and honestly I trust crypto to be way better prepared for that than all of the legacy systems out there

Imagine having $250k and only putting $5k in crypto.
I don't even have half that money and still have over 10x worth of crypto.