Join Early Retirement Today
Closed Thread
 
Thread Tools Search this Thread Display Modes
Finally gave in….first crypto purchase today
Old 10-25-2021, 07:31 PM   #1
Recycles dryer sheets
 
Join Date: Sep 2019
Location: Leander
Posts: 68
Finally gave in….first crypto purchase today

Bought $500 in crypto (split between BTC & ETH) today as a starting point and will continue to allocate 1% of gross earnings per month. My gut tells me it has reached a point where I can no longer ignore it. Where are you in your thinking or already established journey with crypto? Curious to hear from others on this topic!
ATXFIRE2034 is offline  
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-25-2021, 07:47 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 7,257
Have no crypto, not planning on getting any.
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline  
Old 10-25-2021, 08:06 PM   #3
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 13,240
Quote:
Originally Posted by RobbieB View Post
Have no crypto, not planning on getting any.
I'm in your camp....
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
aja8888 is offline  
Old 10-25-2021, 08:46 PM   #4
Recycles dryer sheets
 
Join Date: Oct 2019
Posts: 195
I would invest in smaller cost crypto currency. But all these sellers on internet want a copy of one’s driving license. To me that will never. Can you imagine peeps falling for this?

Even if these trading companies are rated as near perfect and in great standing with the Better Business Bureau. To me is is still not a good idea to send a copy of one’s driving licence to them.

Now Pay Pal is great. All one has to do is signup and that is it.

The only problem there are only 4 choices of crypto currency to choose from.
OneMarcilV is offline  
Old 10-25-2021, 08:49 PM   #5
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 13,240
Quote:
Originally Posted by OneMarcilV View Post
I would invest in smaller cost crypto currency. But all these sellers on internet want a copy of one’s driving license. To me that will never. Can you imagine peeps falling for this?

Even if these trading companies are rated as near perfect and in great standing with the Better Business Bureau. To me is is still not a good idea to send a copy of one’s driving licence to them.

Now Pay Pal is great. All one has to do is signup and that is it.

The only problem there are only 4 choices of crypto currency to choose from.
Just curious, but why do they want a copy of your drivers license?
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
aja8888 is offline  
Old 10-25-2021, 08:51 PM   #6
Recycles dryer sheets
 
Join Date: Oct 2019
Posts: 195
Let me look at the email I was send and copy and paste that to you.
OneMarcilV is offline  
Old 10-25-2021, 08:56 PM   #7
Recycles dryer sheets
 
Join Date: Oct 2019
Posts: 195
Ok here is what the person wrote.

“Hi,
Thank you for reaching out to us.
The brokerage account opening process would need a picture ID for identification. Any government-issued picture ID would be acceptable.
And we provide is up to the highest standard of safety to protect your personal info.
Thank you for understanding.

Sincerely,
Torres
Webull eService Representative”.

Sure maybe that is true about protecting personal information. But what about those peeps that know how to intercept emails. Or even who knows what happens to the drivers license at the trading company. There are peeps that could be there that are not honest.
OneMarcilV is offline  
Old 10-25-2021, 09:01 PM   #8
Recycles dryer sheets
Luvtoride's Avatar
 
Join Date: Aug 2021
Location: Northern NJ/ Jersey Shore
Posts: 230
ATX, welcome to the Cryptocurrency world. It is smart to start investing a small amount in certain Crypto coins, on a regular basis. You have started well with the 2 building block coins of the Crypto market.
I’ve been investing in Crypto coins through Coinbase since March of this year. I’ve made purchases in several different coins beyond BTC and ETH and have realized profits on many positions, some in as little as 3 weeks. Some coins and own,but I will hold them and wait for increases. Overall, I’ve realized profits of over 100% of my investments which I’ve sold and my current holdings are up almost 75% over my cost.
I try to have a profit target on each coin purchased (except BTC and ETH which I will hold long term) and I will often double down on coins when their price drops.

It’s a good way to learn about cryptocurrency and the impact it is having and will continue to have on commerce in the future.

Good luck.
Luvtoride is offline  
Old 10-25-2021, 09:05 PM   #9
Recycles dryer sheets
 
Join Date: Oct 2019
Posts: 195
Did you have to send Coinbase a copy of your driving license?

I remember when I was looking into that company about sending them something that did not seem safe.
OneMarcilV is offline  
Old 10-25-2021, 09:10 PM   #10
Dryer sheet aficionado
 
Join Date: Jun 2017
Location: Cincinnati
Posts: 46
I got exposure through GBTC for about 1.5% of assets. Got at about a 10% discount to NAV. After being down for a while, back in the black now. I know it could be a wild ride, but not enough to really hurt if it goes bust.
CincyDave is offline  
Old 10-25-2021, 09:37 PM   #11
Recycles dryer sheets
 
Join Date: Oct 2019
Posts: 195
Ok I just checked. Coinbase wants a driving licence. Claims the government requires this. I doubt that is true.

IMG_0287.jpg
OneMarcilV is offline  
Old 10-25-2021, 09:42 PM   #12
Full time employment: Posting here.
 
Join Date: May 2008
Location: Austin
Posts: 659
I understand the technology etc... behind it, but I still can see scenarios where it goes nearly to 0, and scenarios where it goes 20x. My main problem is I have no feeling of how to assign valuation, so I know when it is time to buy or sell, it basically feels like almost pure speculation. The short term reasons for ups/downs are even more ephemeral than penny stocks. I also know that this is closer to a commodity, so when it hits its ceiling, there will be absolutely no upside at that point, at least for quite awhile, as commodities are pretty awful in the long term. As such, I cannot invest in it, and will never invest in it until I reach the point where I have some grasp on the valuation. I don't feel like I'm missing out as there are assets that I can understand much better as to where they are going.
plex is offline  
Old 10-25-2021, 10:35 PM   #13
Recycles dryer sheets
 
Join Date: May 2010
Posts: 269
The driving license thing is KYC know your customer and is a government requirement.
captain3d is offline  
Old 10-25-2021, 11:38 PM   #14
Moderator
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 5,860
Seems like there’s a situation here like holding gold. Whether to hold an etf type product or physical gold. I think if I was going to get into Bitcoin, I’d want my own wallet and to find a way to load the wallet under the radar. I think I could get that without my drivers license.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
Jerry1 is online now  
Old 10-26-2021, 12:13 AM   #15
Recycles dryer sheets
 
Join Date: Aug 2019
Location: Anytown
Posts: 310
Quote:
Originally Posted by OneMarcilV View Post
Ok here is what the person wrote.

“Hi,
Thank you for reaching out to us.
The brokerage account opening process would need a picture ID for identification. Any government-issued picture ID would be acceptable.
And we provide is up to the highest standard of safety to protect your personal info.
Thank you for understanding.

Sincerely,
Torres
Webull eService Representative”.

Sure maybe that is true about protecting personal information. But what about those peeps that know how to intercept emails. Or even who knows what happens to the drivers license at the trading company. There are peeps that could be there that are not honest.
It may be a Patriot Act requirement but still not something I would do to buy crypto, not that I would buy crypto anyway.
SecondAttempt is online now  
Old 10-26-2021, 12:36 AM   #16
Thinks s/he gets paid by the post
 
Join Date: Mar 2012
Posts: 2,501
Quote:
Originally Posted by captain3d View Post
The driving license thing is KYC know your customer and is a government requirement.

That is correct, and so the IRS can know if you are failing to pay taxes on crypto trades. If you use Turbotax, certainly you've noticed the question that comes up asking if you've purchased/sold any crypto?

Out goes the window one of the crypto tenets - anonymity.
njhowie is offline  
Old 10-26-2021, 12:50 AM   #17
Thinks s/he gets paid by the post
 
Join Date: Mar 2012
Posts: 2,501
Quote:
Originally Posted by ATXFIRE2034 View Post
Bought $500 in crypto (split between BTC & ETH) today as a starting point and will continue to allocate 1% of gross earnings per month. My gut tells me it has reached a point where I can no longer ignore it. Where are you in your thinking or already established journey with crypto? Curious to hear from others on this topic!
A few years ago, around Thanksgiving, when BTC had a dip down to $3000 range, I bought $5 worth on Robinhood. Within a week or two I sold for a 10% profit and was happy I got it out of my system, I had successfully traded crypto. Never had any desire to buy again.

A couple of points of interest:
1. Go google for what Warren Buffett and Charlie Munger have to say about crypto.

2. Although JPM is offering crypto investment alternatives for clients, go read what Jamie Dimon has to say about it.

3. "Under Bogleheads' forum policy, investment strategies based on cryptocurrency are unacceptable discussion topics" - it is claimed to be a Greater Fool Investment Strategy
njhowie is offline  
Old 10-26-2021, 04:50 AM   #18
Thinks s/he gets paid by the post
Markola's Avatar
 
Join Date: Nov 2013
Location: Twin Cities
Posts: 2,748
And here’s what Elon Musk said a few days ago on Twitter:

@elonmusk
Replying to
@Filasophical
and
@ShibaInuHodler
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.

As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
8:01 PM · Oct 24, 2021·Twitter for iPhone
Markola is online now  
Old 10-26-2021, 05:27 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: Stuck in the mud somewhere in the NJ swamp
Posts: 7,531
Quote:
Originally Posted by ATXFIRE2034 View Post
Bought $500 in crypto (split between BTC & ETH) today as a starting point and will continue to allocate 1% of gross earnings per month. My gut tells me it has reached a point where I can no longer ignore it. Where are you in your thinking or already established journey with crypto? Curious to hear from others on this topic!
My thinking is that it is an interesting topic. At this stage we don't need another account with another asset to track. But I think your course is prudent. Why not try something to see what all the noise is about?
target2019 is offline  
Old 10-26-2021, 05:45 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
steelyman's Avatar
 
Join Date: Feb 2011
Location: NC Triangle
Posts: 5,069
I bought a small amount of crypto ($1K) through PayPal in late 2020, split between their 4 offerings. I’ve since recovered my initial investment and am waiting to see the 1099-Bs that PayPal will send. I won’t sell any more until the tax at LTCG rates kicks in.

After that, I’ll treat it like cash back rewards, just occasional sales if/when it rises.

It’s been interesting to follow the price swings.
__________________

steelyman is offline  
Closed Thread


Currently Active Users Viewing This Thread: 3 (0 members and 3 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
i finally gave notice. i've had enough. knucklehead 61 Hi, I am... 29 12-27-2015 10:09 PM
Finally got out in my kayak today. First time this year. This year I was fo... Dog Life after FIRE 32 10-31-2015 03:22 PM
Gave my notice today!! bosco Other topics 14 06-19-2007 02:37 PM
Gave Notice Today bruce1 Other topics 10 06-08-2007 11:06 AM

» Quick Links

 
All times are GMT -6. The time now is 12:55 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.