/biz/ - Business & Finance

The odds of you holding the right coins are actually terrible which is why you should be in blue chips like BTC and eth while waiting for enough fomo and money flowing to pump lower cap alt coins. Also, the alt coins that do 100x next cycle very likely don't exist. Don't be like the clowns that think they're buying the dip on 2017 altbags that never come back

>>50275571
It's not a meme, 1 million is really not enough but you should have sold because it's easier to make more millions once your capital hits 7 figures

>>50275598
So you're saying it IS enough, then...

>>50275589
Am I really gonna go into grandpacoins with just $200k in capital?

>>50275571
1 mill will last you around 10 years if you live a frugal life.

>>50275589
> Predicting future based on past performance
Ngmi

>>50275650
10 dollars will last you 10 years if you live a frugal life

>>50275658
YOU KNOW WHAT I MEANT

>>50275598
If you threw a million dollars into an index fund wouldn't you make more than the average yearly salary from the returns on autopilot? You wouldn't be rich, but you would have way more time to do stuff to get you there.

>>50275654
>Predicting future based on literally nothing instead
Gmi

>>50275571

/biz/ is utterly delusional. $1,000,000 is a huge amount of cash, enough for you travel the world, experience amazing things and even buy a house. Never, fucking EVER listen to /biz/

>>50275776
it's all those things but it's also nothing

>>50275589
>blue chips like BTC and eth
such a meme

>>50275792
no it isn't
stop falling for stupid memes
there is no hyperinflation
1 million dollars is a lot of money

>>50275650
>1 mill will last you around 10 years if you live a frugal life.

Put 1 million in a index fund making 7-10% per year and the pull out 3% a year.

That is $30,000/year passive income **FOREVER**
(it will increase over time as your million grows)

>>50275776
>>50275811
Bro at the end of the day with 1 million you're gonna go back to the wagecage in like a year, maybe two
it's not a lot

>>50275811
ur a midwit, sorry buddy. ur talking like someone who hasn't moved significant amounts of money around. anyone who has, knows 1mm is not alot of money

>>50275824
>index fund making 7-10% per year
lol, lmao even

>>50276072
>>index fund making 7-10% per year
>lol, lmao even

This is why you are poor.

>>50275649
Don't. Do 50% btc and allocate the rest into something like bnb. 10% should go to other alts i.e. matic, shitcoin "x", etc. Their advice is midwit tier. You should dca instead of throwing it all in. Also fell for the same meme. Greed is a hell of a drug

>>50275571

The simple truth is this. If you’re talking about the one true coin, just hold. Those who can’t stomach long term volatility will be left behind. Why would you want to cash out to fiat currency and leave the best asset class in the history of mankind?

Seriously - there’s probably no higher expected asymmetrical return on the table beyond BTC/ETH in the next decade. It’s not that hard

>>50276169
>Seriously - there’s probably no higher expected asymmetrical return on the table beyond BTC/ETH in the next decade. It’s not that hard

WHY?
Why would an average person NEED Bitcoin?
What does Bitcoin offer that is better than regular currency?
What is going to happen when government regulate and TAX crypto?

Crypto was way too small for governments to care, but now is going to get regulated and taxed.

Once the criminal element can no longer clean their money with crypto WHO is going to pump billions into it??

>>50275571
>wanted $500k to travel and work remote comfy
>got practice gf pregnant, now raising muh child
>portfolio hit $500k, then $800k, then $1.1 million
>dont cashout as I no longer could enjoy the money as i spend all day with my child
>portfolio now $200k, havent checked
not really sure what the point of money is after we have houses and cars. more money cant really buy my freedom. next cycle Ill cashout and travel with my child for awhile
just wait til next cycle anon

>>50275571
A high class salary in Argentina is 7k usd. 1 million would last you around 140 years here. God tier escorts charge like 100 bucks. Im not saying you come to Argentina, but it would be very stupid to have 1 million and live in the first world. What else do you need outside internet, whores and nature? You can have that for cents in any other country.

>>50276390
I hope you did not impregnate an Asian woman

>>50276894
>it would be very stupid to have 1 million and live in the first world

Kidnapping, bribery, lack of English speech, etc.

Living in a gated retirement home in Florida is so safe my parents rarely even lock the door of their house.

>>50275571
This. I made $400k out of purely meme animal coins and got jewed by biz telling me to hodl until 1mil. Now I've lost everything.

>>50275571
watch the gambler with mark wahlberg. youre a greedy degenerate and you should of sold and bought a house all cash when you could

>>50275798
Why are you on a crypto board if you don't care about crypto?

>>50277395
>Why are you on a crypto board if you don't care about crypto?

Who said /biz/ is a crypto board?

>>50275832
No

what really got me was the stupid taxes meme.

>>50276301
Not sure if this is bait but I’ll bite.

The Sumerians created a single ledger system of writing on clay tablets to note accounts and values in their ancient trade. It was revolutionary. Next up…

The Romans were first to debase their currency by mixing bronze with coins to create MORE of them, in turn devaluing the currency. This completely fucked the population over time, as you can imagine going to the market to buy grain that used to cost 1 coin, now it’s 2. Oh, and your wages are the same. Thus, the empire crumbled over time after the inflationary policies finally popped and people revolted (mainly unpaid soldiers).

Cut to - the 1300s, Italian merchants invent DOUBLE ENTRY book keeping. They were using mostly gold coinage (close to Bitcoin principals in that there’s a fixed amount, however much gold you own is how much of the greater global wealth pie you have). Problem is, it was really tough to transport, protect and… oh yeah ship wrecks. Well, now with double entry they can simply record on pieces of official paper with official seals and code words for people to redeem value from gold vaults around Europe. Revolutionary at the time. Hey, so much value on paper, we can borrow against our assets to create MORE monetary value on paper out of thin air. Credit markets develop.

Cut to - this stabilizes over time, though we see moments of run away fiat here and there. The defining moment for us is when Nixon took us off the gold standard. Our currency was no longer backed by an equivalent value in the vault. Now, it was closer to those Italian merchants.

Then comes Bitcoin. TRIPLE FUCKING ENTRY. what does that mean? Well, for the first time in history we are able to transfer value between two parties WITHOUT any intermediary. A trustless system tempered in mathematical code maintains complete honesty and transparency and security.

It’s a complete game changer man. We are able to buy a piece of the “greater global value pie” so to speak.

>>50276301
>>50278142

You could argue that Bitcoin won’t be that global recognized value like gold, but please do yourself a favor and give it a couple hours of research over the next month. I’m almost certain you’ll see why, the game theory behind its design is just to compelling.

It’s going to be NEARLY IMPOSSIBLE for governments to censor, look how the war on drugs is going. It’s far easier and more economically advantageous to simply try to BUY IT ALL in their case. But they could never.

Instead, they’ll acquire and adapt. The same way they did in the past and the same way they will in the future. Empires are made of a people.

>>50278142
>>50278184

You are missing the point.
Cool idea, BUT it has ZERO backing.
ZERO backing!!!
There is nothing behind a bitcoin but a number.

REAL currencies are backed by taxes, their value is continuously refreshed with new taxes

Crypto ONLY has the money people put into it it a zero sum game, a Ponzi scheme.

This is the liquidity problem they are having right now. There is NO real currency to back the crypto currency. There simply are not enough dollars for people to cashout their crypto. They have to wait till more suckers put in REAL money for their fake crypto money.

Right now criminals have been pouring money into crypto because they use it to wash their money. Criminasl do not care if they lose 50% of their value because they pull out clean money.

Governments ignored crypto because it was so small and they had few complaints.

Now governments will step in and regulate it and tax it. It will become just another commodity and this commodity has NO VALUE in reality.

The glory days of crypto are OVER!

They can and WILL make sure that crypto exchanges are taxed and recorded... thus driving the criminal money out and in the end the criminal money was what fed crypto.

>>50278374
Backed by taxes? What?! Where does that money come from? How did it get into the system? Do you not realize that every US dollar in existence was either printed by the government or inflated on a bank ledger? It’s cyclical, and sure they want to collect tax revenue. But that’s not what gives it value. It’s the global trust that $1=$1, even though we know that to be a naive point of view. $1 in 1940 is certainly not equivalent to $1 today. It’s many times more valuable. Is this acceptable? Is this a value system that you feel good about participating in?

Scarcity matters.

>>50275571
All you have to do is just hold, retard.

>>50278534

Explain when first bitcoins were made what gave them value?
Just the IDEAS, but what gave them REAL value.
People basically just handed over real money for a few numbers (that is ALL a bitcoin is... a few numbers)

Crypto WILL be used because it is a nice exchange method, BUT it will a coin backed by something REAL that will be the foundation.

The exact same 'cool' features of crypto can be used to exchange REAL currency.

In the end, governments do NOT like exchanges of value that they are not taxed.
AND they do not like criminals being able to wash their money.

The glory days of crypto are OVER!

>>50278697
It's backed by the holders of last resort/hash rare/difficulty adjustment. Btc can go to back to square 1 but the idea can't die. Plenty of people will be willing to mine it because the difficulty adjustment will adapt. I will be more than happy to have the opportunity to mine btc on my cell phone but that will never happen. Mining companies have invested billions of dollars into increasing their hash rate.

>>50278822

The IDEAS are good, it is just that the coins available now have NO backing.
A long term crypto coin needs to have REAL backing of real currencies and commodities.
A HUGE central 'bank' holding many real currencies and commodities could be the foundation crypto needs.

>>50278697
>>50278822

Anon, did you literally just arrive to this board? How can you seriously be participating in a discussion about cryptocurrencies, particularly Bitcoin, when you have zero knowledge of it and how it works clearly.

Forget all these other chains with their “features”, sure. But BTC is - like the other anon said - an idea. It was a total anomaly how it happened, so many attempts were made at creating e currency. But Bitcoin broke through, clearly. It has an anonymous creator who willingly stepped away. There is no controlling entity. No one can change the core code unless 51% of all BTC nodes agree to it and at this point, there’s too much momentum to stop.

It is the only cryptocurrency that’s was fairly distributed and not premined. It experienced organic under the radar growth for years. This is part of what makes it so special. It’s essentially a limited digital resource.

I beg of you, please give your future self a shot at life as well as your many children and grand babies. They will thank you for it.

>>50278879
By the way you didn’t answer my question. By your logic, if cryptocurrency needs the USD to back its value, what then backs the dollars value?

You are right that it USED to be backed by a harder currency (gold) but that is no more.

>>50279032
>I beg of you, please give your future self a shot at life as well as your many children and grand babies. They will thank you for it.

Fine.
When it drops below 1,000 I will buy ONE Bitcoin for the shits and giggles, IF I think it still has ANY possible future.

>>50279055
>what then backs the dollars value?

340 million tax payers, VAST natural resources of USA, and the worlds largest military

What's even better is that a million dollars isn't enough NOW, but was pretty good at this time in 2020. You got mindfucked by retards and underage zoomers bragging about their "6 figures by age 18" bullshit.

>>50279079
>>50279089

Fair enough, I hope you get a good deal on one coin, I truly do! And yes, the population military and resources of the US back our power to control a currency but not one that’s running away from us. All of that raw material and might can back other forms of currency as well. Ray Dalio talks about a near future with much more currency diversity on the market (foreign $ and crypto). Fascinating stuff.

>>50275571
Do a lot of research before investing so your chances of picking the right one would be bigger. Also focus on long-term investments, one I've singled out is Railgun since privacy would always be a need in the crypto space.

>>50275776
lmao back in 2021 people said to put your 1mil into shit like celcius so you could get a risk free $100k every year

so glad I never listen to /biz/

also never fall for larps like 1mil and how a x100 is easy and so on, biz is full of scammers

>>50276152
you are the midwit bagholder

>>50275702
You could you 1 mil for 5 deposits on cashflow positive/neutral real-estate

>>50279032
>It was a total anomaly how it happened
>>50279032
>It has an anonymous creator who willingly stepped away
>>50279032
>There is no controlling entity
>>50279032
>that’s was fairly distributed and not premined
>>50279032
>It experienced organic under the radar growth for years.

absolutely wrong and braindead

>>50279504
Why not we talk about something that's got more utility in the rea; world. Say Lox that's helping people track lost and stolen mobile devices and solving IMEI issues?

>>50281471
I see they are bringing this feature into the metaverse as well.

>>50275824
If I had a million I'd buy 50 Bitcoins and be set for life.

>>50275649
$200k is enough for further investments, assuming you don't just blow it all on random coins or scams.

>>50278601
For how long? Probably 3 more years. That’s a large opportunity cost for me.

>>50281966
Looks good. The Metaverse keeps developing at a fast pace and even sports brands are beginning to get involved with clubs like Manchester City building their own digital stadium with Sony.

>>50281471
I see. But it's wise to keep your crypto assets safe as well. Security is non-negotiable anon.

>>50275649
BTC: buy and hold till its worth mid six figures (At least)
ETH: Obvious
LINK: I shouldn't have to even mention this but you want at least 1000 of these.
Ecosystem bets: ALGO/ICP
Tech bets: TRU/<insert innovative alt here>
boomer bets: LTC/BCH

>>50275571
When deciding on an investment, look out for a relevant use case and audits where applicable. One that ticked the boxes for me is Railgun which has been audited by ABDK which are experts in zkSNARKs cryptography.

>>50278374
>They can and WILL make sure that crypto exchanges are taxed and recorded... thus driving the criminal money out and in the end the criminal money was what fed crypto

dex and xmr fixes this

/biz/ is just shittesting us

Kek this is literally me. I got fudded into holding by tax shit though. Oh well. They expect one of us in the wreckage, brother

>>50275589
This language is such a meme

Crypto is just bigger idiots buying imaginary money off idiots

All the NPC's jumped on board last year. Now they've wisened up.

It's over

>>50275571
It depends on what your goals are. If you just want a good vacation and some fun sexy times with high quality hookers, $1,000,000 is nice, but if your goal is early retirement then a million won't be enough by itself unless you're willing to live the rest of your life on $20K a year.

>>50275824
$30,000 a year is below the poverty line

had 590k held to 170k tried to sell at 250k but couldnt get some coins out of stakin quick enough. HODL is a meme, sell in the bull wen the normies start to come back. Accumulate in the bear and afterwards. have short - mid - long term goals so you arent left with fuck all if your timing is bad.

>>50275571
same

thought i needed 3 because taxes.

oh i dont give a fuck, still above cost basis and still believe in 5-10 years it will be better

>>50284020
>I got fudded into holding by tax shit though
so many people worried about capital gains tax they watch their gains evaporate, its really sad happened to bunch of friends of mine

>>50275824
It's even better if you just carry on with minimal lifestyle change for a few years. I fucked up similarly to OP but still managed to get out with a bit over a mil post tax. If I keep staying with mum for a few years and do a little part time work when I can be bothered I won't even need to draw down 3%, can just let it compound. Keep up frugal mode for a few years and I'll hit make it territory with far less risk than staying disproportionately exposed to crypto.