Quote from: exstasie on January 09, 2018, 11:40:39 PM

Quote from: 600kcrypto on January 09, 2018, 10:56:16 PM

So, I am fortunate enough to make 600k from buying and trading Bitcoin and other crypto assets, and I don't know what to do with the money. Personally I think this is the year I will become a millionaire, as I can only see the marketcap of all coins growing.

[.....]

This is not based on greed btw, I want to make enough money so I can buy my siblings houses and see them mortgage free.

What would you do if you were me? When do we call it a day and give up trading?

Many thanks for your help in advance.

Are you saying you've never taken profit to USD? You've been actively trading altcoins.... what is your tax situation? How do you plan to deal with the capital gains?

Raiblocks has already seen phenomenal growth. Sure, another double is possible, but the idea of not taking some profit off the table seems certifiably insane to me.

Your portfolio is not well-diversified. I would stop thinking about buying people houses and start thinking about better diversification and overall exit plan. You especially need to craft a tax plan that considers short term vs. long term gains and maximizes the capital you can reinvest. Remember, none of this is real until you have some of that USD value stashed in real bank accounts. It's prudent to put some gains away for taxes and a few years of living expenses, while reinvesting profits from your remaining capital investments.

I think OP can definitely diversify his portfolio more, but he's definitely gotten to the point where if he grabs even just some of his gains and brings it out, he can put it into long term investments like mutual funds/stocks and make even more a bit more safely. OP, I suggest you take some out (not all in case your predictions are true), and make sure you keep enough in so that any profits you make will still be relevant. Regardless, you always want to look to come out positive and remember that with crypto trading (and trading in general), you haven't made any money until you convert it to fiat.