Post
Topic
Board Speculation
Re: I'm All In - Sold My House!
by
xavier
on 15/03/2014, 12:07:56 UTC
Just 1 thing. The "end of fiat" could take some time to play out, so you might want to convert some of your BTC into dollars / gold / some conventional investments now so you are not forced to sell your coins later in the case of a serious interim bear market.

Either that or get a job in order to cover any interim expenses. What I mean is, it could be many years or decades before bitcoin ever reaches huge adoption, and during that time the price could go much lower. Sure, bitcoin is receiving plenty of media hype and attention now, but that can disappear quickly. Be sure you are not caught out by this. Dont disregard your other options.

Don't forget also the risk of confiscation, so might be good to store on different devices in different global locations. The same goes for gold as well.

The last thing you want is to panic sell when the price is crashing. The best way to do that is to have some cash available in other places, so you are not putting all your eggs in one basket, and not to invest more than you can afford to loose.

Yes, it sounds boring. But - I've been in this situation before and trust me, it really does produce the end result of you keeping more of your money. Each of us has a certain amount of risk we can handle. The trick is to hit that amount, not to cross it.

(Which of course leads to the maxim: bulls and bears profit , pigs get slaughtered.)