Advise on crypto.

[moonraiser]

I used to join those telegram/discord crypto groups but i quitted all of them. The tribalisms are rampant in the cryptocurrency communities, I avoid them and those that called themselves BTC Maxis, it's impossible to have a proper discussion with them.

I definitely feel you .
The circle jerk is STRONK

 

[moonraiser]

Also, from your above replies, I assume you haven't cash out large amount recently? Do update yourself on the new regulations MAS imposed on the exchanges. It used to be easy to withdraw large amount but past year I kena AML-KYC twice ( StanChart and Gemini )

I haven't had to cash out. at all. It's just sitting there.

But yes I appreciate you giving your thoughts. That will be something I will plan for as I consider my next steps.

 

[Nanonited]

Banks are a closed ledger that records transactions. Blockchains are open ledgers that record transactions. They do what banks can do and are still programmable to do much more. It's just a matter of adoption.

You can pay McDonald's in El Salvador now with btc, i think there are some videos you can google on it. You can try it for yourself too. Download a Lightning-enabled btc wallet, go reddit or twitter say you are new to btc and lightning and post a QR code of your address. Some people might send you some satoshis for free

May be the wrong topic but off topic abit, remember that you are a very savvy investor with multiple properties in SG. I would like to ask if you can share based on your observation and sensing of the property market in singapore, for a 1.7-2 mil budget, do you have any recommendations? Saw from past posts that you recommended anchorage and queensway towers but that is way out of budget now sadly and the market is so different from 2018/2019. No need to mention owning the ‘prime’ properties then

Not sure is the upside from properties still worth to max out or maybe should even stretch to buy 2 by leveraging hard and using rental to cover the 2nd property mortgage. Financial advancement is not easy, just entering big at 3 digit btc price is already mindblowing.. or keeping 3 digit btc till now like bro moonraiser… i am not able to make moves like that to date so far.

 

[gold_eagle36]

I'm actually quite optimistic with BTC breaking the previous ATH, BTC reached 69K during the last run. 100K is an achievable target, whether by 2024 or later.

Most people got burnt when crypto crashed, the regulars in EDMW crypto thread was trading NFT and Altcoins instead of DCA more BTC. So now the thread is pretty dead, unless crypto craze picked up again.

I used to join those telegram/discord crypto groups but i quitted all of them. The tribalisms are rampant in the cryptocurrency communities, I avoid them and those that called themselves BTC Maxis, it's impossible to have a proper discussion with them.

And yes, please keep your BTC in your own hardware wallets instead of trusting a third party to hold them for you. I split my holding across a few accounts and only have small in CEX for trading shitcoins.

Also, from your above replies, I assume you haven't cash out large amount recently? Do update yourself on the new regulations MAS imposed on the exchanges. It used to be easy to withdraw large amount but past year I kena AML-KYC twice ( StanChart and Gemini )

Hi can check by large amount Gemini what figures are we talking about and what's your best way to sell to USD or SGD at the moment

 

[CrashWire]

Yes. I got into Bitcoin when it was around 100usd. I have a low 3 figures and I have never touch it since then since I haven't had the need to. So yes I consider myself pretty lucky.

The screenshot you posted is just a small percentage of your holdings right?

 

[moonraiser]

The screenshot you posted is just a small percentage of your holdings right?

In crypto? I'm left with only Bitcoins.
The rest (other types) sold off a few years ago. I was really into Ethereum also.

Edit
I just realized that you may be asking if i have bitcoins elsewhere.
Actually i have a comfortable amount in a hardware wallet

 

[di_andrei]

Mixed with some connection to the price of electricity in some place(s) willing to supply it. (Bitcoin is extremely electricity intensive...and with associated negative implications for the planet.)

I really don't think you are right about this correlation. I'm oversimplifying, but electricity prices don't really impact the supply, or the price of bitcoin. Let's say electricity goes up "in some places" and miners there find it unprofitable to continue mining. Other (remaining) miners will now generate more bitcoin with the same amount of energy. The supply of bitcoin is largely unaffected (yes, hash rate will go down and the block time might go up marginally until the next adjustment). My point is that the rate of bitcoins being supplied is quite constant (not considering the halving schedule) and actually freshly mined bitcoins sold by miners to cover costs is a very small percentage of bitcoins traded on a daily basis.

To answer the OPs question, I am in a very similar position. Got in early, had almost exclusively BTC, added ETH later and didn't really participate in the altcoin and then NFT frenzy. I sold gradually over the years as the price moved up and my crypto holdings became a larger and larger part of my net worth. To give you an example, during some more volatile days, my net worth was going up and down by more than one annual salary and personally I couldn't handle that.

I am very comfortable holding BTC/ETH at current price levels and around 20-25% of my net worth. I still see BTC as an effective inflation risk hedge, I think regulatory risks are fairly small (e.g. SEC is clearly not arguing that BTC is a security) and I think further integration into the financial system (for example approval for a spot ETF would be positive for prices).

 

[DevilPlate]

For me the main problem stopping me from buying BTC is lack of credible regulated exchange.

When our local banks start offering to retail investors, i would prolly get in but at a high price by then hahaha

 

[BBCWatcher]

I really don't think you are right about this correlation. I'm oversimplifying, but electricity prices don't really impact the supply, or the price of bitcoin.

We might agree. I think the correlation between the value of Bitcoin and the price of electricity (in certain locations such as parts of China) is weak. I just can't think of any strong correlates, that's all, so I'm left mentioning the weak ones. It's somewhat like trying to predict the future price of one of the black turtleneck shirts Steve Jobs wore. That's a collectible too, although I suppose someone will always pay some nonzero amount for any gently used shirt.

I still see BTC as an effective inflation risk hedge...

I don't see that at all, especially when IGIL exists. Bitcoin has had 3 crashes with greater than 80% losses (peak to trough)(*) in its short history. One of those 3 crashes was -99% in 1 day. These crash facts alone disqualify Bitcoin as an inflation hedge.

(*) The standard, common definition of a market "crash" is -20% or greater. But -20% is nothing for Bitcoin. It's extremely volatile.

 

[moonraiser]

To answer the OPs question, I am in a very similar position. Got in early, had almost exclusively BTC, added ETH later and didn't really participate in the altcoin and then NFT frenzy. I sold gradually over the years as the price moved up and my crypto holdings became a larger and larger part of my net worth. To give you an example, during some more volatile days, my net worth was going up and down by more than one annual salary and personally I couldn't handle that.

I am very comfortable holding BTC/ETH at current price levels and around 20-25% of my net worth. I still see BTC as an effective inflation risk hedge, I think regulatory risks are fairly small (e.g. SEC is clearly not arguing that BTC is a security) and I think further integration into the financial system (for example approval for a spot ETF would be positive for prices).

I think you and I quite similar. I was REALLY into Bitcoin n ETH. I sold the latter completely. Holding exactly 0 currently.

I also did not participate in any other altcoin and NFT to me, honestly sounds stupid so I refused to touch it with a 10 foot pole either.

My bitcoins about 25% of my networth but I have a sense it reached its potential which is why I'm thinking of redirecting to invest in other things.

Since I got in early, either way, it's all profits. Only more or less, which I'm not exactly worried about. I did not find the need to cash out and just hold for a decade after all.

Appreciate your insights though

 

[ChaoMonkey]

Hi can check by large amount Gemini what figures are we talking about and what's your best way to sell to USD or SGD at the moment

Largest almost 700K, that's when I got the AML-KYC with Gemini and SCB earlier this year.

As for the most optimal way to convert USD -> SGD, you asked the wrong person. I use USD to DCA into ETFs and USD for USD FD or convert to SGD through DBS. Am I stupid to let DBS earn the difference when I can use other platform with lower fee? Yes but Is it convenient and hassle free.

So you should ask the experts in Money Mind get better answer. The valuable information being shared in Money Mind why I only lurk here.

 

[little pupsky]

For me the main problem stopping me from buying BTC is lack of credible regulated exchange.

When our local banks start offering to retail investors, i would prolly get in but at a high price by then hahaha

Try Coinbase. It’s a credible exchange and recently gotten the digital payments license from MAS (which to me is no surprise since GIC is one of the investors in Coinbase lol).

Coinbase has convenient on/off-ramp as well.

 

[gold_eagle36]

Haven't use coinbase for sometime. Remember can use coinbase pro last time for lower exchange fees. Anyone used it recently ?

 

[wira]

realise no active discussion on crypto investments now.

Any recommendation which Bitcoin Spot ETF is good to invest in now if i want to accumulate small % in BTC ?

 

[anddrool]

From current BTC development, BTC is here to stay.
It does not matter what BTC will be use for or whatever the use case maybe, or it can be just a white elephant.

What matters is, as long as there are buyers and sellers, it will continue to exist.

Why? Because of human greed.

It can be a way to make money or loss money.
It will depend on the person to analyse the situation and use to his benefit.

 

[Leaden]

realise no active discussion on crypto investments now.

Any recommendation which Bitcoin Spot ETF is good to invest in now if i want to accumulate small % in BTC ?

The top 2 with high volume based on their 1st day trading, Grayscale - GBTC, and Blackrock - IBIT.

 

[petromax]

The top 2 with high volume based on their 1st day trading, Grayscale - GBTC, and Blackrock - IBIT.

these 2 are CFD, right ? not ETF ?
CFD got overnight charge which I don't like for long term holding

 

[wira]

these 2 are CFD, right ? not ETF ?
CFD got overnight charge which I don't like for long term holding

both GBTC and IBIT are bitcoin spot ETFs

 

[petromax]

both GBTC and IBIT are bitcoin spot ETFs

ah yes you're right, earlier today the broker I'm using was only listing it as CFD, now I see both CFD and ETF..

 

[botakbbfa]

Please do elaborate. Appreciate your insights.

Either I exit now or exit later. I am not too bothered. It's all profit.

Crypto estimated make up 25% ish? of my total networth. (Top of head calculation). Let's just say the number is very very comfortable.

Edit
I currently hold Bitcoin only
The rest cashed out few years back.

Chiefly I'm interested to see the outlook on crypto from the people in this forum

wow, you have >200 BTC, thats like $12m worth at least, and it's only 25% of your net worth. Means you worth at least $50m. UHNW man.