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Message
My dad wants to invest in crypto
Posted on 3/6/24 at 5:19 pm
Posted on 3/6/24 at 5:19 pm
He is not computer savvy and knows zero about it. He has been seeing ads and got to investigating the last couple of weeks. I told him it’s probably best to stay away. Any help is appreciated.
20
Posted on 3/6/24 at 5:21 pm to Duffnshank
quote:A sell signal if I’ve ever seen one…
My dad wants to invest in crypto
He is not computer savvy and knows zero about it.
Posted on 3/6/24 at 5:24 pm to Duffnshank
What are you asking for? There is a whole thread on this.
Does he want to gamble on a poopoo coin?
Does he want a long term store of value?
Is he interested in a layer 2 gamble?
Just go to the crypto thread and start reading/asking questions.
Does he want to gamble on a poopoo coin?
Does he want a long term store of value?
Is he interested in a layer 2 gamble?
Just go to the crypto thread and start reading/asking questions.
Posted on 3/6/24 at 5:29 pm to Duffnshank
I'm not saying its the top of the cycle, but I think people need to be careful when inviting others to the space during the bull market.
The most unproductive situation in all this is fresh entrants come in at the worst time (peak bull market) , forever feel burnt, and never come back.
The most unproductive situation in all this is fresh entrants come in at the worst time (peak bull market) , forever feel burnt, and never come back.
Posted on 3/6/24 at 5:30 pm to Duffnshank
quote:
He is not computer savvy and knows zero about it.
Classic you and not “your dad” but Coinbase is the easiest.
Posted on 3/6/24 at 6:01 pm to Duffnshank
Tell him to buy some usdc on coinbase and earn 5%. Start learning more about the different networks, offerings, etc.. When he gets impatient with 5%, start gambling
Posted on 3/6/24 at 6:36 pm to Duffnshank
Goddamn this cycle went fast.
Posted on 3/6/24 at 6:56 pm to Duffnshank
If he wants to gamble tell him it's cheaper and easier to play the lottery. Basically the same thing
Posted on 3/6/24 at 7:52 pm to Duffnshank
frick
Posted on 3/6/24 at 8:24 pm to Duffnshank
Crypto is stupid.
But Bitcoin willl hit $100,000 this year.
Go figure
But Bitcoin willl hit $100,000 this year.
Go figure
Posted on 3/6/24 at 8:37 pm to Duffnshank
The top is in
Tell him he should only be looking at BTC imo. The risk/reward isn't really worth it with the other stuff at an older age
Tell him he should only be looking at BTC imo. The risk/reward isn't really worth it with the other stuff at an older age
Posted on 3/6/24 at 8:45 pm to Duffnshank
quote:
He is not computer savvy and knows zero about it. He has been seeing ads and got to investigating the last couple of weeks. I told him it’s probably best to stay away. Any help is appreciated.
He needs to understand float. He doesn't. I would stay away.
Posted on 3/6/24 at 9:06 pm to Duffnshank
DCA into one of the new Bitcoin ETF's like IBIT. Don't dump a ton of money into it at one time. I wouldn't listen to the negative posts about cryptocurrency. A ton of money has and can be made in crypto. The negativity usually comes from people that never have invested in it, so they would be the last ones to listen too. I've been investing in it for years, and have made way more than I would have playing traditional markets. 1-3% allocation would not be a bad place to start.
This post was edited on 3/6/24 at 9:17 pm
Posted on 3/6/24 at 10:01 pm to Duffnshank
Ask Larry Fink
Posted on 3/8/24 at 4:38 am to Duffnshank
Make sure he is not falling for a pig butchering scam. John Oliver had a good segment on it that you can watch on YouTube, and there are many articles and even a Wikipedia entry.
Posted on 3/8/24 at 7:32 am to Duffnshank
It’s totally fine to invest in crypto. Just treat it as a very volatile high risk investment. Don’t put in any amount you can’t afford to lose. I would not invest more than around 5% of your total investments. I use Coin Base and it’s very easy.
Posted on 3/8/24 at 8:30 am to Duffnshank
Crypto is more of a trade than an Investment.
Seems to prey on fomo and get rich quickly themes.
As long as he understands the fundamental forces at play here, it could be something he can make a quick buck with but don’t bet the farm….
Seems to prey on fomo and get rich quickly themes.
As long as he understands the fundamental forces at play here, it could be something he can make a quick buck with but don’t bet the farm….
Posted on 3/8/24 at 9:01 am to Duffnshank
1) Go to coinbase.com
2) Create account and go through KYC
3) Connect bank account
4) Transfer USD to your coinbase account
5) Click "buy" next to BTC, ETH, etc.
6) HODL. For real. If he knows nothing about crypto, the volatility will ruin him if he lets it.
2) Create account and go through KYC
3) Connect bank account
4) Transfer USD to your coinbase account
5) Click "buy" next to BTC, ETH, etc.
6) HODL. For real. If he knows nothing about crypto, the volatility will ruin him if he lets it.
Posted on 3/8/24 at 10:31 pm to Duffnshank
Get him in a Crypto ETF if he has to go that direction.
Posted on 3/9/24 at 6:35 pm to Duffnshank
Context is probably most important. If your dad is a very experienced investor then he probably understands the deal with crypto from an investment standpoint.
My dad did the same thing probably a year and a half ago. He’s retired and invested his equivalent of fun money. He tracks all financials pretty closely and that includes crypto now. Zero impact on him if it goes to $0.
My dad did the same thing probably a year and a half ago. He’s retired and invested his equivalent of fun money. He tracks all financials pretty closely and that includes crypto now. Zero impact on him if it goes to $0.
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