What are your thoughts on going all in crypto in this Recession?

[Erik_]

Hey guys, I want to know your thoughts on going all in crypto through this recession?

I`m pretty young so I have a huge time horizont to "hodl" all my cryptocoins.

I`m also investet in a lot of shares but I see a very huge potential in crypto for the next years after recession and I want to DCA all my money in it.

I build a lot of knowledge about it in the last few years and for me I see it as the best chance to build generational wealth with and to make a lot out of my money. After the next cycle I would diversivy the money in many other assets.

Spend the last two years with learning everything I can get to know about it everyday because I love crypto and the technologie behind it.

I know Diversifikation is very important but for me I see here a great chance to make a lot of money. (I´m not a moonguy or some shit, I know in which coins I invest and check them all before and go through everything.)

Maybe some of you understand my thoughts or I get completely violatet in the comments.

Happy to here some insights from you and sorry about my Englisch, it`s not my main language.

 

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[Hong_Kong]

best chance to build generational wealth with and to make a lot out of my money

Your best chance at this type of wealth is to: build a business, reinvest proceeds of the business into various financial assets.

 

[GPM]

After Eth goes 2.0 in mid September, if it doesn't crash to 0, throw some in there if you want and forget about it for 5-10 years. Same for Bitcoin. Avoid any alts if you plan is to really hold it and forget it for a while.

Just my 2 cents!

Or you know, you are young, just do what all the other young kids do. Spend it on junk food, video games, beer, and entertainment that you won't remember the week after you partake in said entertainment (Don't actually do this)

 

[TheJon]

I don't know about all in per se. I think crypto is a good concept, but I'm not sure which or what will really make it. I personally like the shovel business, I'd be selling miners, space, programing for miners, power, etc etc even just extra hash. You'd get exposer and money right now

 

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[fastlane_dad]

Crypto is nothing more than gambling or investing all your assets into another single stock or currency.

Sure - you have the potential to hit it 'big' but also you might potentially lose everything. Are you OK with that? Don't do something you will regret for years and decades to come. 'All In on crypto' is not an investment strategy, it's going down to the casino putting all your money on black and spinning the wheel.

For a more realistic plan, that holds the stand of time and history and will help preserve your wealth and grow it - see my INVESTING thread here.

Otherwise I'd invest no more than 1-5% of all your investable assets into crypto.

I know Diversifikation is very important but for me I see here a great chance to make a lot of money.

This sounds like nothing more than a cloud of WISHES, HOPES and DREAMS.

FASTLANE is your true realistic chance of building up a business, creating massive cash flow and then one day selling it all for a TIDY SUM OF MONEY.

GL!

 

[Xeon]

Madness.

 

[EmotionEngine]

Happy to here some insights from you and sorry about my Englisch, it`s not my main language.

Did MJ release any of his books in your country? It sounds like you don't know much about the ideology.
Crypto and stocks are slowlane for those who don't have a bunch of capital. Build a business that provides value to people and solves problems first. It's just high risk gambling or entertainment otherwise.

 

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[MJ DeMarco]

Funny (and equally sad) how someone reads my book and this is the conclusion they come to. Based on the thread title, I instantly thought this was a non-reader. Nope. Perhaps a non-comprehender.

 

[Kevin88660]

Hey guys, I want to know your thoughts on going all in crypto through this recession?

I`m pretty young so I have a huge time horizont to "hodl" all my cryptocoins.

I`m also investet in a lot of shares but I see a very huge potential in crypto for the next years after recession and I want to DCA all my money in it.

I build a lot of knowledge about it in the last few years and for me I see it as the best chance to build generational wealth with and to make a lot out of my money. After the next cycle I would diversivy the money in many other assets.

Spend the last two years with learning everything I can get to know about it everyday because I love crypto and the technologie behind it.

I know Diversifikation is very important but for me I see here a great chance to make a lot of money. (I´m not a moonguy or some shit, I know in which coins I invest and check them all before and go through everything.)

Maybe some of you understand my thoughts or I get completely violatet in the comments.

Happy to here some insights from you and sorry about my Englisch, it`s not my main language.

The richest two in crypto space are FTX exchange founder and Binance exchange founder.

I rest my case.

Not trader or investor.

Casino builders. Business owner.

 

[Erik_]

Funny (and equally sad) how someone reads my book and this is the conclusion they come to. Based on the thread title, I instantly thought this was a non-reader. Nope. Perhaps a non-comprehender.

 

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[Erik_]

Funny (and equally sad) how someone reads my book and this is the conclusion they come to. Based on the thread title, I instantly thought this was a non-reader. Nope. Perhaps a non-comprehender.

No i read your book and fully understood everything, i´m working hard and I´m trying to create sth big to get to the fastlane.

The thing is I got some capital sitting in my bank and I´m very interested in crypto so I want to hear some thoughts about it from people with more experience like me.

Nothing to do with the thing, that creating a cash flowing buisness is my number one I want to reach.

Thank`s for writing this book MJ, I first fealed fully understood in my life. Sometimes I feel a bit "strange" in the world because I have other thoughts and things I do in my daily life than all the other people around me.
With new insights from you and your story I`m now 100% confident, that I´m on the right path.

Even my mother find it sometimes confusing that i`m so hard working everyday in many topics she doesn`t understands.

It was just a financial question, because for me investing is very important for me

 

[MJ DeMarco]

No i read your book and fully understood everything, i´m working hard and I´m trying to create sth big to get to the fastlane.

The thing is I got some capital sitting in my bank and I´m very interested in crypto so I want to hear some thoughts about it from people with more experience like me.

Nothing to do with the thing, that creating a cash flowing buisness is my number one I want to reach.

Thank`s for writing this book MJ, I first fealed fully understood in my life. Sometimes I feel a bit "strange" in the world because I have other thoughts and things I do in my daily life than all the other people around me.
With new insights from you and your story I`m now 100% confident, that I´m on the right path.

Even my mother find it sometimes confusing that i`m so hard working everyday in many topics she doesn`t understands.

It was just a financial question, because for me investing is very important for me

Then I'd avoid crypto other than holding it as a speculative asset, like buying shares in a stock on the stock market.

Focus on business. Something you can CONTROL and SCALE. Crypto offers neither, unless you plan on opening an exchange, or minting a new shit-coin. The market doesn't give a shit what your interests are.

 

[mikecarlooch]

Hey guys, I want to know your thoughts on going all in crypto through this recession?

I`m pretty young so I have a huge time horizont to "hodl" all my cryptocoins.

I`m also investet in a lot of shares but I see a very huge potential in crypto for the next years after recession and I want to DCA all my money in it.

I build a lot of knowledge about it in the last few years and for me I see it as the best chance to build generational wealth with and to make a lot out of my money. After the next cycle I would diversivy the money in many other assets.

Spend the last two years with learning everything I can get to know about it everyday because I love crypto and the technologie behind it.

I know Diversifikation is very important but for me I see here a great chance to make a lot of money. (I´m not a moonguy or some shit, I know in which coins I invest and check them all before and go through everything.)

Maybe some of you understand my thoughts or I get completely violatet in the comments.

Happy to here some insights from you and sorry about my Englisch, it`s not my main language.

I’m young but had experience with doing this. I made and lost 10’s of thousands of dollars in crypto.

My money plan each day was waiting for the charts to go up

Ultimately (along with a few other big mistakes) I lost about every dollar I had earned with ventures I’d done up to that point.

 

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[Thinh]

The fact that you use the word “HODL” and are thinking of crypto as a vehicle for wealth greatly stacks the odds against you.
You probably won’t listen to the advice around here, and were probably more looking for some validation from forum members, or god forbid, even MJ, but you won’t get that here.

Is it possible to become wealthy with crypto? Yes.
Is it easily doable? No, and that’s the great illusion of crypto. It draws a ton of people thinking they will make easy money, but in the end, for most people it really just is disguised gambling.
I know a few people who made millions with crypto. But it was either by luck (and half of those ended up losing most of their money), or because they were not hodlers but traders. And good ones. But being good at trading is extremely difficult, takes years, and is actually a real business.

But if you hope getting rich by buyin $50k worth of BTC, ETH, and some other shit coin, hoping to make a 100x, well, that is the definition of gambling.

 

[ruzara5]

want to know your thoughts on going all in crypto through this recession?

Will point towards simplicity. YOU must educate yourself on the growing and contracting universe of the CRYPTOsphere. Now. Coins. BTC, ETH. Learn to use the available coin related comparison tools that are out there and likely listed here on the Fastlane forum. Give one here. It is cute. NOT financial advice. Cryptobubbles.xxx you know. You may already use it. Now a DCA method over time can help. Over the long term BTC and ETH are good. Comparing this to a gamble is a good analogy. One popular crypto speaker mentions a phrase like this one, 95% plus give or take crypto currencies WILL FAIL! In the future. Look at LUNA. Have been abreast of this space since around 2008. Am a firm believer in HODL for BTC. OTHERS??? You must due your due diligence. CAN you get rich?? Overtime. Possibly. Always good things. You good people must be the captains of your own ship that you control on the high seas. Have fun.

 

[garyfritz]

Crypto is nothing more than gambling or investing all your assets into another single stock or currency.

I mostly agree. Crypto is a solution looking for a problem, and in the meantime it's just a gambling platform. Cryptocoins at this point really have no valuable function. They serve no useful purpose except as a gambling vehicle. Some day they might, using the blockchain &etc, but not now.

And @Erik7, "Put everything on crypto" is no different to "Put everything on red" on the roulette wheel. Maybe you'll win, maybe you'll lose. It's just gambling, unless you have very good reason to believe the token or stock or whatever has a high probability of success. Would you put all that money on red? If not (and I hope not!) then you shouldn't do it with BTC either.

 

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[Ing]

If you have the charts in your head in relation to the crypto cycle by heart and have a plan when to buy and when to sell, imo its more likely to work than not.
If you know by heart, what did what coin in 15, 19,.. and eny other year, than it can work.
If you know by heart what to do when and than adjust as the charts show if you are eight, than it can work.
For example: if BTC stays in the20k range now until November and than dumps to 12 k, imo its more likely, that it s going to 30 k in June 2023.

But only dca and hold will not make you rich.

And beware of margin trading. Yourube shows some multimillionaires trading channels, which suggest that’s easy money, but that are the showel seller. They don’t care loosing a trade in minutes.

Pp I believe Cryptos will have a big future and if you are in Crypto, you will see a lot of business opportunities along the way.
F e mining was a big one last year. Now with merge and drop it will be reduced, but at least you can heat your house while earning.

So look at it as a profession and try to make a business around it.
Btw: making a BSC token is arond 1 BNB, so if you wanna go that way, thats cheap now, too.

 

[Kak]

A little over a year ago, we had a lot of “geniuses” at the forum that would have encouraged you to do what you’re asking about…

I wonder what happened to them all?

 

[Guest-5ty5s4]

If you must, then put a small amount you are willing to lose into it on the side, just so you are exposed to some of the gambling gains. But that's it! Take the responsible, reliable path... and go beyond slowlane, to the fastlane. The path is all over this forum.

 

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[Kak]

Don't get me wrong... I really do hope decentralized, privacy respecting, stateless currency is big part of humanity's future.

Hope just isn't a plan.

 

[Hong_Kong]

If you have the charts in your head in relation to the crypto cycle by heart and have a plan when to buy and when to sell, imo its more likely to work than not.
If you know by heart, what did what coin in 15, 19,.. and eny other year, than it can work.
If you know by heart what to do when and than adjust as the charts show if you are eight, than it can work.
For example: if BTC stays in the20k range now until November and than dumps to 12 k, imo its more likely, that it s going to 30 k in June 2023.

But only dca and hold will not make you rich.

And beware of margin trading. Yourube shows some multimillionaires trading channels, which suggest that’s easy money, but that are the showel seller. They don’t care loosing a trade in minutes.

Pp I believe Cryptos will have a big future and if you are in Crypto, you will see a lot of business opportunities along the way.
F e mining was a big one last year. Now with merge and drop it will be reduced, but at least you can heat your house while earning.

So look at it as a profession and try to make a business around it.
Btw: making a BSC token is arond 1 BNB, so if you wanna go that way, thats cheap now, too.

Spending a bunch of time looking at prices graphs, trying to predict the future of a token (pretty much random) sounds like a giant action fake. Probably feels very productive, but does little to move the needle on actual wealth.

 

[AceVentures]

I went all in crypto with my savings in 2020 and made a lot of money. It was a big deal for me and has changed the direction of my life. Although I walked away with a lot of money, most of my peers did not.

I was incredibly lucky on many factors including the fact that the world went bananas after the rona. I've never seen anything else like it. I would not bet on the same thing happening again, but who tf knows.

Echoing what others have said here: no control, speculative, big gamble.

Would not recommend.

 

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[WestCoast]

Save yourself the years of hassle and up/downs.

Go to Vegas, put it all on the roulette wheel (I don't know jack about gambling).

Maybe you will win and feel like a hero - but it's just luck, you'll always know that.
The odds are, like every other sucker, you'll lose your money.

Vegas will be a long weekend to win or lose. Cyrpto will be decades - imagine all the energy you'd spend tracking it (having zero influence on it). What a waste of time/life.

Be productive instead.