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Bought Bitcoin and can't stop !!!

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  • Avatar Re3iRtH 
    Participant
    Status: Physician
    Posts: 145
    Joined: 09/23/2017

    HELP !!! I took out a small position in BTC and a couple other cryptocurrencies. I have already made my initial capital investment back in short order (~2 weeks).

    Now its just playing with house money and I can’t stop. Even though its just small amounts, I can see this being a huge time suck going forward. I have told myself I won’t check the crypto values but its so hard to do when they are skyrocketing! I check it multiple times per day.

    I want to continue to focus on medicine (specialty is fun and generates income) and real estate (generates passive and generational income, and wealth) but this crypto craze has got me absolutely distracted!

    #83377 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4520
    Joined: 05/13/2011

    Yet another good reason not to “invest” in speculative instruments- the gambling addiction/time suck factor.

    Most good traders write down the exit criteria when they enter a position. I would suggest you do so. Perhaps they could look like this:

    Sell 50% at $20K

    Sell other 50% at $30K

    Sell 50% at $10K

    Sell 50% at $5K

    But you’re asking the wrong guy if you want trading advice.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #83382 Reply
    Liked by Re3iRtH
    Avatar Re3iRtH 
    Participant
    Status: Physician
    Posts: 145
    Joined: 09/23/2017

    I think thats what I’ll do. Slowly sell off the rest of the Bitcoin. Then throw the other stuff on a hardware wallet and lock it in a closet somewhere and forget about it. Thanks 🙂

    #83402 Reply
    triad triad 
    Participant
    Status: Dentist, Small Business Owner
    Posts: 272
    Joined: 04/29/2016

    I’m waiting for a low cost blockchain index fund to be created.   I’d invest in that 🙂

    #83404 Reply
    Avatar hightower 
    Participant
    Status: Physician
    Posts: 1484
    Joined: 12/07/2016

    I say go all in.  You got to play big to win big.  It’s only a gamble.  What could go wrong?  You’re just buying a currency hoping it will keep going up in value.  I’m sure it won’t fail.  I mean, it isn’t actually a very good currency to use really since it’s so incredibly volatile. And it would be nearly impossible to use it as a currency because of this, but yeah I’m sure it will stabilize.  It would have to stabilize in price in order to ever be used as a currency (which is the main point of its invention).  And I’m sure when it’s price stops going up for a significant amount of time people won’t panic and sell and cause the value to plummet.  People will remain calm and keep their dollars in the game even though it’s not going up anymore.  You’re safe!  Buy more!

    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3500
    Joined: 01/14/2017

    #83455 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8113
    Joined: 01/09/2016
    I say go all in.  You got to play big to win big.  It’s only a gamble.  What could go wrong?

    Click to expand…

    My eyes were popping out of my head through this much of your answer. 😆

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #83512 Reply
    hatton1 hatton1 
    Participant
    Status: Physician
    Posts: 3062
    Joined: 01/11/2016

    OK.  Sell enough to cover your original investment plus STCG and fees.  Then your investment is pure profit.  Do not look at it for one year.  Then you can decide whether to take or LTCG or let it ride.

    #83513 Reply
    Sajimone Sajimone 
    Participant
    Status: Physician, Small Business Owner
    Posts: 92
    Joined: 01/09/2016

    All these new crypocurrencies and crowdfunding websites… sounds very ominous!  when everyone is greedy.. be fearful and when everyone else is fearful.. be greedy.

    #83601 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2629
    Joined: 05/07/2017
    Splash Refinancing Bonus

    is this bitcoin stuff anonymous or not?

    i hear differing opinions.  i mean if i go on the dark web can i do shady stuff and not get caught?

    is it like a swiss bank account?

     

    #83602 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6177
    Joined: 01/12/2016

    is this bitcoin stuff anonymous or not?

    i hear differing opinions.  i mean if i go on the dark web can i do shady stuff and not get caught?

    is it like a swiss bank account?

     

    Click to expand…

    bitcoin is pseudonymous, if someone wanted to they can 100% track you down. One of the big flaws really.

    I think some of the others are actually more anonymous, but Im sure it will be hard both ways, depends on how much work whoever is looking wants to do.

    #83613 Reply
    Liked by pulmdoc
    Avatar DC Doc 
    Participant
    Status: Physician
    Posts: 13
    Joined: 10/24/2017

    Bitcoin is just one, albeit the first, of a whole slew of cryptocurrencies, that all try to have their niche within the market. There are several truly anonymous coins (Monero, Zcash, etc) who define themselves by their secrecy. I am a bit skeptical in those simply from the standpoint that if the US starts cracking down on any of this, they’ll be targeting those markets where they don’t think they’ll get there cut.

    As far as speculation/utility, of course there is rampant speculation going on right now. It’s like an 1800s land rush to scoop up coins, regardless of whether or not the land you’ve put your flag on is a swamp. I do think that “internet money” is going to be here for good. How long will it take is still the question. You have to ask yourself, are we in the early 90s and AOL and email are just becoming a thing, or the early 00’s of the dot com bubble.

    #83653 Reply
    Avatar Re3iRtH 
    Participant
    Status: Physician
    Posts: 145
    Joined: 09/23/2017

    Crixus, I going to go out on a limb here and guess that you haven’t bought any Bitcoin? 😉

    #83674 Reply
    Avatar bravotwozero 
    Participant
    Status: Physician
    Posts: 15
    Joined: 12/09/2017

    OK.  Sell enough to cover your original investment plus STCG and fees.  Then your investment is pure profit.  Do not look at it for one year.  Then you can decide whether to take or LTCG or let it ride.

    Click to expand…

    I second this. I did precisely that. My initial investment quadrupled in value, after which I sold my initial investment amount, and am leaving the rest alone. I’m way more comfortable risking the profit, since it didn’t come out of my income or savings, i.e. money that I didn’t have to work for.

    #83707 Reply
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 1004
    Joined: 01/11/2017

    Do you have any experience managing a bankroll at a casino? Stop-losses, how to walk away, session bankroll vs trip bankroll, limits per time period, when to press your bets, how to preserve your initial layout, how to avoid the trap of throwing good money after bad, anything?

    Because those are the skills you need to succeed.

    There is a very good chance that you will eventually come out a loser on this deal. Just like Isaac Newton.

    #83714 Reply

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