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Is Investing My Savings in the Crypto Market a Good Idea in 2023

How to buy, profit and invest in crypto currencies or NFTs
digitcents
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Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625565

Postby digitcents » November 5th, 2023, 2:03 pm

Considering that crypto hasn't seen significant growth in 2023, is it a wise decision to invest my hard-earned savings in this market?

Itsallaguess
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625567

Postby Itsallaguess » November 5th, 2023, 2:07 pm

digitcents wrote:
Considering that crypto hasn't seen significant growth in 2023, is it a wise decision to invest my hard-earned savings in this market?


No

monabri
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625573

Postby monabri » November 5th, 2023, 2:23 pm

digitcents wrote:Considering that crypto hasn't seen significant growth in 2023, is it a wise decision to invest my hard-earned savings in this market?



On what basis do you think it will be a good investment? Personally, I wouldn't go anywhere near Crypto as I have no idea how to value it nor can I spend it down at local supermarket.

https://www.techtarget.com/whatis/featu ... ompetition.

"The main theory behind cryptocurrency value is if enough people agree it is valuable, then it becomes more valuable."

Wanna buy a tulip?

Urbandreamer
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625577

Postby Urbandreamer » November 5th, 2023, 2:42 pm

Itsallaguess wrote:
digitcents wrote:
Considering that crypto hasn't seen significant growth in 2023, is it a wise decision to invest my hard-earned savings in this market?


No


Possibly No is the only answer possible. As what was mean by either crypto or growth wasn't specified. Nor indeed what is currently done.

There have been fairly significant technical (not TA, but software) developments over 2023, is that growth?
BTC is up in value from £13k to £28k since the start of 2023, but is that the crypto that you mean?

Personally I would argue that you should seriously look at other assets before possibly adding any crypto. Even then you need an argument as to why you would invest in a given crypto currency.

I say that as someone who owns a small amount of BTC and is considering if that amount is too small.

Ps, I think that I should mention the Nakamoto portfolio.
https://nakamotoportfolio.com/nakamoto/start
It models adding bitcoin to a standard portfolio.

kempiejon
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625631

Postby kempiejon » November 5th, 2023, 7:26 pm

digitcents wrote:Considering that crypto hasn't seen significant growth in 2023, is it a wise decision to invest my hard-earned savings in this market?


Welcome digitcents, asking if an investment is wise on a forum like this will give you lots of responses, but why? Why ask here today? What are you doing with the rest of your hard earned and why would you want our opinion? Also how would you invest in crypto anyhow?

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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625633

Postby Dicky99 » November 5th, 2023, 7:48 pm

digitcents wrote:Considering that crypto hasn't seen significant growth in 2023...


BTC is up 105% YTD so if you're referring to that how will you know you haven't missed that boat already when it has no intrinsic value to measure it's price against?
You could ride the momentum but that's gambling rather than investing isn't it? Nothing wrong with gambling if you recognise it for what it is.
I put £5.50 on a 4 horse Yankee today after full consideration of the risks involved and I lost the lot. Live and learn :)

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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625646

Postby CliffEdge » November 5th, 2023, 8:43 pm

Yes it is a great idea.

GoSeigen
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625727

Postby GoSeigen » November 6th, 2023, 9:44 am

digitcents wrote:Considering that crypto hasn't seen significant growth in 2023, is it a wise decision to invest my hard-earned savings in this market?


Definitely. Put your life savings into it.

Unfortunately it's a bit late to invest in FTX as we all know, but see if you can find another exchange or shtcoin that hasn't gone bust yet. Come here an boast about it when you've made your first million.

Good luck.

GS

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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625728

Postby scrumpyjack » November 6th, 2023, 9:46 am

'Investing' is not the word I would use :shock:

Mike4
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625736

Postby Mike4 » November 6th, 2023, 10:13 am

scrumpyjack wrote:'Investing' is not the word I would use :shock:


I was just thinking the same.

Given the absence of any fundamentals with crypto to analyse and arrive at a reasoned valuation, buying crypto is "gambling" rather than investing.

JohnB
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625740

Postby JohnB » November 6th, 2023, 10:35 am

No. The current ones are dreadful for the environment, under governmental attack, and new authorised ones could replace them at a stroke and you'd loose all value.

Remember NFTs, when you could spend a lot on nothing?

Urbandreamer
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625747

Postby Urbandreamer » November 6th, 2023, 10:48 am

scrumpyjack wrote:'Investing' is not the word I would use :shock:


Well I've had that sort of discussion before with the word saving. I think that if you regard holding government debt as an investment, then you're on a sticky wicket when it comes to the use of words. However many would disagree, until you ask them if Argentinian government debt is the same as US government debt.

One they would regard as a gamble, the other a solid investment. :D

FWIW, and unrelated to crypto, a number of private equity funds are borrowing money to pay dividends. Are they investments?

However to be fair, the OP has not returned so we can only speculate as to the meaning of the initial post.

As I think I indicated, there were questions of what he meant by crypto. BTC is not the same as FTT (the actual token issued by FTX) any more than USD ($) is the same as the Peso ($), despite both government backed currencies sharing the same symbol.

I also questioned what he meant by growth. Many companies grow market share, margins, turnover, or spend upon R&D. R&D continues in bitcoin and it's relatives. Then there is the fact that a number of "investment" companies, like Blackrock, that are seeking to release a spot bitcoin ETF's. Would that be growth?

If Blackrock do get permission, will their ETF be an investment or not?

Personally I think that there is a significant difference between rejecting the original post, as ill considered and rejecting XYZ "investment" without consideration. Possibly it's the consideration (research) that makes something an investment, rather than a punt.

PS, there are fundamentals to research, if you are willing to research. Claiming that they don't exist is a very poor argument.

Hashrate, market cap, stock to flow, costs of mining (providing the infrastructure) etc.
Here is just one example (BTC related as that's my interest).
https://bitcoin.clarkmoody.com/dashboard/

Oh, some more research. Here is a video from the "World Economic Forum".
https://www.weforum.org/videos/this-sta ... ta-centres
Fairly meaningless, unless you research the company at the center of the video.

DrFfybes
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625753

Postby DrFfybes » November 6th, 2023, 11:14 am

digitcents wrote:Considering that crypto hasn't seen significant growth in 2023, is it a wise decision to invest my hard-earned savings in this market?


Erm, Bitcoin seems about double from when I thought about it at the start of the year.

My thoughts are.....
1) how much am I prepared to lose on it?
2) Double tthat amount as my stake.
3) If my stake doubles, will it make any meaningful difference to our Net Wealth?
4) Well I suppose there's always the CGT offset :)

In the end I didn't bother, but I'd probably only have gambled a£2k or so anyway.

Paul

Urbandreamer
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#625928

Postby Urbandreamer » November 7th, 2023, 7:11 am

kempiejon wrote:
digitcents wrote:Considering that crypto hasn't seen significant growth in 2023, is it a wise decision to invest my hard-earned savings in this market?


Welcome digitcents, asking if an investment is wise on a forum like this.....


Indeed, can I add my welcome to digitcents, who spent 10 minutes on this forum and managed to post his question in that time as his first and only post.
Hopefully he will return, read some (any) of the responses and maybe post again upon alternatives to crypto (of which I think there are many) or take enough time to view other boards..
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#626055

Postby CliffEdge » November 7th, 2023, 6:15 pm

Urbandreamer wrote:
kempiejon wrote:
Welcome digitcents, asking if an investment is wise on a forum like this.....


Indeed, can I add my welcome to digitcents, who spent 10 minutes on this forum and managed to post his question in that time as his first and only post.
Hopefully he will return, read some (any) of the responses and maybe post again upon alternatives to crypto (of which I think there are many) or take enough time to view other boards..
memberlist.php?mode=viewprofile&u=12045
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Last active:
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1 | Search user’s posts


It's always nice to have new members on the site.

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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#626062

Postby terminal7 » November 7th, 2023, 6:37 pm

Strange - just read that SB-F had his computer taken from him on 5/11/23 now he is in custody waiting sentencing.

T7

Urbandreamer
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#626063

Postby Urbandreamer » November 7th, 2023, 6:44 pm

terminal7 wrote:Strange - just read that SB-F had his computer taken from him on 5/11/23 now he is in custody waiting sentencing.

T7


Well to be fair he was in custody waiting his day in court after the 11th. Something to do with his total disrespect for the law and breaking his bail conditions.
Please keep up with events T7.

terminal7
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#626064

Postby terminal7 » November 7th, 2023, 6:55 pm

Urbandreamer wrote:
terminal7 wrote:Strange - just read that SB-F had his computer taken from him on 5/11/23 now he is in custody waiting sentencing.

T7


Well to be fair he was in custody waiting his day in court after the 11th. Something to do with his total disrespect for the law and breaking his bail conditions.
Please keep up with events T7.


Maybe it was one of his parents :roll:

T7

techsyncx
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#626594

Postby techsyncx » November 10th, 2023, 2:58 pm

I don't have a deep understanding of technical issues, but why has the price of Bitcoin continued to rise in the recent period?

Urbandreamer
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Re: Is Investing My Savings in the Crypto Market a Good Idea in 2023

#626596

Postby Urbandreamer » November 10th, 2023, 3:16 pm

techsyncx wrote:I don't have a deep understanding of technical issues, but why has the price of Bitcoin continued to rise in the recent period?


Well currently there is much speculation about the SEC and Blackrock.
https://www.thestreet.com/crypto/market ... l-now-open

To explain: There already exist bitcoin etf's*, but they can only "invest" in bitcoin mining companies or by bitcoin futures. Clearly bitcoin futures are more safe than actually owning bitcoin :? so the SEC want to prevent "retail" investors risking their wealth.
The arguments clearly don't make any sense, but Gary is insistent and keeps refusing to authorize such a fund.

Now were ETF's to be able to actually own bitcoin then it would increase the demand. As supply is limited this naturally would lead to an increase in price.

Why use an etf rather than simply hold BTC directly? Well madly most retail investors don't want to. It's corporate investors who see the advantage, subcontracting custody.

*Note the use of etf. There is a trust called Greyscale that directly holds bitcoin. However it is somewhat contentious. Many argue that the managers run it as a fee cash cow. As implied, it's a trust rather than etf.


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