January 2016 – crash from $450 to $380. I panicked and converted 13.6 BTC into gold/silver. Don’t be me.
| |
Dabbling in crypto for many years. Heard about it early on, didn't think anything really about it until late 2013 and the whole Mt.GOX fiasco. Started putting some money into it early 2014, nothing major. Ended up with a decent amount of this "magic internet wizard money", more than my rational "just put your money into a 401k and dont gamble with this crypto stuff" mind could handle. Rode the slow (very slow) wave up from the high $100s / low $200s to over $400. Crazy to think nowadays even a $1000 swing can take just moments. Anyway, was up about 100% on my initial investment and then there was a 20% crash. Not wanting to lose my gains and with a real fear that "this could easily go to zero" and it seemed that every other month "China bans Bitcoin!" I decided to move that investment to something more stable – gold and silver. So I did. Gold was $1087/oz and Silver was $14.02/oz. 3 ounces of gold and 100 ounces of silver for roughly 13.6 BTC or $5186.83 with the precious metal premiums. Fast forward to today: My gold is now worth – $5328 (just in metal value) My silver is now worth – $2600 (just in metal value) Not a bad return on investment! Until…. 13.6 BTC today is worth….even with the "crash" that just happened…. $678,368 Sigh. long story short. Hold and ride the waves of volatility. Im tempted to just put everything else into interest yielding systems on Gemini and/or just stake it. At least that way I can't panic sell again. lol submitted by /u/Grimster1 |
