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/biz/ - Business & Finance

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24018002 No.24018002 [Reply] [Original]

>dad told me he wants to buy one bitcoin
>he's aware of halving cycle and the fundamentals, not an idiot who just wants to catch a hype train
>not sure what to tell him
>don't want to be one of the screencapped anons who got their family into crypto at the peak of a bubble and screwed them over
>on the other hand I know that the future of BTC is huge despite what comes of this pump and I don't want to discourage him from making this step
Not like this decision is up to me, but what should I say? Should I just be neutral? I feel a lot of responsibility for this as me talking to him about LINK and the tech over the last year really made him change his opinion on crypto and it would be partially my fault if he were to fuck up his money. Thankfully 1 BTC is negligible money for him but nonetheless I'd feel like a jackass if I encouraged him to buy at ATH, and then for it to do what crypto normally does when boomers buy at ATH

>> No.24018031

Tell him to buy. $18k is really nothing, especially to a boomer. He'll be OK if BTC drops to 0.

>> No.24018041

>>24018002
Help him buy it? What do you expect? BTC is going to go up and your father wants to buy one. What's the issue?

>> No.24018080

Never give financial advice to friends or family. Only to strangers on the internet who you'll never meet IRL

>> No.24018092

This has happened many times before. Bitcoin pumps, then it dumps. Happens 3 times a year. Buy Bitcoin at $13,000

>> No.24018122

Just tell him to buy with the disclaimer that you aren't his investment advisor and that it's a very real chance he could lose everything he puts into it. My mum got interested in BTC earlier this year, and I got her in around 10k but I made sure she knew that she was trading a very volatile highly speculative asset with a high chance of failure. She only put in as much as she can afford to lose.

>> No.24018128

>>24018092
this, tell dad to wait for the inevitable correction to the 20 week moving average

>> No.24018154

>>24018002
>not an idiot who just wants to catch a hype train
then why is he buying it now instead of any time in the last 3 years?

>> No.24018156

>>24018128
no, this is stupid because then you'll be blamed if it moons.


dont give price advice. help your dad buy if that's what he wants, tell him its likely to go up in the medium-long term, but there is always a possibility of it dropping.

>> No.24018158

>>24018002
Buy half now, and half when/if it dumps. Shouldn't be thinking that hard when you could be hard elsewhere.

>> No.24018295

>>24018031
>>24018041
>>24018080
>>24018092
>>24018122
>>24018128
>>24018154
>>24018156
>>24018158
He says he plans on buying strategically, buying it in fractions when it doesn't look overbought. I hear this and I both think of the times that boomers fomo into ATH and lose everything and it sounds like a good idea. Then I remember all the LINK gains I lost waiting for dips and it sounds like a bad idea. Either way it's the safest bet so I think doing it that way is for the best. He's a skilled trader and knowledgeable investor but still entirely new to crypto where things are a bit more retarded... I guess I'll just go with the advice of most Anons with helping him make whatever decision he does, I'll trust him to do the right thing.

>> No.24018306

That's nice of you to worry , but he probably wouldn't blame you and is aware of the risk

>> No.24018354

>>24018295
>He says he plans on buying strategically, buying it in fractions when it doesn't look overbought.

he sounds like a savvy trader, he'll be fine

just help him with things like tech stuff like choosing an exchange, wallet, safely storing crypto, etc

>> No.24018390

>>24018002
The moment a boomer wants in, show them boomerbase. Just do it on the spot. It's an easy app download. They're adults, they can pump our bags with free will.
>t. anon who's mom and grandma do better than him at crypto trading because they listen to his schizo ramblings but aren't themselves schizos

>> No.24018448

>>24018002
Boomers love complex financial products.
Tell him that YOU will sell to him a collared semi-principal protected note that will pay the total rate of return of 1 bitcoin over the course of 1 year and charge him the price of 1 BTC + a markup. Take the funds and purchase a 1yr ATM option on bitcoin. This will be his max loss. With the remaining left over funds, purchase treasury securities and pocket the carry. In one years time, the treasury securities mature, and you give this money to dad, and any upside on the option. Worst case, he loses his option premium, but you look like a financial genius because his loss was floored. Then ask him for money to start a hedge fund and slowly bleed him dry of all of his retirement savings.

>> No.24018472

>>24018002
i've thought about this myself as i've telling my goldbug parents about btc since 2018. if they wanted in now, i'd explain the nature of markets and how their capitulation is a sign we may be nearing a local top, but at the same time i think the downside is much smaller than the upside. other than that you show them how to do it and it's out of your hands.

>> No.24018507

>>24018295
>He's a skilled trader and knowledgeable investor but still entirely new to crypto

boomers may not understand new tech stuff, but if he's been trading and investing in the markets for decades, he has seen some shit over the years and he has a longer time horizon than most normies

>> No.24018525

>>24018154
Also it more has to do with the LINK breadcrumbs I've been feeding him over the last year has changed his perception towards crypto as he's seen that there's actual revolutionary technology behind all this. Also the march crash followed by the recovery shattered his perception that the stock market was somehow any less speculative than crypto, as the fact that the market could recover the way it did despite the economy being completely down the shitter showed him that there really is much less value to these investments than he thought and it's just a bunch of speculation and hype combined with money printing. All this made him decide that if all investments are speculative bullshit he might as well hop on the train and secure one unit of the future of all money as we know it. So yo usee it's not the price that's making him do this just changing attitude, he's well off enough where BTC going to like 300 grand would still just be a pleasant surprise to him
>>24018306
>>24018354
>>24018390
>>24018448
>>24018472
>>24018507
So it's settled I'll help him do as he wishes, good night Anons thanks for the help

>> No.24018535
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24018535

>>24018448

>> No.24018569

>>24018448
Well I accidentally included this in my replies anyway fuck you my dad helped me top off my LINK stack when I didn't have the money to spend on hand, I'll never exploit him

>> No.24018605
File: 330 KB, 750x450, thetetherpump.png [View same] [iqdb] [saucenao] [google]
24018605

Tether is about to cause the most catastrophic rug-pull in human history.

https://www.youtube.com/watch?v=bFVK9SxKR5c

https://www.youtube.com/watch?v=qzDjJ-SrojY

New information on tether lawsuit:

https://www.reddit.com/r/btc/comments/jrr3ny/recent_fillings_exit_the_ponzi_playground_at_all/

More information on Bitcoin:

https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7?gi=63d0d0ef554a

https://www.youtube.com/watch?v=XfcvX0P1b5g

As of today, seven-day printing-rate of tether is $38 billion per annum.

I suspect that the CFTC knows that tether is a scam, but they won't audit it for the same reason that they won't audit the COMEX. Crypto is an Adam Back/Blockstream-created ponzi to split the anti-fiat community. The COMEX already would have gone bankrupt if our efforts had been fully concentrated on physical silver during these past ten years. Once fiat collapses, BTC becomes priced in gold, and all crypto (as being the fruit of the poisoned tree) immediately goes to zero.

"To overturn the history of gold is wishful thinking. Fully backed Gold and silver substitutes and circulating coins are practical and acceptable for 7bn transacting individuals. BTC will then have no role and sink to zero priced in gold." - Alasdair Macleod, 8 November 2020

BTC requires $100-fees and 3-day transaction times when even 0.1% of the world population attempts to use it as a currency; the only solution is to go through Blockstream’s second-layer solutions which track and trace everything you do. Blockstream is controlled by the banks and the Bilderberg Group. Projects like BCH are not the answer, since they are just as liable to human corruption as was BTC.

Not only is BTC worthless as a currency, but gold-backed crypto already exists. We don't need BTC for anything.

https://www.youtube.com/watch?v=5Q9aYYluRA0

https://www.youtube.com/watch?v=BjqzyqRz_Mc

Also, gold-backed yuan and rubles will soon be used in the banking system.

>> No.24018717

>>24018002
tell him its currently all time high and he risks losing money if he gets in now. I mean this was a simple AF solve anon. hey dad bout that btc.. its at ath right now so if you buy you risk losing money if it dumps which it might.
oh thanks for the warning son

/solved

>> No.24018749

>>24018002
my parents want to buy also
i told them to wait for a giga crash first and that i have the family covered overall with crypto gains
them buying at this point would just be sugar on top

>> No.24018780

>>24018605
debunked

USDT is fully backed by USD

>> No.24018836

Diversify a little. Tell him to buy a 1k bag of XRP as well while it's still dirt cheap. There's no harm in buying a small bag, and it could easily outperform BTC

>> No.24018859

>>24018002

My father bought at 15k. I told him to wait till his boomer coworkers and the news mention btc and then decide for a value to sell on

>> No.24018885

my dad initially bought in after the 2017 peak after we found out my cousin made a cool mil off crypto. he's been steadily buying the dip over the years and he is outperforming me by like 4x lol

>> No.24018946

>>24018836
fuck off cultqueer this thread has NOTHING to do with your shitcoin. XRP LAW is so fucking obnoxious

>> No.24018991

>>24018002
Was buying at the $8k top in Nov '17 a good or bad idea?

>> No.24019066

>>24018295
Just use RSI tool (relative strength index) on binace or whatever. You can look it up on investopidia. It will help you judge whether somethings overbought/oversold

>> No.24019658
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24019658

>>24018448

>> No.24020097

>>24018002
If he buys now and holds it will never go to this price again. Even after a huge correction BTC doesn't touch the previous ATH. Last time BTC dropped to the $2900 range at its lowest with the previous ATH being $1160.

>> No.24020748

>>24018002
lol halving was in may, just buy it. It barely started moving.

>> No.24020856
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24020856

>>24018002
Anon do the following

Buy 0.5 bitcoin, keep 0.5 fiat.

Now balance every week based on fiat price.

Market goes up you take profit
Market goes down you increase your bitcoin position

Worst case he got the bitcoin he already wanted for less then 19k.

Best case his 0.5 bitcoin is worth 25k and he has already 25k in fiat.

>> No.24021025

>>24018002
Please show him how to set up 2fa. He sounds smart enough to know how to strategically DCA/DDCA but he may have weak passwords and other boomer shit. Set up an antivirus for him too. Or only show him Coinbase pro on phone.
This is your dad please make sure he doesn’t get hacked.

>> No.24021057

>>24018002
Buy COR instead. Market cap still tiny. VAL airdrop approaching. This market cap target is top 10 in < 12 months. Will be one of the most successful initial platforms on Kusama and Polkadot enabling decentralised trading on a parachain.

>> No.24021078

>>24021057
*XOR

>> No.24021086

>>24018128
You're a dumbass for thinking you can play the market like that.

>> No.24021119
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24021119

>>24018002
Wait for the correction. This shit is going 10%+ in a day. Correction is in order. Also tell your dad a BTC investment is a long-term thing. Let him buy the Bitcoin and tell him to forget about it and not check the numbers except maybe once every two months or so.
>t. told my dad to buy 50k worth of gold right before it peaked after giving him a lecture on money printing and Austrian economics

>> No.24021164

>>24020856
Is this legit? Is there a name for this strategy?

>> No.24021301
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24021301

>>24018605
Did you actually post the Mike Hearn temper tantrum blog? Bitcoin is up 20x since his "failure of the Bitcoin experiment" childish ragequit in winch he "says" he sold all his coins lolol. Find a new FUD pasta this one isn't working.