crypto currency

[QuarterMillionMan]

Opened a bitcoin roth IRA for 2025 w/a max contribution of $8000 and bought BTC w/a spot price at about $97,000. Also, liquidated all of my stocks in another roth IRA account and in the process of transferring the funds of $52,000 into this bitcoin roth IRA. Hoping to buy more BTC before big governments add it to their strategic reserves and drive up the price.

[QuarterMillionMan]

Last night I fell for the herd mentality syndrome and bought at the height when bitcoin was $103,000 thinking it would rocket to maybe $110,000 or $120,000 which was only a head-fake. Today it dropped back to $97,000. Oh well, cannot cry over spilled milk and sometimes you win some, sometimes you lose some.

[QuarterMillionMan]

DCA was a separate post to the Proverbs post. But in regards to the truth bitcoin like gold and is the truth. Fiat money is toilet paper.

[james.hendrickson]

I’ll DCA bitcoin even if it means buying the top at every buy.

I like the reference to proverbs 23:23, and looked it up, but it wasn't clear what the applicability was to dollar cost averaging in this context. Can you unpack that please?

[QuarterMillionMan]

I’ll DCA bitcoin even if it means buying the top at every buy.

[QuarterMillionMan]

Proverbs 23:23 says, "Buy the truth, and do not sell it”

[james.hendrickson]

When El Salvador adopted bitcoin a few years ago I thought they were crazy. Today I now think they are smart. I need to set up recurring buys of about $500 - $1000 every month or more.

Does dollar cost averaging even work with crypto markets? I know it was developed for the stock market, but I just don't know if it applies or not.

[QuarterMillionMan]

When El Salvador adopted bitcoin a few years ago I thought they were crazy. Today I now think they are smart. I need to set up recurring buys of about $500 - $1000 every month or more.

[james.hendrickson]

Its amazing QMM, bitcoin broke 100,000 today. I wish I'd bought more.

[QuarterMillionMan]

Just bought $1300 ($999 + $316) worth of bitcoin.

[QuarterMillionMan]

Bitcoin is $101,400 today which could now open the flood gates.

[QuarterMillionMan]

Missouri bill would ban CBDCs, make gold and silver legal tender

Missouri looks to make gold/silver legal tender and ban cryptos, interesting.

[QuarterMillionMan]

Bought $200 more of XRP.

[QuarterMillionMan]

Ripple’s RLUSD stablecoin: Here’s what you need to know before launch

Ripple is preparing to launch its United States dollar-pegged stablecoin Ripple USD (RLUSD). The cryptocurrency community highly anticipates the launch, which is expected on Dec. 4.

[QuarterMillionMan]

Example Fees

Disclaimer: These are estimated figures and actual fees may vary.

• Sending bank fee: Typically a flat fee of $25-$50, or a percentage of the transfer amount (e.g., 0.25%).
• Intermediate bank fees: Can range from $10 to $50 per transaction.
• Exchange rate markup: Banks often add a margin of 2-3% to the exchange rate.

If you’re sending $5,000 from the US to Europe, you might incur the following fees:

• Sending bank fee: $30
• Intermediate bank fee: $20
• Exchange rate markup: 2%

Total fees: $50 + potential loss due to exchange rate markup.

To get precise fee information, contact your bank directly. They can provide detailed cost breakdowns based on your specific transfer.

Also, from what I understand it takes about 3 - 5 days with the traditional system. But with cryptos it might take 3 - 5 seconds and at greatly reduced fees from what I gathered.