I'm usually not a risk taker but a few months ago I decided to try the crypto game. I invested some money that I had locked up in a corporation that I started and no longer active for about 12 years now.
I had some money sitting in their doing nothing all that time (depreciating) and if I pull it out would have to pay about %45 in taxes so I decided that I would risk this money to make more. Money I didn't need for 12 years that I would not need for another 12 years at least
My other investments have made little returns .. no way to retire with those gains.
I bought some litecoin at $80 (value fluctuated $70-$75, $82, $85 etc..) held on and sold at a profit, wow amazing gain compared to the stock market, bought some Etherium at like $247 and later sold all my positions making about $1800 gross $1200 net about %15 return. Not bad for a few months, my strategy was make %20 or so and sell out then when the cryptos crash buy in and repeat. Thus only risking my money for a week or two at a time, yes cryptos fluctuate this much in a matter of days.
I also bought some ICO (Initial Coin Offering) like an IPO (Initial Public Offering) ; this company was using the crypto technology to create a software product that I found interesting and looked promising, I bought 18000 coins at $0.10 .
Then I got in again because I thought I would lose the opportunity to get in because that $80 litecoin and $247 Etherium where increasing 15-20-30% at a time for a few days in a row .. by the time I got back in (procrastinating, fear) decided to jump back in Litecoin was at $374 , Etherium at $900 , then of course they stopped increasing and started decreasing .. (chasing the bull , never a good idea) .. Litecoin is now $310 :-( , Etherium went down but now up at $1500.. If I stayed in and not sold initially at $80, $234 I would have tripled my money and more in a just a few weeks.
If I sell now I'll make a nice $6K (CAD) gross return for 1 month of investment, even with that litecoin loss, not shabby at all.
The kicker .. those ICO coins went from 0.10 to 0.05 to 0.07 , 0.12 etc.. but my play for these are long term as I'm investing in a product, they are now selling for $1.70 CAD per coin, do the math.
I don't think cryptos are going anywhere, some coins will die out but the technology is staying.
As for me I'm staying in and only pulling out my profits if I double my money then play with the houses money or this can all crash and I lose it all..
A lot of people have made lots of money and those that lost probably panicked and sold below cost out of fear.. but I don't fear losing this money and it won't break the bank if I do.
Disclaimer, the ups and downs in the crypto world are breath taking and not for the faint of heart, enter at your own risk.
As for me, I'm all in baby .. I won't be posting any more updates here cause it's not the place to do so but if you are interested in more details or how I'm doing a few months down the road, just PM me.
Wish me luck.