RE: My oldest wants all his funds in LTC....
I think depending on his / her age this is there first real lesson in finance and to take responsibility for their funds. I opened a kiwisaver account ( not crypto) but same principles apply for my children they were 13 at the time and govt made a generous provision for everyone and they have seen this original $1000 balance now go over $2,000 however it is in there name and they have had to understand the good with the bad. So they have an ideal of financial responsibility, cryto will be the next step and same principles will apply plus having to learn what the original setup's and people , who are they who are creating these different coins to work out what is a scam and not, this to me is going to be much more involved and "boring" but very essential to financial literacy.
@walky123 is a math genius, but the responsibility is lost on him. He is also a talented young hacker. He brought down the entire public school for a week, I started with the ethics lesson that day. A few months later he was in Microcenter and wrote the same type of batch file on one of their computers. It was not a floor model, but the general manager's station. He was busted really good this time. They agreed not to call the police, and he promised to become a "white hat" that day. He plays practical jokes sometimes, the router and punchdown are in his bedroom closet and the house has various subnets......he can hack them, but he does it in a funny way, not a malicious way. He saves, and saves, and hardly ever spends but I worry about him generating money. He has more money than any little kid I know but I wonder if he knows what it is or how to use it. He sees we are living large on the bitcoin this year and he wants to invest in something, LTC was his choice and I am all for, but hundreds of dollars and me holding the keys is not right in my opinion. Thanx for the input!
This is great and if that advanced he needs to listen to Lynette Zhang on cryto currrencies and the millenials and they don't truly understand that crypto isn't actually tangible s much fun it may seem and holding something like old and silver or even toilet paper has a trading ability. You might be better to divest him of some of these coins into tangible assets.
He collects actual coins too. He might even have a gift for picking them out. y dad collects, so we went to the annual coin show. He went with 40 bucks and afterwards we looked up his coins and valued them. He had purchased 138 dollars worth of collectibles for 30 dollars. Mostly in one early 1800's penny, a big giant copper coin that I had never even seen. We all hodl silver, but he has not had interest because it is not "easy to spend"....That's the point little one, that's the point....
It sounds like he has life sussed very well. In US very cheap property so perhaps get him one to rent out if he has some savings already.