Bitcoin Forum

This is my council to you, invest some amount which you can afford to loose completely and then just forget that you have crypto, don't care much about the current prices. Be a F* HODLER.
Most crypto millionaires were holders and they didn't even know that.
Don't try everyday to understand the market and neither try to take profit from every bounce - you'll probably give it back to the market another day.
I will leave some quotes from Jesse Livermore which I assume are great for this topic:

“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this:  It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!”

“Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.

I think they did not think because it all just started developing and there it was pointless to watch, and I think the sums for them are not significant. And now everything is different, without control and checks the sense of trading in the market, blindly believe in luck. Yes, and I'll tell you not everyone is able to lose even a small part of their money.

That is why we must holds crypto coins also so that in the near future we may become millionaires. And now is the best time to purchase crypto coins and then hold it now and just forgot that we are keeping coins.

In addition, that you need to be patient to generate income in the crypto currency, you also need to invest correctly in the right and necessary coin. Here the forum has repeatedly been indignant that a few years after buying a coin, and it did not grow at all. And sometimes it happens that the bought coin generally disappears from the market forever because it is not unfit.

These are very wise words

Lots of investors lose money buying and selling at the wrong times during market volatility

Investing can be far more profitable in the long run if you choose the right assets and adopt this approach

Good choose just hold crypto. Hodler always beat the active trader in long term, actually it's true there is some research on this topic you can google it

I think if we do this the way it is probably based on luck is more than the experience we have. But what you say applies to the Crypto market is absolutely beneficial. We hold altcoin and do not care about the current price, holding them for long periods of time. Later on you will be surprised when prices rise very high. You will become a millionaire.

Those are wise words but the richest millionaires in crypto continued to interact with crypto space even if they are holding, and didn't forgot that they had some coins. Besides holding, they are also working hard to get and hoard more bitcoin as days pass by. One good example of this is exchange and altcoin devs and big crypto investors(whales). They are the ones who didn't forget that they have some coins, but still holds it and hoards some in the process.

It needs to consider next to the quality and the ability of the coin to survive on a long-term basis and holding cause most of the tokens or altcoins you may encounter are scams, cannot survive in a long run, worthless features and ineffective goals which you need to consider before forgetting that you have cryptocurrency in your own device, failure to know really how worth the coins that you hold in the near future may result in a missed opportunity, bitcoin is an example of coins that are worth holding.

Most of them even forgot their private keys and even forgot that they owned crypto once before. I am serious. This means that circulating supply is less than we think and price must be higher than now.

This is the dream! Put me in cryo for a year or 2, wake me up - boom!

i don't think they  forgot their crypto currency..they just holding it and wait for the right time to reap and i think it is their strategy as a big investor..

Most crypto is very risky to be invested. We all know that sometimes pumps and dumps are done by some people who want to take advantage without thinking about the long term. In fact we all sometimes forget to have a coin and it is a natural thing because there are so many altcoin in the world today. As you may say that there may be only a few coins that we will always keep in mind, Bitcoin is one of the most valuable coin and we should invest for the benefit of both short and long term.

Some pieces of wisdom from Jesse Livermore. I think that simple hodling is a great strategy to accumulate wealth unless you have not other strategy (regular dividends from your capital etc.). On the other hand, experienced full time trader with consistent approach to the market can earn even more than hodler.

For majority of us - buy cheap and sell when you see news headlines about the coin.  8)

Got a point there mate. If I had done the exact same thing, I would have had lots of riches with coins like mrai (or was it xrai now), now rebranded to Nano. I got bored and sold them for what I thought was profit. Idiot right? Then again, if I went to sleep after June 2016, all the coins I bought then would be at serious losses right now: Siacoin for example. Glad I stayed awake every month until January, when I was able to sell off everything I needed to break even, so now holding "Free Bags".

But I get what you mean, holding is best for those who actually have a real life.

at the moment this is the investor's mentality proved, whether they can still make a profit or not? for me to hold remains the top choice, no matter how much I want to lose or even lose all assets, but that's my choice and I understand what I do.

lol, I think a smart person (and most of the millionaires are smart people) caring about their investments and checking their stats periodically in order to understand what happening and foresee the possible market development.

There are very few points to note in crypto investments but the most important of them all is to hodl till nothing happens. And if nothing happens all you can witness it, the worst hasn't happened yet.

Builders of both bubble and crash are the same people and also those millionaires are always the same people. Whether you will be winner depends on who you are, not on the market.

Yes that can be true, as many wallets with thousands of bitcoins are stagnant for years, that may be because of many reasons.
1) loss of private key or access to wallet.
2) Death of the owner.
3) misplacement of hardware wallet.

At the moment prices are tanking but definitely these stagnant wallets will result in even lesser supply of bitcoins.

really wise words ) and i think too, that sitting and waiting will bring much more money than trading. The main important point to make deep analyze before investment of anything and after that just wait . Now is the good times for buying right assets. Everything looks like a Christmas sale.

I believe that when cryptocurrencies began to appear, many did not even imagine what their prospects would be. Many people bought them very cheaply. After a time, all have changed greatly. Many cryptocurrencies have become very popular and expensive. And now for many people who bought crypto is expensive very sad to watch as they lose in price.

Those are some great quotes and even more importantly those quotes are true, it is interesting that in the stock market or in any kind of market by the way the ones getting the bigger profits are not the ones that are working the hardest like the day traders but the ones that do not do too much and that prefer to sit on their investments and hold for a long time.

I agree with what you said all of them.
All millionares from crypto now holder since 2009 or 2010 there are also holder from 2014. They investing not speculating or day trading. They buy with their cold money or the money they can afgord to loose like if we want to buy property hold that property for very long term 8 years or at least 4 years. If you see the chart every second you probably will not be a millionare because you will sell it in lose.

After recovering has been started from the few weeks before. There are many people keep on investing multiple crypto currencies as I believe bro. Last night G20 meeting about the crypto currency also shows the positive output answer from them.
This indicated that bitcoin and alts will live for long years. When the talk about regulations also it has not been agreed any country. So safe value and better growth in future.

Riskier have more chance to lose millions of dollars but they are also the one who can rich just a day if got lucky. Millionaires can forget their crypto because they have huge money that manipulate their business to survive. While others who aren't rich alwayslook and check the prices and do some rush decision. Taking the risk can be good or it can be bad.

I've read his book, this is absolutely truth. Also I heard a plenty of stories about those who forgot about crypto and they are fucking rich, for instance 50 cent, he received some BTC for one of the contract and gained 8 mln $ once remembered about them. The most important thing is not to forget your private key, when you leave crypto for a years

Yes true, for some reason's millionaires forgot other's account because of too many event to attend. Millionaire become's millionaire because they are risks taker actually. Investing in others platform to grow their money as this can be the good for the best profit that they can have.

I am not surprised as I keep finding coins from airdrops I joined and forgot in my wallet. As far as I remember people that forgot they bought bitcoin in 2009 are also high class riches now living in luxury.

those people are very lucky to buy in way back 2009, they are rewarded with big amount of money for believing in such project. That is the principle of good investing, and luckily, our present gives us another opportunity to buy in cheaper price. Yes, you heard e right, it is good time to go shopping!

Here the truth is half. Hold is the best advice for investors. But there are intraday traders. With skilful trading, daytraders can do more than investors. But this is not given to everyone.

This is important, if we want to obtain great profits we need to hold for a very long time I have held only for a short amount of time and yet I'm still in profit despite the crash in the market and I have no doubts that if I hold for five years or more the profits I will get out of my investment will be nothing short of amazing, it will be hard but I think I will be able to do it.

I also chose a long-term strategy. But still sometimes I sell altcoins, when they grow 3-5 times and then to buy them cheaper.
And I regret that I sold NEO for 10 dollars and could not buy then cheaper. :-\

can't disagree with that but I would suggest that you do keep in touch with crypto and see how your investment is doing. Even if you don't want to do short-term trade, you should still keep track of your investment as anything can happen to it.

Long-term holding strategy means you need to have the patience and psychological stability to overcome the dipping stages. Of course, holding to success requires ambition and assertiveness. Regret is what we go through. that's a lesson for me.

Yes only way to become a millionaire with crypto is not to sell.  Unless you were millionaire before of course. Other option is to have selling strategy.  I like the A Sane and Simple bitcoin Savings plan https://bitcointalk.org/index.php?topic=345065.0

If you have no plan and you tend to sell you will most likely miss all x100

I think they didn't forgot it, they are just hodling it till the price that they want is achieve, but some of them forgot it because they accidentally deleted their wallets and haven't back their keys  ;D

sometimes or probably most of the time its more profitable for crypto people to fall into a coma after buying coins instead of trading :D

But yeah....on the other hand trading makes fun. so why not see it as a hobby lol

That is the risk that you took with your strategy, you are going to be able to grab a lot of fast profits when coins go up rapidly in price, but you're going to miss the big bull runs of many coins, as you exemplify with the example you gave to what happened to you when you sold your NEO for a cheap price, personally I prefer the opposite I prefer to hold for a very long time and wait for my coins to skyrocket.

Totally agree with the OP.  Know a guy that a few months ago found over 150 btc had been sitting in his Dropbox account from back when he used to mine it to test computers at work several years ago.   No way he would have kept it this long if he had known about it.  Likely would have sold when btc was $70-100.

This is true but without luck it will be useless. There are lot of us who deeply hold lot of coins during the latest ultimate dips in which the results was totally disappointment and frustration that if we just sell it earlier we maybe cut the losses. In holding we need constant monitoring and reviewing the update to ensure the safety of our assets not just to forget then rely on luck that someday it will become unexpectedly expensive this is because every hard earned money is very important even that amount is affordable to lose.

-Stanley Druckenmiller

Meaning: The main purpose of trader is to be able to return trading in tomorrow. It's useless to try to get a big profit if you do not know how to protect capital. When trading, take a profit as high as possible and minimize loss as low as possible.

That's why it's good to hold for a long time, ask those who held xvg.... Sweet story

It's interesting how I can invest a small amount in the top coin, so that the quantity is also worthy. More and more I meet portfolios where coins are at the level of 1 dollar and in the first it is even more risk, and secondly it is not known what will happen to them at such next crash and how long it will take to get a good profit from them.

Sometimes I can also forget coins I buy like 6 months ago or something. Its very common thing in crypto. Also some artists create promotions for interest to show themselves using crypto (selling albums with bitcoin) but they look later on.

The problem right now is that for us its impossible to forget about our coins, since we know our coins can become very valuable so the best compromise and the best thing we can do is to artificially forget about our holdings that way you will be able to hold for longer that if you were looking at the price every single minute of the day.

Based on graph, it's worth for investor to keep hold btc as long as possible but the problem is when this day has come.

The day when everything is on red ,
The day when everything is blaming on bitcoin
The day when everything is pessimistic !

Of course it's called temptation , people who had overcome the temptation shall be reward.
So Keep HOLD your btc and you will be reward named PROFIT !

The point to note here is being a hodler is what it takes to become rich through crypto. If you look at the historical prices than a person who would have hedl would had made better returns than say someone who was trading.

Everyone should just keep HODLing until BTC hits 100K.

totally agree with you. To get the maximum profit, you just need to be an investor rather than a trader. However it is important to pick up coins at cheap prices. The most important enemy on the market is yourself and your greed and illusion that you can earn more then long investor.  I think, thant people who entered cryptomarket in 2015-17 years feels good even in this big market dump.

Exactly, you need to have that mental toughness not to be tempted although sometimes its good to offload some of your stack and take the profits during mooning. But for the long haul, its better to hold and just totally forgot about it and came back after a year or two to check how your things are going.

As for those who have totally forgotten but was able to get back and remember everything then its your lucky day. I for one can't remember where I put my private keys way back years ago. But I'm cool though, I was able to get over it but sometimes I think I should be crypto millionaires today. HeHeHeHe.

But just like most of us here, HODL, HODL and more HODL.  ;) :D :)

I have to agree, If you have a good spread of coins in your portfolio today and just stopped doing anything with them for say 5 years. My guess would be at least one or two of those coins would have exploded in profits. The problem being is you could miss some bigger opportunities in that time.

correction. most of your self-made millionaires.

Good advice, especially if you have a lot of money and no time at all.

To my mind you just made a wrong conclusion. I could say, "Well, who did always hold huge amounts of BTC? Big drugdeallers! So let's everyone become drugdealles!"

It was just an element of good fortune, there are no signs that this will happen once again in our lifes. Holding is not a way to earn now. We should be smarter, learn technical analysis and get a skill to analyse new projects and find a future BTC among numerous scams.

Not only luck but also the capability on knowing potential coins which are really worth to hold on.If we do see on all altcoins in the market.Hitting up the golden opportunity on a particular altcoins would really be hard.Its normal for a trader or investor to think and react on the things that will happen along the way.Doubts and price reaction would be there,for those people who got millionaires do somehow accompanied with luck or either they dont totally expect that for that coin rised up it price in a matter of long time.

On the flip side there are millions of bitcoins that people lost the keys to or the backup files.  You can't really blame them, no one knew that bitcoin would reach any sort of value in the future.

not that all true but yeah
i can say i agree with u
when u wanna do long invest that best way , buy some cheap coin/token then forget it open after 1 or 2 years maybe?

I have tons of airdrops in MEW. I am planning to take them to my Trezor and forgot about them. Maybe one of them will be the next bitcoin. Ahaha just kidding none of them will be a bitcoin level coin. Maybe one of them can make it up to the top 20 coins.
Pray and hodl and hope!

Actually, for me, those cryptomillionaires who forgot all about their crypto were just all plain lucky guys. I've read some stories about them and mostly, everything starts with them mining bitcoin when it was first introduced, years ago. Their mindset back then was "I just wanted to test it out." And of course, the mining goes on, bitcoin wasn't as popular or as high value as it was during the consecutive years, so in the end, it was forgotten, not because they plan to hold it for a long term. They forgot it because it plainly doesn't have any "high" value that time. That's why I think they were really lucky if they manage to keep it up until now.

However, if people now, do the same, just keep their coins (bitcoins) or any other cryptocurrency sitting for years, then I'll say they're no longer lucky. Now, they'll be labelled as optimistic, risk-taker, and a patient investor.I am sure that with  cryptocurrency's popularity now, holding coins for years just like what was mentioned will bring a lot of profit.

It is very sad for them. I believe that when cryptocurrencies began to appear, many did not even imagine what their prospects would be. Many people bought them very cheaply. After a time, all have changed greatly. Many cryptocurrencies have become very popular and expensive. And now for many people who bought crypto is expensive very sad to watch as they lose in price.

That's correct. Majority of people struck in BTC and altcoins are the one who bought them during high volatility last year. Choosing the time is most critical part of your overall investment strategy and must not be overlooked. Last year market volatility gave us many lessons and I hope new investors have learned many things from that volatility.

Well, before you become a holder, I think it will be wise to at least analyze the market and find out the best crypto for them to hold.
I also not a day trader, I prefer long term investments, but I also can understand some people who prefer short term investments, they have needs to fulfill for the weekly or maybe even daily basis, so  I didn't blame them as well.
Anyway, best of luck for you all crypto believers!

Another excellent post holden.commodore  ;D, totally agree if you can afford to invest and forget then it is the best investment strategy you can have, no need to track your daily investment ups and downs.

It is very easy to know which coin to hold in the market of cryptocurrencies, hold bitcoin is the only coin in which I have full confidence that is not going to disappear in a year or a decade or even a longer period of time, that doesn't mean that there are not good altcoins out there but if you decide to hold for long term in an altcoin then you need to study it very carefully.

This is very true if you invest in a sound project that end up making it big, what do you want to say of some projects in the space that have done ICOs and THEIR VALUE HAVE GONE ALMOST to zero, what are you going to say about projects like Mastercoin and many more like this, for a fact most projects will not come out of this recent dump thesame

For sure millionaire stories would turn out to be poor stories or either just break even.Not all coins do have the same path or do have the same chances on pumping out thats why i do consider that being millionaire is being mixed with some luck. For those who adopt on earlier years and tend to forget it and later on discover that their holdings did progress its price then they do deserve such thing. 50% chance on heading that way. Back in the years i would consider that there are lots of potential coins will make you millionaire if you did able to hold it up for 2 or more years.

Cant really agree with that just look at how many shitcoins in this bussines disapeared or became worthless,so if you follow that way you might end up with bags filled of useles shitcoins.I use different aproach about 20% of my mined/bought coins are on cold storage and they will remain there untill i see it fit or they mooned,most of those are shitcoins or small cap coins that i have just in case that any of them turns out to be a legit project

holding is good during bear market , when everyone is selling you should not sell .
but during bull run we should set a target for exit .
and then buy back in dip .
always set a stop loss .

Present time we do not have the bull run or even big dip in the market. Instead of that bitcoin and altcoins being little much bump and stable and doing this again and again. If you want find the cryptos to rock more in the market.
Still we can say this is good time buy the any top listed altcoins mate. All you need to do is go to trading site and buy with the bitcoins or other options like fiat or paypal.

it happens from most people way back 3-4 years ago and even some of them are posting their stories here since a great pump just happen recently, although for me i think it's just a sheer luck i guess there's no hurt on trying it right now because there's a high possibility of bitcoin having another ATH this year which is more likely above 20k usd and that makes alts have a rally as well.

That's really funny - actually it's true. And I always wonder - how many funds are actually lost in forgotten wallets...

This is exactly what I am doing now. I was doing daily trading with forex, stock and crypto. And after years doing that, I feel like I am done, one day I make huge profit, and the next day I lose them, all of my profit. Now, I just pick some good crypto and and let them rotten in my wallet, and will check it if I need to make payment with crypto. And it turns out it gain profit more than my daily trading.

Agreed. 3 years ago the correlation between scam and legit projects was different, so it is so much easier to get scammed now.

According to the OP's statement, indicated in the title ("Most crypto millionaires forgot that they had crypto"), where did you find this statistics?
I've read about some crypto millionaires who bought their first bitcoins only because it was the currency accepted by the Silk Road. So can I give you an advice like "Become a junkie and in 5 years you'll be rich"?

And why don't you mention that so many people have lost their private keys and will never get the access to their money? Just imagine: you live in a poverty, knowing that you could be rich now if only you haven't thrown away that piece of paper with your private key... I would die if I were them.

So the only council that could be given here: make sure your private keys are safe. Don't let them be compromised or just lost.
Keep them even if you think that you have only worthless shitcoins on your 42nd MEW. Don't get rid of this 42nd MEW.

Yes, indeed at the moment the crypto market is such that it is necessary to invest only those funds that you are not afraid to lose, it is not very stable and actually not predictable.

The only way not to go to coinmarketcap and not worry about the course of your crypto currency is to fully load yourself with work so that you can not keep track of the crypto currency. It seems to me that I do all the real Holder.

people's thoughts are different, most of the crypto millionaires have another business behind them investing it as crypto currency, they only capitalize the belief that prices will rise.
those who daily analyze the market, take advantage of every reflection on the graph and take advantage, they are a trader.
but the person you mean is the holder