Have you noticed that whenever someone complain or there is an incident of scam they is always a role that was played by the person in that happening, either they failed to be security conscious or they were totally ignorant, and when you look at it the scammer never forced them to comply, this people willingly fell for their trick.
Whether we want to blame fraudsters or not, it doesn't seem to have any influence on them. They will continue to carry out their mission to reap profits and get as much money as possible as long as they can and don't get caught. yes because this may be part of their "profession". I say profession because this is [a job they do, deliberately and also managed very well. Moreover, they also understand that there are still many people they can easily deceive. the people who are: - Greedy - Want to get rich instantly - Easy to panic - FOMO - Without knowledge And perhaps there are many other types of people who are very easily deceived and fall into the trap of fraudsters. And here it's not a matter of whether they are wrong or not, it's just what they did. And they take advantage of the conditions of these people to gain profit. What we have to do is make sure we avoid various frauds and scams. because they won't stop even though we blame them so much. We are saying the same thign bro, most frud that has happened, there were not hacked by one great hacker or maybe a special tool was used, thus people were either too greedy or were too lazy to make research. My major reason for blaming them is simple cause they most of them are not illiterates, neither are they new to the process of reading or making research, you would see doctors amongst those people even far more educated people with exposure than most scammers but they would end lagging around and believing the words of someone else without doing any research. The fraudsters are looking for ways to earn money just like any other person. That is why they set out some tricks to get ignorant and uneducated newbies to scam. We cannot blame them since they did not force us to give them our money or information related to our wallets. They only try their luck in the form of traps, and most people who get scammed fall for it.People who are new to cryptocurrency are mostly eager to invest due to FOMO; as a result, they skip the learning process and begin to complain when they get scammed.
Newbies need to have patience and learn before starting any form of crypto investment because it is risky. They can lose money to scammers with just a single mistake, so newbies should hold on to learn first before anything.
If you think that only newbies get scammed then you must be kidding, I've heard of a woman that got scammed over and over again by different scammees using same tricks, woudl you call her a newbie after her first experience, no she was either too greedy or too foolish, either way it's still her fault, I'm not saying scammers are good but at least they don't force you, you willingly fell and its fact. |
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Thanks for pointing this put to me, I think I need to do some reverivication of my information, you know a lot of websites carry misleading information and it not like I was there or know too many sources, but from the sources I compared showed that MT GOX was the first, unless they only recognised it as the biggest during that time. |
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This is really a wall of text, such an epic. I believe you learnt this from JJG. sincerely speaking I dont even know where to start from, you can make it more interesting just like @maus0728 have said. People don't fancy or put interest in a luxury of text. if it was 3 lines or 5 It will be easier to attent to. But anyways let see how it goes.
3 lines or 5 lines of what, the history of bitcoin, your joking right? Still working on it, I'm not really good at this @Pi-network314159 is probably talking about each events, you can probably do some condensing and compressing so you're not overloading too much information, the goal should be fast delivery in as quick time and as much information in a short time. You don't have to be discouraged and say you're not good at this, you can always come back to this and maybe even learn about how to do a thread by exploring other large text posts all over the forum, it's not a big deal that you're not getting the perfect post now, what you're doing isn't that easy especially if you're typing it out but once this is done, you're going to be making yourself really proud. You can't imagine how stressed I already am this way, I really don't know how to make this post beautiful, so I'm going to go have to learn a lot about bitcointalk codes, so I would better arrange it, I think by tomorrow I should be done. Im thinking of separating them a bit so it would be easier to read, I really appreciate all your efforts in helping me out, I hope to make the best of them. |
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The Big Question Who Is Really At Fault? Have you noticed that whenever someone complain or there is an incident of scam they is always a role that was played by the person in that happening, either they failed to be security conscious or they were totally ignorant, and when you look at it the scammer never forced them to comply, this people willingly fell for their trick (Now to be clear I'm not saying scammers are right or saints, I'm pointing to the fact that we are responsible for ourselves, so enough of that shitty excuse, yeah the Internet would be a safer place without scammers but there are here, so deal with it)There are lots of crypto investors that are well educated, have a good job and a higher level of exposure than even most scammers, but they chose to enter into the crypto space irresponsibly and they inevitably get scammed and at times lose huge sums of money or even life savings. Last bull run there was this Elon musk swap scam that was on and someone lost 10 bitcoins to it and even other cases where people have gotten scam through crypto ads or crypto exchanges that shut down and all this would have been prevented in a way.
In conclusion there are numerous experiences and stories of people getting scammed and it wasn't as tho a high class hacker went into the blockchain or stole their seed phrase, they literally gave them their money, I think no matter the new app with added security or software, people would still fall into scam as long as they chose to remain ignorant and disregard security consciousness, we can not protect anyone's holding for them, no matter how many treads on security and how to avoid scams are introduced, at the end of the day its a personal responsibility and each person must play their role in their safety.
With crypto you gotta have high standards when it comes to safe guarding it. There are crazy scams all the time and so elaborate that even some bitcoin devs fall for them.
It's so funny how people would be so careless in the crypto space, and you would wonder if there knew what they were doing, it's decentralization for God's sake which means you are responsible for yourself you can't go around messing with what you have; - your safety is in your hands
- your improvements is also in your hands
I think if more people accept that it's their responsibility to protect and safeguard themselves and also filter the information they consume, we would have a reduce in the amount of scam that happens.
Firstly, I don't think there is any need for the big question in bold, here. Because obviously you're not disputing the fact that not only one plays the role in scam rather the both party does.
It's very much obvious that both the scammers and the scammed plays a very big role in every scam case but the fact that this scammers are just so greed not to go work for their own money rather prefer to take from people who have worked for themselves, that's the only place I blame this scammers hence, I thing the people scammed in the crypto space especially with the Ponzi scheme scam are truly at fault for there lost coins. Greed plays a major role in this scam case most victims are very greedy to the extent of risking their money to get more with someone who you don't even know.
It's just poor to see such scenarios but it's true that both party plays a very big role in every scam, but we pray circumstances don't befall us hence we could be save in the crypto space, because for sure there is no 100% safe place in the internet.
Yeah they played a big role in fooling you and also held your hands and forces you to send your bitcoin to them, then you go around screaming I was scammed, doesn't that sound lame to you, the truth is that your were ignorant, careless and failed to be security conscious, yeah your so busy crying out for decentralization and most you don't know what that really means, you in fucking control, no one is responsible for you but yourself, and scammers know that and that's why they exploit the shit out of you, if it's so fun been ignorant your free and can continue blaming the mirror for showing you how ugly you are than applying some make up. If more people realise that decentralized systems isn't like a banking or centralized system were you can go and report a transaction and they seize the persons money or track the person( although its possible if they are not smart enough) then you would be more careful when doing deals here.
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You likely should feel reassured because maybe after 5-10 years investing, you end up getting up to 1-2 years of your income/expenses invested into bitcoin, and so maybe you would not feel as bad to be having all of that unworking capital just sitting around.
Another thing will be that if you try to be too whimpy on your emergency funds and reserves and you realize that the first 5 years, you always were able to get away with $3k to $6k in those funds.. .. .. but then if the reality of the matter, is that your expenses and various complications in your finances have gone up, and you would be more justified to double your emergency funds and reserves, yet you choose to keep them the same as they had been previously, then no one is going to feel sorry for you, if you end up getting recked because you were being too stingy with your emergency funds/reserves, and you would ONLY have yourself to blame for your own failure/refusal to sufficiently assess your circumstances while your circumstances are likely to be changing from time to time and in need of adjustments that account for such changed circumstances.
Yeah I think both the emergency funds and our bitcoin investment compliments each other, our emergency funds helps keep our investment safe and ensure we won't be dipping our hands into it, while our bitcoin investment compliments for the cash that would be sitting idea and not generating any income for us and even losing Value, so as long as we continue to invest and keep on buying bitcoin we don't have to worry much about the cash sitting idle cause if our portfolio does well, we would be getting rich. Your right anyone that's decides to be too stingy or greedy and doesn't want to build up his emergency funds or reserves to well be able to meet up with his bitcoin investment and later encounters an issue, maybe after 4 years of buying woudl also face the fate of someone that has no emergency funds, cause I believe as we get richer we should also assume that challenges may or may not get thougher but we must always are sure our emergency funds woudl be able to counter any issue that may arise.
But at in a case where we feel we have too much of cash around in our emergency and reserves, would it be wise to put some into bitcoin when, let's say I'm having over a year of emergency funds and I feel I have too much of cash kept lieung around could I put at least 10% of that into bitcoin or keep or working for, like diversifying into some other asset ?
Even guys who have pretty straight forward cashflow and pretty straightforward expenses, they are still likely are going to have some variance in their cashflow and/or what their reserve levels might reach.. so for sure the emergency funds would likely be the least flexible in terms of your never wanting to use them yet they still might have to grow from time to time to account for what is at minimum of 3 months worth of expenses... and so there would likely be times in which you have a certain amount of emergency funds, a certain amount of reserves a certain amount of float, but also a certain amount that is just extra beyond those categories, so you will want to decide are you going to put that in to bitcoin or into something else... you have more options the more funds that you have, but of course, your own situation should be dictating to you where to put your funds. Let's say that the guy has already been buying around 10% to 15% of his income in BTC for the past 5 years, and so he has invested close to 3/4 of year of his salary into bitcoin, but bitcoin has performed to such a level that it is about 1.5x his annual income, He has emergency funds that are about 3 months of his income and various classifications of reserves that are around 4-5 months of his income, so some of his reserves are already assigned for buying BTC on dips and other parts of his reserves is his entertainment fund and another part of his reserves is dedicated to his transportation costs and another part of his reserves have been to save up to buy his daughter a bicycle and another part of his reserves is saving up for a vacation, and another part of his reserves is to pay for the construction of a storage shed, and so if he has extra money coming in then he can figure out if he wants to buy BTC with it or maybe he thinks that he should use some of that extra money to invest into something else... My point is that the guy's circumstances and priorities should be helping to guide the extent to which his extra money goes into bitcoin or into something else, and if you notice, there can be certain parts of the guy's reserves that have higher priorities than others, and he sometimes, might have to dip from one portion of his reserves and to put it into something else, and he would spend from his reserves before he spent from his emergency fund, since no matter what he does not want his emergency fund to go any lower than 3 months (unless he really had an emergency and he had already spent from his reserves prior to dipping into his emergency fund). No one is going to tell you if you have enough or too much, even though some practices might be more risky, and maybe you have a list of things that you want, but you only save up for them one item at a time, but you could still end up building up part of your reserves and then at some point redesigning it to something else, and maybe the part of your reserves that are dedicated towards buying BTC on dips have the highest priority, but if your wife does not get the vacation that you told her that you were going to pay for then, you might have to reconsider you priorities. This clarifies thigns even more, so we should assign or spend money from our reserves based on priorities of those events, like lests say a young guy that hasn't rented an apartment and is also buying bitcoin and has some extra cash that came in and so after doing all the maths and budgets he is left with up to 1k in his reserves and he had prior plans to buy on a certain dip but as the current situation may be, he is in a more pressing need to rent an apartment than to buy bitcoin, so he should rather reconsider and rent the house then any extra can go for buying the dip. What I understand from this is that we should make our plans based on necessity of events and our decision shoudl not be too greedy and make us forget that we have other thigns to do and get too carried away with investing in bitcoin, so yeah we can have a life, go on vacations and have a balance in all that we do. Then it would be said that we should invest money that we won't miss, so if investing or buying bitcoin at a time would cost me some of my necessities like paying a bill, it's not worth it and could later lead to me wearing myself. So in general I shoudl have balance in everything I'm doing and make sure I'm allocating wisely to spending and also buying bitcoin. I think that the longer that anyone invests, the more and more comfort that he should have about having had built various systems to protect his investment, but surely one of the problems becomes that sometimes people will start to unnecessarily take extra risks with some of their investment and not protecting themselves as much as they should, and surely there can be points in which your holdings are more vulnerable than others, yet sometimes we cannot always know while we are in the middle of the process, and we can ONLY do as much as we are able to do, in terms of making our own best and solid practices to make sure that we are sufficiently protecting our portfolios and perhaps being aggressive without over doing it.. . and sometimes normies (normal people)_ do not always realize when they are either overdoing it or they are too far on the whimpy side or too far on the aggressive side... [/quote] Your right about this a line should be drawn in everything especially knowing when we are messing up and when to correct ourselves, although it's not very easy to know when you are on the wrong and at time we do the wrong thigns thinking we are right and find it hard to take correction, so most people never learn or notice untill it's too late, yeah we must do a lot of reassessment from time to time to make sure we are still on the right part. @teamsherry kudos for bringing this topic up, really has made Jay to touch some old misconception. |
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Bitcoin market from 70 thousand dollars suddenly touched 66 thousand dollars, although I lost some money due to this temporary dumping of the market, I still see this change in the market as a big opportunity to make profit by investing.
The price of Bitcoin naturally and a few days ago was 70 thousand dollars at that time many investors invested and some investors were waiting for the price of Bitcoin to drop a bit. That's why some investors were waiting for the price of Bitcoin to fall because they would have the opportunity to buy more Bitcoins at a relatively low price. Opportunities have arisen for these investors because the market is dumping a bit, at this time if those investors invest in Bitcoin and wait for a few days, they can make good profits in a short period of time. I already have enough amount of investment, then after seeing this temporary dumping of the market, I am planning to add some more amount of investment to my total investment.
I have made a deposit account which I have paid a few days ago, I want to withdraw the money instead of keeping it in the bank and invest in bitcoins because the price of bitcoins is relatively low now. If I invest now and hold for a short period of time, I will still get a good amount of profit from my new investment, which I will not get if I keep the money in the bank.
Hopefully this will definitely be the best step for me in investing and I will be able to invest all the money in my deposit account and achieve success.
Be careful on how you go about this thing. With your explanation it's seems like you are in for this short time profit hunting in bitcoin investment and you might get hurt along the way depending on the approach you have Decided to use. Yes you are right that money kept in bank will not yield you any profit as compared to when invested in bitcoin. But you have to understand that for you to see substantial profit in bitcoin you don't have to have this short term mentality that you are chasing, using all your deposit in the bank to buy bitcoin and waiting for it to rise a little for you to take profit is not very healthy. What happens if bitcoin doesn't rise within the time frame you were expecting it to rise so you take your Little profit? It simply means that you will sell your bitcoin at a reduced price for you to feed since your expectations were not met. We don't have control over the market to know the exact time it will recover, that's why we invest in it for a long term, so that no matter what happens along the way, we are not bothered because we already have all this planned out, on how to run our life without panicking. Don't use all your savings and invest in bitcoin and hoping to get good profit within days or months, it will backfire you and you won't like the experience. Rather have a long term mentality when investing in bitcoin, and when you are in for the long term, you have to make sure that your emergency funds are in place. the problem with some folks is that they ignore some key fundamentals which is what's necessary for effective decision making. Once you're looking at investing all your fortune into an asset that's as volatile as Bitcoin without making proper plans and you're expecting an immediate profit within intervals of weeks or few months, it goes to show you don't even know how investing into an asset as Bitcoin works and that you're possibly gambling with your money or possibly in search of anything that's available to double or multiply your funds. Now here is the take; as promising as investing into Bitcoin his, if you go about it with the wrong mentality You're invariably going to face similar fate with folks that Hold on to shit coins and continue waiting for the moment when it will become bullish and it never happens. For you to effectively invest into Bitcoin and get the necessary profit, you must fix these key variables right; 1. Know the amount you can comfortably allocate into your investment that won't affect your needs 2. Device a stacking methord that works well for you based on your financial strength and this is where using DCA methord, bulk purchase or front loading comes into play 3. Set out an emergency fund that serves as a wall to protect your holding 4. Stay disciplined such that emotions and unnecessary event don't come up to take off your holdings. 5. And then you can work on ensuring that your holding is safe and secured from any intruder or hackers 6. as an important point, take off every sense of ponzi scheme mentality that makes you feel like you can just invest into Bitcoin today and get the expected profit in no time. You've got to be patient so you can stack up a good amount of bitcoin before thinking about making any profit. At the stage of your accumulation, if you're just concerned about making quick profit, then you obviously need to have a rethink. You know as much as strategy gives us an edge, having a good psychology is also better and would carry us a long way in our investment, how would someone have a mind set that buying low and selling high is the best strategy to approach bitcoin with just because he feels he would make quick profits from it and disregard a long term holding that is a more after and better option, having a good mindset is also as good as using the best strategy and knowing how to do all the calculations, cause if you don't have a good mindset, you would find yourself often gambling than investing. One of the most common area that even bitcoiners have a poor psychology is that they fail to understand the worth of bitcoin itself as an asset and for that reason they also fail to be able to want to hold bitcoin for long, to them bitcoin is just merely for profit making and that's why they may never get rich, cause how can you get rich when you don't have any bitcoin and end up selling evertime you make a little profit and the flaw to this strategy is that, 1. They would never have any bitcoin: after so many years of buying and selling, when they look at their portfolio there is no prove that they had actually bought Bitcoin at any time, and that is because they have been busy selling everything. 2.They would most likely remain poor : if you know about the compounding effect of bitcoin, then you would know that bitcoin favours long term holders more, and the more bitcoin you accumulate and the longer you keep, the more compounding value effect that would happen on your portfolio. 3. They would have more failures than success : while this might not be a general reality for many but one thign we know is that trying to time the market is not a very good thign cause you might be anticipating for the price to come to a particular level and it woudl never reach their, so you end up not buying and missing out and you have to wait till another dip which might not also come. Another area that most bitcoiners fail to do is constantly reassessment of old strategies to see where there are doing it wrong, at times we might think that we are doing everything right, without knowing that we are on the wrong side, and that's why it is good to keep a journal or a record of all that you have been doing concerning your investment in bitcoin so you could easily spot out those mistakes and correct yourself, I personally use Google spreadsheet for now to save details on how much I've invested, detes and time an Di also keep a journal on what I'm doing, so I can easily find out where I'm faulty in my ways. In conclusion been in bitcoin does not guarantee success, only doing the right thing and having a good mindset can guarantee such, yeah everything has its risk and we are investing with monet we won't miss, so potentially or if they is a possibility that bitcoin won't pay off we have to worry much about that. Bitcoin does not have "gas fees"
That is a shitcoin way of describing matters.
If you are talking about bitcoin, then you might be referring to transaction fees or even exchange fees, perhaps?
Thanks for the correction, I must have been misplacing words, when I first started DCA I was hooked up with self custody thign, so when ever I bough bitcoin I would have to transfer it to my wallet for storage, but that was eating me up cause I had to account an extra dollar to my buying to cover up the exchange fees( thanks for the correction, I actually though the fee was from bitcoin), but now I'm all good on that, I just accumulate and keep on the exchange and when I've had enough bitcoin like up to 500$ then I move it to my wallet, so I'll have lesser fees to pay ( this is not composary to leave up to 500$, there are risk involved with trusting exchange, so apply with your risk tolerance and don't keep too much on exchange wallets). |
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It is just funny for you to say that my view is pointless. There is no way I said that buying bitcoin on a centralized exchange is bad for newbies or those who have been in bitcoin for years. You said in your comment that it will be hard for a newbie to make use of a decentralized wallet. I want to ask you a question: What do you understand by a decentralized wallet? Well without stressing this particular conversation too much I think what @Dailyscript is trying to state is that for those beginners who are just starting there investment it will be wise for them to maintain there investment on the centralized exchange in other to have a good understanding about the platform and how to secure there wallet before moving it to there private wallet. I think there is sense in what he is saying and I never realized it before posting about it earlier, so actually in as much as holding our Bitcoin is not advisable on Centralized exchanges but for the safety of the beginners we shouldn't expect them to buy and move there Bitcoin to there personal wallet immediately when they have no idea about what it takes to secure there personal wallet, so like @Dailyscript observed, at first they should hold it in the CEX till they are more knowledgeable on how to secure there private wallet. I don't think there is any need to argue any further, and @dailyscript everyone is allowed to share his/her opinion, so it's bad saying it's pointless just because he disagrees with your point. Going straight to the point, it's better for newbies or beginners to start with centralized exchanges cause its more friendly for beginners than decentralized exchanges, it also has lesser to no gas fees attached to buying bitcoin off the exchange and this is good cause most beginners Don have huge capital and can be starting with as little as 10$, so imagine how discouraging it would be for them to be paying for gas everything they have to move their asset to their decentralized wallets, so yeah it's better they state with centralized exchange then when they have accumulated much bitcoin they can now move to a self custodian wallet to store their bitcoin. |
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So, the punchline is that due to my errors, my lack of properly keeping enough cash on hand, there remains a certain quantity of my BTC that I ended up selling in the price range between $3,800 to $4,200 that I was not able to buy back.. which probably was around 1-2% of my then BTC stash that was not able to be bought back.. .. except, I suppose later that I probably ended up buying some of that back at higher prices.. but even that is not really clear in terms of whether my BTC stash might have had ended up being forever reduced by 1-2% because of the price point in which they were sold and the fact that BTC prices were near bottom prices.. so ultimately it was a mistake of selling low rather than selling high.. and then never being able buy back at lower than the sell point (except for my mentioning that about half of it did seem to have had been bought back, so instead of shaving off 3-4% of my BTC stash the end result was only 1-2% of my BTC stash having had been shaved off.
this has helped a lot to showing the importance of making proper plan on how we use our reserve funds so we don't necessarily sell our holdings at a cheaper price because what we've set out as our emergency funds isn't enough to meet up with the issue at hand. For your situation, it's even not all that emergency case since you already hard plans on making such expenses and this is also what happens when we feel that we are waisting away certain funds as it's not bringing us interest and that it's better we invest it into a small project since we've not seen any possibility of an emergency happenjng anytime soon and when it finally happens that we have to fix issues with our funds our holding becomes the most trusted source to fall back on. Maybe while making plans for our emergency funds, factors like how much from our monthly income will be going into emergency should be properly spelt out and a strict measure regarding the need to never touch it except for real cases of emergency be set out. But then, outside of an unplanned situation, thier might be cases when we have personal projects like marriage or cases when we might have a child coming into the family which directly means that our expenses will become more than what it use to be and a need to necessarily adjust how much we allocate to our DCA, house upkeep and how much should be kept out for emergency situation and this all calls for a meticulous planning process if we don't want to sell our holdings at the wrong time. As simple and basic as the concept of proper planning and implementation of how much we keep out as our emergency fund and when best to spend it his, it could make a whole difference in terms of how possible it is to keep our holding without touching or selling it until we meet our accumulation goal. Your very right about this, sometimes it's better we stick with the plan we have made, I his case I guess it was an issue of trying to take the opportunity and buy on that dip but you know thigns never go as planned and he ended up needing the money sooner than he expected although he had already been expecting to make that expense, what I have personally learnt from this is stick to the plan and at times its better we miss some opportunities that come our way than take them. We could also liken this experience to someone that had a good financial cushion or had good reserves, floats and emergency funds, and a dip happens in bitcoin and he had been buying down the dip with DCA and some lump sums and eventually exhausted his reserves and spend able floats and decided to use some of his emergency funds to still buy hoping to build it back soonest, and unexpectedly an emergency occurs and it lead him to a stae of panic an he had no other asset that he could liquidate(you know its not a bad idea to liquidity lesser grade asset than bitcoin) or any other cash to take from and had no other choice than to sell some portion of his asset to solve such problems. And just imagine he was a beginner and had not acquired much, this could make him sell of everything he had acquired and have to start all over. IMO never use emergency funds for any other thing than to solve emergencies, its our investment insurance. |
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Many times emergency funds are form of cash that are very liquid but they may well not be earning any interest or gaining value, so there could be some sense that those funds are neither working for you and that they might be losing value as fast as you can build them up, so in that sense, you might have quite a bit of hesitancy in holding very much value in cash and/or cash equivalents,
I was considering a possibility where we can store our emergency funds in other asset that could retain the value we put in it, There is nothing really wrong with those kinds of conclusions - except for a realization that emergency funds tend to be denominated in the fiat in which bills are paid because assets can suffer liquidity events at the same time, then you are fucked because everything might be going down in value at the same time, and you are forced to sell some things because you did not have enough cash. Think about what happened March 2020 as an extreme example, but it is still an example of something that could happen and you would not want to be caught on the wrong side in which you had to sell either your assets and/or your bitcoin at a time that they had just taken around a 50% or more draw down in a day and with no clarity in sight when they were going to stop going down..... so sometimes if you are going to end up wanting to be cute in regards to making sure that your various kinds of emergency funds, reserves and/or float is working for you while in storage for a long time, is that you would still have the first 3 months or so in cash or cash equivalents that are easy to draw upon, maybe in a combination of physical, in banks, in other kinds of accounts that may or may not be interest bearing. When shit hits the fan, you have to largely be prepared already in advance to be able to weather through the situation... maybe the bad situation only lasts a month or two, or maybe it ends up lasting several months, even 6 months or more, and so there might be some point in which you are also looking at your bitcoin as one of your forms of liquidity that you need something and you are running out of resources, and surely there could be cases in which you are in that situation, and maybe there could have had been ways that you could have better protected yourself. Maybe I can give my own example? Through 2017 and early 2018, I had been planning for some construction that I knew was going to cost a certain amount that was probably equal to 3-5% of the value of my then BTC stash, and so I had set aside about half of the expenses that I had calculated were boint to come due in January, February, March and April 2019. As we likely realize throughout 2018, BTC spot prices went down from around $19,666 and down to a low of around $3,124, so throughout 2018, I was buying BTC on the way down with my designated cash and keeping in mind my construction cost bills were coming due in early 2019 - yet what ended up happening is there were higher costs than expected and the bills started coming due in October, November and December 2018, so really a few months earlier than expected.. and .. so there was some point around November 2018, that I was getting close to running out of cash from all of my various sources, and I ended up selling around 3.5% of my then BTC holdings (at various prices in the $3,800 to $4,200 range), and maybe over the next several months I ended up buying back around 50% of what I had sold, yet the overall lesson was that I had made a mistake in properly planning and maintaining enough funds to both cover all of the extra expenses but also to sufficiently prepare for the level of the BTC price drop that ended up playing, which largely likely meant that I was buying back way too much BTC on the way down from $19,666 to $3,124 and I should have had held more of those cash reserves (that were dedicated towards buying bitcoin) in my cash reserves that should have had been dedicated for paying for my construction expense. So, the punchline is that due to my errors, my lack of properly keeping enough cash on hand, there remains a certain quantity of my BTC that I ended up selling in the price range between $3,800 to $4,200 that I was not able to buy back.. which probably was around 1-2% of my then BTC stash that was not able to be bought back.. .. except, I suppose later that I probably ended up buying some of that back at higher prices.. but even that is not really clear in terms of whether my BTC stash might have had ended up being forever reduced by 1-2% because of the price point in which they were sold and the fact that BTC prices were near bottom prices.. so ultimately it was a mistake of selling low rather than selling high.. and then never being able buy back at lower than the sell point (except for my mentioning that about half of it did seem to have had been bought back, so instead of shaving off 3-4% of my BTC stash the end result was only 1-2% of my BTC stash having had been shaved off. After taking much thoughts on this and yeah considering the fact that @teamsherry is trying to find a way to keep inflation out of her cash and also your explanation here I don't think it's worth the risk to put your emergency funds in any asset, most asset suffer liquidity and volatility and even the most stable of them like gold can at times also have price fluctuations and Idea of an emergency fund is availability and always ready to use when emergency occurs, like from your experience when you bought much bitcoin because you felt you wouldn't be needing the money in such a short period of time and it wasn't your fault but life happens and things never go as planned and you ended up selling some of your bitcoin to pay for the construction expenses. And if it was a person still in his accumulation stage that were to be in such situation, it would have resulted in him potentially losing all his asset to pay off such bills. With all this put together I think your right and it's better to have our emergency funds in cash, we have also been making our decision here based on risk ratio and how certain the an event would occur and when it comes to emergencies we never know when it would happen and we should be always prepared for such since its our insurance that our bitcoin investment stays working and we don't have to touch it prior to its maturity, so certainly having cash reserves around is necessary to our investment, but what's to worry if our bitcoin investment keeps on doing well then it's possible that it could cover for the cash that is suffering inflation and has not been working. |
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In the end, we likely can realize that not enough people know or understand bitcoin, otherwise more people would own bitcoin.. so yeah.,. too bad that we are still in the ballpark of 1%-ish adoption.. .so people don't even realize that it is to their best interest to learn about bitcoin and get some.. and so any of us who are already in such process, we are likely 10-15 years ahead of the masses coming into bitcoin - even though there are surely some rich people who are coming into bitcoin and hoarding all the coins, but you cannot stop people from coming in and front loading their investment into BTC, just like you cannot force normies to learn about bitcoin and to get the fuck started out of their own best interest (that they don't realize), You are really right! Those of us who keep an eye on the threads try to understand and explain, but at the end of the day, I feel like I don't understand anything. Although I was a student of economics. In fact, whether we are good students or bad students, the field of work is a different world to me here your exposure to elements that destroy my freedom does not allow the development of many talents. Not only this happens to me but to many people around me especially those who work under others. I may be trying to solidify the association of BTC with its economic value in the new state but space is limited. I also know it can grow in size over time but it will require burning a lot of wood. ~
~ - bitcon: bitcoin is a term used to describe any cryptocurrency other than altcoin. It stands for "alternative coin." Bitcoin is a wide range of cryptocurrencies, which has its own unique features, purposes, and technologies. Which happened to be the Most popular coin right away..... Bitcoin" is a general term for any cryptocurrency other than any other coins "Shitcoin" is a more colloquial and derogatory term used to express skepticism or criticism towards certain cryptocurrencies. It's essential to conduct thorough research and exercise caution when considering investments in any cryptocurrency...... I think your more in need of knowledge than the people that you are trying to teach, I don't know if you are trying to mislead other users here with your definition of what bitcoin is, cryptocurrency is a general term, but bitcoin only refers to bitcoin and there is only one bitcoin, so I think you are trying to put other shitcoins in the same category as bitcoin, don't go around investing in other coins just because of hype from socs media thinking that it is bitcoin cause clearly from your definition you seem to be confused about what bitcoin really is, bitcoin is the real deal and if you have done any reservations you would see for yourself what we are talking about, firstly it has a limited supply and unlike other shitcoins that have a unlimited supply that can be created over and over without any limit, bitcoin is the best solution to inflation and also beats fait currency due to this factor too, and this point is just one of many other things you would find out from doing a personal research for yourself. I would have told you to start investing in bitcoin but what good would that do you when you don't even have the basic knowledge or have any conviction about bitcoin, anyway as long as you would take correction there is still hope that you would learn the right information. |
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In the end, we likely can realize that not enough people know or understand bitcoin, otherwise more people would own bitcoin.. so yeah.,. too bad that we are still in the ballpark of 1%-ish adoption.. .so people don't even realize that it is to their best interest to learn about bitcoin and get some.. and so any of us who are already in such process, we are likely 10-15 years ahead of the masses coming into bitcoin - even though there are surely some rich people who are coming into bitcoin and hoarding all the coins, but you cannot stop people from coming in and front loading their investment into BTC, just like you cannot force normies to learn about bitcoin and to get the fuck started out of their own best interest (that they don't realize), and so each person has to come to bitcoin at his/her own pace and when s/he finally figures out that it is in his/her best interest to get some.
IMO this is what many persons fail to realise that bitcoin is still in its early stages of mass adoption and growth and its not an asset to play around with and that's is why ideas of gambling disguised as buying low and selling high to make quick profits from bitcoin are not the best approach and would lead to high regret when they look back and find out that they Don't have enough bitcoin in years to come and that would be the worst regret, knowing about bitcoin and were too busy playing around and you don't have any stake in bitcoin or have a very small amount of it. The best plan possible is to stick with our regular DCA buying and try as best we can to stay consistent in what we are doing and in some way we are better than the rest that has not found out about bitcoin or even have not started and just lake the two guys from your hypothetical guy1 and guy 3 that started earlier although not as aggressive as guy2 but end up having a better stash than him and would take guy 2 up to 14 years to caugh up with them even with his level of aggressiveness, so yeah they is a reward for starting early in your accumulation. |
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Are we considering $66K a dip now?
I don't think $66k is the deepest as the price could decline further. Moreover, the price now shows no signs of increasing again. Everything can still happen, so prepare for something worse than now. The price may continue declining until it is time for the halving. After the halving, the price will go sideways until people get bored waiting. Only then will the price increase slowly from up to down. When people don't think much about the price of Bitcoin, that's when the price of Bitcoin can start to increase rapidly. You're right .... US spot-Bitcoin ETFs have been trending lower this week. Bitcoin is down 10% as of Tuesday morning from its peak in mid-March. Apparently the price may have this downward trend until the halving. The amount of digital assets around the world continues to decline at a significant rate. Although I wouldn't compare bitcoin to any other currency. But it doesn't seem like the price of bitcoin will drop as much as you said. But golden opportunities have arisen for small investors like us. During this fall period we can increase the level of DCAing to double the rate which in the long term can increase the profit like buying dips and cycle growth rates. you know we can't always jump into conclusions whenever bitcoin goes dip a bit at a particular week and then change our opinion when it suddenly goes high again. It's been regularly reiterated that you only know that you're in a dip or bull market after the season has past and then the price of Bitcoin iether goes high or comes down. What was looked at in the past as an ATH would later become a seriously dip and that has been how the system worked till we have the current ATH that will in the future become a dip. Know that event will always play out to either increase or decrease the value of Bitcoin every week and we've seen how Bitcoin has looked a bit stable from the range of $68k to $70k for almost a week after which we are anticipating a serious surge that will probably lead us to $100k or above. The issue is that when you spend all your time looking at what particular price is a DIP or which isn't, you're indirectly putting yourself in an unnecessary pressure and you're looking like some that's in search of quick gains and not some one that's ready to HOLD long enough.I don't really get what your pointing out to, you either seem to misunderstand the person you quoted or maybe pissed for another reason. Each market trend or cycle often give us tips that we are in that cycle or entering, so I dont agree with you that we would only know what cycle we were in untill it is done entirely unless in cases where we are not sure or dont have any solid prove that we are in the bull or bear market( maybe cause of some consolidation and high volatility which happens to be the behaviour of the market). A bull market would be when the trend is buying overall and you should be looking from a higher time frame up to a year or 6 months, so basically when ever the Market overall trend is buying its a bull and when uts selling its a bear, but what soever most of us are still early in our bitcoin investment and news of what trend we are in shouldn't bother us cause we are still trying to accumulate some bitcoin, but yeah it's cool to want to take advantage of the dip to accumulate more bitcoin at a cheaper rate and maybe trying to be more aggressive in bear season and less aggressive in bull seasons. But if i must say we have been big dip since 50k to even 60k cause this prices are below our last ATH and we should consider it a dip, so yeah anyone buying then should have been aggressive if they knew and had taken advantage of it too, so I guess if you are behind in your accumulation or just starting market trends don't mean much cause you should be buying. IMO we are also experiencing a little dip and it's not a wrong time to buy cause you know the halving is not yet here and yeah we don't know what to expect, but to me any price below the last ATH is a dip, so buying now wouldn't be a bad idea if you have money in your reserves to use. |
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That tends to be one of the additional problems when traders are failing/refusing to sufficiently/adequately account for a certain kind of exponential upwards price pressure that exist in bitcoin, so they frequently will either consider the price dynamics of bitcoin as if it were a kind of mature asset or that bitcoin is correlated with mature assets or that everything that goes up must come down and other kinds of insufficient frameworks to consider BTC's price dynamics and potentials that end up costing them a lot of money for not sufficiently/adequately account for such, even when they might have had been successful in their execution of trades for many repeated times, it might ONLY take one or two wrong calls to either completely or mostly wipe them out of both their previous profits and then potentially sufficiently reduce their principle too.
IMO this is a clear reason why anyone who wants to accumulate bitcoin for long term should stay away from any scheme that has something to do with selling and if you look at the risk involved and we were to give a possibility of the outcome that buying back would be possible then we could be stuck there because there are too many uncertainties involved and no-one can really tell if that risk even has a 0% possibility of happening( my reason beign that just as you said they forget that bitcoin is still an early asset and has more possibility of going even higher and never returning to old prices and even so bitcoinis a very unpredictable asset), then at this point it is more like a gamble and why would anyone who really has good plans to buy more bitcoin consider this as part of his strategy. Besides if you really wanted to accumulate more bitcoin then you should be more concerned with looking for means to increase our finances to be able able to buy more bitcoin( this could include having multiple income streams or finding ways to move some value we have in other asset to bitcoin just like the last example you gave where the guy has a non taxable event and is able to move up to 12k into bitcoin) which clearly has less risk(would possible pay out better)involved in it than selling to buy back unless anyone who wants to do this would be ready to accept the reality that he bitcoin price might never come back low again and he can end up buying back at an even higher rate than he sold, so this should be one of the senerios in his possible outcome and then if he still wants to proceed with the gamble, it's clearly his choice. |
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That is one of the great things about bitcoin, and surely I frequently recommend that guys try to be as aggressive as they are able to be in terms of accumulating bitcoin, there still is the practicality of the matter that we might have limitations in terms of how aggressive that we are able to be in terms of our own financial/psychological resources, and we also might find that we have to go through some steps of getting our finances and psychology in order prior to becoming more aggressive, so in that regard, it likely would be better to make sure that we are not overdoing our level of aggressiveness, and no one is going to feel sorry for us or help us out if we end up screwing up and doing more than we should have had done.. so in that regard, we might want to consider that whenever we choose to engage in some levels of risk, that we are both recognizing the risk and ready, willing and able to accept the consequences if some of the risk-taking that we employ does not play in our favor... and so sometimes we might be tempted to play around with some ways to try to get more BTC than we might be able to get by more normal and strict DCA ways... and so then if we lose 1% to 5% of our BTC, we might consider it worth it.. but sometimes it is better to just not go down the risk taking mode until you have gotten to a certain BTC stack size through more traditional, normal and strictly conservative ways.. and then once your stack is of a significant size there could be some ways that a bit can be shaved off for extra experimentations.
When it comes to matters of how aggressive any one should be, it all boils down to a personal decision and this must be done based on our finances and how much we feel that we can put in bitcoin without beign wrecked or under any pressure, and that is why I loved the idea of when you said we should invest money that we know we won't miss especially for those under the age the 20 and focus more on a strict DCA maybe just like the first guy that remain with only 10% invested weekly and after 10 years he still had a very good stash and would be on more profit that someone who was either inconsistent or maybe engaged in taking to much risk too early and end up blowing everything, when we are new to accumulating bitcoin we often feel that we should put more to be able to get ahead in our journey and at times we forget the line between beign aggressive and overly aggressive, so I just stick myself with the idea that any money I put into bitcoin is gone untill the time of maturity. When it comes to risk taking and practices that we feel that would help us accumulate bitcoin most people happen to be overly optimistic about this kind of things and they tend to engage in risk that they were not ready for, so everyone must accept responsibility for his or her decision regarding to how they play around or approach their bitcoin investment cause at the end of the day such risk would either be our downfall or make us regret and worst of all when we are still so early in accumulating bitcoin, it is even better that we just stick with the traditional DCA and any other strategy that we can add should be dip buys cause all this strategy just revolve around buying more bitcoin and has nothing to do with selling. |
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We invest in Bitcoin and many use a variety of strategies. My strategy is that I split the hold into two sections. And the first hold is until the 2028-2032 halving (more likely longer if needed), and my second hold is for every halving bull run. I am thinking of keeping the hold which I have followed the DCA method till the year (2028-2032) of course. This is how I plan my investment strategy according to the road map.
The personal investment strategy that you are implementing may only be suitable for people who have a lot of patience in carrying it out because I am not sure that other investors will also be able to do something like this until the year you mentioned. Especially if in the middle of the journey there are big benefits that appear before our eyes, which in general will definitely have the feeling to take them and will not just waste them.So even though the strategy you are talking about looks good, I don't think there will be many people who want to follow it even though currently there are still many investors who want to buy Bitcoin using this method. But we all also don't know how long they will continue to buy like now because all investors definitely have very clear goals in implementing purchases from now on. IMO I think everyone is left to figure out how long they would want to hold their bitcoin, and you referred to something like not everyone would have the patience to hold for that long(and in this context 10 years), I think the idea here is to use our disposable income to invest and this is money that we can afford to lose and won't miss, just like that extra cash that would have gone to spending or chilling out and then we use it to invest into bitcoin as a form of saving our cash or storing value, so yeah anyone who understands this logic can invest in bitcoin for however long he likes without been in a stress of any kind, as long as he also has other thigns in Check like his emergency funds, reserves and floats around him. I don't really like where your leading to with a big opportunity and that seems to be referring to selling, I don't think selling early or in between our journey is part of the plan cause that can be seen as trading if he selling too soon and yeah many of us here are rather planning to accumulate enough bitcoin over linger time ranges to be able to live off bitcoin once we stop working. |
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Well I am suggesting him to have had built his investment and having had invested $10k per year for 10 years and then receiving a somewhat standard return on that which would be around 50%, so after 10 years, his investment would be worth around $150k because some of his earlier invested amounts would have grown more and some of his later invested amounts would not have had as much time to grow.. so yeah, his total investment portfolio is right around $150k at the time that he learns about BTC... but it is still worth less than Guy1 and Guy3.. . .and when he decides to get into bitcoin, he may well not want to pull out and reallocate what he has in his overall investment into bitcoin, but instead to divert what he had been investing into traditional assets into bitcoin in order to at least aim towards reaching his bitcoin investment target.... So in some sense, I may well be inferring what a reasonably similarly situated guy might want to do...
I am not necessarily going to presume that his prior investment had matching funds (like a 401k might have), even though there could be certain kinds of things that had been going on with his prior investments that might contribute to his not necessarily wanting to discontinue to invest into the other investments, so he could be faced with a bit of a dilemma in regards to how aggressive he might be able to be in regards to his investing into bitcoin.. some employers might have matching amounts that go up to 5% of the salary.. or perhaps there would be tax deferral benefits, and I would suggest that there would be motivations to invest up to the amount of the employer's match, but not necessarily choose to invest up to the maximum tax deferral, even though surely some folks are going to get lured into tax deferral investments that currently, in the USA (for example) allows investing up to $23k per year into tax deferred products.. and so a lot of people will get distracted into taxed-deferred investing options (which is not bitcoin investing directly), which is another reason that the bitcoin spot ETFs in the USA can be so compelling for people who are able to contribute into those kinds of investments or if their Employer offers an investing program that includes the bitcoin spot ETFs as one of the available options... which may or may not be better than buying bitcoin directly, and if someone with ONLY $40k income is investing 25% of his income, he is still not even coming close to the federal maximum limitation of $23k per year.
I personally would not necessarily conclude or presume that guy2 has any readiness, willingness or ability to front load into bitcoin.. not based on the facts given and/or the fact that he has already built an investment portfolio or $150k.. Now if the facts were different, he might have some extra funds for front loading, but it surely is not presumed in the facts that I had given... especially since I am trying to describe and characterize guy 2 as a relatively conservative guy who may well be aggressive, but that does not mean that he is a gambler.. merely because he is already being aggressive and has already historically been aggressive in his investment with having had achieved investing $100k over 10 years.. and just on the face, guy2 invested way more than either guy1 or guy3 who invested $40k and $60k respectively over the last 10 years, and the ONLY reason that guy2's portfolio is not as good as the portfolios of guy1 or guy3 is because guy2 had been investing in traditional investments like index funds and ONLY just found out about BTC.
Well I am suggesting him to have had built his investment and having had invested $10k per year for 10 years and then receiving a somewhat standard return on that which would be around 50%, so after 10 years, his investment would be worth around $150k because some of his earlier invested amounts would have grown more and some of his later invested amounts would not have had as much time to grow.. so yeah, his total investment portfolio is right around $150k at the time that he learns about BTC... but it is still worth less than Guy1 and Guy3.. . .and when he decides to get into bitcoin, he may well not want to pull out and reallocate what he has in his overall investment into bitcoin, but instead to divert what he had been investing into traditional assets into bitcoin in order to at least aim towards reaching his bitcoin investment target.... So in some sense, I may well be inferring what a reasonably similarly situated guy might want to do...
I am not necessarily going to presume that his prior investment had matching funds (like a 401k might have), even though there could be certain kinds of things that had been going on with his prior investments that might contribute to his not necessarily wanting to discontinue to invest into the other investments, so he could be faced with a bit of a dilemma in regards to how aggressive he might be able to be in regards to his investing into bitcoin.. some employers might have matching amounts that go up to 5% of the salary.. or perhaps there would be tax deferral benefits, and I would suggest that there would be motivations to invest up to the amount of the employer's match, but not necessarily choose to invest up to the maximum tax deferral, even though surely some folks are going to get lured into tax deferral investments that currently, in the USA (for example) allows investing up to $23k per year into tax deferred products.. and so a lot of people will get distracted into taxed-deferred investing options (which is not bitcoin investing directly), which is another reason that the bitcoin spot ETFs in the USA can be so compelling for people who are able to contribute into those kinds of investments or if their Employer offers an investing program that includes the bitcoin spot ETFs as one of the available options... which may or may not be better than buying bitcoin directly, and if someone with ONLY $40k income is investing 25% of his income, he is still not even coming close to the federal maximum limitation of $23k per year.
I personally would not necessarily conclude or presume that guy2 has any readiness, willingness or ability to front load into bitcoin.. not based on the facts given and/or the fact that he has already built an investment portfolio or $150k.. Now if the facts were different, he might have some extra funds for front loading, but it surely is not presumed in the facts that I had given... especially since I am trying to describe and characterize guy 2 as a relatively conservative guy who may well be aggressive, but that does not mean that he is a gambler.. merely because he is already being aggressive and has already historically been aggressive in his investment with having had achieved investing $100k over 10 years.. and just on the face, guy2 invested way more than either guy1 or guy3 who invested $40k and $60k respectively over the last 10 years, and the ONLY reason that guy2's portfolio is not as good as the portfolios of guy1 or guy3 is because guy2 had been investing in traditional investments like index funds and ONLY just found out about BTC.
Although I wasn't opportunied to reply to this set of senerios when you first made the post, I am mostly focused on your third paragraph cause it seem to be drawing a line between beign aggressive and some thing like gambling, guy 2 might not really be ready to front load too much into bitcoin considering that he has been investing in more traditional asset and would not want to over allocate outside his normal means or state of cashflow and its also possible that he is still investing in his old investment since I guess it wasn't clearly stated in your explanation. IMO I think investing above our means or trying to get to aggressive in a way that would affect us or other if our investment is not a very wise thing to do and can be seen as gambling and we should draw a line between how aggressive we should be and when we are going too far. I guess the time factor put guy2 behind in his investment cause he had already been more aggressive than the other guys but found out about bitcoin late, guy 3 seems to interest me quite well since he has been very fairly aggressive even if not up to 25%, but I'm some of your earlier post you have made mention of 10%-15% been okay for someone who started investing like 5-7 years ago, so I guess in some way all of this guys were already fairly aggressive in a way, and guy 2 to me is as aggressive as he should as someone who is just discovering about bitcoin. |
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It's good we make it plain that the reason why you're accumulating or investing in Bitcoin will not be the same reason why the next person is doing his and this will go a long way in shaping how he goes about with his investment and how long he desires to hold and remain in profit before selling his holding.
Again.. you can do whatever the fuck you like, but you don't really seem to understand bitcoin very well if you think that it would be prudent, smart and/or practical to plan to sell large amounts of your BTC whether it is for consumption purposes or for investing into other kinds of assets/currencies. Of course, there are ways to maintain and to manage your BTC holdings that could involve some selling, but planning to sell large amounts of it seem to be failing/refusing to appreciate what bitcoin is. Yeah that's actually very clarifying, however I wonder why someone could even think of selling a large amount of his Bitcoin holding even if he has other intentions of using the funds on, however even if his intentions is to venture into other assets shouldn't be a reason for someone to sell a large amount of his Bitcoin because regardless of the needs or intentions to venture into other investment what should be mostly considered is the potential and how real it is, so considering all this things Bitcoin should always be the major investment for everyone because unlike every other investment Bitcoin has shown that is the best investment that can put a smile on someone's face in the future only if they hold. Alot of individual most time would sell some certain amount of their Bitcoin ( expecially when you haven't reach your Accumulation goal or having enough Bitcoin). With the mindset of replacing it back. Lol I laugh , most people don't know that the chances of them buying at that Same low price is damn low. You can't expect bitcoin to dip for sake inorder for you to replace that amount you withdrew from investment at that same price you first brought it . Nahhh things doesn't work that way. Like those who bought their Bitcoin when the price was $10k and they later sold there coin around the price range of $15k , with the mindset that when bitcoin dip again to $9k or $10k they would buy , but now look at Bitcoin is around $70k now . So you can see that when you start taken profit from your investment when you haven't gotten far with it . You're only reducing the potential of yielding some thing good in a long run . That why one should not of removing or withdrawing from his investment ( Bitcoin) , especially those that are low coiner or haven't gotten any where with Their accumulation. Should rather focus on how to add more Bitcoin to his portfolio. I think it's quite a different topic that Jay is talking about here, it's not really about those that sell their bitcoin so ealry and missout on the possibility of bitcoin compounding in value but rather those that has already reached let's say a considerable amount of bitcoin in their stash and has been accumulating for up to 10-20 years and now want to sell of all their bitcoin for one purpose or another instead of understanding the fact that they could actually start getting some dividends from their mature bitcoin investment by applying some withdrawal methods that would be applied in a way that they won't be selling to much of their bitcoin and would also be maintaining its value in a certain way as he explained in his Jay's sustainable withdrawal method thread. IMO I think the idea is not even about reaching or accumulating so much bitcoin just to sell again but to have your value stored in bitcoin as an asset just like having properties or lands or maybe shares from a company, and like other asset that are able to give dividends or return of investment, bitcoin also has the ability to do so, all we need to do is find out how we can actually achieve this. |
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Plus plebs like me who are just starting during this cycle should be with an attitude that any "life-changing" amounts of money can't be earned in merely one cycle. For the 90% of us participating in Bitcoin Land, it will probably take three bull cycles, or probably more. Plus to those people who are willing to risk it by participating in some shitcoinery, do it where the market is denominated in Bitcoin. Do it in Bitcon eFi, it might be one of the biggest narratives during this cycle.
well, it depends on how much you've been able to gather at the end of each circle and whether or not your goal is to gather as much as is needed to ensure you don't necessarily have to work once you've sold off your holding. It's good we make it plain that the reason why you're accumulating or investing in Bitcoin will not be the same reason why the next person is doing his and this will go a long way in shaping how he goes about with his investment and how long he desires to hold and remain in profit before selling his holding. For a young guy who's receiving some stipends from his parent while in school and decides to put them into doing regular DCAing once the money comes in, he can decide to work with just investing for a single circle or two circles and take out the proceeds of his investment into starting an entrepreneurial business of his own and as long as that's his purpose of investing in Bitcoin and that he has archived that purpose, then he has made a good investment journey. I know that generally speaking, what puts you at a better profit margin is basically how long you're able to continue stacking and how much you've been able to stack within such period of time but if the resources are available, a guy can use two circles to stack way more than what another person will be able to stack within four to six circles if the latter use a DCA amount that's not big enough so in essence, it's not just about staying too long that gives you good profit out of your investment, it is actually accumulating as much as you can within a stipulated time frame and then selling when you've reached your investment. If you've reached your goal by just accumulating within a single circle or two, you will still be in profit and if you can still go longer and continue accumulating along the way, it will still put you at a good advantage. IMO I think it's also possible to live off bitcoin rather just selling off all your holdings unless for a good reason, you know bitcoin is also one of the best asset compared to others, like real estate when one has reached a fuck you status in real estate he could be getting a monthly dividend of above 5000$(just an estimate and this depends on how much he has in properties), and this is also achievable too with bitcoin, have you considered studying Jay's sustainable withdrawal method, that's what I've been currently reading at my leisure time and I think you should too, cause I don't think bitcoin is an asset that anyone should be thinking of selling of so easily or just mere because of profits, yeah this would have been a lame idea if bitcoin can not be passed down to other generations but that is possible and doing this shouldn't even be a problem for us cause we are investing with money that we don't need and wouldn't miss even if the plan don't fare well. |
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This is really a wall of text, such an epic. I believe you learnt this from JJG. sincerely speaking I dont even know where to start from, you can make it more interesting just like @maus0728 have said. People don't fancy or put interest in a luxury of text. if it was 3 lines or 5 It will be easier to attent to. But anyways let see how it goes.
3 lines or 5 lines of what, the history of bitcoin, your joking right? Still working on it, I'm not really good at this |
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Really awesome curation but I can tell you OP that you can still improve and make this post of yours more beautiful, it's a wall of text right now and I don't think that anyone would get any interest just reading them plain, make it more appealing, I'm sure that there's a way for you to do that, you can also put the date of the important events next to the name of those events, there's a lot of people that would appreciate if they know the date.
Okay thanks I'm still working on the post, thanks for the tip. I'll see how I can use colour to make it even more interesting to read. |
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