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We’re talking about teenagers right? Cause I don’t think there’s merit to teaching kids about bitcointhis early without letting them know about other financial fundamentals like financial literacy. Yes you teach them about making money but you didn’t teach them how to save and keep it for rainy days? That’s going to be a massive problem in the future my friend.
It’s much better teaching them about the most important stuff first, later down the line upon self-discovery they’d happen upon bitcoin and cryptocurrency for sure, let them have their own adventures and figure shit out on their oen. No knowledge is waste but knowledge without responsibilities is deadly.
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The thing is that the hardest part of hodling bitcoin is keeping yourself from spending it. Which is why it’s always best to stay employed despite having a sizeable portfolio. This way, you get to continue to have a consistent source of money that you can reliably depend upon without having to spend money that you’ve saved through your bitcoin. Once you’re able to complete this you’re pretty much out of the woods when it comes to bitcoin holding, as everything else will come easy for you.
Oh, and also set a consistent schedule for when you’re going to put money into your crypto wallet. And always make sure you put it on time. This will instill discipline upon yourself which will eventually grow to become your very own habit.
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Bro, worry less about the bitcoin price and be more concerned about the more adverse effects of this apparent solar superstorm. First and foremost bitcoin's gonna be the last of our worries when shit hits the fan and we couldn't contact people, let alone use ATMs to cash out our money, or remit money from across the planet, not to mention medical systems and hospitals that are very reliant nowadays to the internet and the access to technology. Just imagine the utter chaos that this will cause. Keep in mind as well that this is going to last a long while, and until we get the internet back to its current tippy-top shape we're gonna have to say goodbye to bitcoin and cryptocurrencies for the meantime.
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I literally started with peanuts worth of crypto. Since I was a broke high school student when I started my crypto journey. Most of the money that I collect and save for my portfolio came from signature campaigns in this forum, where the majority is spent for my daily expenses. I learned about DCA and started doing a variation of this investment practice that worked for my budget, since the main consensus is that all you need to do is consistently put money to your investment pool, regardless of how much it is.
Eventually it all paid off and now I can proudly say I comfortably live off of the hard work and crypto that I accumulated over the years. I wouldn't have come to this point if I complained about my situation and wished for more. Sometimes, working with what's given to you's the best thing you can do.
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No realistic way for you to get by during times of hyperinflation but to either convert or save your money into a different currency to save its value from depreciation, or to move to another country where the inflation rate's not cutthroat. That's what most Americans have been doing in the past few years, most of them taking out massive loans after they graduate from college (which apparently they could) and then move to another country to find a wife there and gain citizenship. They get the benefit of being able to use their money and practically being regarded as a millionaire, especially if they chose to be in a third-world country like the Philippines, and of course, they enjoy benefits of not having to shoulder too much inflation.
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I don't think that the ordinals are the only ones to blame for the high bitcoin transaction bloat. Keep in mind that this has been a problem in this network even before Ordinals came into the scene and to top it all off, miners and validators have all the rights to opt out of processing transactions that are related to ordinals and inscribing. And not even its "second-layer solutions" proved potent enough to solve this particular problem in bitcoin's case. Thing is, if we want bitcoin to be more scalable and less hefty when charging fees, we need a complete system overhaul that would literally fix the network from the ground up. But that would mean serious business and we might just lose 10+ years of building all because we wanted to pay less for transaction fees. Is it really that worth it?
You're probably right, it's not in our destiny to pay for stupid high fees in the bitcoin network, but unless you could provide a fool-proof solution that wouldn't bring more ifs than the problems we already have to begin with, we'll gladly stick to this current system.
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Well, certainly. I'd call it a disadvantage. I'd even make the whole situation bitter and drive the fact that unlike traditional banking, if you get hacked or scammed in crypto you're pretty much bound to destination fucked. You're not getting your money back and your wallet's at risk of getting attacked in the future. The lack of a central government controlling and regulating the intake and outpour of transactions in the bitcoin network is a double-edged sword per se. It's just that at the advent of a more privacy-particular crowd, everyone would highlight the fact that crypto's decentralized and secure over the fact that it practically leaves you for dead when you get forked over by someone from the other side of the planet.
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It's not as "less popular" as a peer 2 peer payment system as it is an investment. It's just that when you're a newbie, or perhaps someone on the crypto scene looking to earn as much money as possible, the logical course of action is to use bitcoin as a way to earn money rather than to use it as a way to transfer money from one person to another. Just picture this, how many times in a day are you required to transfer money to a friend from a different part of the planet? Anyone who says they need to do that shit everyday is generally lying.
It's not "less popular" per se, it's just that the situation and the necessities of the people who use bitcoin on a daily basis do not call for the usage of its peer 2 peer aspect more than the investment aspect.
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Forget all of these, before guns and bombs were invented, people were already killing people. Before crypto, weren’t people being paid in fiat to do illegal activities. Haven’t politicians been doing all of this before 2008? Now Bitcoin is coming up, there are a lot of fingers pointing at it, countries have banned it as if their politicians don’t use it behind the scene. All Satoshi built was a currency accessible to everyone (just like fiat is), so I don’t see why they keep pointing at Bitcoin. If all of these happened in USD, will people highlight USD as a bad currency?
That's the point. Sensationalize the hate for crypto and bitcoin to divert the hate of the people from those who actually deserves it. If journalists instead emphasize on the fact that some of US's allies are donating money towards the attacks, that would not spell great for the US and for its allies, but if they instead divert the reader's attention towards the fact that they are using cryptocurrencies to facilitate these donations, that allows them to not only clickbait, but also inspire people to hate cryptocurrencies as if it's the reason why these people are getting funded in the first place. Besides, it's not as if the Hamas are the ones that are oppressing Israel right here. They've literally suffered the brunt of the attacks against Israel for years after World War 2, with their kids being killed and used as target practice for drones at the Israeli borders, now that they press the attack to fight for what's rightfully theirs, they are getting hated? What the flying fuck people. |
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I saw from some Chinese Business explainer vid way back then that China's economy is on the shoulders of their elites. Money is literally pooled within their circle only and that's where China's getting their flourishing economy from. As for the industries, I don't think there's a particular industry that China is specializing in since they tend to dip their toes on everything that would make them money. Going back to the source of their GDP, it's quite possibl that this is truly the case since China's not allowing anyone that's rich enough to just cash their money out and transfer it into an international bank account willy-nilly. They are requiring Chinese Rich people to actually hold some yuan on their end every year or else their assets will be seized by the country. If this is the case, then that just means that the country is in a massive bubble economy and anytime it could pop.
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This isn't a new scam or hacking method, actually. They target frustrated newbies to scam their funds. Very smart scammers will convince newbies and force them to believe them. We shouldn't trust random people on the internet anyway when it's related to fund management. We have seen many people on the forum scam second-timers this way. However, we should learn more about Bitcoin to prevent these types of scams. So we can realise why we shouldn't trust this type of fund recovery service. Usually, scammers post about their fake hacking story or losing story. Then they comment themselves about recovery services. That's how other individuals interact with them.
Not a new scam but certainly something that works, after all they wouldn't reuse the same formula over and over again just as with the Nigerian Prince email if this didn't work to some people. They target unwitting people, (well not necessarily target but send this by bulk and hope that in the pool of people they sent this to one of which is stupid enough to believe their lies) and from there the scam would roll on its own. While I'm preyu confident that a lot of us here aren't that easily fooled by emails and messages, I still believe that some of us may fall for scams like these, especially those that fell victim to other scams and hackings and are desperate to get their money back. I suggest you quit at it so as to not cause further damage to yourself and to the people around you, and just work towards earning back your keep. It's easier said than done I know, but there's not much else that you can do at this point really. |
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Welp. You play stupid games, you win stupid prizes.
Pretty sure everyone who preaches about getting their hardware wallets, or at the very least dividing your assets among different unconnected wallets do that to a T, so I don’t think you need to question the validity of that statement on our part. And while it must suck for this guy considering that’s money he’s been keeping for more than a decade, it must’ve crossed his mind to buy cold wallets in the past, ultimately not answering to it of course, which lead to repercussions.
Hopefully he learns something from this, it sucks to lose your money willy-nilly but at the same time, this could’ve been avoided for 30 bucks at least,
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Does it always have to be "currency" per se? I was put under the impression that foreign reserves could be anything that has value and from a different country, like resources used to pay off national debt for instance. From a macro level of management such as a country, it doesn't make sense to hold on to money and use it as a form of systemic store of value for when times are tough, that's a little skewed. It makes much more sense for it to be stuff that has inherent value, like resource or perhaps anything that came from the country of relevance, so it could systematically decrease in amount and actually be a factor in causing inflation. Although I guess for some countries with a lower population count, the concept may still work.
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I’ve heard and saw people say that life begins at 40, and if you play your cards right that’s when you’d have the most money to play with and the most time to enjoy the money that you’ve earned so far. It’s also the best time to start businesses and enterprises to some people, so back when I was still a growing teenager, i thought I could just slack off and leave everything to chance. After all, if I play my cards right I’d get my come up on the day I turn 40
Of course as time went by I realized how flawed that system is. I grew out of it and found that it’s much better building knowledge and wealth as early as possible, instead of leaving it up to chance. Since then I grew to know that the best age to financial stability is when you’re most ready.
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Not gonna lie, I used to subscribe to this type of bs back in the days as well. To be so rich that I don’t ever have to look at the price tag, just swipe it off and buy it out. As money came and stayed I realized that it wasn’t the way to go by though, cause if I keep at this belligerent spending behavior there will come a time when it would be the last purchase I’d ever make with that money, and it’s gone forever. So, I made it a point to only buy stuff that I want and really need, check the price, make some budgeting options and price vs. benefit comparisons, before ultimately making the purchase. It has helped me so much with making sure I don’t get zeroed out even in my monthly budget.
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Food’s relatively cheap in my country (The Philippines) compared to the rest of the planet. For crying out loud you could get a full course meal for as low as 20 bucks here at a semi-fancy shmancy restaurant, and if you’renreally willing to scrooge your way out of the day., it’s easy to live in under 10 bucks.
But the problem lies in how much the Filipinos are getting paid. Ut’s common for the Filipino to be paid less than 10 bucks every day just barely enough to get by. Which leads to poverty and food insecurity where people are indeed getting paid, but just enough that if they quit their jobs, they’re toast.
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People should already get used to this, you can’t have your cake and eat it too you know. It’s always common knowledge for bitcoin to also become fee-intensive when its price action becomes desirable, so why always complain about it? Besides, there are layer 2 solutions in place for this like the lightning network, and I don’t see people using that feature for whatever fucking reason yet they are so quick to complain about bitcoin’s high fees when solutions are laid in front of their eyes.
We can’t do anything anymore about the high fees, it’s a flaw in the system that I doubt will get fixed, what we could do instead is make use of what features are available, and perhaps see this high-fee situation as a clear-cut sign that the network is getting busy again. Not something that is inherently negative.
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I stand behind this plan of yours OP. It’s basic and yet something that you’d easily be able to follow and fall through if you were to take this into the real world.DCA’ing your investment strategy (what you’re doing right now is practically Dollar Coat Averaging since you’re practically allocating a pre-set budget from your money for bitcoin, which enables you to have a stake at bitcoin and crypto regardless of the price action). And since you’re using one of the most secure digital wallets on the market right now, pretty sure you’d have enough safety to get by. I would suggest setting up another wallet however, where you would transfer and park funds if you were to convert them into fiat. That would ensure your main wallet’s not getting touched nor given access to the internet and if worse comes to worst, your hot wallet is the only thing that’s affected.
Also check your PC by running an antivirus scan, check if you have malwares that are active or trojan softwares and whatever. Just to make sure that your PC is secure from stuff that would risk your walletMs safety is all.
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you dont need to bombard them in techno-speak straight away
years ago the quickest way i convinced people was to order pizza/fast food with it. and while answering questions the food would arrive, they soon realised it was an accepted currency, then they got more interested in knowing the techno-speak stuff
these days the quickest way is to tell them about established institutions like blackrock. and how they have invested billions into bitcoin with all their projects and services. just show them their application to offer ETF shares rated in stored bitcoin. explain how blackrock spent years looking into the technicals and seen its a valid asset
still a tricky way to introduce people to bitcoin in my opinion. Not a lot of people are aware of what blackrock is, even to those who are inclined into investing. The company for christ’s sake made it a point to not reveal themselves as the one pulling the strings in the background for decades now lol. In any case I would agree with the rest of what you say, make it easy for them to grasp the concept of what crypto and bitcoin is by relating it to something they are very familiar with. In my case I used money in the bank, as well as retirement money for my old dog relatives who aren’t really interested in cryptocurrencies but are eager to know about it at the very least. |
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The phrase "invest what you can afford to lose" has long been the go to advice when it comes to Bitcoin investments. In the past, it seemed to be a norm, a safety net, but it's time to reconsider its relevance. Over the years, Bitcoin investment has undergone a significant transformation. What was once a realm fraught with doubts, fears of capital loss, and scam risks has evolved into a more stable and less volatile investment landscape.
While risks and scams still exist, Bitcoin itself has proven its worth, emerging as the premier cryptocurrency, demonstrating its dominance over others. The short-term fluctuations are there, but historical data consistently indicates growth over time.So, why should we continue to echo the sentiment of "invest what you can afford to lose" when referring to Bitcoin? I believe this phrase is more suited to gambling or trading, which we all know come with inherent risks.
For those looking to HODL Bitcoin for the long term, with no intentions of actively trading, the focus should shift. Instead of investing what you can afford to lose, consider investing what you have to invest. Unlike other traditional investments like real estate or the stock market, Bitcoin allows entry with even a small capital as low as $5 to $10, which isn't something I will even want to lose.such an investment should not fall under the category of what you can afford to lose.
Investing in Bitcoin means being part of one of the world's most revolutionary technologies. It's not just an investment in today but potentially one of the most valuable assets in the future. So, instead of wasting time and money on 'shitcoins', consider starting now it's not too late. The focus should be on investing what you are willing to HODL for the long run, rather than what you can afford to lose.
I would agree, if not for the fact that this phrase applies to everything, especially to the jits and newbies that would literally take a second mortgage on their houses, sell their car, or even take a dizzyingly-high loan from the bank so they can invest on bitcoin, and then ramble about it on social media when their investments tank. So you may think it has lost its relevance, but I say the motto still holds its weight in gold, especially in the face of people belligerent enough to literally dig themselves another grave while thinking of building a swimming pool. Invest carefully and be smart, of course don't take out loans and only invest what you can afford to lose, more so if you're looking for immediate gains. |
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