but another issue could come from being in an investment for a long time, there can be senses of the cycles
What do you mean by senses of cycles, I'm not really clear on this. Or do you mean when a person has become so used to a pattern that it becomes hard to change or adapt to new strategies? I usually consider that a person who has accumulated a lot of BTC might start to slow down a bit on his DCA and would more likely start to favor buying on the dip, but surely it is relative. If a person is trying to reach fuck you status (which is traditionally consider to be between 20-30 years of salary/expenses saved/invested), and he has ONLY saved up/invested less than 1 year of annual salary/expenses, he may still be fairly aggressively inclined towards DCA; however, if he is getting to a point of having 3-5 years of salary/expenses saved/invested, then he might start becoming more strategic, and if he is getting into the neighborhood of 8-10 years of salary/investment saved/invested, he might change his strategies even more. Part of the reasons for the changes in the strategies is that any new contribution that he makes into his investment/savings is likely not adding as much value as is the price appreciation or depreciation of his investment.
Based on this I understand as a person continue to mature in his investment, he would continue to become more strategic around his allocations and strategies in bitcoin either to get more bitcoin(or reach a certain level of accumulation) or to make more profit from it. Like you've said before if a newbie is more concerned about profit on his first years of investing, it could either cause him not to hold much or even he might diviate from his DCA, since he has become more profit minded. But a more mature investor can be more profit minded cause he can now align his allocations and strategies in a way that would be to make more profit form his investment and the level they call fuck you status could also determine their approach to buying. So like we have agreed before our senerios and strategies might continue to change based on different factors and the one we know for now is individuals, I was also thinking don't you think things like market trend could affect how a more mature investor and newbie would approach the market and plan out their senerios, cause it would be hard for me to say that if all mature investors would consider a bearish market as worse case. An investor could also be in his 8-10 years range and still looking to get more bitcoin, so he might seem to be aggressive towards a bear market than a bull market an at this point he could have even reach his fuck you status as planned by him but just wishes to get more bitcoin. Previously I had considered that ONLY getting to fuck you status would be the goal to bounce out of a DCA strategy, but part of the problem with that kind of analysis is that maybe a guy might have created an accumulation goal for himself of something like 10% or even 25%, but then if he ends up over investing during times in which the BTC price was relatively low, then he might feel over allocated, and if the BTC price goes up 2x, 3x, 5x, 10x or some other amounts, then he feels even more over allocated, and might become reluctant to invest more into BTC, even though he might still not be close to fuck you status.
This individual here shows a totally different characteristics from the once you have used from your other examples. In his case he feels satisfied with how his short term investment has been even tho he hasn't reached his desired level of accumulation in his portfolio. But if the bitcoin price corrects and maybe goes back to 2x, he might also begin his journey again or is it possible that to avoid cases like this we set a limit for ourselves to not allocate more than a certain amount in a month or weeks or at any intervals we chose. Now this is major case of individual preference, another person might be fired up to invest more into bitcoin and even decide to increase his allocations from 25% to maybe 30% and decide to be a little more aggressive. |
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I just started DCAING into bitcoin some months ago with the purpose of becoming a long term holder, I've got my funds in place, I've done my cashflow check up, I've started building my emergency funds, I'm following all the rules that I think I need to follow to reach my goals as long term holder. But guess what happened yesterday?.
I used the money I was supposed to use to lump sum into bitcoin to buy a game. Lame right, very lame. While a lot of persons would talk down on me right now about this cause I know I've messed up and was supposed to say no to that urge to just spend more. Although I've replaced it today with a lot of hard work. I've learnt a lesson. To succeed as an investor you must have self control. I had every reason to say no to the urge to get a game but I didn't. I lacked self control to say no myself and do the right thing.
If anyone must achieve any desire in life, he must have the self control to control his lists cause here I am burning with desire to accumulate bitcoin and this same me went ahead to forfeit it for a game. All I know is I'm never gonna make this same mistake again.
Dont beat yourself up too much, the fact that you at least recognized that you had a problem is like 90% of the way to solve it. One strategy I use, is called the the fuck it bucket, when I want to go do something I write it down on a piece of paper and chuck it into the fuck it bucket. I wait a solid week after that and go back check the fuck it bucket. Sometimes what i wanted a week ago is suddenly not as important as wanting it now. Sometimes it is, but if that is case i save up what i need to deal with the fuck it bucket item vs dipping into cash reserves. All these little tips and tricks, will help you next time this comes up. Learn, grow and move on to the next learning  Thanks a lot mate, your advice would really go a long way. I'll name mine a little different maybe like think twice bucket 🪣 😏. So I would actually have to think twice about my expenses. Just that now I'm thinking it goes a bit sideways from your own. |
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I know what you are trying to say and how you feel it will help the LB. But this matter has been discussed several times in various threads. Which means you are still committing the same offence that you are trying to eliminate. Below are threads that have discussed the same issue and was pointed out by one of our brother, @Jegileman My humble suggestion for the Naija local board If this is the case then they should stop complaining about it cause the problem cannot be solved without any action. |
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I've been seeing a lot of persons making threads that has already existed before, and I won't really blame anyone cause I've done such before and would get correction that a thread like this has existed before. So I thought of a way that we could at least reduce it.
Every important thread from our local board should be pinned 📌 on the top of the local board, just the same way each moderator pin rules or something like that, since they are so many threads already existing we could be changing them every month at leat 3 or 5 every month so that many persons would stop repeating those same post.
Not like I Don know there is a search feature in the forum but it has been existing and people are still making same mistakes and some of this threads I'm referring to are three years old or even longer and many persons expecially newbies might not have any idea that threads like that even existed.
And this would also help our local board have some discussions that everyone can contribute in, and since it would be a discussion, many newbies can easily learn and our board would have more comments than threads, cause the amount of threads created everyday in our board is too much and most of them are repetitions of what has already existed, I think this could really help our board be more lively and filter a lot of shit threads.
Or another method to help reduce it. Is to create a rule that before Posting a thread, you must search if such has existed before.
And another reason I think people don't really like commenting in old threads is there are scared that their good comments may not be seen or honoured, since many persons have forgotten about it and maybe merits are not been allocated there anymore.
I think our senior men could also help by creating something like a wall observer thread and we all continue to contribute to it. This would also help reduce a lot of thread. If you check discussions like technical discussion, you would find out that there are lots of comments more than threads created on a daily basis.
If what I'm saying could be looked into by our senior men then I think it could be helpful. If you have any contribution to this you can add.
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However, if the asset is really volatile and largely not going up very much in value or even going down in value, then the traders have way better chances to outperform the HODLers, and so we cannot really be sure about bitcoin's future performance, even though we may well continue to try to bank on some of the theories that bitcoin has a lot of ongoing upward price potential that includes various underlying assessments of why it has such sound money, digital scarcity and censorship resistance strengths that contribute towards the three strongest of underlying price theories in regards to bitcoin that the traders might not be able to time as well as they believe that they are able to accomplish.. which is the 1) stock to flow, 2) the four-year fractal and 3) exponential s-curve adoption based on Metcalfe principles and network effects (as outlined by Trace Mayer).
It is not guaranteed that the BTC HODLer / persistent and consistent DCA accumulator is going to outperform the trader, even though historically it has been true, yet persistent, consistent and even aggressive BTC accumulation is likely a pretty solid way forward especially for anyone who is either a no coiner or a low coiner, and how much BTC they need to stack is surely a bit of a question that is based on their assessment of at least their 9 factors.
While it is true that a trader might or would be very successful in a very or normal volatile conditions which is a very nature of Bitcoin, but from history bitcoin has shown other nature as when they is no really big price movement and the price continues to stay around a certain area, so in essence traders are wholly dependent on the market to make profit or to use their skill, while I'm not trying to talk down on trading as a skill, but I'm saying that they are so dependent on the opportunities the Market creates for them to take action. While as a DCA investor or bitcoin holder at large, we don't really care if so what price fluctuations occurs in the Market, while there no guarantee that our results would out perform the traders even if historically it says otherwise, we are always likely to have more success. I could even further my claim by saying that the very build of bitcoin would favour long term holders over traders. Bitcoin was made to be scarce, and scarcity would end up meaning that they would be more value of bitcoin and traders can not benefit from this and bitcoin might become less volatile in the future and traders might have to find other asset that they could trade. Don't you consider that best or worse case scenarios are going to be largely tailored to the individual because if you are a newbie to bitcoin and even in a stage in which you might be mostly accumulating bitcoin for 5-10 years or longer, then you likely would be more advantaged for the BTC price to go down or to not go up so fast until you have at least had some time to build your stash, but if you largely established your stash then you should already be in a position that you are advantaged way more by the BTC price going up rather than down.
So a person who has built enough stash would have a different worse case scenario than a newbie who is still looking for opportunities to buy more bitcoin. And I think the approach and strategies would also differ based on individual too, cause someone who has built enough stash would prefer an uptrend market and would most likely prefer DCA method over lump summing or dip buys sunce he is looking mostly at maintaining his stash to be around a certain level and would mostly likely not support aggressive buying cause he would be considering different senerios and outcomes to be best for him. While another individual too a newbie would favour a different strategy and approach that would be in a kind of ways that would favour him to buy more bitcoin or build his stash more effectively and also considering the time this two set of persons either have left based on their goal and investment duration or are setting. Meaning that these senerios and strategies would continue to change as my investment matures and I reach a certain level of accumulation. I think that your understanding sounds largely correct, and so you can consider accumulating 1-2 years, and then maybe 4-6 years and maybe even 10 years or more, and so if you project out further your worse, best and medium scenarios are going to change, and they are going to be changing as you go along, so yeah, it would work out pretty good if the BTC price either goes down or does not go up very much while you are accumulating and then mostly goes up later down the road, after you have built some decent stash.
But there could be scenarios that you build and build and then you expect the price to do up but it keeps going down or stays flat or really fails to go up. and then maybe some other bad things happen to bitcoin (and/or even in your life) where you are faced with having to figure out if you have to liquidate some or all of your BTC at a time that is not of your own choosing... so you could attempt to prepare for those kinds of scenarios too.. and how much preparation to make in any scenario should be somewhat proportional to how likely it is to happen, so if there is some 1-5% odds of some kind of Armageddon scenarios playing out, then you probably should not be spending more than 1-5% of psychology or resources to prepare for such a scenario, but you also probably should not be putting zero preparation into such scenarios either... as time goes on we can see that some scenarios become more likely or less likely, so we might have some scenarios that are low odds that end up playing out, and there could be some regionality to the scenarios too. so we should be careful in regards to making sure that we are prepared for various things, including how difficult it can be to be your own bank.
Let's say that you spend 10 years accumulating bitcoin and through that whole time you invest between $10 and $1k per week into bitcoin, and maybe you end up accumulating 1.5 bitcoin in 10 years for an average cost of around $100k per BTC, and perhaps in early 2034, bitcoin prices are bouncing around anywhere between $400k and $600k per BTC, and so maybe you hold 90% of your BTC and you have the other 10% in various 3rd party services... so maybe your BTC are worth somewhere around $800k (in today's dollars), so it would be pretty irresponsible if you were to have your private keys, your back up and your Trezor (or whatever might be the hardware devices that you are using) in your house and it burns down, so as your wealth increases then you likely have to take more and more measures to make sure that you are protecting yourself from worse case scenarios, even if such worse case scenarios exist and you might not have had thought of all of them in the beginning, but they become more important the longer that you are accumulating BTC and presumptively holding your own keys..
As you continue to explain this stuff out I begin to understand you better on this topic of senerios, I never thought that planning out or instances where accident would occur or I lose my assets where things I should consider. Even know I'm thinking of adding my currency value drop rate as part of senerios and I think this is so broad and if used well would yield a better success, just makes you more prepared for anything that could happen. |
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As I calm down reason the thing e come be say e de possible say I for miss out on something important when fit help me work better oh, as e be say most of the ads you de receive na basically recommendations based on wetin you de do.
Those ads na just extra means wey some companies wey get much users dey use get money, so you suppose too reason am, despite say e dey annoying some of those advert fit dey helpful to you to. But take precaution these companies no dey responsible for watin dem dey advertise and sometimes scammers dey run advert too, my friend lost 250k to one forex advert on boomplay, that guy on mask advert, so bro not all are ledgit, this one you do dey talk say u fit dey miss out on some things, as you wan explore dey careful, even Facebook advert sef no dey offer ssafety, anything online just work with trusted companies wey dey offer safety for their recommendations. Even me like this dey run advert for my business too and their ads requirements can be faked, so you need dey very mindful say scammers fit take advantage of am sometimes. |
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You know the saying that "it is easier said than don" na when you meet real life situation na then e go make much sense to you.
My man when done de accumulate him bitcoin de make mouth say him no de lay hand on am till him done accumulate the bitcoin reach point when him fit use am start up better business when go de fetch am money on a regular, as Christmas done de approach, the guy man don de reason how to sell part of the bitcoin go lavida for Villa o!
This one just remind me say to fit successfully carry out any long term goal eh, e go require you to de patient and not to allow any short time excitement deprive you of what lies ahead of you.
I feel say so many of us de this category when no de fit even see money for account and allow some things to fly past us, we go wan check am out because say we get the money at hand.
As we de prepare to go into the festive season when de take money from our hands, make we also know say their is life after Christmas oh! No go sell all your Bitcoin holding use impress village people oh
Merry xmass and prosperous new year in advance my Nija people.
I don't think it's very wise selling your assets for liabilities, or just to impress your village people in your friends case. BTC would continue to gain value, while the money he spent is lost and never coming back to him. Don't get me wrong having fun once in a while isn't wrong, but to weigh your decision is a very important thing in life. Just imagine the regret he would feel after selling a portion to enjoy, then the bull run comes , that's going to be really messy on his side. And after patience to aquire one needs to have self control not to use it for the wrong reasons. |
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It seems your story is not consistent. You said you are into DCA and everything seems to be in place. So how come you have money supposedly set aside for lump sum buying? Do you also buy lump some in addition to your DCA strategy?
Anyway that game that you bought must really be a nice game because it affected even your solid plan despite you burning with desire to DCA Bitcoin. I think that's not really a big deal. You can always get back to your DCA. And enjoy your game too.
Yeah don't you follow on the buy the dip and hold thread, if you do you would well understand me. And yes I keep money for lump summing, we are expecting a bullish would only dca be a wise thing to you? |
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I just started DCAING into bitcoin some months ago with the purpose of becoming a long term holder, I've got my funds in place, I've done my cashflow check up, I've started building my emergency funds, I'm following all the rules that I think I need to follow to reach my goals as long term holder. But guess what happened yesterday?.
I used the money I was supposed to use to lump sum into bitcoin to buy a game. Lame right, very lame. While a lot of persons would talk down on me right now about this cause I know I've messed up and was supposed to say no to that urge to just spend more. Although I've replaced it today with a lot of hard work. I've learnt a lesson. To succeed as an investor you must have self control. I had every reason to say no to the urge to get a game but I didn't. I lacked self control to say no myself and do the right thing.
If anyone must achieve any desire in life, he must have the self control to control his lust cause here I am burning with desire to accumulate bitcoin and this same me went ahead to forfeit it for a game. All I know is I'm never gonna make this same mistake again.
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This should be a thought of some if not every member of this Nigeria local board that are currently buying bitcoin with DCA and lump sums, and I believe that not everyone here is currently earning in dollars or having multiple income streams to enable them keep up with this strategy or plan of accumulating bitcoin.
I know that if your earning in naira now this must have affected your DCA plans in a way that the amount you used to buy 20$ before might now be getting you less than 20$ and with the current high fees which would be another matter and after having planned yourself with the amount you would be putting in weekly or monthly. And this could be a major setback for naira earners, some of them might even have to quit or even result to changing their plans about buying bitcoin.
This has been on my mind now cause a friend of mine has been bothered about this and i wanted to hear everyone opinion on this if there is a way out for him to scale through this hard times and still keep up with his BTC pursuit without changing his plans.
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Both of you are talking as if bitcoin is guaranteed.. and sure you may end up being right about bitcoin going up and being the best of investments, but still your way of talking seems both strange and dangerous.. even though surely people do get excited in those kind of ways about bitcoin..but still it seems misleading and maybe not evven healthy to be thinking or talking about bitcoin as if it were guaranteed.
With respect to this sir, is thinking in an overly confident way about bitcoin bad, does it have a negative impact on our investment psychology or mindset
Past results do not guarantee future performance, and frequently we will beat up on the traders because they end up not being able to out perform or even come close to performing similar to DCA strategies that tend to take way less work and cause way less stress, but the fact that DCA has historically been a great approach does not guarantee that we will continue to win in that area.
We may not always get our desired result with our DCA method at first but on the long run we tend to be at a better advantage than traders, cause our view of bitcoin as an asset is different, we see bitcoin more as a good store of value and its potential to grow and survive through hard market conditions but traders are their to take advantage of bitcoins volatile nature to make short profits from buying and selling at the right time, which on turn might not favour them, cause one thing is guaranteed in bitcoin, you can never truly predict the market and sometimes as you said before traders who want short profit may end up holding their bitcoin for a while till the market Alligns with their predictions. But we long term holders always tend to be at an advantage even if not a 100% guarantee that we would always be favoured by the market.
I recall that when I used to project my BTC accumulation amounts, I would project out various scenarios that anticipated worse case, medium case and best case BTC price performance scenarios, so that I could already see the approximate amount of cash that I would be putting in and how many BTC that I would have under the various scenarios... and after certain passages of time, so some of the worse case scenarios might have negative returns and then there would also be 0% returns, and then there would be variations of positive returns such as 3%, 6%, 12% or 20%, so the I could see how much I would be anticipated to put in up until the date of projection, how many BTC I would get under various scenarios, what the price of the BTC would be and what the value of my stash would be, and surely in the longer run my performance ended up gravitating towards beating the most bullish of the expectations that I had outlined, even though in the short term my BTC price performance was leaning towards the worse of the expectation, which the worse performance resulted in more BTC being accumulated, so the accumulation of more BTC ended up causing the amount of BTC that I thought that I would have had accumulate go up, so we know what that ends up meaning (a couple years later) for when the BTC price finally did start to go up... so in the beginning there could end up being some advantages of the asset (BTC in this case) underperforming expectations.
What would your worst case senerio of the Market be like, is it when the price goes up or down. Cause if I am an early accumulator, my worst case senerio would be an uptrend, that's is if I've not been lump summing along side my DCA and my best case would be when the market dips and I get to buy bitcoin at a cheaper rate and probably more. Then a medium case would when it maintains price range then my accumulation would just kind of be normal. Does this suit your senerio explanation or is it vice Vera on your end? |
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Can anyone participate in this, I'm also interested
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I've seen a lot of folks that have been into crypto far earlier than me and a majority of them never took action into buying bitcoin for shit reasons, you would hear some say that they are waiting for bitcoin price to fall a little, some never believe in bitcoin, but a majority of them had one thing in common was waiting for a perfect time to buy bitcoin which never came.
Procrastination is the worst habit any person can have and this can make you lose a lot of opportunities in life, speaking for myself, I always wanted to start my investment journey into bitcoin last year and I was busy giving myself all the excuse as to why the next time would be the best time, at the end of the year I only ended up buying 10$ worth of btc and in the late quarters of the year. Procrastination is not good and every person must try hard to purge it out of your mind. There are some few steps I took that helped me stop this bad habit of mine and I'll give you guys a hint on it.
👉First of all I bought a journal: the reason I bought a journal was because any time I wanted to stop a habit, I love to track myself and make it look like a homework that I need to do. The purpose of this journal was to act as a reminder since I'm a person that loves writing with most of my time. You could recreate this step with your phone or laptop or any with anything that you use daily. So that your mind would start getting accustomed to the fact that your ready to change.
👉Secondly I write on the first page of my journal. IVe DECIDED TO STOP PROCRASTINATION AND I WOULD TAKE THIS ACTION TODAY. I use this method to help myself remake the decision every day in other not to forget. Any person can have a different alternative to this and it depends on the habit your trying to stop, In my case it was Procrastination.
👉Thirdly in that same writing I specify the area I am Procrastinating and what I should do to take action towards it .
👉Fourthly I read this writing note aloud twice daily morning evening. And i track my progress based on the goal I've set each day.
This approach really helped me to engage my mind to be serious about my decision and enable me stand up. I also insulted my self in my journal when ever I'm unadle to meet up with my goal for the day. While this is unnecessary for some I was how I did mine.
This process was derived from think and grow rich by Napoleon Hill I only just used it for a different context. Right now I have fixed my cashflow and gotten ride of all my excuses and I'm a proudly DCAING into bitcoin toady. If your a Victim of Procrastination fight it and be set Free.
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Frequently the reason why I (and maybe some other members will do it to) will show a longer term DCA approach, so if a guy comes in here bragging about how great trading is or some other waiting around strategy is blah blah blah... then we can ask him to compare his own performance to a strict DCA approach, especially if he has been in bitcoin for 6 or more years... the longer that he has been in, the less likely that he is going to be able to say that he has beaten a relatively strict and/or aggressive DCA approach... sure it is possible, but it can take a lot of time to employ various other strategies, including the waiting around strategy.. when it frequently is better to just get the fuck started, buy regularly and then maybe reassess your income versus expenses and maybe the amount of your holdings and your various funds (emergency and reserve funds) from time to time to figure out if you might need to do some tweaking, such as figuring out ways to make more money or to cut some expenses, and maybe figuring out ways to secure your coins, too.
Very interesting, with DCA I actually have an edge over traders, since traders are actually buying and selling bitcoin in short term to make profit, as a long term investor I would have a chance to build a more substantial bitcoin holdings over the long run than to be making profits and having no bitcoin at last, from every angle ive looked at it, long term holders are at much better advantage than traders. No matter how profitable trading is, DCA method beats it. Cause at every interval I'm investing in bitcoin, I'm already a step ahead in building a more substantial value than there are. I'm looking more at the compounding effects my bitcoin holdings would give me and the profits are much larger depending on how long I plan on holding my bitcoin. |
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At the first stage of investment planning, a new investor only thinks that he has to invest in Bitcoin. Before investing in a new situation, he has no idea that he has to hold his investment for a long time, but after investing, he gradually learns more detailed information about the investment. Very few new investors know about DCA method of investing. An investor invested 100 dollars in the first stage and later he thought to invest in stages but many investors do not know that this staged investment is considered as DCA method.
I really don't think that anyone would just buy an asset without having a plan or purpose of buying either short term or long term. And if eventually such a person exits, I think he is rather undecided about what he is doing or just heard about bitcoin and decided to also invest. But his learning process would be highly hindered since he didn't have any purpose for investing, he might spend his first few months if not more just buying bitcoin recklessly and if eventually situations favours him, he would sell and claim profit and if doesn't he would end up beign a new person that would talk bad about bitcoin. From what I know long term holders become long term holders based on orientation and mindset and this depends on their view of bitcoin as an asset or as a scheme to just make some extra cash We should plan and decide on investments in such a way that we can definitely hold the investment for a long time. Investments should be planned in such a way that they can be retained rather than planning with the possibility of retention. It can be seen that this week I invested an extra amount of money, next week my demand for some money fell and I sold the investment and managed it like this but the investment did not happen. Invest a relatively small amount but be sure to keep an eye on your investment so that you can hold on to it and not sell your investment due to any danger.
Without proper plan and strategy it's true you can end up dipping your hands in your investment, but other reasons can cause this too, given a case that an emergency occurs and you don't have sufficient funds to cater for it, you might end up dipping your hand in your investment, so proper plan along side safety precautions like saving up an emergency funds that you feel would be enough for you and also planning out your cashflow properly could help too. So it doesn't matter how much your investing into bitcoin but how comfortable you are with how much your putting in. It's a good psychology not to be too aggressive if you haven't planned things out well Of course, we are not talking about trading in this thread, but it is not always going to earn less, but it seems to be quite problematic to even be attempting to trade something like bitcoin which is amongst the best of investments available (if not the best), and then some guys are dicking around trying to trade it, like they are playing with dynamite, and sure it might end up working out, but does not seem to be the kind of asset that a guy should be playing with.
I mostly think many persons are ill advice or have a poor vision of bitcoins potential as an asset and are there just to take advantage of its volatile nature to make huge profits, while this may have its benefits to the trader, it also carries equal risk and I've seen many on the other side of the coin. If most traders calculate how much has been lost and how many opportunities they have missed in buying bitcoin that would never return to them cause bitcoin price is bound to increase and its most beneficial for long term holders than short term investors, even if many have good results from trading, I don't think those results would in any way match up to a long term holders comfort and reward that might not come quick but would happen on the long run. |
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The thing about this big companies like coinbase is just how there look so good in the front and have bad plans, who would have thought that they had plans on Cooperating with the US government. You give them your trust they break it, you keep your coin with them your at risk, and what hurts the most is that many big exchanges have failed in the past and people still trust this bunch of business men that think all about themselves, just see the numbers of bitcoin they are holding with such little safety for the users, and despite all the warnings people still see the red flags and they don't move back. I'm beginning to wonder is any of them have read about the disadvantages of keeping your assets in these exchanges 😒
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As Day goes by in out country, things continue to worsen and our government is not doing anything about it in any way. Many of us are trying our best to meet up with normal Day to day daily bread, house rent and other things as we are also trying to accumulate bitcoin and our naira value just dey continue to fuck us up.
Omo to cut the long story short I just wan encourage everybody wey dey try still meet up with their bitcoin accumulation plan not to give up no matter what, despite all the shortcomings of this country.
Even if its only a total sum of 5$ that can keep on going into bitcoin every week , my brother its something.
It might be small for now but as the popular quote says 'a tall tower is built but by a single block beign placed upon another'.
There is light at the end of the tunnel and one day You can end up realising how far you've gone in accumulating bitcoin and that smile would be on your face as one of those who never quit on it.
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Usually the best way to deal with fear is position size, so if you are trying to be aggressive with your BTC investment, you still likely have to not be so aggressive that you end up feeling uncomfortable... so ONLY you are going to be able to figure out that balance or even how much you might not want to say to others since your investment is your choice, but yeah, sometimes you want to share things with others close to you too. I know that I was called stupid by a lot of nocoiners and low coiners for 2-3 years and even more than that, because even when my BTC investment became profitable, I was called stupid for not cashing out in the big price rise of 2017, for example, and the same was true in the big price rise in 2021, why not cash out. So people are going to second guess you and you can even end up showing that the investment continues to go up, and they will still say it is dumb..and what happened in the past cannot also guarantee future performance that is even going to be close to past performance, but that still might go to getting comfortable with a position size... and maybe no matter what there is going to be some discomfort in regards to whether you put in enough or if you might have put in too much...and I am not sure how long it takes for those feelings to go away or to be sufficiently reduced.. maybe with such a volatile asset such as bitcoin that is almost inevitably going to continue to be volatile, uneasy feelings will never go away completely, but they can be put into some kind of a comfortable place that surely feels better when you are in profits as compared with being in losses, and even Michael Saylor (and MSTR) was in losses in regards to his bitcoin investment (with an investment average that was in the upper $20k and in the lower $30ks, depending on when you assessed his holdings) for a decent amount of time between mid-2022 and late 2023
I mostly don't care about what people would say with respect to this decision I've made, and if I end up on a profit or loss is not of their concerns too. From what you've said to me before now, which I'm standing on and I feel would work best not just as a strategy but also as a mindset, I would keep on buying and trying different things out until I've got that pattern that gives me that comfort and balance. And I plan not to go to aggressive till I end up in regret, cause I really want to hold, I'm not really looking for a short term profit from this action. If I'm able to keep on accumulating at a steady pace which I can increase as I know my numbers better and my emergency funds grow larger I believe I would still be at a the winning side on the long run, just that the only mistake I can minorly make is too end up accumulating a small percentage at a higher price when If I had given the market a different approach I would have end up accumulating even better. And as continue to study your examples, I keep on seeing reasons why a good strategy and emergency funds can help me accumulate more for a lower average investment than even aggressively buying. And I believe as I continue to get acquitted with the experience, the feeling would reduce and confidence would replace fear. The fear or unease I'm feeling right now is coming totally form my lack of experience and when I get more experience, confidence would totally or I'll feel more comfortable with any challenge that comes my way.
I am not sure if I get exactly what you are saying, yet having a plan is very helpful and sometimes having some flexibility is helpful, too. So yeah you can buy right away with some and then you can have some funds for buying on dip and also some funds that you add to your emergency fund, and once the emergency fund gets to a certain comfortable size, you likely would not need to keep adding to it, so then new money coming in would be able to dedicate to buying bitcoin DCA or holding for buying on dips. I recall when I was having some cashflow problems in mid 2015, there were several times that I was getting some extra $20 or $100 or some other random amount, and so I had expenses, so usually when that money came in, then within a day, I would spend half of it on buying bitcoin (no matter when it was confirmed to come in, either hit my bank account or I would receive in cash), then then the other half would just go towards expenses, so at the end of the month or whenever my various expenses were coming due, I could reassess based on the half that was building up if I had anything left that I would be able to use for buying more bitcoin, otherwise that extra money would just sit in my cash account an wait for various bills to come in and sometimes the certain bills would be expected to be a certain amount, and when they came in they might be more or less than expected, and some of the reserve funds would go to that if the bills were higher than expected, and if they were lower then expected then the money in that fund would be available for buying BTC... so yes, maybe you are saying something very similar, and after you practice such a thing several months, then you will get more used to what works for you and the ways that your cashflows are coming in. My situation was different in 2015 than it had been in other times based on some problems that I had with a business partner at the time that caused me extensive uncertainties, expenses but then uncertainties in my cashflow too.
Now I get, I was initially thinking I would continue adding to my emergency fund like forever, that's why I've asked some time ago what's the use of emergency fund. Now I've got a clearer picture here. I think when I done building my emergency funds i would direct that money for dip buys sunce it would put me at a better profit, since I'm actually buying BTC at a lower price, I'll still adapt a little but flexibility so a little lump sum would not be that bad too with that extra going into my investment. Well use whatever you are able to use. I do find Excel to be very powerful to keep track.
But you could come up with various paper versions, even though the problem might be that you have to continuously rewrite everything once you change a variable or two. One good thing about excel is that you change one or two variables and then all of the numbers will be adjusted accordingly, so sometimes you can have several different variations of similar things that help you to figure out various scenarios and to incorporate them with copy and paste..and maybe just change a few of the variables and get a whole different set of numbers that you can compare scenarios.
Thanks for the update, I'll start doing it now so i can get used to it. I guess having different senerios planned out and me tracking my progress in numbers would help me have a detailed documentation of where I am, where I aspire to be and where I'll be in a few months or so. This tracking process would really help me out in case I make mistakes I could know in details how I got there and I could easily analyse it and also learn from it. I guess this would be really fun. Starting to get fired up All over again. Nothing wrong with that... You should be at a point that you are comfortable anyhow.. so if you start out with $25 per week even though you could do $100 per week, you might feel more comfortable, and even if you have $1k available that you could lump sum, maybe you decide to just lump sum $200 at some point that you are ready and to hold the other $800 in reserves.
Yeah my comfort is all that should matter to me, and having a good reserve for a start would keep me at peace in case the price start racing against me. You also know more about yourself if you invest 3 months and then 6 months and the 9 months and then a year. So as you are investing, you get to know yourself better.. you get to know your balances, and you become more informed about your investment, especially if you are having some troubles with the theory sinking in, after you have some of your own experiences, then you have some stronger reference points in which to compare what you did and where you are at and what you might do into the future based on what you did and also where you are at that had hopefully changed, especially if you are reassessing a year or even several years down the road... Sometimes it can seem that the progress is taking place so slowly, especially in the beginning the amounts might seem so low... but if your holdings are growing then maybe it still seems that the amount that you are adding is so small compared to your total investment, but you also realize that if you spend years and years and years adding certain amounts, the total starts to build and even what you added might end up having some compounding effects later down the road.
A journey of a thousand miles begins with a step, although I'm not acquitted with the road, I'm ready to keep walking until I'm used to it. In essence it's all about having a steady investment into bitcoin that can continue for years than to go aggressively and end up not been able to continue and probably because of poor initial planning and just diving in with reading what the sign says on the road. I'm here so there are mistakes that I can be saved from when I share my problems.
It seems that we are potentially in an upward trend this year and next year, but sure that is not easy to know. Probably the best that you can do is to project how much cash you are going to put into bitcoin rather than how much bitcoin that you will end up getting from that cash injection.
And with an Excel spreadsheet you could plot out the various kinds of scenarios in regards to your expected progress for this upcoming year, and 2025, 2026, 2027, 2028 and maybe additional years. Of course, you can do it on paper too, but it also seems to be one of those kinds of things that is constantly adjusting, which is one of the powers of the Excel spreadsheet, so you could even have some projected percentages of how much cash you might plan to spend to get BTC and also how much BTC you expect to get from each of the purchases, so you could have today's prices, and so as the price changes, the projections would change. .. so some scenarios might be BTC prices going down and others with BTC prices going flat and others with BTC prices going up, but I think that the most realistic is the scenarios of BTC prices going down, and so you might have some parts of thses projections that you change every month or whatever in order to project the future based on ongoing updates.
Wow neva thought of this. This is more accurate than the way I planned on using excel. That means I could plan up to even 10 years ahead putting numbers in place helping me to better guide my steps. With all this different senerio I'll be ready for anything that way I won't worry much about anything. |
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Well, it's not bad what you are doing but it would have been much better if you had done it when the price went down to $17K, not now when it is not so far from the highs. If the historical pattern repeats itself the price is not going to break above the previous ATH of $69K until the end of the year or next year, and you are going to see several ups and downs until then, so if that happens I hope you don't get desperate and sell. In any case, better to accelerate purchases now than when the price is much higher.
If I have not varied my DCA.
I don't want to procrastinate anymore or look back and feel any regret, I was not aware that time so I have to make sure I'll be part of this times bull run. I'm buying and holding that's all matters to me. BTC to the moon. |
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Snipped Your write ups were as good as the content, but to make a neat work and also have it more presentable, you can always make use of a double line spacing on your paragraph, the contents are too close and the paragraphs has to have double line spacing. Fixed, thanks for the correction. I've been around my country men for a while now and I still notice this doubt in their hearts with respect to any thing that is online, but another thing I have noticed is that they are not very hard to convince either, they are just still stuck in their traditional way of learning
People want to have something new but they are being afraid of what may turn to be the consequences of every actions they have taken, they ha e heard enough about many who have been scam through various dealings that has to do with digital networks and they are not ready to even pay a listening hear to any not to talk of trying it, now for someone who doesn't listen or shows interest, how will he know the difference between the past and the present, this is bitcoin we are talking about and not any other ponzi-like offers but people in their own mind treated all as being equal, I can't blame them, that is one of the consequences of being ignorant, when opportunities comes in, it makes you afford to loose it because of fear. Yeah truly you have spoken, everyone has doubt about every or any new thing they just need someone to communicate it with, if more Nigerians are put through on it, I sure many if not all would begin to gain interest especially with positive testimonials Pilling up. They is no Nigerian now that would see a green opportunity that would not plug himself into it. Even as I speak to you there are still many that would jump into ponzi scheme, just to have the advantage of been the first persons do they can cash out. How many bitcoins related scam fo we even have in out country, most of this negative testimonials are even foreign. |
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