This thing about street pranks and all that in Nigeria is very risky. I watched a video where a popular prankster pranked a soldier. He took the phone of the soldier and stoned it on the ground. You need to see the reaction of the soldier man he beat the guy before the other solderless came the prankster has collected a lot of slaps. His intention was to give the soldier a new iPhone 14. Yes, the intentions were good nut what if in the process of the prank he fainted or something bad happened to him.  I have the source to the video link you can check it out here - https://youtube.com/shorts/mVoSOsFrNVQ?si=hpWXcSG0avM9Kgm_ |
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This system has been in existence before I was born and at the early age of Nigerian it works well and promises from the boss were kept. It is somewhat different now, bosses these days don't tend to fulfill their promises at last days. They always come out with a lie that the boy has been stealing some money from there and they will minus the money from the suppose money for all the years he has been with them, while some of them with wicked mind will not even pay them at all. I know what am saying I have seen two scenario I have encountered. This is why people do not value this type of education now compared to the way they value it in the past.
This system is still practiced more in the Igbo land because it is more like a traditional way to financial freedom for young ones. One thing i love about the Igbo is how they value their tradition and language. Compared to the formal education the Igbos will rather choose their traditional system. But in general, and statistically Nigerians prefer the formal system of education.
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My brother you talk true. Being skilled now nah breakthrough o. Sometimes wey ah go just they house like this no money, no food somebody go just call me for phone say e need website for him business or one of my old client go just they message me make i design app for am. Omor before you know samll money done come out for that month wey go cover the few months wey ah been no get anything. Just imagine say person con get plenty skill wey they give am money, hmm that guy no go fit suffer nah, because if this one no give am money today they other one go give am. Ah thy happy to see say some persons for our countri they very talented to get multiple skill i feel like na blessing wey God done use bless us as Nigerians. E hard to see say nah only one skill naija man get.
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The issue on what and how much is to be paid when you meet your in-laws to seek their daughter's hand in marriage is something that should be seriously looked into. I meant, some family have a drafted list of goods, materials and payment to be made by any man coming to marry their daughter with little or no consideration on the persons financial status. It gets even worse in cases where families will be comparing their list of items with that of their Neighbours just to make sure that there's is higher and will in the process frustrate the innocent man that is just trying to start his life.
Because of these, some men have left their fiancée halfway because they can't spend such amount of money and after the marriage suffer to take care of their family. Some, in the process of meeting these demands have incurred huge debt just because they want to meet up with the demand.
I have a relative in her early 30s who is yet unmarried because the fiancée is still trying to save money to meet up with the dowries and expenses involved in the marriage process and menopause is looking at them with one eye.
Personally, I feel if two persons have agreed to get married, it should be a thing of joy to the two families involved and the best they should think of is to support this young people trying to start up a family of their own with any resource (both financial and whatever) at their disposal and not use the opportunity to drain them off the little thing they have.
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Yeah you have a point, for those who have enough funds that cannot be affected if using a bigger amount to buy Bitcoin can actually buy a higher amount of Bitcoin at a time and however DCA method may not be use for these kind of investment because the investor may already have more than enough money that could buy a whole lot of Bitcoin and still have many reserve funds waiting.
Lump sum buying is more of advantage when bitcoin price is at the bottom line of the dip, at this time, all you need to do is to buy once and just sit down and watch how the price starts going up again and your investment will also start increasing with the timeline. The challenge with seeking the bottom is that there is no technique that is accurate in predicting what the bottom is. If you remember, just few months ago Bitcoin price was stuck around $29k which made many people assumed that was the bottom. Many bottom seekers went long in line with what you have said. Little did they know that price will dip lower to even below $25k thereby proving once again how difficult it is to determine the bottom. I was actually tempted to go all in that period before I learnt DCA and setting limit orders following conversation in this thread and WO. I have to spread my position to lower prices and when the dip finally happened, most of those positions triggered at lower prices thereby giving me more Bitcoin than I would have gotten. Now I apply the DCA completely and I hardly pay attention to the price, the dips, news or whatever... I just buy the amount set aside for Bitcoin. This truly brought a whole different feeling and peace. Lucky for you, you did not fall for the temptation that arises during that period. It was nice to know that you were fast enough to learn about DCA when you came across it, only a few would have adopted it. Your experience so far is exactly why advisors typically have people DCA. Statistically they would say you can't speculate the price of Bitcoin so put it all in. However, there is usually some uncertainty in the market that would make the investor to be concerned about this, so if you decide to DCA and you either buy into a decline market or an appreciating market you will kind of feel good either way. DCA aims to assist investors in overcoming the emotional hurdle of making a huge investment and then witnessing its decline. Statistically speaking to avoid wrong timing of the market if I see a lump sum like that I wont buy immediately because of the dip, I will still do it the DCA way but this time huge amount because i see no harm in spreading it out over several weeks or month.
What you just said would it still be considered as a form of DCA'ing if you invested a lump sum at consistent intervals over a longer period of about 10 weeks like you said? Does that still qualify it as DCA'ing? |
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We have different scriptures, laws and guideline in all the different religions but there is something that is common which is the belief that God exist. When I see discrimination from people around me because of religion I feel hurt. I can’t help but I feel it is completely pointless for religious sentiment. The most annoying part is that why would Christian have different doctrines when we are all Christians. Infact we the Christians, discriminate our own self because of doctrines and we see each other in a different perspective like we are worshiping a different God. Take a look at the Muslims one God which is Allah, one Bible which is the Quran and one doctrine. Honestly, when I observe how they come together and show affection to one another, even if I were raised in a Muslim household, I would still feel joy, and I would value it even more.
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Bitcointalk Profile Link:
Current amount of posts (including this one): 158
SegWit BTC Address for Payouts: bc1qyh8xe8nthfmhz7l2aezgtvhx2mclh8lh2vg0zz
EARNED merit in the last 120 days: 114
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The strategy that I am describing is pretty damned close to DCA, especially since I was doing it on a weekly basis. Let's say, for example, I had a budget to buy bitcoin of $100 per week, and it was for 26 weeks (which would be $2,600 for 6 months). And if the beginning of the week is Monday and the end of the week is Sunday, maybe I might identify a couple of the dips through the week or maybe I would be waiting for dips that did not end up happening, so by the end of the week (Sunday) I would use either the whole $100 or whatever parts were left to buy at that time.. of course, the beginning of the week could be chosen as any day. and each week there was a new $100 authorized, and let's say that I felt that I did not have time to watch the market, so maybe I would just buy or maybe the price opens at $28,500, and I would set my buy order at $27,820, and if the order did not fill by Saturday, then I would just market buy or maybe set the buy order within $50 of the current price so that I have more confidence that it is going to fill before the end of the week.
Ohh, now I see your point, the strategy you employed is actually DCA, the only difference is the fact that you wait for the dip before accumulating more, its not a bad one but its time consuming as it requires constant watching of the market, so assuming your targeted price is not meet for the week, do you add the amount to that of next week or you'll abandon that weeks accumulation?. Reason I asked that question I believe there are times where the market just goes sideways without adding or removing any large significant amount to the market for up to a week, and in such cases I don't think your strategy would be able to accumulate for that week. I am a very busy person, not sure if I would be able to adopt the system, but I'll love to make a trial for a month and see how it goes, but my modified strategy would be, if my buy target wasn't meet for the week, at the end of that week I'll just buy irrespective of the price, so I will not be tempted to skip accumulation for that week. You might be right, but seriously, I don't think that waiting for the dip is a good idea. Why? Because it might be that while you are waiting for Bitcoin to dip, it must have been on peak mode, so it is good that when you have the money you should not hesitate to tap the buy button. If an investor is using the DCA method to accumulate Bitcoin, he/she shouldn't wait for the dip, it is just for the person to take advantage of every little opportunity that Bitcoin has provided. That's all. Sometimes, I do believe that it is only Bitcoin traders that have the time and the whole day to keep on watching the price chart of Bitcoin so that they will know when to buy and when to sell, but for investment, I don't think it's a good idea for an investor to be watching at the price of Bitcoin without buying just because he/she is waiting for the dip. With the help of the DCA method, I believe that 1btc is still 1btc, so if you are waiting for the dip to dip or get dipper, I think you are wasting time. It is just a waste of time. Buying when you have the money is a good one than waiting for the dip. You are not getting what JJG said, let me explain to you from what I understand about the strategy that JJG said is similar to DCA. You must not wait for the dip, by sitting down and relaxing. What is said is that since you have set an amount for weekly regular DCA which is $100. You will always buy every week with $100, but if it happens that you are expecting a dip during the week, you can relax and keep on observing the market to see if the dip will come. Just like JJG said that, if you make an order to DCA $100 weekly, and bitcoin price is at $28500, you can wait till the last day of the week before buying. So that if bitcoin price did not dip below $28500 on the last day, you can simple use all your $100 to buy for that week and expect the dip the next week. OR because you feel that the dip will come but still not around,you can limit the $100 DCA to $50 and buy bitcoin on the last day of the week so that you can carry over the balance of $50 to the next week, when the dip might come so that you can now add the $50 left to the new week DCA budget to make it $150. This shows that if the dip comes during the next week, you will buy more bitcoin with $150 than when you would have bought with only $100. On the other hand, because you are using this pattern to accumulate, when the dip comes because you know that, your DCA weekly funds is $100, during the dip, you can take advantage of the market and use like $500 to buy at once. Note that the $500 that you used to buy is not for just five weeks budget, but you are buying with $100 from the week budget which you are on, let me say today for instance is my buying day and I have assigned $100 for this week. I will now take $50 each from 8 weeks ahead which becomes $400 +$100 for this week. I am to DCA with $500 this week because bitcoin price is at dip, and when the price increases again, I can now continue to DCA with the remaining $50 left from the 8 weeks which I took from, for another 8 weeks. It is still like DCA because, you are buying every week but with different amount sometimes, due to planing for the dip and to take advantage of the dip. JJG, I love this strategy but I have never taught of it, the only time that I thought of something like this, was when bitcoin price was 25k+, that I met my boss to me 20% of my salary for three months in advance to enable me buy at that price 25k+, which he did. I am now using half of the money that I am suppose to use for weekly DCA to accumulate now because, I need to keep on accumulating and I have used some part of my DCA funds to buy then when the price was 25k+. This strategy wouldn't be good for beginners who just started because it might be hard to practice, compare to the regular DCA pattern that a specific amount is used always disregard of bitcoin price. You've done a great job explaining things further to rachael9385 for better clarity. However, there's something I don't quite agree with in your explanation. If my weekly budget for Dollar-Cost Averaging (DCA) is $100, and I anticipate a price dip during the week, it's acceptable to wait until the week's end to make my purchase. But if, as a result of the expected dip, I decide to invest $500 instead of my usual $100, which you calculated to take only $50 per week for 10 weeks. It seems like a way different strategy to me. What's the point of DCA or the suggested strategy JJG talked about when you're putting all your funds in at once? The concern is that the price might dip even more than anticipated over time, and even though you're still buying at a lower price, you'll end up with less Bitcoin. In hindsight, you might wish you hadn't gone all-in on the market. |
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My brother's and sister's, I be wan share this Matta with una, the matter fit be laughing matter but I gast to talk am, I don't know maybe the Matta go Don reach una side, I be Don dey see many videos since last two months now wey be the video of stealing someone prick, I Don watch like 5 videos now wey concern the video, some na from Abuja state, Kaduna state, Niger state and some states like like this, I be dey wonder say why we wan dey use each other part of the body do ritual?, after yahoo boy's they do their own on a lucky dey use people part of body plus their yahoo now people no dey even fear again, them just they carry am come outside now do am, even to take hand shake with person now don become fear.
I be wan ask is this that na hard economy they cause am, because people wey them they catch with stealing person prick na poor people, them no get money, that is why I dey ask say make be na hard economy, although I dey hear say them dey steal person prick but I swear this year of 2023 too much, this thing's wey just dey happen like this, I be dey wonder is the fault of government wey make people dey steal prick abi na waiting just some people mind them dey do?
Op, me never hear this kind tin for long, where you watch the videos them? I know say this prick collecting dey happen for our Naija but e dey dey minimal. The video way you see fit be a prank because skit makers fit use anytin way go drag people's attention carry do skit just to get traffic. For instance, e get the time way skit makers dey release video say, spiritual husband dey sleep with women for their skit. Nevertheless, make we dy careful of how we go dey waka, and also avoid late travel for Naija because we done dey enter December, and boys fit do anytin to get money to use flex for the December. Ah they suprise say you dey talk asay you never hear this kind thing. Even yesterday i watch one wey for my freind phone yesterday. For my imo state this thing be done happen wey one man give begger money before you know e prick miss. As the man notice him prick no they the begger wan run unitll the man shout they catch the begger. The only annoying part be say the prick no come back but how people they even use this thing i still they wonder. |
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I know that one's opportunity can be another's threat. Is the continuous fall beneficial to crypto traders or its just a trap?
Personally what are your thoughts on this?
Does the benefit from the market compensate for the cost of living?
I think high inflation and unemployment rate dey also contribute to nigerians bracing cryptocurrency with both hands. Just as Brainboss talk the reason be say many people dey look for source of livelihood and other ways to protect their wealth. People dey do crypto trading, some dey buy and hold Bitcoin long term while some dey invest in stablecoins. No be news again say our naira no get value where the dollar dey and some people dey use am as investment opportunity. As at february, I don sell USDT at N745. So imagine I want invest in dollars during this period, come buy 50 million worth of USDT at this price, I go receive about $67,114 USDT. As I dey make this post dollar now, one dollar is N1075, so if I want offload my portfolio sell all my USDT, I go sell am at N72,147,550. That's a profit of N22,147,550 naira within this short time. This thing wey you talk na true me i remeber when i sell dollar for 530 now see the price. My question be say as dollar they N1075 now you feel say e go up pass this amount? and for people they see dollar as store of value or wealth i wan know if nah good time to buy dollar now then expect am to increase again? Seriously if dollar increase pass like this e no go too make sense o because ill naira go they loose more value compared to other countries. |
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The way ah they see am no be everybody go gree accept Bitcoin for our contri. Some persons never still recover form the ponzi scheme wey done come and go wey them put big big money inside. So if you con dey try teach them Bitcoin they go thinlk say na one of those scam things again. Many people don hear about Bitcoin as ah they talk to you but the impression wey they feel nah say Bitcoin get to do with investing money and once you talk anything about investment omor dey go say make you leave that topic o. I remember when i tell my faather about Bitcoin him say make i leave that one say even before them born me something like this done dey and him know better than me when it comes to all this kind thing.
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It's hard to see good online schemes that could get you some little earnings nowadays. A lot of them has proven to be scams. Since you don't really like the pay of your salary, but you have your internet then you could learn some online skills. Skills like graphic design, web development, artworks and so many others can get you good money. After getting this skill you can create an account in some legit freelance website, there are many on the internet, but I will recommend Upwork and Workaspro. If you find it difficult over there because there are lot of competition, then you can create your own service announcement thread here in the forum and share your portfolio on the thread. Definitely if your good at your skill people will contact you for short term jobs or long term. |
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Bitcoin is likely pretty close to inevitably going to continue to be volatile in the next 30 years, but surely if bitcoin's market cap continues to increase it will likely become less volatile with the passage of time.. but as you seem to hint 30 years is a long way to project out, so it does not have very much to do with the topic of this thread except maybe to the extent that your buying BTC (and even loading up on BTC) right now will give you a lot more options 20-30-40 years into the future, so maybe even slow accumulation now and in the next 4-10 years will then result in such BTC accumulating person to have a lot more options when it comes to 30 years down the road.. so long as s/he had not ended up losing the BTC along the way.. so one thing is accumulating BTC but another thing is actually making sure taht they are secure and periodically checking security and keeping up with the better ways to hold your BTC... whether that is going to change or not in the next 30 years seems to also be something that is hard to predict but seems likely since we are ONLY 14 years into bitcoin, as you mentioned.
The pressing question is how an individual with an average income can afford to acquire a meaningful amount of Bitcoin, especially when its price potentially reaches $250,000 within the next five to seven years. Hence, current lower prices present valuable opportunity to accumulate Bitcoin before it becomes less attainable. Alright, man. It's quite simple. With $2000 in your bag, what you can purchase with that amount now will be higher than what you can purchase with it in the next five to seven years. Since the percentage of inflation gradually increases almost every year, it's more likely for you to increase your annual earning capacity. This way, you can slowly accumulate some amount of Bitcoin within 5 to 7 years, even if the price reaches $250k, using the Dollar-Cost Averaging approach. I remember when people regretted not buying Bitcoin when the price was lower in 2014. But regardless, a lot of people are still buying now and holding, and even average individuals are investing in Bitcoin. |
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… but not profitable for Bitcoin.
It’s this statement that I feel drawn too, falconer are you saying holders essentially minimize the utility of Btc and this is what is not good for BTC?
so perhaps holding doesn't affect Bitcoin instead it makes the price to increase the more Technically your right my friend, but on the other hand holding will give it a store of value in which it, as it is now, will be utilized and traded for more usable currencies. If absolutely no one wants to trade, then the market is dead, and no value can be assigned to it. By calculation, price is given if a trade happens, and if no one place any trade order, there's no price. You are getting the whole concept wrong mate, if nobody wants to sell their bitcoin and move their coins to a noncustodial wallet, doesn't mean that the market is dead. Instead, this will even make bitcoin price go higher because the quantity of bitcoin available for people to buy will be very little or none, which will make bitcoin more scarce and more valuable since it is rare to see or hard to buy. This makes every bitcoin more precious, and nobody will want to sell. The same thing applies with bitcoin halving, after every halving the bitcoin that will be mined will reduced 2x the previous amount making it to increase in value. Take an example with gold, if it happens that everyone has gold and nobody 't want to sell wants to sell their gold, if a stranger comes to buy gold, and he confirms that everybody has but don't want to sell because they are hoarding it, if the stranger manage to see just one person that decides to sell for him, no matter how much the person calls the price, the stranger will buy it because he knows the important of gold and the reason why he is buying it. Do you trade your bitcoin in the non-custodial wallet? This is reality if everyone decides not to trade their bitcoin, whereby there will be no sell order in all those exchanges. Read again mate i said this can't be possible especially when it comes to Bitcoin. Perhaps you don't really get what i mea buy a store of value. |
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I can imagine how the time it took you to go through each of the administrators BTC scanned addresses just to provide this information. One thing you should be aware OF is that most persons prefer being isolated and prefer hiding their asset in another wallet so no one will know the amount of their Bitcoin holding. The Bitcoin addressed you scanned might be one that can be seen by the public but there is this special wallet that hold most of their portfolio. I can't believe mprep will have 0 amount of Bitcoin holding.
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… but not profitable for Bitcoin.
It’s this statement that I feel drawn too, falconer are you saying holders essentially minimize the utility of Btc and this is what is not good for BTC?
so perhaps holding doesn't affect Bitcoin instead it makes the price to increase the more Technically your right my friend, but on the other hand holding will give it a store of value in which it, as it is now, will be utilized and traded for more usable currencies. If absolutely no one wants to trade, then the market is dead, and no value can be assigned to it. By calculation, price is given if a trade happens, and if no one place any trade order, there's no price. But in reality, it can't happen that way, there will always be a buy and sell order when it comes to Bitcoin. Even if no one wants to sell, a buyer is willing to raise the price so high for someone to sell and then the price will go up instantly. So, in general holding bitcoin can be of advantage to those who wants are patient enough to hold till the desire price they want and of disadvantage to those who wants quick profit and might end up Lossing it on the way. |
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When we look at the state of our country's economy, it's obvious that relying on one particular source of income cannot really be enough to pay your bills, especially when you have a family. In most countries when you have a good skill, or a stable job can take good care of you even if you have a family. The only thing you need to work more for is promotion. However, it is different here.
I have observed that most persons have more than 5 different jobs. If one job doesn't pay this week then the other will. That is what is in their mind. For instance, a man will be working as an engineer in a company, still a government teacher, also have a shop for small business and also a bolt driver. All these things just to survive. I don't like the fact that maintaining a standard of living has to be very challenging like this. If there is a way that working salary would be increased, tit would at least reduce the need for multitasking because all these things are part of those things that gradually affects our health and reduce life spam.
Perhaps you would know other method that can help reduce multitasking
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Oh, I taught I was the only one who has observed the Bitcoin low volatility movement this year. I think this is not a good time for those who make decent money trading the volatility 24/7, perhaps they have adopted a new approach, better a DCA approach. The population of Bitcoin Holders is now greater than the population of Bitcoin traders.
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