Makes you wonder how a company of such size ($2.4 billion as per Forbes) makes such an amateur mistake. Like, probably just having a second person(which I'm pretty sure they can afford) to double check the transaction setups will mitigate such mistakes.
In cryptocurrency, no one is above mistakes. It can happen to anyone and that is why we are advised to be very careful during transactions. I remember not quite long that theymos made a mistake and sent coins upto $1k to a newbie who refunded him. Although, people has been pointing towards the conspiracy way which is also very much possible. But let us assume the only thing that happened is what we are aware of, and it is fine there is a refund. This is good I don't know some individual can genuinely refund accidental transaction to the rightful owner. Now i believe we have trusted members in the forum. |
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Most things you need to know as a beginner has been shared just stick around this topic you created for a few days and learn some of the terminologies used in the forum.
Also, for a beginner in the crypto space remember this term Not you key not your coins! and DYOR (Do your own research). It will save a lot of risk for you. You have to be in possession of your coins for all times, except the time you sending it to centralised exchange to cash out.
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On September 10th, there was a Bitcoin transaction where the sender accidentally paid a much higher transaction fee. They paid $500,000 in fees to transfer only $200 worth of Bitcoin.
The good news is that F2Pool, a mining pool, confirmed on social media that Paxos, a crypto company, has returned the excess $500,000 in Bitcoin transaction fee to the rightful owner
Looks like money launderung, haha  In general, such things are quite suspicious. Also, it could be a media scandal, made solely for an ad campaign... Such things don't happen with people with no $500,000, and things that happen with people having these sums are always really suspicious... So, in general, a good news is that money can be returned in such cases. Are you suggesting that these two companies were merely trying to gain clout on social media by showcasing these transactions? I don't think so. It's pretty clear when we look at the transaction details and how they unfolded. Both of these companies have solid reputations in the Bitcoin mining and transaction space. What we should acknowledge here is that by reimbursing the accidental Bitcoin transaction fee, they have not only earned more trust from their users but also demonstrated to the world that correcting excessive transaction fees is possible. This shows their commitment to serving the broader Bitcoin community rather than solely focusing on making huge profits. |
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Most times things happen that no one bargained for, but you will have no option but to respond accordingly. These experiences are sometimes among the reasons one needs to invest. Irrespective of the nature of the investment.
I completely agree with the notion that unexpected and unforeseen circumstances might arise, compelling you to address those issues first. However, these challenges shouldn't drive you to invest aggressively without thoroughly considering the nature of your investments. It would be unwise for any rational individual to let their emotions lead them into making hasty decisions driven by ignorance. Such a strategy poses an immediate threat to your financial health and could escalate into a other problems. Some people might even think of taking loans to invest, hoping to recover the funds they spent on resolving these issues. While some may not appreciate the concept of low-volume accumulation, which involves not buying aggressively and focusing on risk control, I believe in the importance of maintaining an emergency fund, diversifying investments, and managing risk. Sure, I might envy those who took a reckless all-in approach if Bitcoin performs as we all hope, but I'll be OK and sleep better at night in the fact that I didn't ignore the nature of Bitcoin investment and went all in. |
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This is never the Manchester united that I used to know, If ETH doesn't do anything concerning the goalkeeper I see Manchester going down, in my own point of view I see the team trying to make things right in teams of defence, tactics, passion to fight but the goalkeeper let them down everytime.
The best idea for Manchester United right now is to buy a new goalkeeper and start back from where they stopped. Besides is never too late for Manchester united
You watched that game and you feel a goalkeeper who made 5 crucial saves is the only reason they lost? Bayern had about 9 shots on target mate. How can Manchester United allow their opponent 9 shots on target in a match? That shows how poor the team is. Bayern had about 17 goal attempts mate, 17!! That's something that should be happening to a small club, not a club like Manchester United. Onana made his error, but he's not responsible for this loss. You dey the team is trying to make things right, I say the team is horrible. This is not even the strongest Bayern side. If Bayern were really good and they had their captain Neuer in the team United would have had more than one goal. The defense is poor, the midfield is poor. Hojlund missing what he should have scored. Get a new goalkeeper today and play this match again, Manchester United will still get beaten by Bayern Munich because the all-around play of the team is poor. You're expressing yourself as a dedicated Manchester United fan, and I know your disappointment. Honestly, I didn't anticipate this level of play from them either. It's quite disheartening. Even their opponent, Bayern Munich, doesn't seem as formidable as they once were, which is why they need Harry Kane to strengthen their squad. If you observe the game closely, you'll notice that both teams didn't perform up to par, which is why they needed to score multiple goals. It wasn't so much a case of them playing exceptionally well to score those goals. it was a disappointing performance from both teams. |
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Arsenal is playing like Arsenal again. Finally they see Champions League again after all these years and I can say this is definitely a great start. Saka, Trossard and Jesus all scored in first half and Ødegaard scored in second half. That shows us how great Arsenal's offensive power. It was important to start with 3 points and they started great for this group. I believe they can advance to next round from this group being in the first place. They look very good on the field.
Today's game was a work over for Arsenal as they played with a very weak club. I am not surprised at the result of the game because I was expecting such result. To be honest, I can't agree with the statement that Arsenal played against a weak club, because they didn't. Let me take you back in history to last season's Europa Cup group stage when PSV was quite a formidable opponent for Arsenal. In those matches, Arsenal managed to secure a draw at home, but PSV defeated them 0-2 away. What I'd like to highlight is that there has been a noticeable improvement in the Arsenal team recently, which is why I wasn't surprised by their performance today. It was truly an outstanding display by Arsenal today, with goals from Saka, Trossard, Odegaard, and Gabriel Jesus, demonstrating their prowess. Odegaard, in particular, has shown significant improvement in his shooting skills, consistently targeting the bottom corner with powerful shots. I'm delighted to see this new aspect of his game. Now, Arsenal possesses that unpredictability from outside the 18-yard box. |
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Real Madrid Vs Union Berlin
Bayran munchen Vs Manchester united
Arsenal Vs PSV
Sevilla Vs Lens
Sporting Braga Vs Napoli
Benfica Vs Red Bull Salzburg
Real Sociedad Vs Inter
I have predicted these matches, and I may not be right. But I have a long belief that these teams are currently in good form and will play excitingly to win. These matches will be interesting as after the first round of games the results of each team will be seen in the group stage.
Anyway, I would like to know how accurate the prediction I have made can be?
If we're going to decide based on the team's level and performance, your predictions seem accurate. However, I have some doubts about the match between Bayern Munich and Manchester United. I can't say for sure that Bayern Munich will win, and I'm also not very confident that Manchester United will win either. If I were to make a prediction for this game, I'd suggest it might be a draw in the first half, rather than a straightforward win for either team. Also, I'd predict that Rashford and Ganerchio might score a goal each. Bayern doesn't seem as formidable as they were in previous seasons, so I'm leaning towards it being a DRAW game. |
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You can still end up overinvesting and getting your self into the same kind of lack of an emergency fund, even with DCA.
DCA does not completely reduce the problem of overinvesting, but surely it can manage the overinvestment temptations that cause people (maybe moreso newbies, but it can happen to anyone who is overly investing and not sufficiently preparing emergency funds and projecting out cashflows for a sufficient amount of time in advance)..
I get the point now, even with the use of DCA strategy without the plan for emergency funds investment could go very bad were as you could be lack of funds when emergency needs will arise and as such you will be left with no option but to sell from your investment, perhaps I overemphasize DCA on one direction which is to solve the problem of overinvesting and risk management for accumulating a bit by bit forgetting the need for emergency funds which is very important and essential which will help and spice up DCA strategy knowing fully well that as your accumulating using DCA method your also adjusting to your emergency funds. In this scenario, it depends on whether overinvesting means you've used your emergency fund or this month's rent for your investments. If you require these funds for your bills, it's advisable to withdraw them. Tightening up and assuming you'll be fine even if you lose these funds is not recommended. In my opinion, dollar-cost averaging requires less effort, and it spreads out the risks, effectively removing the emotional aspect, including the risk of overinvesting. What could lead someone to overinvest when practicing dollar-cost averaging? If a person is using their emergency fund, they are no longer employing dollar-cost averaging, instead, it becomes a direct investment whenever they have cash available. Dollar-cost averaging is explicitly periodic, with investments made at set time intervals, not whenever funds are available. It can be seen as a form of market timing because you're holding back money from investing in order to invest it at a different time. One of the advantages I find in dollar-cost averaging is that the amount you're investing typically isn't significant enough to cause anxiety about your investments. Constantly adding a small amount can be easily overlooked as you consistently follow this approach. |
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That's up to you regarding how aggressive that you feel that you need to be for your own circumstances. I know that between 2014 or so and 2020, I largely just recommended that guys get off zero and invest $10 per week into bitcoin; however, it seems that in order to even get comparable results, people in the west should be trying to get to $100 per week. and sure some folks could even do more, but $100 per week seems to be sufficiently aggressive without necessarily overdoing it for normies in the west.. but if you are not in the west and you are already starting with $12-$25 per week, you have to figure out your own level of aggressiveness and whether you believe that investing into bitcoin is a good use of your cash for you... especially since there are no guarantees that BTC will perform well.. so hopefully you are not depriving yourself too much.. . but again, those are your balancing choices.
Of course I will see how much my aggressiveness towards bitcoin will be in accordance with what I need, but I do not want to be excessive pressure.. Being a wise investor can be challenging because our natural instincts often lead us astray. It's essential to control our impulses and emotions. Typically, the best investors do things differently from the majority, which is quite tough. Even though many Bitcoin enthusiasts already do things differently, I believe our approach, staying calm and collected, aligns with what you mentioned – being intelligent when acquiring Bitcoin, doing so with careful thought and wisdom. Well of course there is no guarantee at all that bitcoin will perform well, even the price can go down because there is volatility in the market, but we believe that BTC assets are important, and always read the history of bitcoin that it is likely to go up.
Absolutely, correct |
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DCA with emergency fund to me sound more convincing and easy to do more than setting aside a percentage from your total income on weekly basis, since emergency funds can also be referred to as leftover money which will be more profitable when saved in an assets that are easily converted to cash like BTC, and from what both of you guys already mentioned, it quite clear that emergence will be the best since in both worst cast scenario and best case scenario if you have a well planned DCA approach you will still end in a good position, since at that point you are not depending on your income to make your investment but rather you are buying Bitcoin from your emergence savings.
But the only side to watch out in all of this is, you must be smart enough not to exust all your emergency saving on buying the dip and in most cases you must at least leave a small portion of the savings behind so that when you have a real life emergency, you will have the funds to sort them out.
That way, the pressure won't be on you bitcoin holding at once and that can allow you to bear market conditions for some time based on long term Bitcoin approach.
To be real about this, using part of emergency fund is not even advisable... You not guaranteed on the expenses of any emergency to happen at any point in time Funds meant for emergency should be kept completely different, same goes to funds for Dcaing If Bitcoin does what we all expect (based on our speculation), would it be foolish not to put a large portion of this savings into Bitcoin? In spite of raging inflation, my gut feeling is that an emergency fund is always prudent, as much as losing that purchasing power sucks. I'd say you hold onto your emergency fund and start investing what you can into Bitcoin using a Dollar-Cost Averaging (DCA) plan. It's VERY IMPORTANT to have an emergency fund, Kodec and JJG explained it well. You already have enough money to cover a year's worth of mortgage, food, and gas, which is essential for times like these. I personally wouldn't take the risk, and I advise you not to either. Speculating on whether Bitcoin will increase by 100X after the next halving is uncertain. It's better to pay off your debt first and then invest what's left. Your mental well-being will benefit from this approach. As many others suggest, stick to your DCA strategy. |
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@Agbamoni
Maybe you should simplify the second paragraph of your OP. The one where you are writing about F2Pool returning the coins to Paxos. You made it sound like Paxos returned the bitcoin. However, they were the recipient of the coins. I know what you wanted to say. But for clarity, I suggest an edit.
Thank you for the advice ill do that immediately. It should b clarified so that the information will be passed accordingly |
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On September 10th, there was a Bitcoin transaction where the sender accidentally paid a much higher transaction fee. They paid $500,000 in fees to transfer only $200 worth of Bitcoin. The good news is that F2Pool, a mining pool, confirmed on social media that Paxos, a crypto company, has returned the excess $500,000 in Bitcoin transaction fee to the rightful owner as a reimbursement.  Link to the confirmed transaction Information Source Link 1 Information Source Link 2 |
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I like to think about the non-steady income in a couple of parts.
The first part is just figuring out what is your worst-case scenarios, what are your best case scenarios and what is your average... So then with that information you can try to project ahead, and most likely mostly using some combination of the worst-case scenarios and the average in order to figure out how much money you need to keep in your emergency fund in order to cover those situations in which the worst-case scenarios ended up playing out rather than the average case scenarios.
So, even though not necessarily likely worst-case scenarios could end up playing out for 6-12 months or more, and so the emergency cash fund should be able to cover the gap between what you need to live and what kind of income is coming in. Hopefully, you are already spending (your monthly expenses) somewhere less than your average case scenario which should then cause for an ability to invest (or DCA) with part of the amount that you are living below your average case scenario. and sure if the worse case scenario persists for a long time, you may well end up needing to either reduce or eliminate your DCA purchases of bitcoin, but if you have planned in advance you should not necessarily need to stop your DCA, and for sure, you do not want to end up putting yourself in a position in which you end up having to sell any of your BTC during periods in which worse case scenarios are playing out.. which likely would mean that you had not sufficiently prepared in terms of your emergency fund and/or the ways that you had been choosing to live in order to make sure that you are generally living below the amount of your average case scenarios rather than spending more than that.
As student, it is easy getting $10 per week for low income country oike mine but sometimes it gets as high as $50. For a student in this situation that want to start investing in Bitcoin, a DCA of $10 per week will be more feasible You're hitting on a point that I found very interesting, investing as a student can be very difficult because there are other factors that could come up impromptu to spend money on in the school. Am not talking about student who spend so much on alcohol, hookers 😂😂 or whatever. I meant sometimes you might be asked to get a handout, textbook or to print some document so urgently and that alone can spoil the plan of investing the $10 every week. Don't you think it is best to set a monthly target or per semester so that withing that period you can invest huge whenever there is more money left in the week and invest less when the money let for a week is little but at the end you meet your target. Another factor can be based on the increase in price of goods and services in a country, whereby the persons salary no longer meets the requirements of the things that is needed to sustain one's self. I think that have enough effect to alter one's DCAing in accumulating Bitcoin
IMO when you say the actual salary factor it doesn't change any views on the DCA issue. Indeed, now we are in a really difficult condition and sometimes the income we have is very sufficient with expenses that are getting more and more expensive, but when we understand and can manage those needs well, investing and doing DCA will not be hampered by that because we can adjust the budget we have from the income in a month for daily needs including unexpected needs and to be in investment. I think we already understand and can be flexible with something like this because of course the initial concept should start when thinking that this investment is only a portion or a few per cent of what we collect from the monthly salary. This should be brought into a stated fact that inflation can harm one's level of DCAing. If there should be an inflation in a country economy and the salary of that person remains the same there must be an effect on the person's method of accumulating Bitcoin. Not minding the emergency and most people get into debt as a result of there salary not meeting up to there basic need |
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And no, I don't need to hear your "but if you bought $XX worth of Bitcoin every day for the past 10 years you would have!..."
This is a perfect example of spreading emotion and opinions instead of facts. If you have money to invest, invest it. Sitting on it is no way to get to the level of bitcoin you would want to accumulate. It can be once a month after payday. Treat it like its a normal thing you do that is the best way to DCA |
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Many people don't consider Bitcoin as property they see it as a digital asset. People have different views or definition on Bitcoin. Correct me if I'm mistaken, but Bitcoin is an amazing asset. Its digital nature cannot be changed, it's easy to buy and sell, offers privacy, and has shown impressive returns in its short history. It shouldn't be the only asset or like you called it property to have. Like any asset, it comes with its own set of risks. 1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.
Then you can look among your family members and pick three of them with whom you can share access to one of them. I agree picking different members of the family to share access to incase of inheritance is better because it is the right thing to leave something for your descendants. But you should be skeptical about the persons you choose finally. You should consider character and knowledge of the persons you're passing the wisdom down with the treasure. So many people have stories of how some historic fortune in their family was lost to unwise investments, gambling or alcohol. I'm not trying to give advice but am just sharing a point, quote me wrong if am mistaken. |
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if this story is true you might have really steal the money in the first place
Its not buddy and he is not a good story writer as well. This forum is supposed to be a place for meaningful discussion, not some fanciful bedtime tale. I'm actually outside my apartment, and it feels like a quiet night to listen this story but I wont waste my time. |
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I believe some other threads already exist but it’s never a bad idea to drop this type of threads since it will help newbies to learn some terms that might help them in their learning journey here in their forum, I’d also suggest you look for similar threads that lacks what you wrote here and add the link at the button of your thread so that newbies can still visit there after going through your own.
One last important thing, I hope you did not copy anything from the internet and display here as your own. I believe you have stayed here long enough to know that plagiarism of any type is not tolerated here in the forum so if you did copy do well to reference it to avoid any issue.
Other threads also exist but it's not pinned so how will a beginner see it and get acquainted with it. Threads like this should be pinned so that beginners will know it exist. |
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