Sounds pretty much like someone with opinions but little experience on the subject to me.


With that mentality you are not going to be a great success in life. From my real experience I can tell you that the most successful people I know thought and think the opposite of what you say: they think that destiny is in their hands, that effort is rewarded especially in the long term and they make their life an inevitable path to excellence.


As mysterious as not buying into the victim mentality and making your life a dedication to effort. Day by day, month by month, year after year. Everyone achieves to the best of their ability but if you live in a free and industrialized country, and in many of the others as well, simply by getting off your ass and being persistent instead of believing you are a victim of circumstance you achieve success.

I would rather say don't invest in crypto, only in Bitcoin. Or at most 80% Bitcoins and the rest alts if you know what you are doing. Unless you are one of the alt creators or something like that.

Regarding investing with borrowed money, it's generally a bad idea, and the results have been seen in this cycle, where leverage has cascaded downward. And while I personally avoid debt like the plague, it has to be said that it can be reasonable for some people with sense to use debt to invest as long as it is with a good debt to equity ratio, and making sure they have a good cash flow to make the payments.

If you look at many companies they have a mix of debt and investment, the bad thing is to have too much debt in relation to your equity and/or your income, but some controlled debt gives you positive leverage.

I was thinking exactly the same thing. I've known about that clock for many years too.


Well that has been so far, it looks like the US dollar might be starting to lose its reserve status, and I say might very cautiously because although there is some indication, I still don't see clear signs. If in x years it loses it, it will not be able to continue exporting inflation to the rest of the world.

See this thread for example:
   
The world continues dumping US dollar (Gold, New World Order, World War III)

Hey NotATether, you may want have a look at another tab too:

https://www.usdebtclock.org/world-debt-clock.html

No country seems to be saved, they are all in a headlong rush, and the only way to stop this seems like at least a gold partially backed currency, or even hypothetically although this is not on the table, a partially backed currency in Bitcoin.

Which shouldn't matter much to those of us who don't buy and sell short. Those of us who are saving in Bitcoin are clear that until the next bull run, until the next ATH breakout we are going to have ups and downs, it is not going to be a straight line.

I think we will end this year in positive but we are going to have a lot of volatility, especially considering the general economic situation. If in two weeks we are at $25k, $30k or $18k I don't care, although we always like to look at the screen and see that the price has gone up.

Yeah, for me it's not so much: you're going to have x Bitcoin? You will be rich. But more: you will have x Bitcoin+ x of other assets + 7 sources of income? Then you will be rich.

I put 7 because they are the average sources of income that a millionaire has, although normally one is the one that accounts for 80% of income or more.

What happens is that in this forum it is normal that everything is seen from the prism of Bitcoin. There are people who have 100% of their net worth in Bitcoin, said in this forum. For me that is too risky, but if you do well you will certainly become richer than someone who diversifies more. 

That's the problem for most get-rich-quick types:


Source

Also:

Here’s why lottery winners go broke

Those who get rich the slow way I have explained above do not have that happen to them.

Well, doing a x3 per cycle, and decreasing surely each cycle, if you invest $50 is not going to change your life radically, if that's what we're talking about here.

Then you have to think about something else: the person who invests $1k in Bitcoin, who normally does it because he cannot invest $10k or $100k, how long can he hold on without selling when it goes up? It is normal that if it makes a x5 or x10 at most 99% of people sell. You have to have a lot of patience and know about personal finance as well as good management to see it go down from the peak without having sold and endure 4 years of bear market.


Without becoming very rich, everyone can become rich without having a special talent, simply by spending less than their earn and investing their savings. Month by month, year by year, investing and reinvesting.

This is reflected in the book The Millionaire Next Door, which was criticized at the time as having a small sample size of less than 1,000 people. Years later the book Everyday Millionaires: How Ordinary People Built Extraordinary Wealth--And How You Can Too with a sample of 10,000 people had very similar results.

Regarding the Twitter thread, it's not the first time I've seen a thread like that, and just now after how disappointing this cycle has been in terms of returns, I'm not getting my hopes up too high. Besides for me Bitcoin is just a part of my wealth building plan, which I have been following for a long time, copying what those two books reflect and which is a safe but monotonous way to get rich.

Since I became interested in personal finance many things have changed in my life. At the beginning everything seemed very difficult and I started with what everyone does: saving, then I controlled expenses, then I started investing, and to top it all off I came up with ways to get paid more for my main job and to obtain other sources of income. At the end there comes a time when everything becomes easier because you control income, reduce expenses and make more money month after month, year after year. What happens to a person who does that? They become rich. And this taking into account that I donate regularly, I take it as an expense like paying the electricity, yes I donate, I give money, every month, and every time I get richer.

You have already been given some answers, I will simply add that you seem to have little knowledge of the subject. Someone who starts a casino with no bankroll of their own has an extremely high chance of going bankrupt. I don't know if you have ever seen a chart of a winning poker player, it is similar to the stock market charts, trending upwards but with ups and downs, with deep dips and some daily volatility. Casino winnings are similar but you have to have bankroll to withstand the dips and set betting limits to what you can't afford to pay if the customer wins. It is not uncommon for a casino to have sustained weeks of profits and then a whale comes along in one session and causes a big dip. If you don't have bankroll to withstand that, and more starting, you go bankrupt.

We will have to see how this develops. I remember that this cycle was called the institutional adoption cycle, but it is being a bit decaffeinated by the whole leverage explosion, and except for the enthusiastic buying of MSTR, we haven't achieved massive institutional adoption either. With news like this, I think we will reach it, but maybe it will take another cycle or two, where it will be more common for companies to hold part of their reserves in Bitcoin, or even banks, rather than in gold or other assets.

You are asking if gold can compete with manure, which is adapted to the Internet age we are in. Either they don't compete because they have nothing to do with each other or if they do compete gold always wins.

I suppose there will be people very enthusiastic about CBDCs, as with everything that comes from the establishment, but people who know they are the same garbage as fiat, or even worse because they allow better government control as mk4 points out, we will be very careful.

I agree with the majority of responses, he is right. Anything that provides easy access to gambling is more addictive. And 24/7/365 access for susceptible individuals is extremely so, plus with so much on offer, responsible gambling options are not useful. You can exclude yourself from a room but you are left with a lot of rooms to play in and many of them don't even offer those options.


I agree in a small part, but you miss the mark. I am one of those who think that those who have problematic behaviors such as gambling addiction are expressing a previous problem, but individual problems do not mean that a person with those problems will not have a greater facility to gamble compulsively on the Internet.

I have been on forums for a long time and have seen many offers like yours that always end up in one of two ways: scammed or nothing. I don't red tag you myself because I have no proof that you are consciously trying to scam anyone but your offer sounds like creep to me.

That should make you think how fake that trading is. As NeuroticFish says the real coins are visible on the blockchain. What you are trading in that kind of financial casino is mostly fake, created in such a way that there is a very high probability that you will lose your money.

Bitcoin was created precisely in response to that kind of false and speculative economics.

That money is the cause of all evils is said by people who want to keep you poor, want you to have a victim mentality and to be grateful for having to depend on a politician, usually a socialist or worse, to make ends meet.

Money is nothing more than a means, and as such a means it is neither good nor bad, and if you believe statements like that, you are usually going to live worse than if you believe that fate is largely in your hands, even though you cannot control certain circumstances.

The OP is clueless. He talks about trading as wealth but it seems that trading in any case and for a very small minority is income, not wealth. Wealth is what you keep from your income but that is a later step that has nothing to do with trading. This does not take into account that most people lose money with trading.

If he were talking about B&H as wealth, yes he would be correct, because if you take a long-term portfolio of stocks what you are doing is increasing your wealth. The same as if you accumulate Bitcoin.

I'm speaking from memory but I think I've played about 3.5 million hands in my lifetime and I've seen the Royal Flush 3 or 4 times.

A curious thing that happens with these spectacular hands is that most of the time the opponent has nothing and you only get the blinds.

A typical hand would be: regular raises, fish pays, and you from BB decide to pay with 55 for set mining. You flop a 5 poker and slowplay, check flop, rivals check, check againg turn rivals check. On the river it doesn't matter if you check or bet because they usually have nothing. On some rare occasion the fish has caught a straight or flush runner and loses the stack.

I will follow the subject with interest, because I believe that the USA has gone from being an eminently productive country to a consumer country that has got away with it by exporting inflation to the rest of the world with its dollars, but this gradual abandonment of the dollar will force it to change its policies, otherwise it will lose its status and its economic capacity. We will have to see how the story continues. Of course, by promoting a victim mentality and paying people not to work, they won't be able to last much longer.

I agree. Not much success with the OP's idea in view of the responses. As of today Bitcoin is more of a store of value than a currency, it's as if he was talking about banks for gold, digital in this case. And we see that gold banks do not exist. There are safe deposit boxes, yes, but for whatever you want to put in, not just gold. In the same way there will be and there are "banks" for Bitcoin, but let's remember that FTX was a kind of bank too, and the conclusion we can draw from the end of that story, and others that there were in 2022 is that the best thing you can do is to hold your own coins, or better said, your private keys.


Yes, well, those who invest in shitcoins as they play roulette will not care, but hardcore bitcoiners doubt very much that we will make use of the services offered by banks related to cryptocurrencies.

Thanks. I asked in case I had done something wrong. But I went back and copied and pasted the signature code just in case.

My bad. I remember seeing about the change of signatures but I forgot about it, I think because I was arguing lately I forgot basic stuff. Anyway, I just changed it. Sorry about that.

By the way, why does yours look different from mine?