By that, I mean at least $50000 usd minimum. Of course that is not a lot if you are in a first world country and thus you aren't rich.
I'm curious if there are people here that bought a ton of bitcoin when it was say $50. Held it when it went all the way to 500 then to 1000 dollars... then immediately sold a ton of them. Then went and bought back btc again when it went all the way down to $250. And now its back to $425 or so.
Seems like buy a lot when low. Then once it goes very high, then just sell all/most of it. Then wait for it to make a big drop, then buy again. Rinse and repeat. Is there anything wrong with this? Now if you bought bitcoin when it was at the peak like at 1200... well i would figure that is not wise. For example few of my bitcoin are around 250 when i got them and now its pretty decent at over 400. I don't know that much about bitcoin... i used it because some gambling sites use it so i got bitcoin from those sites. But i had thought around the time... i think anytime bitcoin price is below $200, its an auto buy. I believe at the lowest point when it was dropping, it went down to $195 or so? But then it went back up but was very stable.
Can anything really go that wrong now if bitcoin was to drop to say $250. Then you buy a ton of it? Can anyone here imagine bitcoin dropping to $50 or even $100?
Another thing that i thought about. Let say you acquired bitcoins at $250. Then it rose all the way to $400. Now let say you own some ridiculous amount of bitcoins. Let say 500 bitcoin. If you sell all of them, you profit $150 each or $75000 usd! So if bitcoin drops after you sell them, you would feel good right? However... if bitcoin eventually goes back up and then say goes all the way to $1000... wouldn't you say... if i only held them longer... i would have made another $550x500 bitcoin = $275,000 USD!
The thing was back then when i sold some bitcoin when i first learned about it, i wanted to make sure i sold it at the price that i got it at minimum so i didn't incur any bitcoin loss etc. Like if i got bitcoins that are $230 each, i want to sell them at least for that price. So when bitcoin went down, i was a bit happy that hey i sold it where i didn't incur a loss. My logic was... hey i sold btc to someone else and now btc went down. So thats good for me. But the thing is when btc went up... and let say the person or site who i sold btc to kept the bitcoin, they profit.
So in the end... does it really matter if bitcoin drops or goes up in a short time really assuming you aren't trading? For example at what point do you sell the bitcoin? Let say it went all the way up to $2000 per bitcoin. If you sell, you would make lot of profit. Now if you sell and it goes even higher to like $5000 per bitcoin... wouldn't you say... wow i had 500 btc and that would been another $3000 profit per btc. That would be $1.5 million dollars!
I'm curious if anyone here has a strategy that could make at least $5000 a year or $10000 a year with trading btc. Such as buy a lot when low, then sell high. I mean... could a disaster happen here? My thoughts are if you buy a lot then price drops so much... then if you sell it, isn't selling btc the worst possible idea ever then? Thus you take the loss but if you can wait a bit more, eventually bitcoin will go back up? Now those ppl who bought btc at $1200.. im not sure anyone could tolerate it when it dropped so much. But if you buy very low, isn't the risks really not that high at all?
First of all, 50 grand is a lot to me and I live in a first world country. I bet there are only a handfull that made amounts like this. Second of all why would you be interested in wealth of others. Be happy with what you got.
