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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 521608 times)
arklan
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January 03, 2017, 08:43:38 PM
 #3481

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

ouch. that... ouch.

course i'm sitting here with something like 4 BTC debt to a fellow forumite from a few loans several years ago... it was about 360 when i borrowed. Sad
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JayJuanGee
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January 03, 2017, 09:13:45 PM
 #3482

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

ouch. that... ouch.

course i'm sitting here with something like 4 BTC debt to a fellow forumite from a few loans several years ago... it was about 360 when i borrowed. Sad

I personally believe these are reasons why each of us need to attempt some moderation in our approach and to not put all of our eggs in one basket.

Sure, I believe that some of the early adopters of bitcoin had leveraged and gambled greatly by purchasing a lot of coins, and that risk paid off greatly - however, that kind of mindset is going to be likely to backfire on you, if you keep doing it.  Frequently, such a tactic is referred to as the Martingale method - and statistically it does not pay off.

I am not opposed to gambling with a portion of your holdings (maybe less than 20% - even though I would refrain from doing that much), but you gotta consider a solid plan, such as dollar cost averaging and just socking that money away without thinking about it.  So in the case of bitcoin that means accumulating bitcoin with whatever budget that you have (whether that is $10 a week or $100 a week) and don't be taking major risks that are going to likely result in losing large amounts of your coins.

arklan
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January 03, 2017, 09:27:29 PM
 #3483

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

ouch. that... ouch.

course i'm sitting here with something like 4 BTC debt to a fellow forumite from a few loans several years ago... it was about 360 when i borrowed. Sad

I personally believe these are reasons why each of us need to attempt some moderation in our approach and to not put all of our eggs in one basket.

Sure, I believe that some of the early adopters of bitcoin had leveraged and gambled greatly by purchasing a lot of coins, and that risk paid off greatly - however, that kind of mindset is going to be likely to backfire on you, if you keep doing it.  Frequently, such a tactic is referred to as the Martingale method - and statistically it does not pay off.

I am not opposed to gambling with a portion of your holdings (maybe less than 20% - even though I would refrain from doing that much), but you gotta consider a solid plan, such as dollar cost averaging and just socking that money away without thinking about it.  So in the case of bitcoin that means accumulating bitcoin with whatever budget that you have (whether that is $10 a week or $100 a week) and don't be taking major risks that are going to likely result in losing large amounts of your coins.

moderation in all things is one of the better bits of advice i've ever heard from anyone. i see no reason nt to apply it to finances either.

insert "without great risk, there is no great reward" to counter that... but ya know, while i used to get wide eyed at the potential of quick riches with bitcoin, i'm perfectly ok with moderate rewards nowadays.
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January 03, 2017, 10:07:54 PM
 #3484

Pretty crazy reading back to the OP.   During that time until now, there has been the run up to $1200 back in 12/13 (or so), and then the drop all the way back down to around $160.  Now we are steadily approaching those all time highs again.  This run up has a different feel since the volatility has gotten less over time.

 Each year in bitcoin seems like a decade for other financial industries.  
JayJuanGee
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January 03, 2017, 10:40:56 PM
 #3485

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

ouch. that... ouch.

course i'm sitting here with something like 4 BTC debt to a fellow forumite from a few loans several years ago... it was about 360 when i borrowed. Sad

I personally believe these are reasons why each of us need to attempt some moderation in our approach and to not put all of our eggs in one basket.

Sure, I believe that some of the early adopters of bitcoin had leveraged and gambled greatly by purchasing a lot of coins, and that risk paid off greatly - however, that kind of mindset is going to be likely to backfire on you, if you keep doing it.  Frequently, such a tactic is referred to as the Martingale method - and statistically it does not pay off.

I am not opposed to gambling with a portion of your holdings (maybe less than 20% - even though I would refrain from doing that much), but you gotta consider a solid plan, such as dollar cost averaging and just socking that money away without thinking about it.  So in the case of bitcoin that means accumulating bitcoin with whatever budget that you have (whether that is $10 a week or $100 a week) and don't be taking major risks that are going to likely result in losing large amounts of your coins.

moderation in all things is one of the better bits of advice i've ever heard from anyone. i see no reason nt to apply it to finances either.

insert "without great risk, there is no great reward" to counter that... but ya know, while i used to get wide eyed at the potential of quick riches with bitcoin, i'm perfectly ok with moderate rewards nowadays.


Well, surely each of us needs to weigh his/her own situation, and there is certainly some truth to the fact that someone who is a lot younger may be able to put a lot more on the table in terms of betting "it all" as compared with someone who is older and preparing for retirement (in which there may not be as many ways or a longer timeline to recover losses or to be able to start over).   

So, I am not necessarily suggesting that 100% moderation is going to be applicable to everyone, and also certainly there are some personality differences in terms of willingness to take risks, and there will be some needs to take some risks (sometimes) in order to experience payoffs that may not otherwise be possible.

So in that regard, there may be a variety of ways to approach the matter and to consider the possible outcomes of what you are doing and to attempt to protect yourself for a variety of potential outcomes.


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