Adapted from amidst a longer compound reply to Jay and explorer, which I may or may not have time to finish:Not investing more than you can afford to lose helps (which might be another way of saying willingness to ride the investment to zero).
Have you ever seen anybody say, “Don’t put more money into dollars than you can afford to lose”?
(They should, but that’s not the point.) Bitcoin cannot claim to be
sound money, when it is marketed under this disclaimer.
Whereas Bitcoin’s only fundamental value is as money. If it’s not
sound money, then why bother?
That's goofy-talk.
We do not go from less than 1% bitcoin adoption to world reserve currency status overnight.
If you want to invest 100% into bitcoin or take some other non-practical approach to bitcoin, then that is your choice.. you are likely going to get screwed here and there, because there are a variety of other assets and frequently it is helpful to be able to have other things that you are able to spend (such as fiat or various other ways of not having all your eggs in one volatile asset.
I think it is better to go first steps first, which is get nocoiners off of zero, first. 99% of the world population owns absolutely no bitcoin.
You can make a shit ton of money by just having 10% of your value into bitcoin.
I see no reason to be attempting to push these matters onto people if they are not ready...
either they get it or they don't and the ones of us who recognize the matter of the value of bitcoin earlier are going to profit stupendously because we were able to see the value in bitcoin first and to act in the right direction, and we were also able to invest into it, before some of the dying dinosaurs like warren buffet or charles munger were able to recognize or appreciate the value...
We also saw the value in bitcoin instead of getting distracted by shitcoins. A lot of folks are going to get distracted into shitcoins, and how you going to change that? I say, just let them fucking learn the hard way, just like a lot of us did. They are NOT all of a sudden going to be bitcoin enlightened by having it forced upon them.. but they will eventually come to bitcoin, even if it takes one or two generation before the recognize the value of bitcoin over the various snakeoils that you are not going to stop.. and we do not even have the power to stop such snake oils whether we are referring to various shitcoins or various fiats and whatever other various other currency "innovations" that come in the coming years.
Long term conviction helps.
I state the foregoing from a position of real long-term conviction: If Bitcoin were to crash to zero, I would literally lack food. I am effectually “all in” with Bitcoin, for ideological rather than financial reasons;
Personally, I do not agree with that approach. Bitcoin allows us to commit to it, ideologically, and to live well at the same time. It is one of those rare opportunities in life, and a lot of people have become rich as fuck by only having a reasonable amount in bitcoin and also having cash, too.
You are going to come off as a crazy fuck, if you are not somewhat allocated in cash too, and you also likely make yourself a target... but, hey, if you want to make yourself a target, that is up to you.
I am saying that there is no reason to die for the cause because you can get rich and you can support bitcoin.. no need to die for the cause, here.. unless you are merely suicidal (but that is not necessary.. as I already mentioned).
and yet, some of the replies that I am getting here, especially what explorer said, are a little bit too close to “you don’t believe hard enough”.
You do not need to convince any of us.
You should be protecting yourself though because none of us (or other random peeps on the internet) give any shits about you as much as you should be protecting yourself, psychologically and financially.
It’s the kind of thing that draws mutters from rational people about a “cult-like mentality”, etc.
Yes. People are going to consider you a weirdo... It is much easier to get along in society by being able to communicate with others and to build bonds rather than appearing like a weirdo.
So there is a need for balance. So if you go out on a date, it is good to have money in order that you can eat the steak dinner and to be able to convince the chick to come back to your pad.
Well,
I do have a Bitcult; but when it comes to serious discussion of Bitcoin’s fundamentals and long-term prospects, I neither drink Kool-Aid, nor hand it out.
Ultimately, it is your choice regarding what level of balance you believe is good for you and what works for you to be able to achieve your personal objectives.
Personally, I think that it is better to have some balance. If you are earning income in fiat, then you figure out what level of balancer that you need to have in fiat and what level in bitcoin.
If you are earning in bitcoin, then you may have to cash into fiat from time to time. No one should be forced to be cashing out of either one at a time that is not of their own choosing but if you have everything in bitcoin, then you are likely going to be causing your own emergency situations, unless you have figure out every single place to go to be able to spend your BTC for housing, utilities, food, transportation, entertainment (and hookers, lambos and blow). Even if you are moderate with your consumption, you still likely having regular living needs that cause regular expenses.
If you do not have that, then maybe you need to explain your situation a bit better... because we should be attempt to discuss these bitcoin balancing matters in generally applicable ways for normies rather than fanatical ways or ways that are quite peculiar to some kinds of weird situations, in my humble bumble opinion.
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