[...] my newbie coiner cousin proves to be a true HoDLer. Y'day I emailed him telling him not to worry about the dip and to not sell his newly bought 0.1 BTC (bought @ $58k). He replied saying "don't worry about it, I see the dip and will raise you by buying moar!" WTF? Is he a poker player and I didn't know? That's the spirit.
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[...] My new-coiner cousin bought his first 0.1 BTC @ $58k a couple of weeks ago, and now, instead of worrying, he just wired another $6,000 to buy the dip. Some of us ought to learn from him.
I have some fiat ready to BTFD too, but just REALLY busy with work...
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My cousin's $6k is split into two orders: $3k @ $34,100 and another $3k @ $30,500, waiting to be filled.
I was a bit reluctant about these orders, I suggested for him to buy at market price and be done with it, but it looks like he may get lucky.
Or not. [...]
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Lucky or not, my cousin is in for a pleasant surprise when price reaches and exceeds $100k, which could happen sooner that we think. Any time is a good time to buy corn, that's Bitcoin 101. We'll wait until sometime next week and if his orders are not filled, I'll log-in to his Kraken account and buy everything at market price (I have his log-in details, he trusts me).
hahahaha
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By the way, bitebits, it might be helpful for you to go into some details with some kinds of hypotheticals in terms of the way the real world works in which people have cashflows,
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So, ok. bitebits. How you going to handle this hypothetical situation? [...]
Dear JJG, there was no hypothetical situation. You made it into one.
The cousin of AlcoHoDL, BeerHoDL, is attempting the art of dip buying to lower the cost average of his 0.1 BTC (nothing wrong with that, as long as BeerHoDL is aware he is now putting more dollars into Bitcoin than he initially planned for). All I said that with greedy limit orders you are gambling, trying to be smarter than the market who determines the current price of a bitcoin. AlcoHoDL knows this is malpractice and has a market buying backup strategy for his BeerHoDL cousin, at the cost of potentially stacking less sats than he could have had today.
No need to over complicate matters. Just buy, get your coins of the exchange, and hodl.
There is way too much confidence these days exchanges don't do what they always have been doing: get hacked or ‘hacked’. And you unfortunately (purely as real life example for anyone new into Bitcoin, nothing personal) can confirm first hand how costly such not-your-keys strategy is, no matter how smart or fine tuned.
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