[...] 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.
[...]
[...] 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...
[...]
[...]
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. [...]
[...]
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
[...]
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,
[...]
So, ok. bitebits. How you going to handle this hypothetical situation? [...]
Dear JJG, there was no hypothetical situation. You made it into one.
Dear bitebits - of course, I explained why there was a need for a hypothetical in part due to your several times having had blanketedly asserted that you did not agree with my three pronged approach to attempting to accumulate bitcoin, so I attempted to give you some facts so you could tell me more specifically how your "system" is going to get applied to the kinds of facts that I had outlined.
I am not just asking for funzies (even though sure we can try to make this fun, too) but I am really trying to get to the bottom of what your criticism is of my approach and how your approach would differ exactly (if at all) in any kind of material and meaningful way.. except for just saying that you are doing some things a wee bit different.. but in the end, maybe the things you are doing are not really very much different than what I was already suggesting to be the various parameters to consider and then that individuals would likely come out with some individualized variations in terms of how they applied it.. but in the end, what you do and what I am saying might not be very much different at all when we attempt to apply actual proposed actions to a set of somewhat attempting to be realistic hypothetical facts.
The cousin of AlcoHoDL, BeerHoDl,
plus one on that, just like you probably have a bitesatoshis as your cousin (or possibly your mean uncle
craig), too.
is attempting the art of dip buying to lower the cost 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).
Oh yeah, I had almost forgotten about that earlier 0.1BTC purchase.. nice catch.. he is not a complete no coiner.. for sure that is an important fact about part of BeerHoDL's current circumstances.
All I said that with greedy limit orders you are gambling, trying to be smarter than the market who determines the current value of Bitcoin.
We can agree to disagree regarding that perspective. Even though I will concede that my system of both dividing into three and then further strategizing within each of the three categories creates a lot more buying points and certain kinds of uncertainties if the BTC price is going to reach those various price points, each person who is employing such system is deciding for himself how much to allocate to each category and how far to set the intervals of time and price, so sure he could just blindly go with the defaults and then have some ill thought out price points and time points, but part of the ambition would be really attempt to match the finances and psychology and everything like that so that the guy gives no shits about if the BTC price goes up or down because he set his orders perfectly in alignment with his individual circumstances. That is not gambling - that is synchronizing/harmonizing (nohomo) finances and individual circumstances.
Of course, the more ill thought out, or the purposeful speculation could cause such a system to get transformed into a gambling-like intention, but that surely is not my intention.. and in essence, I am (and have been) attempting to minimizing gambling intentions within my approach (unless from time to time I might tweak some small aspect to play on some gambling desires that I might have, but my personal gambling tends to be pretty damned conservative in the whole scheme of things).
AlcoHoDL knows this is malpractice and has a market buying backup strategy for his BeerHoDL cousin, at the cost of stacking less sats than he could have had today.
Hahaha
Fair enough. I saw that backup plan, so surely good to have a back-up plan when some newbie is banking too much on dumb...
whether kissing cousin or otherwise.
No need to over complicate matters.
Surely, I would like you to answer the questions in my actual hypothetical. those questions are not complicated at all. I just want to know specifically how you are going to apply action to the hypothetical facts that I laid out. Surely, I kind of guessed about what a consistent bitebits application might be, but I would prefer to hear it from the horse's mouth his lil selfie, rather than my speculating upon what I think that bitebits would do...
In udder wurds:
Play ball kind sir.
(I am not indian).Just buy, get your coins of the exchange, and hodl.
O.k. Maybe this is an answer to the question, no?
You are largely confirming what I speculated you to be saying. Whenever money comes in whether it is the $12k that BeerHoDL has or the $500 per two weeks or the $6k per year, you buy bitcoin right away at whatever price.. I can surely see that it emphasizes lump sum, it kind of plays out like DCA except you are not spreading out any of the buys, you just buy pretty much ASAP.. and then just go into HODL mode with those coins.
I don't have any major problem with that approach, even though my system is more involved and interactive and spreads things out, we surely might end up with very similar results in the long term in terms of the performance of the coins, and surely your suggestion of getting coins off of exchanges and away from third parties is valid because you are largely suggesting that in the end you make way the fuck more money by not having your money on those exchanges when they steal your coins, or some other shit happens that fuck up the number of coins that you have made versus how much you end up losing. So I do not greatly disagree with the value of lessening third party risks - even though I have already largely argued this point several times in terms of some desire that I have to support various systems and to participate in the various systems.. which I believe is a contribution to the overall bitcoin space.. and also helps me learn things in an active way, too.
I am not even disrespecting your mode and method.. even though it is quite a bit less involved. even if I am not really sure if your system would result in more coins or not... on the average.. maybe so.. maybe so.. especially the gambling tendencies that traders have.. and I claim to be attempting to minimize that.. but we can probably just agree to disagree.. and not going to stop me from continuing to say that my system is pretty close to the best thing next to sliced bread, even if there might be some similar products out there. So what?
(There is way too much confidence exchanges don't do what they always have been doing: get hacked. And you unfortunately can confirm first hand how costly such strategy is, no matter how smart or fine tuned.)
That's true.. I did lose a pretty god damned big amount of coins and surely much of that was because of my participation in these various systems including a couple of hack/losses/shutdowns and then other coins lost due to sim port swapping crap that made many coins more vulnerable even if spread across many exchanges...
I am not really sure if I would be richer or not.. because if I had not employed my system, then I would surely be a more passive kind of a HODLer who would have not been as much involved, and maybe I would have been scardie-cat to do hardly anything.. including having hesitancies in buying bitcoin in the first place.. so not really sure bitebits if the totality of circumstances has caused me to have less coins, even though a shit ton were removed from my control.. .. I have met a lot of peeps who just get scared as fuck, and just a wee bit of scared gets them regretting that they underinvested,, and I think that right now, as I type this post, I did a quickie ballpark calculation, I am pretty damned close to 10% of my total BTC investment value on various exchanges, and historically (like around early 2017 - before I had a come to Jesus moment), I had a bit more than 50% on exchanges, and even the other 50% that I was holding was in a kind of way that had some vulnerabilities that were kind of like 3rd party vulnerabilities, and I had not really realized the vulnerable points in terms of getting access to those coins.. so there was some luck in terms of my being able to hold onto as many coins as I did when I was actually attacked that did leave close to my whole stash vulnerable - needless to say significant improvements were made.
in terms of both the sim port vulnerabilities and also in terms of how the archived coins are held.
I do think that security can be a bit of a moving target, too.... and jesus, I had some farting around with a system that I have created, and I thought that the system was fairly straight forward in terms of back ups that would allow for passing on to potential decedents, but I even found some potential complications in that.. in matching certain parts with other parts, and fuck, if I cannot even remember how to do it (and I mostly created such system) then how the fuck is some kind of estate executor going to be able to figure it out... so surely many of us have such issues of not only securing our coins but considering if we want to pass them down and how that is supposed to be accomplished.. including if we change our system, then will some coins just end up falling outside of the system and then go to the grave with us.. if such an inevitable dying thing were to happen? 100% likely but just a matter of when and if we have pee pared our lil selfies sufficiently in regard to our coins.
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