~snip
I believe that I have evolved in various good ways in my thinking about this topic over the years.
Thank you so much for such a worthy reply. I do agree with all your points, you have spend time in crypto and these points can only be said be person who has knowledge about crypto.
From my perspective I have spent nearly 9 years in bitcoin, but I don't consider that to be involved in "crypto" because that is such an amorphous term that I don't even really know what is meant when referring to crypto.. except that maybe it means other crypto currencies that are not bitcoin, so in that regard I do own a few shitcoins, but largely not really touched too much in the past five or more years.. just a bit of entertainment value to look at some of the few ones that I have.
So, anyhow my ideas about portfolio and investment strategies deal with bitcoin, and I have even attempted to outline several of my overarching ideas regarding bitcoin investing
in a thread that I created in December 2021..
Regarding keeping bitcoin, I just have a point that most of us believe that there is no point in HODLing bitcoin ls forever.
For sure I am not proclaiming to hold bitcoin forever, but I still believe that there are a lot of dangers in having a mindset that values your wealth in dollars instead of appreciating the ongoing asymmetric bet that bitcoin remains, including its ongoing explosive upwards potential, and I think I already described some of the dangers of selling way too many bitcoin too soon and then you have few if any bitcoin to sell when it really matters including if bitcoin goes up to hight prices and never returns back down. We should not be assuming that any coins that we sell can be purchased cheaper, even if the odds might be greater to be able to expect to buy back cheaper if there has been a price run.. but there is still danger in that too.. the price is not guaranteed to correct back down, even if so many supposedly smart people believe that BTC prices "always" return down to earlier prices, and that is not necessarily true... even if we have quite a few extreme correction examples. There is no guarantee that another extreme correction will happen, even if the BTC price goes shooting up 10x or more from here... or from $60k.
I know a person who has bought at 8k and he didn't sold them even when bitcoin hit ath of 67k. He says he will sell only now bitcoin hits 100k.
There is nothing wrong with that kind of an approach to bitcoin, and it might not even be a good idea to sell BTC between $100k and $300k because it is possible that the BTC price will just go shooting past that price and not come back down.
Of course, each person has to find the right answer and balance for himself/herself... including that if a person might invest into bitcoin on a long time horizon (even for 10-30 years), they might not be looking at BTC price movements in the shorter timeframes, even though the young status of bitcoin likely warrants some kind of regular monitoring.
Its better to sell bitcoin when you see huge profits since bitcoin can always be bought back at discounted price.
Just because you may have been able to sell high and buy back does not mean that it is a good idea for you or for others. Of course, you have the right to do whatever the fuck you want, but I doubt your proclamation that "it is better to sell on large price moves" is necessarily a good idea in all cases... We have seen a lot of examples in history in which BTC HODLers screwed up their finances and their psychology when they sold too much BTC too soon and thinking that they were the smartest in the room when it ended up being that they needed a wee bit more patience, and the buy and HODL strategy has been a pretty solid one through the years, and is likely going to continue to be a decently solid strategy.. even for folks with shorter timeframes of 4-10 years.'
Again for sure each of us has to consider where we are at.. whether accumulation, maintenance or liquidation stages in our investment into BTC, and for folks in accumulation stages frequently selling is neither a good practice nor a good mindset.. but once being in bitcoin for awhile and building up a decently nice BTC stash and perhaps graduating into maintenance or liquidation stages, or even getting at or near fuck you status (a place in which you are able to quit your job and live off of your investments) or even getting to stages of reaching target BTC accumulation levels - including but not limited to possibly being over-invested based on objective and non-emotional considerations, then those might be reasonable times to start to think about incorporating selling into your BTC strategy.. . but selling is not even a practice that needs to be incorporated in order to have a successful BTC investment strategy..
In other words, selling is not a necessary practice in BTC accumulation stages. especially early stages, and it is a bit of a more advance strategy that sometimes (maybe frequently?) ends up causing folks to end up with way fewer BTC than they would have otherwise been able to accumulate with a more straight-forward buy and hold strategy and even a buy strategy that combines DCA, buying on dip and lump sum buying and a variety of other sound practice strategies that are both good for the mind and for the finances overall... including but not limited to considering cashflow, other investments, view of bitcoin as compared with other investments, timeline, risk tolerance, time, skills and abilities to strategize, plan, research and learn along the way including tweaking strategies from time to time to consider trading, reallocating, use of leverage and/or financial instruments.
The first ones on the list are more basic, and the later ones on the list are more advance, so of course, I strive to get the basics before getting into the more advanced techniques. And more advanced does not mean that they need to be done or that they should be done just because you know how to do them.. From my perspective, it is not a matter of smart but a matter of proportion in terms of if any of the more advanced techniques (which includes selling) are actually employed before getting the basics in order first. Including reverting to basics when market conditions are in a difficult to determine place and if you may well have uncertainties about some of your own circumstances based on such volatile market conditions..
And for sure, it is good to have financial practices that do not unnecessarily provoke emotionalism in terms of your ways of investing or thinking about your investment.. especially such a volatile asset like BTC that is likely going to continue to be quite volatile in the coming 20+ years.
Poll
