Following up on
the most stupid bearish move made to date:
You can call me stupid, but being bearish in a bull market usually doesn't pay out, imho.
That's all, have a nice day, i'm going to work now, doing things very similar to what Phil did in the videos, while the war against Buddy silently rages on
I was going to act like you did not say that, but I couldn't help my lil selfie.
From my point of view selling at whatever price because you need the money, that is fine, and sure sometimes we might even trim off a few percentages of our stack.
However, selling to buy back cheaper those are rookie moves, whether we have reached over accumulation status or not.
Sure if you have reached over accumulation status, you have more liberty to throw away money, but still there really seems to be no need for that.
I know there are some guys in these here parts who do believe (and practice) selling to buy back cheaper, and there may be a few who end up getting lucky with such a strategy, yet it does not seem like a good mindset... even though last time I checked we live in a free world when it comes to our choices of how to allocate to bitcoin and the extent to which we are buying, selling or HODLing it.
Jay, you might have got me wrong on this.
What i was trying to say was like it's not a good idea to bet on downity in an upity movement (from a moderately zoomed out point of view).
I think you agree with me on that.
Well. Perhaps, egg on my face, again?
I may have read too much into your statement of "You can call me stupid" since I was understanding some variation of that statement to have had been some kind of a subtle hint that you might have had done some kind of a similar attempt to trade.. so yeah, from your response it seems that
I was wwwwwwrrrroongg
EDIT: just wanted to add that i can still feel the results of my planking adventure, but it's not that unpleasant anymore. I should up my training units a little more, and i doubt i will try this kind of intensity increase again...
In about the past 10 months, I have been doing three pushup sets per day, and one of the three pushup sets is purposefully slow, which I consider to be a kind of plank substitute, since I don't want to do planks.
The slow pushup sets tend to be between 20 and 25 pushups and usually between about 60 seconds and 105 seconds.
So far, I have not had any of my pushup sets that I could make last longer than 105 seconds.
After right around a year and a half of daily pushups, my normal pushup sets tend to usually be between 40 and 60 pushups and usually slightly less than 1 second per pushup, even though there is some variance in regards to the speed of my regular pushup sets.
This may sound silly because I’m holding since 2013. But I need some advice. I consider taking some profits for the first time ever. I’ve sold fractions in the past to pay some things. But never took profits like selling for fiat to hold fiat. I know all the sayings to never sell your bitcoin for fiat etc. But I’m also tired. Tired of the wild swings in the market. I would like to have at least something on the sideline if this Bitcoin ship fails one day due to something unpredicted. Whatever it might be. It would be an absolute nightmare to hold for 12 years and have nothing at the end. Because all my full wealth is in crypto. 97% in bitcoin. And 3% shitcoins I plan to convert to bitcoin if we get a altcoin rally. I literally have a few thousand on my bank account to live and pay the rent. That’s it.
So I wanna sell 10% of my holdings. DCA out. Here comes the problem. What’s the safest thing to convert to? USDT seems like a risk long term? USDC? Both had their bad moments in the past where both collapsed short term. But also I don’t prefer to hold fiat in my bank account. It’s confiscatable. And I don’t want the government (Germany) know how much money I have. Also right now I would prefer to hold it in US Dollar value because the USD is weak.
Also I like the option to hold it in stable coins and buy back if we get a bear market and go down to 5 digits again. I have no idea about investing. Of course it would be great to have fiat invested and get 5-7% on it annually. I could easily live off of that. But paying tax is theft and I don’t wanna feed the government.
It is not good to be talking about ways that guys might be able to break laws - even though jurisdiction have differing tax rules.. and so some of us might be able to do some kinds of things without tax consequences in some jurisdictions as compared with other jurisdictions.
Accordingly, there can be ways to convert and to hold in differing kinds of forms, which maybe would be holding on a private wallet rather than holding on an exchange.. ... so that you are holding in stable coins rather than holding in fiat or going through a bank.. yet at the same time, none of us should be completely assuming that our coins are anonymous when we are holding them in some stable coin, like the ones you mention USDT and/or USDC..... It just seems that more and more our abilities to transact without KYC is becoming more and more difficult, and the various stable coins are likely not helping in regards to some of the privacy matters.
In regards to your proposal of DCA out of your position until you get to 10% (or whatever might be your target to sell), I imagine that you are selling based on price rather than based on time, so maybe you are doing some kind of a price based laddering in which you sell a certain percentage each time at various price points until reach the 10%.. so maybe you sell something like 1% of your stash every time the BTC price goes up $5k starting from a certain price point (like starting at around $130k) and then by the time the BTC price reaches $180k, you would have had made all 10 of your sales.. something like that... and then you can transfer to a wallet that allows you to hold Tether, for example. Doesn't Aqua wallet allow to hold Tether? I had heard some others that allow the holding of Tether, but i had not been using any of those wallets, so far.
If you are holding on an exchange that does not do KYC, then those exchanges are fairly rare.. and I don't even know which ones don't require KYC anymore. They all seem to be catching the KYC bug... and surely I personally don't like how extensive and widespread some of this KYC requirements have gotten... but it is not a new thing that more and more exchanges require various levels of KYC that seem to be becoming more and more onerous, and I have gone through a lot of that too... and frequently I had considered having various ways that we can peer to peer transact as possible ways to side-skirt some of the KYC matters, but that might not be so helpful if you are merely wanting to hold in cash/dollar equivalents without necessarily transacting with it. I personally try to support transacting with my bitcoin, even though for me, it seems rare to be finding folks to transact in the real world even though I will frequently ask: "do you take bitcoin?" especially when it is a BIGGER ticket item and we are haggling about price, whether phone or appliances related, or car rental or restaurants or even some smaller consumption items (haggling about perfumes and cosmetics in recent times.. but no bitcoin accepted even though they accepted Cash App which has bitcoin built within it).
If you don't want fiat, there's always the option to invest in gold.
invest in gold.
Holy shit.
[...] yet any time we sell any of our bitcoin with an expectation of buying back cheaper, we are going down a presumptive road that might not work out how we had expected it to.
[...] but it is still a gamble to sell some or all of dee cornz with an expectation of buying back cheaper.
so much this
hey wanna gamble? sure have fun
with long term/short term cap gains (USA) just make sure you have your ducks in order even if it works out.
myself, i never sell with the expectation of buying back cheaper.. sure it may happen that i buy some cornz back cheaper but thats a bonus not an expectation. i consider every sat sold is a sat i may never recover be able to recover, even if i wanted to.
That kind of an approach of mostly hanging onto a vast majority of the BTC stash has worked out berry berry good for me, too.
In essence, over the years, the cashing out of only small portions of the stash from time to time has caused only small amounts of sales relative to the size of my BTC stash, so in essence the rolling over part (which has been something like 95% of the stash at each doubling point) has compounded nearly 9 times since 2015. See the below overview.
The power of compounding.
....
Here is an excerpt / example of a similar but later posted description of compounding (For clarity, I edited the below post)
So, let's look at the historical numbers and the timeline from 2015 to present again.
0) $250 (2015) 1X
1) $500 (2015-2016) 2X
2) $1,000 (2016-2017) 2X * 2 = 4X
3) $2,000 (2017) 4X * 2 = 8X
4) $4,000 (2017-2020) 8X * 2 = 16X
5) $8,000 (2017-2020) 16X * 2 = 32X
6) $16,000 (2017-2022) 32X * 2 = 64X
7) $32,000 (2021-2023?) 64X * 2 = 128X
8 ) $64,000 (2021-?) 128X * 2 = 256X
9) $128,000 (?) 256X * 2 = 512X
You can likely see that if you are shaving off profits at the earlier stages, then you are going to eat into the compounding (and/or exponential) component in regards to how your value would have had grown through that period of time.
Poll
