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Author Topic: GREED KILLS, or simple rules for your Success  (Read 1164 times)
zeroday
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November 27, 2013, 02:57:19 PM
 #1

To all the newcomers.

You will be successful bitcoin investor if you stick with these simple rules


- Never spend more than you afford to lose. It may kill you. This is the main rule.

- Never treat bitcoin as get rich quick scheme. Get ready to wait at least a year before you see gains.

- Never wait for price drops, buy at ATH and be happy when it doubles/triples in a year.

- Don't speculate during "All time highs", it will bite you.

- Don't panic. Never sell with losses, even when you see it's dropping 50% of its value in a minute. As history teaches, it's just another bear trap.


Abiding these rules will help you being happy and benefit bitcoin economy.

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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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November 27, 2013, 02:58:39 PM
 #2

You lost me at "never spend", sorry, I'm in total bull mode right now as it just hit 1000$ in gox.

zeroday
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November 27, 2013, 03:03:03 PM
 #3

You lost me at "never spend", sorry, I'm in total bull mode right now as it just hit 1000$ in gox.

Did you sell you house and threw everything into bitcoin ?

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November 27, 2013, 03:05:44 PM
 #4


- Never spend more than you afford to lose. It may kill you. This is the main rule.

- Never treat bitcoin as get rich quick scheme. Get ready to wait at least a year before you see gains.


First is standard, and I agree with the first half of the second point, but I've made 8 times my money in less than three months. People could still get rich in the same amount of time now, but then I'd refer back to your first point.

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zeroday
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November 27, 2013, 03:08:33 PM
 #5


- Never spend more than you afford to lose. It may kill you. This is the main rule.

- Never treat bitcoin as get rich quick scheme. Get ready to wait at least a year before you see gains.


First is standard, and I agree with the first half of the second point, but I've made 8 times my money in less than three months. People could still get rich in the same amount of time now, but then I'd refer back to your first point.

Don't you remember April 2013 ?
I know many people who spent everything at over $200, and after "crash" they dumped it at half price.

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November 27, 2013, 03:08:50 PM
 #6

Did you sell you house and threw everything into bitcoin ?


I so fucking wish I did Sad

i am satoshi
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November 27, 2013, 03:09:19 PM
 #7


- Don't panic. Never sell with losses, even when you see it's dropping 50% of its value in a minute. As history teaches, it's just another bear trap.


This advice would save me some BTC in 85% cases, but those 15% largely make up for that in my case. Not big losses though.

Bought at X
X-1
X-10
X-15
Oh shi-i-i-i...
Sell at X -20
X-50
X-200
...

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November 27, 2013, 03:10:55 PM
 #8

Did you sell you house and threw everything into bitcoin ?


I so fucking wish I did Sad

I so fucking wish I had a house, or anything to throw in something Smiley

I so fucking wish I'd threw $$ in Google stocks, as I was 100% sure they would skyrocket, but i had no $$ at that time.

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zeroday
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November 27, 2013, 04:23:40 PM
 #9

Just keep in mind the last rule. I'll help you to avoid many bear traps that will happen soon.

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November 27, 2013, 04:37:10 PM
 #10


- Never spend more than you afford to lose. It may kill you. This is the main rule.

- Never treat bitcoin as get rich quick scheme. Get ready to wait at least a year before you see gains.


First is standard, and I agree with the first half of the second point, but I've made 8 times my money in less than three months. People could still get rich in the same amount of time now, but then I'd refer back to your first point.

Don't you remember April 2013 ?
I know many people who spent everything at over $200, and after "crash" they dumped it at half price.


I wasn't watching the markets in April. BTC was only a blip in my radar then.

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