What a bunch of nonsense, Beyerd17. You don't even seem to appreciate what bitcoin is (..)
I wish I could agree with you, but it totally depends on what "better" means to the larger percentage of people. Because while back in 2010 BTC might've only had tech geeks and privacy-seeking guys interested, today the thing that apparently matters the most is its value and how fast it is.
If you think that value gravitates into an asset based on its ability to be a good payment system, then maybe you should go invest in a credit card company.
In other words, we can agree to disagree if you also don't understand the value proposition of bitcoin in regards to its sound money aspects.
This is the best launchpad for centralized currencies: extremely fast (almost instant), close to zero fees, small price but with high enough market cap and so on.. how convenient, right?
Your line of argument is coming off as a bit of gobbledy gook and weird-ass framing.. like the largely incoherent and inconsistent talking points that shitcoiners like to present for the bitcoin 2.0 nonsense.
Let's put everything "financial freedom" means to the side and sustain something that enslaves us even more than the current system we all have to be living in.
Let's not. If you believe that bitcoin is enslaving you, then you cannot appreciate the additional options that it gives to you.
This is how the average person unfortunately thinks,
Average person is also motivated by gresham's law principles once he is exposed to assets or currencies and he can choose which one(s) to spend first and which ones to save.
and I honestly believe there will be a Bitcoin replacement at some point as well.
Sure it is possible, but why preoccupy ourselves with that nonsense right now, when there isn't anything that even comes close.
Oh? You want to create a shitcoin that is better? It does not work like that.
Bitcoin is not merely technical, but it is also network effects, so if the network effects move over to your shitcoin, then sure that shitcoin will become the new bitcoin, but at this point there aren't any projects that even come close.. but hey, if you want to diversify into various shit products in order to hedge your bets, then suit yourself.. no one is stopping you. There are a few thousand of them available, and since you are so smart in regards to what everyone is going to want, you should not have any problems picking out which shitcoin(s) to pick out instead of bitcoin.
Of course, it will not be decentralized nor will it sustain any of Satoshi's ideas but it'll be shaped up in such a way that it'll become an actual competitor.
Yeah.. right..
Nonsense...
There still is nothing that even comes close to a bitcoin competitor.. but whatever, if you have identified such bitcoin 2.0 characteristics, then you should not have any problem to identify which coins have those futuristic features..
And yeah, that's like fooling the mass to think the fashion industry could somehow compete with the tech. Bullshit.
With bitcoin, the masses do not need to be fooled. it may take 100 or 200 years for value to gravitate into bitcoin, but it will gravitate with the passage of time... and you can choose accordingly.
By the way, I could give less than two shits about what happens 100 or 200 years down the road, because likely I won't even be breathing in 50 years, but in any event, when we are presented with a gift horse (bitcoin) that does not come around too often, then we should recognize such opportunity.. but hey, you have the choice to NOT recognize bitcoin if you do not appreciate the value proposition. that's your complete choice.
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To be honest, I haven't done a proper chart check of the current BTC bullish pattern vs previous ones. If we're following previous patterns, it must be my mind playing games on me then.
You may need to look into the matter a bit more. There is a lot of good information about bitcoin that is available, including on this forum and surely some information is better than other information...
Nonetheless, if you cannot figure out how to distinguish the good information from the bad information then NOT sure what can be done about that.. except maybe you can just continue studying and hope to get better at it..
However, I've seen and been fooled by so much "similar pattern" stuff on TradingView I'm not even sure if I should believe it anymore, lol.
I agree that there is a lot of bad and misleading information out there.. so it would not be very smart to be allowing bad information to mislead you... so sure, I agree that it can take a bit of time to be able to figure out how to distinguish between good information and bad information.
I've been around since 2013 and I've learned a lot out here.
Me too.
I actually have been around a lot longer than 2013, but I only started looking into bitcoin in late 2013.
One thing I know is, I would've had way more BTC now if I was to never sell.
A couple of things.
If you made mistakes you can attempt to learn from them and act upon such learning to change your approach.
I would not conclude that it is necessarily a bad thing to have fewer bitcoin as the price goes up, but it is likely that you should try to develop a system that is both tailored to your own situation and attempts to learn from mistakes that you have made... (that is if you had made any mistakes)
But it does get so much harder to abstain from selling when you know you have creepy falls like $1.3k to sub-$200 or $20k to $3k - and especially during the beginning of 2020 when, AFAIK, commodities went straight up while BTC got dumped hard. I obviously also have way more confidence than I used to have years ago and these events don't really affect me anymore at all.
Sounds good that bitcoin went all the way up to $1,300 and it also went all the way up to $20k... you seem to be focusing on the dumps in a negative way rather than appreciating how much price appreciation had taken place..
And, BTC prices are currently in a great place, too, even though some peeps might be complaining that it is only about 60% of its high point...
There are ways to take advantage of BTC volatility and also to make money from an asset that has been going up without getting too emotional about it... but sure, maybe it takes a bit of time to figure out a strategy..
Part of my advantage of coming to bitcoin in late 2013 was that I already had a decent amount of capital and I also had about 25 years experience of various kinds of DCA investing .. so applying some variation of DCA investing to bitcoin worked out pretty damned well, I would say.
None of my other traditional investments had appreciated so much in value as did my bitcoin investment, and largely my traditional investments had averaged around 5.5% per year in their appreciation. Sure some years were better than others, but overall the average return was only about 5.5%... but at this time bitcoin has returned nearly 15x over my nearly 7 years investing into it... Yeah, at some point, on paper, I was probably up a bit over 25x, and when the BTC price dipped back down to around $3,200, I was probably only a bit more than 4x UP, but overall the strategy DCA'ing, buying on dips, and accumulating BTC has worked out quite great for me. Difficult to complain in terms of how bitcoin performed overall and that I had a sound investment strategy to approach BTC as a long term investment - not something that is a gambling machine to try to time the market and losing prospect bullshit like that.
I stopped playing with my BTC for the short term specifically for the amount of times I've wrongfully done so.
Hopefully you have stopped playing around. I have heard from a lot of forum members over the years who don't seem to appreciate how to approach a long term investment and they end up spending a lot of time trading btc or fucking around with shitcoins (believing some shitcoin might have some better value proposition.. blah blah blah) and trying to time the market and end up making themselves worse off than just employing a more simple approach that is BTC focused including: DCAing, buying on dips and hodling.. .. sure you can sell small amounts along the way when the BTC price goes up, but those amounts sold on the way up should be really small amounts, and not fucking around with selling large amounts of BTC.. that is just stupid.. and is just gambling (or playing with fire)
Rather than being constantly emotionally challenged and making wrong moves at the wrong times, I'd rather just accumulate and hodl onto that sum. Without a very strong emotional control, you'd fuck up your BTC before you know it.
I am NOT going to argue with you about this point.
About percentages of profit I consider enough, "to each their own" is the best way to go, I guess.
Sure, but you should be tailoring to your objectives including your timeline.
If you are looking to retire or you want to achieve fuck you status, then you need to accumulate enough of a principle in order to generate a passive income off of the principle.
So, sure you should be able to figure out what your goals are and how much you need to reach, and I agree that the calculation should not necessarily be about how much profits you make, but sure, I can see tha tyou are still caught up in some bullshit ideas of thinking that you have to cash out your profits into cash, which is also a problematic way of considering your profits in cash rather than just continuing to cash out of bitcoin incrementally once you reach a certain principle or you reach your value accumulation goals.
For example, if you believe that you can live off of $3,333 per month in passive income, then you need to establish a principle that is worth $1million to be able to cash out 4% per year 1% per quarter or $3,333 per month.
So, yeah, if bitcoin is volatile then you have to take that into account in terms of your value, and you should be accounting for how much you really need for income, including various emergencies etc.. and cost of living changes... so having a cushion should be a consideration.. and you do not want to get so paranoid, either that you have to create a cushion that is so damned high that you are never going to pull the fuck you lever.
Thinking of those who bought at $1 and sold at $100, they might regret it right now but they never knew it'd ever reach $10k, did they? Some people struggle getting 20% profit in an entire year with stocks. Hell, some struggle doubling their stocks portfolio in half a decade. Making the same people take a look over the BTC chart would probably get pissed off. You could purchase today, sell at $100k and 5 years later a Bitcoin is worth $10M. You just never know, but as soon as you're happy with the profit why not cash it out if that's your plan?
I am more in favor of incrementalism in terms of my BTC rather than selling all of it, so there are ways to sell small amounts on the way up and also to never run out of bitcoin to sell if the BTC price keeps going up and never run out of dollars to buy back if the BTC price keeps going down.
I think that there are ways to also start to cash out BTC when the time comes.
So initially BTC investor will be in an accumulation phase until he achieves his accumulation goal, then he will transition into more of a maintenance mode, and then finally later he will gravitate more towards being in a liquidation mode.. but none of these phases would mean selling all of your bitcoin, unless you have some kind of impending death or some strange thing that screws up your timeline in terms of being able to carry out incremental liquidation that would be at 4% per year .. approximately... which would largely be a perpetual kind of system that allows retention of value.... and only becoming more aggressive with the cashing out of bitcoin under that kind of system if death were impending or some other major tragedy that causes a need for total liquidation of wealth.
Then, it all goes down to what you care more about: USD value or total amount of BTC?
BTC holds value more, so you have to consider a system that you do both, once you start liquidating you keep some in cash as you need it.. approximately 4 % per year.. otherwise you would mostly just keep accumulating the BTC.
I personally care more about the latter right now.
Once you get to your accumulation goal, then you can maybe be a bit more neutral in regards to which one you prefer.. because you should be able to just cash out BTC as you go along once you get to a certain level.
Hence, I don't even care about drops anymore.
That's good. I suppose.
As I said, that's just one more opportunity for me to accumulate more.
I believe that I largely reached my accumulation goal by the end of 2014.. but I did continue to accumulate through 2015 and part of 2016.. so I kind of over accumulated, so I don't know.. maybe maintenance and a bit of liquidation might be o.k. too.. even though I really have not gotten into liquidation, yet, I am not as eager about accumulation.. but I understand that each of us will be in a different place, in regards to if we are still accumulating, maintaining or liquidation and sometimes they should be consider to be on a scale rather than absolutes stages, too..
Whether my BTC net worth will be a hundred bucks or ten million in the next few years, all I want is to know that I do have a financial freedom I can enjoy - be it through a drink or a luxury mansion.
Once you get passed using BTC or fiat for basic needs like food, housing, utilities, transportation, then you move towards being able to use BTC or fiat for more discretionary items like hookers, lambos and blow... so there are levels in the kind of consumption that you need to do and what you want to do.
