Just an aside on how 'not to' retire on BTC/Crypto using the ATH as a guide and my 'kool-aid' drinking 'mistakes' in how I went about doing this.
On Jan 14th, 2018. Be aware of the ATH returns (likely) and plan your real-life situation closely to account for such. Below is how I decided
to 'retire' at the ATH ...but in 20/20 hindsight could have done a 'much' better job looking down the road with my circumstances. It all has
worked out...but I was more than a bit naive and blinded by the ATH and such. Anyway, my retirement experiences below and/or how to maybe
look down the road and not get a 'bit' as bad as I did, in 2018, even though in my circumstance it was the right thing to do. So anyway,
On a more serious note, then me 'lamenting' in denial the existence of BTC Hodl'er 'Gold Diggers'
I decided to retire with BTC/Crypto on December 17th, 2017...at the All-Time-High of $19, 184.12 on that date.
www.coinmarketcap.comWith this amount of $$$ at the time with a BTC price and with no debt and house paid off..it made quite a 'buffer' to retire 3.5 years early on BTC/Crypto. This was in
addition to above no debts and an 'emergency' set of 'traditional investments' in the 'wings' as a backup.
I had to give a month's notice to my former employer, so I was out the door on January 14th, 2019 at a price of $13,665.02. I exclusively lived on Altcoins (mostly)
I had laying about. I did have to resort at the lows of $3,900 and 'dumped' 13 BTC...of which I've gotten 5 BTC back. So from the experience down 8 BTC at that price.
Ouch! On the other hand, it allowed me to 'retire' on Bitcoin/Crypto 3 years and 1/2 years earlier than the full 66 years and 2 months Social Security retirement. BTC/Crypto
Thus, the BTC/Crypto I have lived off of since January 2019...when I flipped to 'full' traditional investment and bleeding out no more BTC/Crypto to be burnt so far.
The reason I mention above is even though I'm down 8 BTC at the 'stupidly' low price...it did allow me the following:
1) No more work...the stress of not dealing with managerial idiots and with the usual work problems and wage-slave issues of such..is well worth losing 8 BTC alone!
2) With the BTC sold was a 'panic' sale on my part to get through till 66 years and 2 months in addition to the altcoins...not a bright move, but understandable.
3) Traditional Investments/Paid off house/No Debts..came through in Jan of 2019 so was off the BTC/Crypto 'spend' wagon...so only did about 2 years living on
BTC/Crypto, of the 3.5 years, so there is that. Sometimes stuff plays out in your favor, despite 'panic' (see 2 above)
4) Got to drive to folk's home town and visit them for 2.5+ years more often due to placement in assisted living and eventual nursing home.
If I had not retired these 3.5 years early that would have been tragic indeed!
5) Got to 'wrap' up mining business and get out of such with CPA, in 2019...thus, if not clearing all that up at the right time, I was not too late either!
So as you say, real-life issues have to be taken into account. I was 'naive' like a lot of us when it hit $19k, but now that I don't need to live on
BTC/Crypto to stay retired and Soc Sec kicking in June 2021...well...I can let it ride..even down to below 10k now with no lifestyle or real-life changes
But, in 20/20 hindsight when I thought to retire if the price was already at 10k if we would have had say ..had dropped from $19k to below $10K
...I likely would NOT have pulled the 'trigger' on that 8 BTC and just stayed working. Which in 20/20
hindsight and the 3-year changes at my workplace and the lack of contact with my parents' situation and passing...I indeed would have had much
more in regret than those 8 BTC then the loss of 3 years as freedom from being a 'wage slave'.
So remember, some of us on here 'are' older or have
had time to get out of debt and other means to 'slide by' as we HODL BTC/Crypto. But it took the ATH for me to 'pull the trigger' and retire and spend
some BTC/Crypto to retire early, mainly by ATH and circumstance, so if you want some advice....look around if your situation is like mine and see
what you MAY be able to pull off in a real-life situation without regrets if you need to do so. The ATH and kool-aid drinking thoughts when I retired..that
Bitcoin would never dump below 10k again ...well... were naive...now that I don't rely on BTC/Crypto 'in' my modest retirement it could dump to under
10k again and I'd likely still HODL..but for others this may not be the case. So in 2020 hindsight, I did make the right play in selling those 13 BTC of which
I've scrambled 5 BTC back and am really down only 8 BTC...but I'd do it at a 'more' sensible price than $3,900 for crying out loud. So by all means HODL coin,
but let your circumstances dictate if you have to sell some BTC/Crypto for real-life issues and/or in my case minimize completely large dumps in BTC/Crypto
prices as being 'irrelevant' to your living situation. I stumpled into retiring at the ATH and selling to low to maintain such. Again in 2020 hindsight no regrets
but shoulda/coulda done the same thing with a bit more planning.
Anyway, the longer you are in BTC/Crypto the more insights you have..thats for sure.
Brad
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