Bitcoin can play tricks on your mind

[sapnu]

Bitcoin is indeed tricky, its value has been changing a lot lately and most of the investors are having a hard time upon deciding what to do. If they would buy or sell at this moment, it's very confusing cause maybe on the next month, bitcoin's value will rise high again or go down low. Regardless of the confusion and gamble you will be taking, the best way to know what to do is through monitoring the price movement of bitcoin each and everyday. Through this, you will know or you will notice where will the bitcoin's price go on the next few days and it will surely benefit your investment later on.

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[Reosta_]

After this latest run I thought about taking profit to get my original stake back, which is about 25% of the current value.

But then I start thinking "No, that 25% could eventually be worth many times more in a few years...".

... but then I think "What if bitcoin crashes to zero, isn't it best to take my original stake out now?"

... and then I think "no, don't bother, if it does crash to zero, it won't happen in a flash, and you could still take your original stake out on the way down."

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

I'll give you that about Bitcoin being really tricky. I'm sure that everyone thinks about similar scenarios on their mind. In the end, Bitcoin is a very volatile crypto like others so it is totally normal to think like that. But I think still that HODLing is the best thing to do in the end. Even if Bitcoin price goes down sharply, you don't need to worry about it as you are HODLing. Let's say it seems like it will go down to zero, then you could still prevent yourself from losing all your money.

[Review Master]

I also feel that sometimes whether I take 10-20% profit from buying and selling Bitcoin is enough or I want to hold it, I always worry about it but I end up taking profits little by little rather than my assets being lost

That's a great strategy which is obviously good for both of our portfolio and mental heath. If anyone's doing day trading, than it's best to profit out initial captial within 10% profit and wait rest of the amount until hitting the desired target for more profits. But bitcoin is the best one for long term purpose as it's never disappointed any investors whenever they took entry on it. BTW, bull and bear market would always happen side by side. 

[doctor877]

It happens, first thing a trader or investor should have in mind is a plan on how and when to remove your capital, profits. This will guide you on any mind tricks.

[blockman]

It happens

And very normal.

first thing a trader or investor should have in mind is a plan on how and when to remove your capital, profits. This will guide you on any mind tricks.

Right, you have your plan when to buy or sell and whenever you're going to sell you won't do the same thing as overthinking. You just have to play with your mind and accept whatever you'll decide to go for.

[newwest]

I also feel that sometimes whether I take 10-20% profit from buying and selling Bitcoin is enough or I want to hold it, I always worry about it but I end up taking profits little by little rather than my assets being lost

Having the short and long term startegy is the best where for long term you continue holding it. For short term you keep booking your profits so that you will have money each month to meet your expenses or want to reinvest in the same or other coins can do that as well. It’s all about how much money you have and how much risk and holding period you are ready to take it.

[bitbollo]

@OP
if you think that bitcoin can collapse to zero (slowly or fast) it's better you sold immediately your coin since probably you have not understand what's "is going on".
If you look this investment with "classic" perspective you will be focused on % gains and yes it's always better close a position.
If you look this investment as "something new" this is an "entire" revolution that could seriously change the world, and why not, create a new "elite" made just of "bitcoiners".

[ropyu1978]

bitcoin is toying with your mind, not only bitcoin whatever you control will definitely play with your mind, especially if we hold bitcoin, there are definitely many risks that we will face, this is where we have to prepare our mentality. , so that we are always strong in facing negative posts about bitcoin, such as Elon Musk's post, if you want to be successful in bitcoin, don't believe what people say, don't let other people mess with your mind.

[TangentC]

After this latest run I thought about taking profit to get my original stake back, which is about 25% of the current value.

But then I start thinking "No, that 25% could eventually be worth many times more in a few years...".

... but then I think "What if bitcoin crashes to zero, isn't it best to take my original stake out now?"

... and then I think "no, don't bother, if it does crash to zero, it won't happen in a flash, and you could still take your original stake out on the way down."

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

Take the 25% and get your original stake back,
that way you can let the rest ride til infinity and never feel like you messed up.

Good Investors always take some gains off the table after a big win,
Gamblers leave it all in, until they lose it all.

So decide which one you are and act according. 

[Ebede]

There is no possibility of Bitcoin crashing to zero. You just needs to be cautious and not be taken away with the present surge in price. Where possible, always take profit.

The possibility is not sure, Bitcoin going back zero will even cause elimination of cryptocurrency to the societies because peoples outside the world will never believe in crypto again when such happen, so we need to monitor cryptocurrency market sphere before we transact but having it mind that btc will go to zero is impossible.

[Japinat]

There is no possibility of Bitcoin crashing to zero. You just needs to be cautious and not be taken away with the present surge in price. Where possible, always take profit.

The possibility is not sure, Bitcoin going back zero will even cause elimination of cryptocurrency to the societies because peoples outside the world will never believe in crypto again when such happen, so we need to monitor cryptocurrency market sphere before we transact but having it mind that btc will go to zero is impossible.

as long as there are people using bitcoin and there are bitcoin transactions, I don't think bitcoin will return to zero. moreover, in fact, currently many support it, we can see the development of bitcoin to date, not because bitcoin is going down quickly making us assume negatively about bitcoin, because what is happening in the market is normal

There's no way it will happen, bitcoin could drop but not to be worthless. It's not actually bitcoin that is playing with us or doing the trick, it's the whales who manipulate the market and we can also blame those newbies who just easily ride with the FOMO and get panic easily when there's a FUD.

[tabas]

as long as there are people using bitcoin and there are bitcoin transactions, I don't think bitcoin will return to zero. moreover, in fact, currently many support it, we can see the development of bitcoin to date, not because bitcoin is going down quickly making us assume negatively about bitcoin, because what is happening in the market is normal

It's unlikely that bitcoin will go to zero. Those FUD keeps on telling that to confuse the minds of the people especially the newbies. And if you're a gullible person, you'll really believe on that FUD.
You're going to sell as much as you can and you'll forget that bitcoin is getting stronger in all of aspects and its foundations cannot easily be broken.

[barabarian1]

many user have same situation like that.
for me, i will sell when it price os good enough, than buy again when the price stack low too long. simple act is how to make profit from high and low price.
my mind is always say that bitcoin price will grow pass the higher before. never regret when you have it, although take in high price, because in a future will pass, more and more surprising

[gundala]

many user have same situation like that.
for me, i will sell when it price os good enough, than buy again when the price stack low too long. simple act is how to make profit from high and low price.
my mind is always say that bitcoin price will grow pass the higher before. never regret when you have it, although take in high price, because in a future will pass, more and more surprising

self control, can be implemented well if we understand the cryptocurrency ecosystem. price fluctuations can be used to take advantage, the key is to analyze the right timing for entry and set a safe limit for exit. Greed will mess up analysis, as will panic. then you should learn to the maximum regarding fundamental and technical analysis so that it is not easily influenced by fud.

[dzonikg28]

as long as there are people using bitcoin and there are bitcoin transactions, I don't think bitcoin will return to zero. moreover, in fact, currently many support it, we can see the development of bitcoin to date, not because bitcoin is going down quickly making us assume negatively about bitcoin, because what is happening in the market is normal

It's unlikely that bitcoin will go to zero. Those FUD keeps on telling that to confuse the minds of the people especially the newbies. And if you're a gullible person, you'll really believe on that FUD.
You're going to sell as much as you can and you'll forget that bitcoin is getting stronger in all of aspects and its foundations cannot easily be broken.

There are a few scenarios where Bitcoin could go to zero but these scenarios usually have nothing to do with the freaks on this forum who found some alt coin that now will take over the world according to their opinion.

One scenario is when the algorithm gets cracked although I think that we would never find out. Rather those who cracked the algorithm will put their knowledge to use otherwise I could imagine.

Another scenario could be that it turns out this is a massive surveillance project with overseen backdoors, which is unlikely as this is open source and somebody should have seen it.

Or it might turn out one day that the North Korean dictator owns 80% of the Bitcoin supply. But even then I guess it wouldn't go to zero as most people would still hope for pumps.

The most likely scenario is that Bitcoin won't go to zero!

[tabas]

as long as there are people using bitcoin and there are bitcoin transactions, I don't think bitcoin will return to zero. moreover, in fact, currently many support it, we can see the development of bitcoin to date, not because bitcoin is going down quickly making us assume negatively about bitcoin, because what is happening in the market is normal

It's unlikely that bitcoin will go to zero. Those FUD keeps on telling that to confuse the minds of the people especially the newbies. And if you're a gullible person, you'll really believe on that FUD.
You're going to sell as much as you can and you'll forget that bitcoin is getting stronger in all of aspects and its foundations cannot easily be broken.

There are a few scenarios where Bitcoin could go to zero but these scenarios usually have nothing to do with the freaks on this forum who found some alt coin that now will take over the world according to their opinion.

One scenario is when the algorithm gets cracked although I think that we would never find out. Rather those who cracked the algorithm will put their knowledge to use otherwise I could imagine.

Another scenario could be that it turns out this is a massive surveillance project with overseen backdoors, which is unlikely as this is open source and somebody should have seen it.

Or it might turn out one day that the North Korean dictator owns 80% of the Bitcoin supply. But even then I guess it wouldn't go to zero as most people would still hope for pumps.

The most likely scenario is that Bitcoin won't go to zero!

Yeah, it all came down to the conclusion that bitcoin won't go to zero. And the first that you've mentioned, it is all about the quantum computers.
But when we're going to see that? time might come but will it really make bitcoin to zero as it decodes or crack it?

[mauriek]

I know crypto assets are riskier than many other investments.  There are no guarantees other than volatility.
Crypto assets are not regulated in most cases.  There is no insurance for these items.
The price of crypto assets swings wildly by the minute, has suffered a painful and protracted correction and is almost certain to happen again.
Bitcoin, the first crypto asset that has been around for over a decade and is much less likely to disappear than most other coins, is also not risk free.
To avoid your mental health it is best not to risk all of your life savings on any crypto-coin assets.

[JerryKin]

With every investment comes risks. Questions like what if I loose all my capital what if I don't I don't earn as I should. Bitcoin isn't exempted. Especially with the unstable market of bitcoin when it rises or falls.

 Over the years I have learnt to see Bitcoin as a system that is self sufficient meaning it has a way of replenishing via a means called mining this makes it difficult for market to actually run out of the coin.  hence I  trust it to always come back up even when the value falls. This has influenced my decision to invest or not many times.

You'd only be wasting time if you try to consider all the "what if"  that crosses your mind. You are not an investor until you actually invest.

[dzonikg28]

as long as there are people using bitcoin and there are bitcoin transactions, I don't think bitcoin will return to zero. moreover, in fact, currently many support it, we can see the development of bitcoin to date, not because bitcoin is going down quickly making us assume negatively about bitcoin, because what is happening in the market is normal

It's unlikely that bitcoin will go to zero. Those FUD keeps on telling that to confuse the minds of the people especially the newbies. And if you're a gullible person, you'll really believe on that FUD.
You're going to sell as much as you can and you'll forget that bitcoin is getting stronger in all of aspects and its foundations cannot easily be broken.

There are a few scenarios where Bitcoin could go to zero but these scenarios usually have nothing to do with the freaks on this forum who found some alt coin that now will take over the world according to their opinion.

One scenario is when the algorithm gets cracked although I think that we would never find out. Rather those who cracked the algorithm will put their knowledge to use otherwise I could imagine.

Another scenario could be that it turns out this is a massive surveillance project with overseen backdoors, which is unlikely as this is open source and somebody should have seen it.

Or it might turn out one day that the North Korean dictator owns 80% of the Bitcoin supply. But even then I guess it wouldn't go to zero as most people would still hope for pumps.

The most likely scenario is that Bitcoin won't go to zero!

Yeah, it all came down to the conclusion that bitcoin won't go to zero. And the first that you've mentioned, it is all about the quantum computers.
But when we're going to see that? time might come but will it really make bitcoin to zero as it decodes or crack it?

As far as I know, and everyone feel free to correct me here, even quantum computing could be defended by either changes to the algorithm or by incorporating it into Bitcoin's algorithm itself. I am not quite sure as it is a good while ago but I read an article which was very interesting on why quantum computing is not the end of Bitcoin.

I know you could go back and forth as there are those who say it is the end vs. those who say it is not. I don't know enough about quantum computing at the core level to come up with my own assessment. I am rather relying on opinions and explanations here by people who I think could be trustworthy in regards to that domain. Hard to tell but quantum computing being applied to Bitcoin's network is quite a few years down the road. We should be good for now.

[SoeNan89]

A strong mentality is the main capital to become a btc businessman.  If you are not strong then you cannot produce clear ideas.  The long-term scenario for you is a must to consider, and how many of them regret selling btc in 2009. If they sold it now then most likely wealth was on their side.