Poker Player (OP)
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February 04, 2021, 07:02:16 PM |
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He says it in this video: https://www.youtube.com/watch?v=yI6FW33KnDsWell, we already know that Michael Saylor likes to make headlines, but I think he is giving a lot of free publicity to Bitcoin and that's good. As for what he says, I wouldn't have put it that way, but I think he is right. Let's look back, the price of Bitcoin has grown over the last 12 years from a few cents to almost $40k today. Was it really worth trading when it was at $0.10? What about when it was over $1? What about at $10? Etc. Now let's look to the future. If you are one of those who believe that bitcoin will hit $100k this year, that it will probably hit $1 million in the next cycle, and that the cycle after that will go even further, don't trade. You will be wasting your time, and most likely your money. Of course there will have been, and will continue to be, people who can make money trading. But what percentage are we talking about? Between 80 and 90% of traders in the stock market lose money, and I am sure that this percentage is the same in the crypto world or maybe even higher. Bitcoin has been giving a return of 200% per year (average) so far. If it continues to give that return, you just have to invest $1k and wait 6.3 years to become a millionaire. I don't know what you expect to get out of trading but I can't think of a better return for doing nothing.
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livingfree
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February 04, 2021, 08:58:23 PM |
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Michael is the owner of Microstrategy which we knew that was buying bitcoin since last year at all prices. Everyone has their own price difference and whatever price they'll sell, it's not our business.
If somebody sells at $100k, that doesn't mean he has lower intelligence. We've been waiting for that price to come and it's not a problem if somebody would cash by that price his entire portfolio.
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stomachgrowls
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February 04, 2021, 08:59:44 PM |
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Michael is the owner of Microstrategy which we knew that was buying bitcoin since last year at all prices. Everyone has their own price difference and whatever price they'll sell, it's not our business.
If somebody sells at $100k, that doesn't mean he has lower intelligence. We've been waiting for that price to come and it's not a problem if somebody would cash by that price his entire portfolio.
Correct, it might sound absurd but its none of our business on how someone would really be setting out their own thersold on where they would sell out or on when they would buy out.
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goaldigger
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February 04, 2021, 10:00:56 PM |
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Bitcoin is not easy to understand and it requires a lot of research for a one person to know how it works and to know on how they can use Bitcoin and only those who pursue it are currently on the market which I think makes them more effective compare to the others.
Beside, we all have our own strategies when it comes to trading, they might be buying tons of Bitcoin for their future purposes, but we cannot force anyone to do the same thing. We sell base on our target price, and that’s more important than to this one.
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Bttzed03
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February 05, 2021, 04:49:54 AM |
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I can understand Michael Saylor's DCA strategy but those who trade to increase their bitcoin holdings would probably beg to differ. There are many assets that are appreciating not just in fiat value but also in BTC. Go to Coingecko and set BTC as the base currency and you'll see the likes of ADA, DOT, and LINK do well.
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mk4
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February 05, 2021, 05:10:58 AM |
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It's quite a controversial statement for sure lol.
In general? Probably, knowing that a huge majority of traders end up losing money in the end and are better off just holding. But it simply doesn't apply to 100% of people. Some people trade bitcoin(or cryptocurrencies in general) not to earn more in fiat, but to actually increase their bitcoin holdings.
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Curated Crypto Airdrop Database
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cryptoaddictchie
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February 05, 2021, 05:44:51 AM |
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Your money your responsibility. That's what we must remember. Trading is risky and we can't blame those who are selling at a lower price, ( provided they profited). We all knew a how volatile this market is on blockchain and we can assume that this could also fall down or progress more. Who knows, it depends on the appetite of those who are willing to risk their money for something in return later on.
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Lucius
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February 05, 2021, 02:22:15 PM |
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I wouldn’t agree with MS’s statement, it’s still something to look at from an individual perspective - because if someone is good at crypto trading, it means they’ll make a profit - and I don’t see how that can be “lesser intellect”. Of course, if we look at the percentages, a very small number of those who actively trade can say that they make a profit - so we could say that for most, the best strategy is to just hold.
But there are always those who think differently and are constantly looking for an opportunity, so let’s take the example of someone who invested in BTC in 2015 and bought 5 BTC for a total of $1000. At the end of 2017, his investment is worth as much as $100 000, but he realizes that the bubble will burst and sells all 5 BTC. Just a year later BTC is worth only about $3000, and our smart ttrader realizes the price has hit rock bottom and decides to invest 50% of its previous earnings ($50 000). With just over 16 BTC, he waits for the next big bull run and decides to sell when the price reaches $40 000 and now makes as much as $640 000. I wouldn’t call anyone stupid or less intelligent if in 5 years he managed to make 640 times more from his initial investment.
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livingfree
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February 05, 2021, 09:40:37 PM |
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Michael is the owner of Microstrategy which we knew that was buying bitcoin since last year at all prices. Everyone has their own price difference and whatever price they'll sell, it's not our business.
If somebody sells at $100k, that doesn't mean he has lower intelligence. We've been waiting for that price to come and it's not a problem if somebody would cash by that price his entire portfolio.
Correct, it might sound absurd but its none of our business on how someone would really be setting out their own thersold on where they would sell out or on when they would buy out. It's going to be another controversy if there will be a lot of these institutions begin to sell at $50k. But they knew how to play the game and they've been into it for a long time. They are an entire empire that we're talking and knows how to do business. I'm sure that they've planned it well and they have their own time and threshold of buying and selling. It's part of the game to use medias to move the emotions of every trader and investor and I think Michael is just doing it to influence everyone in positive or negative matter, depending how you look into that perspective.
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Wexnident
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February 06, 2021, 07:00:15 AM |
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Putting yourself in the position of someone else who has done something in the past while having the knowledge of what's going to happen in the future seems to be the one that has lesser intellect here, and not trading Bitcoin. No one bloody knows what's going to happen in the future, and saying someone has lesser intellect just based on him making a wrong judgment seems pretty stupid. By that logic, I'd guess most people would have lesser intellect then? In the end, these judgments all end up in what-if scenarios and can't really be proven. Only those in the future could possibly know if the move was right or wrong, but judging you based on that seems pretty wrong to me.
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GreatArkansas
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February 06, 2021, 08:42:44 AM |
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Normal words from Bitcoin maximalist. This is common for them, Bitcoin maximalist things, Michael Saylor is indeed a Bitcoin maxi. Telling not trade is the best thing to do if you are long term believer on Bitcoin.
But Michael also got a point, if you keep stacking sats along the way, yep profits are also good, I agree with that. Since I already tried using my stacked sats to trade, but I can get more returns if I didn't use them to trade.
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Tigboom
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February 06, 2021, 09:52:31 AM |
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well micheal said it in one of his tweets that you should rise early , work late and buy bitcoin. he said that this is his own success strategy. i can ay it works if only you have the believe and you can apply the necessary patience. but for those that know how to trade, they can earn this money also by trading. trade for 6 years and also hold for six years, it all depends on the one you want to pick.
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zanezane
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February 06, 2021, 09:57:36 AM |
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Your money your responsibility. That's what we must remember. Trading is risky and we can't blame those who are selling at a lower price, ( provided they profited). We all knew a how volatile this market is on blockchain and we can assume that this could also fall down or progress more. Who knows, it depends on the appetite of those who are willing to risk their money for something in return later on.
Well, according to Saylor, it is not when he said that trading is a sign of lesser intellect. I think the reasoning behind those statements is that he thinks that those who trade are unsure as whether they should trust bitcoin, but that is just a statement at the end of the day, you mind your own business and the other will do same, no matter what other people say, if you think that it is the right thing for you to do then do not hesitate just because some dude tells you that you are a dumb. We don't know what happens to the price of bitcoin in the future so we might as well get some profits along the way, just always remember that you have to go back to bitcoin as soon as possible so you can see what the future looks like without any regrets.
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Smartprofit
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February 06, 2021, 01:00:48 PM |
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He says it in this video: https://www.youtube.com/watch?v=yI6FW33KnDsWell, we already know that Michael Saylor likes to make headlines, but I think he is giving a lot of free publicity to Bitcoin and that's good. As for what he says, I wouldn't have put it that way, but I think he is right. Let's look back, the price of Bitcoin has grown over the last 12 years from a few cents to almost $40k today. Was it really worth trading when it was at $0.10? What about when it was over $1? What about at $10? Etc. Now let's look to the future. If you are one of those who believe that bitcoin will hit $100k this year, that it will probably hit $1 million in the next cycle, and that the cycle after that will go even further, don't trade. You will be wasting your time, and most likely your money. Of course there will have been, and will continue to be, people who can make money trading. But what percentage are we talking about? Between 80 and 90% of traders in the stock market lose money, and I am sure that this percentage is the same in the crypto world or maybe even higher. Bitcoin has been giving a return of 200% per year (average) so far. If it continues to give that return, you just have to invest $1k and wait 6.3 years to become a millionaire. I don't know what you expect to get out of trading but I can't think of a better return for doing nothing. In trading (investing), the most difficult thing is to do nothing. People are naturally very impatient. They like to hustle and do something constantly. The Hodl (Buy and Hold) strategy is a very reliable and profitable strategy. The main condition is that long-term investment makes sense only in relation to deflationary assets. Most alternative cryptocurrencies are dangerous to store as their price falls over time. I also believe that Bitcoin is not meant to be speculated. It is a deflationary asset. You can bet that the price of bitcoin will go down, and instead, the price will suddenly rise. This will lead to large losses.
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justdimin
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February 06, 2021, 04:42:25 PM |
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This guy is not really a normal one, he is basically a weird type of person that says all the things he would get headlines for and that's it, he owns so much bitcoins and he is now saying bitcoin trading is lesser intellect, so he is calling himself a retard.
Maybe it is about subreddit r/wallstreetbets because people there like to call themselves retards as well, not in a way that they actually think they are retard or anything, or maybe they do, but it is more about wearing your weakness as an armor so that you would never be hurt, they do make mistakes there, they do try to make money and fail a lot, and people call them retards for trying to do that and they just wear that as an armor. Maybe with the "lesser intellect" he means retard just like how WSB calls themselves. I do not know the real reason honestly but it just a way he could be talked about.
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aesma
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February 06, 2021, 11:37:46 PM |
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Michael Saylor was rich long before he got into Bitcoin. He was worth 7 billion $ more than 20 years ago. From his company, MicroStrategy. So clearly, to him trading is just gambling away money you already have, and he thinks the same with BTC. And I agree with him on that, if you own a BTC stash, don't trade it.
Now, if you have some cash on top of that, that you haven't used to buy BTC, there is not much harm in using it for trading. Sure, maybe just buying more BTC with it and hodling is smarter in the end, but if you feel like trading, that might be a good way to do it without spending any of your BTC stash.
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jerry0
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February 09, 2021, 06:26:30 AM |
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Would you say he is mostly right? Well what about holding most of your coins but trading a small percentage of them? I mean if someone daytrades, well they can get profit... holding... you won't unless you sell.
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February 09, 2021, 03:16:11 PM |
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Would you say he is mostly right? Well what about holding most of your coins but trading a small percentage of them? I mean if someone daytrades, well they can get profit... holding... you won't unless you sell.
Actually, I think he is quite right, although there might be some exceptions to what he says. Trading with a small percentage seems fine for me but like to entertain yourself, not because it is the best strategy.
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palle11
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February 10, 2021, 02:07:11 PM |
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Let's look back, the price of Bitcoin has grown over the last 12 years from a few cents to almost $40k today. Was it really worth trading when it was at $0.10? What about when it was over $1? What about at $10? Etc.
This is showing to me that there is no best time or appropriate to fear to trade bitcoin. At the time it was very cheap some still feared to trade or hodl. Bitcoin has multiplied itself in value to around $40k some are still afraid, outside the market waiting. We can understand here that the price only changed but the quantity of coins you have didn't change so staking, trading or hodling will be better not to at all. At the time a coin was $1, it still has the value of a coin to $40k ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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