Each person has the responsibility to figure out their own balances and to put systems in place that will facilitate their not panicking, and if they end up fucking up because they strike the wrong balances, then they will have to pay the consequences from their choices about the systems/practices that they had put in place.
Of course. This is when an investor makes a mistake and has to pay a negative price for it. If he is able to realize his mistakes soon, a good price awaits him. Regular Bitcoin accumulation will not be a panicking for you. You need to decide what to do in this by maintaining a balance.
Just as the amount of income of every person is not the same, so is the type of their problems. How you solve your financial problems depends on maintaining a balance between income and expenses. There are some problems or needs that cannot be solved by a large amount of funds or after meeting one need, another need arises. You should give importance to meeting special needs and use discretionary income properly because a balanced finance system with unlimited needs can increase your wealth. To increase the amount of Bitcoin accumulation, be regular and practice overtime.
What do you mean by balanced financial system and unlimited needs can increase someone's wealth? How will unlimited needs increase someone's wealth I want to believe you wanted to say limited needs. And in life if our needs is unlimited it will surely affect us in almost all aspect or areas of life but all we need do is to try and minimize it so that we can venture into some other things and the reason you see some people live like they don't have problem is because of how they have reduced their needs to the bearest minimum though some people pretend to and later they are expose, so we should learn how to take care of our needs and secure the leftovers for our accumulation.
The general idea tends to be that wealth is increased by living within our means, so that we have extra money that we can invest in ways that grow faster than the rate at which the dollar (or other fiat) loses its value with the passage of time. So surely we would not want to keep our value in dollars (fiat) except to the extent to which to be able to pay for bills or in the event that we are expecting short term falls of prices of assets (not that we are talking about trading in this thread).
Another angle is that some people might not live within their means, and they might try to use debt to their advantage, so in that sense, there are times that debt can be used in order to live beyond your means in terms of investing into assets that are going to gain in value greater than the cost of the debt, so in that sense using debt to invest tends to have better chances for success rather than using debt to consume.. and surely the use of debt is a more advance investment and/or cashflow management technique that likely requires that there is an assurance that discretionary income is reasonably high and/or back up assets are available in the event that the use of debt (leverage) does not end up working out in favor of the guy who is using it.
If they don't know about how to invest of course it is up to them to approach someone who might be able to teach them what is needed when someone invests in Bitcoin.
Because if you do not know the way or the path of course it is very difficult for someone even though they come with very strong capital and mentality of course this is actually necessary in investing in Bitcoin because it is included in the investment category but it is not enough with that alone but you have to know more about how to delve into or see what happens about market conditions or cycles that occur things like this are what you have to know basically for someone who sometimes wants to invest in Bitcoin this aims to make it easier for someone in the future because we should not depend on someone else the rest is what we have to do ourselves and if we do not understand about this the loss in waiting for the results of what we invest in Bitcoin that we invest regardless of doing DCA sometimes with a large amount in the end it is not a profit that is obtained but instead what is received by that person.
Try making use of punctuation next time so that it is easier for your writeup to be ready and understood by others... Let me ask you a question, why are you suggesting that folks requires knowledge of market condition and it's cycles as a requirement for investing? Timing market conditions or whatever else that traders do, isn't a requirement for starting Bitcoin... Discretionary income is all folks need to kickstart their investments, and they can very well learn the rest
later as they go...
I would not want to de-emphasize the importance of learning and even ongoing learning, yet it seems to me that an overwhelming majority of normal people are operating within a kind of functioning system that they consider to be mostly balanced, and so in that sense nearly everyone can start to get involved in bitcoin by starting from where they are at. Sure, if their finances are more unorganized and chaotic, then they likely have to start out way more conservatively as compared to folks who are more organized.
So the punchline continues to be to get started investing in bitcoin and strengthening cashflow management systems/practice, yet starting from whereever they are at, as long as they have discretionary funds.
I largely object to your use of the term "later" based on my own sense that when guys get started investing in bitcoin, they are acting rather than postponing, even if some guys might have a lot of things going on in their life, and they might have to take relatively small steps in the beginning of their bitcoin investment journey with intentions of figuring out ways to dedicate more time to bitcoin and cashflow management in the future.
Try making use of punctuation next time so that it is easier for your writeup to be ready and understood by others... Let me ask you a question, why are you suggesting that folks requires knowledge of market condition and it's cycles as a requirement for investing? Timing market conditions or whatever else that traders do, isn't a requirement for starting Bitcoin... Discretionary income is all folks need to kickstart their investments, and they can very well learn the rest later...
It’s not an essential need to before you actually start investing into bitcoin, the essential needs are having the capital to invest, the basic knowledge of how to set up one’s wallet, knowledge on how to buy bitcoin and also sell, knowledge on how to safeguard your coins by prioritizing self custody. All this are the necessities need before one should invest into bitcoin.
Bullshit.
You don't need all the items that you list in order to get started investing in bitcoin. All you need is discretionary funds (such as $10) and common sense, and you can figure out other aspects of your particulars in the order that you choose, since the items that you mention are not prerequisites unless the person chooses to create extra obstacles for himself and to delay getting started.
The rest also are good additional knowledge that if you have them they give you an edge over someone who doesn’t just the example the quoted post has about having knowledge of the bitcoin cycle. While it’s a good knowledge at least the cycle gives an insight of what the year would be, but it’s not really too good to invest base on bitcoin cycle because it might not repeat itself exactly. Just buy with discretionary funds and go for long term
Sure, you are correct that sometimes newbies will get distracted by their entry price, which is likely mostly a distracting factor since if someone is starting out and they have absolutely no bitcoin, then the best way to prepare themselves for up is to buy some bitcoin.. and the price does not matter, since there is no way to know (especially for a newbie) whether the price is going to go up or down.
It’s not an essential need to before you actually start investing into bitcoin, the essential needs are having the capital to invest, the basic knowledge of how to set up one’s wallet, knowledge on how to buy bitcoin and also sell, knowledge on how to safeguard your coins by prioritizing self custody. All this are the necessities need before one should invest into bitcoin.
The rest also are good additional knowledge that if you have them they give you an edge over someone who doesn’t just the example the quoted post has about having knowledge of the bitcoin cycle. While it’s a good knowledge at least the cycle gives an insight of what the year would be, but it’s not really too good to invest base on bitcoin cycle because it might not repeat itself exactly. Just buy with discretionary funds and go for long term
In other words this is an obligation that must be fulfilled by those investing in Bitcoin. Having capital to invest is the best way for someone to do so. Investing also requires understanding the procedures for healthy wallet management. This also aims to ensure the smooth running of our investments without hesitation in prioritizing our investments for their intended purpose. This can become something that gives us greater understanding in the future without having to hesitate when making decisions sometimes those decisions we make are necessary when investing in Bitcoin.
Beyond what I've said this will certainly provide additional material for us so we need to gain further knowledge so we can compare what makes our Bitcoin investments consistently profitable.
You are largely repeating the same bullshit that EL MOHA mentioned, which is wrong to emphasize the need of things beyond discretionary funds and common sense.. and the extent to which we have common sense should help to direct us towards starting out in a way that is conservative and working our way up towards more aggressive investing into bitcoin once we make sure that we are comfortable.. yet we can still get started with $100 or $10 or whatever we deem to be a good starting out amount based on our own discretionary funds availability situation.
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Having capital is necessary because you cannot invest if you are struggling, Also its important to know those basic things for newbies like on how they can buy Bitcoin also set up their wallet and used those self custody wallet is somehow needed to make sure that their investment is safe.
Having extra knowledge towards market cycles is useful, because they provably know what are best thing to do so they can set up some good plans on when they like to exit and take advantage what they can possibly gain in future. The most safest approach is to use only their discretionary funds when they invest on risky asset like Bitcoin, because they might experience several problems if they used those funds intended for their essential needs.
Part of the problem in regards to one guy mentioning bullshit ideas related to all the things that are supposedly needed to get started investing in bitcoin is that other guys repeat the same bullshit.
Any guys who are half-way familiar with this thread should already understand that I ongoingly emphasize getting started investing in bitcoin as soon as possible.. so if you are going to spout out bullshit, then you better confront my ideas rather than just making up a bunch of bullshit that is not even in line with the topic of the thread - which happens to be my ideas about bitcoin investing.. not just random ideas about what might or might not be a good bitcoin investing approach.
However, most investments fail due to lack of consistency. Discretionary income is not required to start investing in Bitcoin, but once you start investing, discretionary income is required to continue and make the investment long-term. Therefore, the driving force of investing is discretionary income, and consistency is required to accelerate its pace.
I believe you don't what is discretionary income thats why you said discretionary is not required for start investment in bitcoin. What you wrote is not true, actually what you need to begin investing in bitcoin is a discretionary income. I doubt whether know how to distinguish your discretionary income from your main income which is the first thing you must know to invest in bitcoin.Discretionary income is the remaining money after your basic needs are mets. In correction discretionary income is what is required when you want to start a bitcoin investment.
and you need to do exactly that. Now the investor is hoping to accumulate Bitcoin but he does not have a consistent discretionary income but he knows how to accumulate Bitcoin and is knowledgeable about the basics. What should be your advice to that person in that situation? Should he wait for another 5 years for discretionary income or should he start with the available funds or discretionary funds he has? I would say that he should start accumulating Bitcoin with a portion of the available funds that he can afford to lose. Because he knows that Bitcoin is a store of value and will increase in value in the future and if he does not accumulate Bitcoin now, it may be too late. It is important for him to start with Bitcoin from that stage and gradually he will be aware of his consistent income and will be able to accumulate Bitcoin regularly by establishing a good discretionary income.
Your starting out line (idea) in your post is a wee bit confusing, cxtreenal.
The main idea about timing in relation to bitcoin investing is to get started investing in bitcoin as soon as possible, as long as you have discretionary funds available.. and yeah, if a guy does not have discretionary funds, then he cannot invest in bitcoin... Sure, he might still be able to use bitcoin to transact or to move funds around, but he would not be able to invest for 4-10 years or longer if he does not have discretionary funds that are sufficiently enough that he believes that he is not going to need for 4-10 years or longer (and also the idea that he is investing with funds that he can afford to lose, since there is a possibility that he could lose all of the funds that he puts into bitcoin, whether through execution risk or due to some other potential issues with bitcoin during the time of the investment).
You're absolutely correct In this aspect you don't need to invest with huge capital that you will find difficult to afford, all you need to do is starting up with a certain capital and rest assure the market may rise or drop at all costs so is left for the investor to keep an eye on your coin without having a shivering break sometimes you just have to overlook and be patient.
We should always invest through discretionary income. When we invest with capital money, we can also invest the necessary money along with that capital money. For example:
.Discretionary income is the amount of money that is left after deducting all your expenses, that is your discretionary income.
.Capital money is. That amount of money that you have decided in advance to spend on a specific thing.
If you have decided an amount of money in advance to invest. If there is the necessary money in that amount of money, then you will have to sell your investment prematurely. So if you do not invest capital and invest through discretionary income, it will be much better for you and your portfolio.
There is no need to distinguish capital money from discretionary money, since capital money is within the same category as discretionary money.
Sure, maybe you are wanting to distinguish income from funds that are available, yet funds that are available may well would have had been built up from previous discretionary income, and even if available capital (whether other investments or cash) were not built up from discretionary income, they still end up fitting within the discretionary category when you have abilities to liquidate them or to reallocate them into bitcoin, and sure we have some kinds of assets and/or capital that fit into categories where they might not be discretionary (they are mixed assets) since they might be housing that we live in or they might be income generating that we use to cover our basic expenses.
So, surely with any assets (or capital) that we have that might be liquid or not, they may or may not be discretionary to the extent to which they might be serving some other purpose or they might be available for reallocation into bitcoin.
Discretionary income is the amount of money that is left after deducting all your expenses, that is your discretionary income.
Brilliant! So it's not bitcoin gains. I get that.
Took like a couple of years to trully understand it. Learning curve was most for investment. Was not very succesfull in telling a casino owner i invested in his casino.
Appreciating what you got.
Are you trying to engage in any kind of a serious discussion? I have my doubts, yet I would suggest that if guys get their bitcoin stash up to a high enough level, they can start to sustainably withdraw from it, so then the bitcoin gains start to serve as a form of discretionary income - yet there is a need to get to overaccumulation status first or at least some level of a bitcoin stash size that would be of a sufficient enough size to justify sustainably withdrawing from the stash, whether the stash size is sufficient to completely support a guy's standard of living or if the sustainable withdrawal amount of the BTC stash size might merely be enough to supplement other income sources.
I have
a BTC sustainable withdrawal tool that attempts to address mostly time-based sustainable withdrawal and
a thread that discusses both price-based and time-based sustainable withdrawal.
