[edited out
You’ve said it all, sometimes I really wonder why people emphasize so much on basic knowledge, I feel if someone already figured out their discretionary income they should be well equipped to start investing in Bitcoin immediately, there is nothing much in basic knowledge, knowing how and where to buy your bitcoin, and where to keep our Bitcoin safe, as soon as you have a discretionary income you can start up investing in Bitcoin
I doubt that any of us are against knowledge or against gaining knowledge, since it is likely important to have knowledge and to gain knowledge.
Yet, I think that we can still emphasize that guys should be able to start investing into bitcoin based on whatever their knowledge might or might not be as long as they have discretionary funds available.
There is no reason to place any specific knowledge requirement on any other person, except maybe recognizing if they are lacking in common sense (if they have some mental disability), then in those cases they need help from someone else and they should not be buying bitcoin. I think that we assume that around 97% of people have common sense, even if they might not be in good practice of using their common sense, so they have to have personal responsibility to use the common sense that they have to identify what they know and what they don't know and to figure out if their having discretionary funds is enough for them to get started buying bitcoin.
Even though many of us emphasize getting started as a way of learning and putting theory into practice, if bitcoin newbie is uncomfortable with the level of understanding that they have and/or even the extent to which they have sufficient discretionary funds, then they might need to figure out those basics - even though at the same time, they may well likely need to continue to recognize and appreciate that there is importance in getting started, whether they are starting with $100, $10 or some other amount that they consider to be comfortable for them and within their discretionary funds.
And so many times, I mention the example of the guy who clearly knows that he has $100 in discretionary funds per week, so he purposefully chooses to start out buying bitcoin with $30 per week so that he is downwardly modifying his starting out amount so that he can account for his learning process, his lack of knowledge and/or any other various discomforts that he might feel. Guys should be able to exercise these kinds of judgements without having some external checklist that they "supposedly need to know." Guys with reason and judgement should be able to decide for themselves, even if they might also recognize an appreciate that there is a lot that they still don't know.
Sure there are guys who are arrogant and believe that they know everything about everything, and surely if these kinds of arrogant guys are investing in bitcoin and trying to figure out how to strengthen the management of their cashflows (to the extent that their cashflows need strengthening), then they are best to be honest with themselves, otherwise having to pay the price for their being arrogant in regards to what they know or don't know. Guys can figure out these kinds of things by both getting started and figuring out a position size that they believe is within their abilities to manage, and if they choose too much or too little or some other sloppiness along the way, then they should be able to learn from those kinds of judgement calls in order to improve their judgements and perhaps even help them in their process of learning how to approach bitcoin investing and/or cashflow management.
as soon as possible, if you don’t get started with investing in Bitcoin you might end up not having experience, you can only learn and grow when you have started buying Bitcoin, there is a popular saying that goes, experience is the best teacher, basic knowledge isn’t a criteria to get started with investing in Bitcoin.
The basic knowledge that each of us has at the time that we start buying bitcoin is going to differ, so we have to figure out how to tailor our own approach to bitcoin based on the basic knowledge that we have or don't have and hopefully to figure out which aspects of basic knowledge we might need to improve upon... and yeah, once we figure out how much discretionary funds that we have available and we figure out how much we want to start buying bitcoin with then going through the process of buying the bitcoin and/or even sorting out from where we are going to first buy our first bitcoin would be a good process in itself, and yeah, if we happen to be a guy who is really busy, then maybe we spend one or two hours looking into calculating our discretionary income and we might also look into places that we might source our bitcoin, and perhaps the process of going through these matters, we feel that we do not have a time to get comfortable, then we might be forced (based on our own assessment) to schedule a time in which we might look into matters further.
Historically, I have also given examples of guys who might get started buying bitcoin, yet they have a busy schedule for the upcoming weeks, so they might start with some smaller amount such as $30 per week when they know that they can afford $100 per week, and maybe they plan that 4 weeks or more into the future, they will end up "looking into the matter more." Of course, even though we suggest that guys "get started," a guy might feel so uncomfortable that he does not even want to start with a reduced amount, so he ends up waiting 4 weeks before being able to look into the matter further, and these are individual judgement calls that may well go against our recommendation to get started ASAP, yet guys sometimes might not be in a mental availability space to be able to give adequate attention to what they want to do or how they want to get started...and there might not be anything devious about their delay beyond a certain unavailability that they feel that they have based on other things going on in their lives at the time.
I recall some periods that I was in university or even when I had certain work related projects that I was not able to take more items onto my plate until I was able to finish some of the projects that were then on my plate. Some folks are better at juggling various projects as compared with others who might not be as good at juggling multiple disparate items.
I am not going to pick your list apart one by one, since it is getting quite repetitive and a seeming waste of time, yet I will mention in regards to the 4-10 year or longer time horizon, beginners may well not have an ability or a desire to commit to 4-10 years or longer when they get started buying bitcoin, and likely they will develop that understanding as they are buying and investing in bitcoin. They can still get started and come to that realization that investing is 4-10 years or longer, and that bitcoin is better as an investment and not good as a trade... so guys might not realize or accept that idea when they get started buying bitcoin.
For me, I think any other form of understanding can come later as one begins investing in Bitcoin, but the aspect of understanding Bitcoin as a long-term investment is very important. What normally makes beginners give up on their investments is when they don’t meet their expectations, and I have come to realize that beginners who start investing in Bitcoin with the mindset of not understanding Bitcoin as a long-term investment rarely have a change in mindset. This mindset of long-term thinking is the most important thing, and as the investment starts, other things can also be learned.
We can agree to disagree, since I have ongoingly emphasized getting started buying bitcoin and learning as you go.
If you are proclaiming that guys have to somehow already be willing to commit to a 4-10 year or longer timeline when they are getting started buying bitcoin, then it seems to me that you are filtering out all kinds of folks and proclaiming that they are not eligible to get started since they are not willing to adopt a 4-10 year or longer timeline. That seems a bit absurd to me, since there are many folks who might be willing to start out with 1-2 years or something like that, but then once they start buying bitcoin, they will come to realize that bitcoin is a 4-10 year or longer timeline, so they will end up adjusting their initial perception of the timeline that they think about bitcoin.
By the way, I think that guys sometimes lock into a timeline that they are going to get out of bitcoin after they had come into bitcoin, which also seems to be a kind of trader approach to bitcoin, even though they might have a time that is 4 years or more into the future.
I consider each new buy that a person makes should have at least a 4 year timeline, so a guy who had already been buying bitcoin for 4 years will have older purchases and younger purchases, and so the older purchases will start to have timelines that are 4 years or greater, and if he is continuing to buy bitcoin, his newer bitcoin purchases would have 4-10 years or more attached to them when he is ongoingly making new purchases, and likely it takes a lot of newer guys 4-10 years to just get their bitcoin stack size up to an amount that is starting to feel like they are making good progress, and they still might be a distance from reaching overaccumulation status.
I am not going to pick your list apart one by one, since it is getting quite repetitive and a seeming waste of time, yet I will mention in regards to the 4-10 year or longer time horizon, beginners may well not have an ability or a desire to commit to 4-10 years or longer when they get started buying bitcoin, and likely they will develop that understanding as they are buying and investing in bitcoin. They can still get started and come to that realization that investing is 4-10 years or longer, and that bitcoin is better as an investment and not good as a trade... so guys might not realize or accept that idea when they get started buying bitcoin.
Very factual statement sir and I wish some people will understand this, learning they say is a process, and there are things one will not learn until the start doing something, the basic knowledge of Bitcoin investment is a starter knowledge that has to be adhered to before other thing falls in place along the line when the person has Started the journey, you are right that many beginners may not buy the idea of investing for a long-term but as they start, they will learn through to know that the investment is actually for a long-term. I think everything just falls back to getting started first with their discreationary income.
Many of us likely realize that if we have had a hobby or a practice or a work that we have been doing for a long time, even for a few years, we will start to come to realize that our way of thinking about our hobby, practice or work has changed quite a bit over the years. In the beginning, we thought bout our hobby, practice, work in a certain way, but then with the passage of time, we start to think about it differently based on both ongoingly experiencing it and rethinking our thoughts about it based on our ongoing experiences... so we might have very different snapshots of perspectives at the beginning, at 6 months, at 1 year at 3 years at 5 years etc etc etc... and hopefully we are able to learn along the way and to even become better at our hobby, practice or work, and sometimes we might graduate to a level of teaching some aspect of it, and teaching it will also force us to have to understand our hobby, practice, work at a higher level in order to be able to clearly teach it.. .and so part of the point is that there are levels and sometimes we will come to realize that our ways of thinking about a topic in the beginning become greatly transformed by ongoingly, persistently, regularly, consistently and perhaps even aggressively doing various aspects of it.
[edited out]
The fact that people are not holding bitcoin for a long term does not mean they do not know that bitcoin is a long term investing they do... but the problem they have is impatient. Patient is what some folks do not have, they just want to become rich overnight which off cause does not work and even if it does not everyone i mean it rarely happen unless your grace and luck is more than sufficient. there are people who are struggling to become patient yet they can not... because all their thoughts are centered in short term.
It seems to me that we should be attempting to conform our practices and our knowledge, so if we are having difficulties being patient with our investment, then we likely have to figure out ways to accomplish such patience.
I frequently suggest that if newbie bitcoiners try to establish a practice in which they are buying bitcoin every week for at least a whole cycle and maybe even longer, then their weekly buys will reinforce their behaviors and make it less logical to either stop buying or to sell bitcoin.
From my perspective there are needs to get the bitcoin stack size up to a certain level before selling even starts to make sense, so if a guy is buying bitcoin every week for 4 years or more then he might start to perceive his bitcoin stack size getting to a high level, and so he might reassess the extent to which he is needing to buy every week, and then he might change his buying practices for a few years before he might transition into selling... So it seems unlikely that a guy would transition straight from a buyer into a seller, yet if a guy has been buying for 4 years or longer, he might start to wrongly consider his older coins as worthy of selling, so even his own framework might have some deficiencies if he had not yet built up his bitcoin stack size sufficiently in order to justify any of his urges to want to start to sell some of his coins.
I am not going to pick your list apart one by one, since it is getting quite repetitive and a seeming waste of time, yet I will mention in regards to the 4-10 year or longer time horizon, beginners may well not have an ability or a desire to commit to 4-10 years or longer when they get started buying bitcoin, and likely they will develop that understanding as they are buying and investing in bitcoin. They can still get started and come to that realization that investing is 4-10 years or longer, and that bitcoin is better as an investment and not good as a trade... so guys might not realize or accept that idea when they get started buying bitcoin.
Very factual statement sir and I wish some people will understand this, learning they say is a process, and there are things one will not learn until the start doing something, the basic knowledge of Bitcoin investment is a starter knowledge that has to be adhered to before other thing falls in place along the line when the person has Started the journey, you are right that many beginners may not buy the idea of investing for a long-term but as they start, they will learn through to know that the investment is actually for a long-term. I think everything just falls back to getting started first with their discreationary income.
You really have a point. as you said. learning is indeed a process, and no body can just become an experienced bitcoin investor right from day one or overnight, but
understanding the basics before investing is also necessary and a lot of lessons, benefits come when staying in market during different price movements.
It seems that you are making conflicting points, since none of us are proclaiming needs to know basics before getting started buying bitcoin.
Guys keep
incorrectly repeating over and over and over the need to know basics before starting, which is not true. We can start from knowing that we have discretionary funds...and bitcoin newbies can start from where they are at and figure out what they need to know or not know.
However, I think the way some folks get started also matters. because a beginner who begins their bitcoin journey with discretionary income, also gives themselves the best chance of remaining in market for long term, that gives them enough benefit to from that learning process. but if an investor mistakenly invest money for obligations, they may be forced to sell their bitcoin, which is bad decision, the tips to invest in bitcoin is always using the discretionary income and often maintaining the emergency reserve to free from unnecessary pleasure.
Guys have to calculate their discretionary funds correctly. If they make mistakes then they may well have to pay for their mistakes.
And, yes back up funds are created and built in order to account for fluctuations in cashflow that might involve the lowering of income or the increase in expenses and back up funds might be used to cover basic expenses, but they can also be used for other discretionary consumption expenses... yet of course, many times, we will realize that if we can consistently keep our discretionary income higher then we have more options in regards to how much we want to use those discretionary funds to invest, save and/or discretionarily consume.
At the same time, the higher we build up our back up funds, then it can really capture more and more extreme circumstances in which our income might go down and/or our expenses go up and if we might be depleting our back up funds, then at some point we might have to tap into our bitcoin at a time that was not of our own choosing, which may also be part of the outcome that we are trying to avoid and to make sure that we have developed sufficient cushions so that we don't have to tap into our bitcoin and that we are ongoingly building both our bitcoin and our back up funds so that we increase our options by having more and more funds in each of those categories so that maybe at some point down the road, maybe 4-10 years or longer down the road, we might get to a point that we have enough or more than enough bitcoin.
