~ what I mean is that for people who take their fiat and buy bitcoin, what counts for them is the price of bitcoin in fiat, if the person bought 1 BTC for the price of 30,000$, in the person's head it only counts 30,000$ , if the price drops, he is already sad and worried, ~
Yes, for sure. He is a short trader. But what if 3 years later he could buy a house with furniture and a car for only 0.3 BTC without converting it to fiat?
It's really not easy to say 1 BTC = 1 BTC when they are losing. Because they are people who want to get rich quick with crypto trading. If I am a short term trader, perhaps I will be angry too.
~ this is an investment and people want profits
This is what the OP said:
~ Before investing in Bitcoin, serious considerations must be made, rather than simply following the trend that Bitcoin investment is a get-rich-quick scheme; this is not the case. ~
I am not much of a fan of the expression 1 BTC = 1 BTC, even though I understand and I agree with the sentiment that involves attempting to consider various ways to think about your BTC investment in long term ways in order to create a variety of goals to help you to continue to stack sats whether your investment period is 4-10 years or longer, and in any event, sure there are needs to also consider whether or not the amount that you invested into BTC and/or that you continue to invest into BTC gains in value as compared to if it had been left in dollars - but at the same time, investing into bitcoin remains a kind of insurance system, too.. so it may not end up seeming to pay off in terms of dollars in the short to medium term, and even in the long term, it might have had been keeping value in dollars - even though it is quite doubtful that keeping value in dollars is actually going to pay off if you really consider the matter in terms of 4-10 years or longer investment time horizons.
If you consider the extent of the irresponsibility in the whole fiat system that involves the dollar as the strongest of the various fiats, but all of the fiats are considerably fucked in terms of their ongoing inabilities to hold value in terms of goods and services, and there is pretty damned close to a 100% guarantee that each of the fiats is going to depreciate in value, especially when looking out 4-10 years or longer - so in that regard, consider how much value you are going to put into BTC and how you are going to invest into BTC over the next 4-10 years or longer, and do you merely consider investing a lump sum at whatever price BTC is right now and waiting out the 4-10 years or longer or do you continuously inject value into bitcoin until you at least get to a decent percentage of your net worth into bitcoin?
How much and how you get into bitcoin are personal decisions that are going to vary based on a variety of your personal circumstances - including but not limited to if you are brand new to bitcoin and/or brand new to building an investment portfolio or if you already have built an investment portfolio (whether or not it might currently include BTC contained therein).
We are still quite early to bitcoin, and there are a lot of people who are really smart when it comes to a variety of issues, including investing, but they may well be dumb as fuck when it comes to understanding what role bitcoin currently has and where bitcoin is likely going, which might even get into misconceptions in regards to knowing how to valuate bitcoin as compared to various traditional investment possibilities, and they might not even realize how fucked the whole system happens to be in terms of how a lot of assets have been corrupted by relatively long and ongoing corruption of various fiat systems that are having troubles keeping up their valuations because they are in a printing pickle (dilemma/trap) that they are having quite difficult times extracting themselves from the ongoing propping up of value and mis-valuing goods and services, assets and a variety of corruptions in the valuations - and it surely seems that bitcoin has a role to play in terms of hedging and giving options to those who can somewhat understand and appreciate its hedging, options and insurance providing features that happens to relate to its ongoing soundness that people might not be recognizing when solely valuating it in terms of how many dollars they might get from it.. and you better have some of those bitcoins when your millions of dollars can only buy you a cheap used car...
If you don't hold bitcoin instead fiat, your assets will never have a chance to grow.
Maybe it is better to say that fiat is guaranteed to lose value, and even though bitcoin is NOT guaranteed to gain value, at least it is not guaranteed to lose value.
hahahahaha
I am not sure if I said it any better than you did, DanWalker.
- In short, the point of your statement (OP) in general is that if anyone tries to enter the bitcoin or crypto industry the main thing to do is to study or learn what there is to know about bitcoin or cryptocurrency.
Almost everything you mentioned OP is very clear and your explanation is clear. I don't know if the newbies who get into something like this don't understand that yet. Because we all know that entering this industry is not an easy thing, it requires Study, perseverance, discipline, breadth of understanding, dedication, and above all, determination, if anyone wants to succeed here in the cryptocurrency world.
Fuck shitcoins, and your use of the term crypto currency and your framing some kind of need to study the "crypto world." That's amorphous as fuck in regards where to put your value and your mental energies (and perhaps time too?).
There's a need to study and understand bitcoin first, and then once you understand bitcoin and figure out your investment thesis in regards to bitcoin, then maybe if you have any time and/or mental energies left, then you can dabble around with shitcoins, but the main ticket item should be to figure out what is bitcoin, what's bitcoin's investment thesis and what role bitcoin plays in this whole matter, and figure out your own plans and strategies in regards to bitcoin first.. and once you got that figured out, then maybe you can dabble a bit with shitcoins and figuring out the various scams in the "crypto space" and the extent to which you might want to get involved with any of that mostly nonsense.
- In short, the point of your statement (OP) in general is that if anyone tries to enter the bitcoin or crypto industry the main thing to do is to study or learn what there is to know about bitcoin or cryptocurrency.
Almost everything you mentioned OP is very clear and your explanation is clear. I don't know if the newbies who get into something like this don't understand that yet. Because we all know that entering this industry is not an easy thing, it requires Study, perseverance, discipline, breadth of understanding, dedication, and above all, determination, if anyone wants to succeed here in the cryptocurrency world.
When you want to be successful in any profession, the things you mentioned are necessary and sufficient conditions for you to become successful. In
crypto too, in order to survive and become successful we have to trade a lot of things, but as a newbie, they won't be able to build those things overnight, they need time. What I want to remind newbies is, this market is not a get-rich-quick place, nor is it a place where you just need to put your money in and make a profit. This is the most volatile and harshest of all financial markets.
Why is trading necessary? And what is crypto? Why do you use that term? What is it from your point of view?
Before investing in Bitcoin, serious considerations must be made, rather than simply following the trend that Bitcoin investment is a get-rich-quick scheme;
This is where a lot of newbies get hooked, i have many of them like this on my list, they walk up you and what to know what you do for a living, you tell them you are crypto trader or a bitcoin investor, they go back home, another day, they walk up to you and ask if you can teach them how to make money in crypto currencies, and you are like "sure, why not" and the learn begin.
After successfully buying their first Bitcoin with their mindset of cashing out in millions same week if not same day, Bitcoin records a
-0.8% in price and their portfolio slightly decreases, they start calling you, "Bro, this thing is going down and the money on my account is reducing, why is it so" and my reply and reaction was "welcome to the world of crypto"
The above is a scenario i had with one guy recently who thought i started making money in crypto same day i joined the space, i do not show such people mercy, or try to baby sit them, because if i do so, they will never learn stand on their own, they will want you to do virtually everything for them, and when they fall into the wrong hand or make a wrong investment due to their lack of proper knowledge, they hold you responsible.
Maybe you are partly responsible if you are using the term crypto when you are talking about bitcoin which surely is not helping matters for you to be using the term crypto when you are talking about bitcoin, is it?
I think not borrowing money works for any thing or activity not just bitcoin.
We are in times of taking advantage of information, one cannot go with people as if you wanted to take them by the hand, today access to information is within reach alls.
Maybe 10 or more years ago this discourse with bitcoin was efficient, the discourse must be renewed.
There is no excuse not to have bitcoin, know what it means to hodl, sell or buy and have the basic knowledge of security.
Are you talking about the real world? or just theory?
I understand your point that because of the internet people can get access to good information, but people get confused in regards to what is good information, even if the information seems to be available to them.
I don't think we should force everyone to be patient. Sometimes people's circumstances play against them. If they are willing to sell at a loss, that is their right. I would not call such people fools, or, as the OP writes, mentally retarded. Everyone has personal freedom.
True, we can't force everyone to be patient, but at the same time, we can't encourage them to sell off at a loss in a panicked manner. If your encouraging opinion seems not to be adhered to by the new investor, then they should be allowed to take their final decision. I know you are an old member of this forum, and that tells me you are knowledgeable enough about Bitcoin. If you have a friend or fellow who bought 1 bitcoin at $50k but wants to sell it at $20k, I believe you will have something to tell the person. You wouldn't force the person, but if you have more knowledge than the person, you can give advice or encouragement to the person for him/she to hold.
I would try to tell them not to be retarded. hahahahaha
If they bought 1 BTC at $50k, and they have not done shit since then because they had ONLY prepared for the BTC price to go up, then they better figure out why they had gotten into bitcoin in the first place, and why they had gotten so excited that they failed/refused to prepare for either UP or down, and they ONLY prepared for UP.
So, if they have run out of cash, then that kind of sucks. .and sure maybe they just have to figure out how to make ends meet so they do not have to sell at a loss, and it would even be better to figure out a longer term strategy that could get them to continue to buy and to bring down their average cost per BTC, but if they had really over-extended their budget and blew their whole wadd at $50k (presumably around a year ago or so?) then there surely seems to be some needs for them to evaluate their various expenses and their income, and sometimes it is not easy to get into these kinds of particulars with people, including that maybe they had lost income or their expenses went up way more than their income.. which is happening to a lot of people in the last couple of years.
Sometimes people will share part of their financial and psychological story in regards to why they had gotten into BTC in the first place, but sometimes it could take a while to flesh out why they are feeling that they need to sell at a loss because they are scared and they had over done their investment into bitcoin in the first place. Sometimes they won't really share or if they do share, they will just tell you about something that they had already decided to do (which is to get out while the getting is good, from their likely misinformed perspective).
Most of the time, people regret selling off not because they had any need for the money, not because they wanted to live life to the fullest at that moment, not because they were mentally retarded, as OP stated, but because they never had an experienced person who encouraged them to HOLD tight and wait for bull to run.
I don't really disagree with you, but people get into things such as bitcoin based on merely superficial assessments, and a lack of a plan in case the price moves against them.
I once had fobia for crypto investments and the fobia increased as of 2017 when a neighbor was crying and complaining how he regretted selling his coin for $5k but would have earned up to $50k if he had not sold. He said, "How he wished he had seen just a person who had advised him to hold on just for a longer time."
Many people sell too soon and believe that they are geniuses, and another mistake is selling on the way up, but then buying back too soon, and then regretting that. It's not easy to have a plan and to be able to stick with the plan and then also having a plan that allows for extremes - and extremes in bitcoin have seemed to have happened so many times in the past, and they are likely not going to stop any time in the near term future.
There is a teaching in my religion that "he who loves a brother or sister will never let them fall astray".
Yeah.. but there is ONLY so much any of us can do. People can be stubborn and they make up their minds or they do what appears to be the wrong thing, and it is not even clear (many times) if any of us might have superior information.. Sometimes it appears that the other person is wrong, but in the short term, it might appear that they could be correct, and they are taking the right actions to protect themselves. Even though many of us might have had established a reasonable/prudent strategy to manage our investment and our risks (both financial and psychological), yet sometimes it could take several years before we end up being correct, and in the meantime, we might have several years of looking like we might be the one who is the fool.
It is true that some sell out of their ignorance, and it is their right to do so. No one can force them to be patient.
Many times we cannot necessarily know that they had gotten into bitcoin in a way that was too BIG for their situation - either financially or psychologically or both.
But some people sell out of panic (fear that their assets might liquidate) and nobody was there to tell them to just "hold for a little longer". Everyone who decides to invest in Bitcoin must remember that Bitcoin+Hold = profit (just an example). If you can't hold on, you won't make much profit, and you may incur some losses if you sell below what you bought. Dr.B_S 💌
It's not guaranteed that any of us are going to make a profit by HODLing our BTC.
