Topic: Bitcoin can play tricks on your mind - page 6. (Read 1265 times)

I observe the situation and understand that the crypto market is not just volatile, it is completely unstable. The situation can change dramatically in a few hours, it costs a group of people to make a pump on a particularly remarkable coin for a joke. Or Bitcoin gives a leap because of what a famous person said about it.

Bitcoin is really playful in the market and it is really unpredictable so it is your own decision and prediction on what action you are going to do next. Just like most of the long term investor, they always suggest to HODL which is the right and safest thing to do in a bitcoin investment. Volatility is what makes people crazy about bitcoin, they are not that knowledgeable on how to deal with that and that's the reason why people are scared to invest on it. I hold my coins confidently and observing the market so that I'm prepared on when to sell because I'm a man who wants to always deal with risks.

You could not have said it better... and some of these decisions will haunt you for years.

I bought my first bitcoins when the price was just over $300 and then the price went up to $1000 and I thought it will never go higher than that, so I sold all of them. ( If I kept those bitcoins and I sold them when the price was $40 000 .... I would have been a very rich person now.. but I will have to live with that decision.)

The thing is, after I realized what the potential of Bitcoin was.. I put in a lot of time and money and I bought back a lot of coins and I sold some more at $40 000 and it gave me a huge boost.

My thinking... keep on buying and selling and neutralize the risk of not selling and everything going to ZERO and stay in the game by buying back after you sold... so that you can cash in on the next all-time-high. 

I think nothing is wrong with that mindset though, profit is profit, so that 25% might be good for you.


I don't the price will literally go to zero, maybe the worst we can see is like a 60%-70% crash just like what we have seen during the covid-19 effect in March of last year.


I think most traders have played this scenario in their head many times, specially when we hit $41k and we still think it can go up a bit before taking profits. But since it didn't happen then we should just hold a bit and just sell and take profits later. No need to overthink, it will eventually come (new all time high).

Investors loose their money due to their greed. Sometimes its just better to take profit, at least partially

Regular investors and traders are already used to it. Taking out your stake is what you should do and leave the rest to be used for holding and trading purposes. You will have a free open mind to do other things without any thought of Capital loss.

Just in this part you prove that it was not the Bitcoin who controls your Mind but you know what ? "IT IS YOUR GREEDINESS" so please dont Blame Bitcoin on this.
You think too much please stop drinking Coffee or other drinks and food that has coffee substance ?
You are a Risk taker type of investor and nothings wrong about that , Just do your expertise and never go with FUD and Panic buying or selling because this will end your career in crypto.

Always had those thoughts in my first year with bitcoin. And almost like 90% of the time? Selling ended up being a really BAD decision because I could've had more money if only I waited longer. Hence why today, I sell bitcoin ONLY when really really necessary; pretty much only when I'm in dire need of money.

The only way for the price to go to zero is for the Internet to go down indefinitely which means that as long as there is no war or global scale catastrophe, bitcoin prices will be swinging up and down the market. I do agree, being cautious is a good thing but you also need to trust bitcoin because this is not the first time that a surge in bitcoin has happened, how many times does bitcoin need to prove itself, try to cash in some of your hodl and continue hodling, a half and half will be a good thing.

I am thinking the same way as yours, that is what a beginner would think, everyone is afraid of losing of money o they always think whether it is time to pull out the money or not but with the advice that I have heard from many experts I can say that investment and hodling would be the best thing to for now.

Well, the funny thing is I can afford to lose the money anyway and therefore my goal was and always will be to hold for long term speculation.

However, unlike any other investment, with Bitcoin there is some sort of voice in the back of my head saying "I told you so" if I lose money on it.

It's almost like there's a part of me that doesn't take it seriously and therefore doesn't want to be made a fool of by it - even though I've been a made a fool of by things like shares, oil and gold before.

Does anyone else know this feeling  

That's absolutely imposible if others would think about bitcoin become undervalued, because this time it became the core of all cryptocurrencies. Becoming smart enough to handle your asset at times of fluctuations is the most certain actions to do,  and once there's an opportunity to earn once it gained enough profit don't be hesitant to decide. Price would always change while market volatility occurs, particular during corrections.

Just don't think of what ifs, easy to say, hard to do, yes, but just make a move, one that you have confidence in, and then don't regret it. It's rather hard to not regret when it comes to money though, especially if that regret came from a possibility of making it big. But hey, nothing we can do about that, heck it only breeds more negative thinking which would probably damage you and your financial life if continued to do so. Heck, we probably experience this in Bitcoin since it can make you profit from 0 to 100 real quick, maybe even more. But it is mostly just pure speculation, not to mention that most of them happen only a few years after, and not in the short term.

I've been with the same mindset when I was still new and on 2018. Thinking that it can go to zero was due to those predictions and negative thoughts of the community. You'll absorb those if you keep reading negative insights about the market and so I did avoided them and whenever I knew it that they're explaining their negative thought about bitcoin's market, I'll skip it immediately. But needless to say, bitcoin is here to stay and it's probably just the beginning of another great run.

Very few people are currently thinking that bitcoin will crash.Because bitcoin is now at a very good level and has gained the trust of many.As a result, many people are now coming forward to invest in bitcoin.So, now my idea about bitcoin has also changed and I think the price of bitcoin may go up a bit but it will not crash and become zero.

When your mind keeps playing games on you like this is when you worry constantly that the price will go down to "zero". That alone can make your heart race, especially if you buy Bitcoin when the price is way higher.

When you hear people say that bitcoin investment is not for the soft-hearted; they were not kidding. Just for your mental stability, have a long term goal for it and be ready to ignore all the noise when prices are dumping.

Indeed. There was a story in the UK press about a guy who made some good money and the only time he had previously used bitcoin was 7 years ago to buy a microwave meal at the supermarket, which he now realizes cost him $300.

It's been hell for 9 years.  It doesn't get any better.

Then, this one happens too...

Oh my, my dog has fallen ill.  I need $500 to pay the vet, and I just don't have it in my bank account right now.  Oh! I've got a Bitcoin and it's worth $500!  I'll sell the Bitcoin and pay the vet, then I'll buy back the Bitcoin over time instead of paying interest on a credit card.  Brilliant!

1 year later...

Bitcoin price has been going up faster than I can buy it back.  I've spent $1500 trying to buy back that 1 Bitcoin, and so far I've only managed to buy back 0.1 Bitcoin.  Bitcoin is currently worth $20,000 per bitcoin?! So my $1500 spent has grown by $500 to $2000 in value, but that means (compared to if I had just skipped the treatment and euthanized the dog) that dog cost me $19,000!?!?!

Comparison:

• Use bitcoin to pay vet, spend $1500 to buy back 0.1 bitcon, bitcoin value grows $500 to $2000 in bitcoin value. Result = 1 dog + $500 growth
• Euthanize dog, keep $500 bitcoin, bitcoin grows $19,500 to $20,000. Result = 0 dogs + $19,500 growth
• $19,500 - $500 = value of dog ($19,000)

That's one expensive dog!

Now everytime I spend ANYTHING, I have to stop and think...  Well, if I bought bitcoin with that money INSTEAD of whatever I'm about to spend it on, and Bitcoin increases 100X in the next few years, then I'll effectively have spent 100X as much for that thing I was about to spend money on (since I could have had that bitcoin growth instead of that thing).  Is that thing worth (a few years from now) 100X the amount I'm about to spend on it?

Buying a $5 cup of coffee?  You could have bought $5 worth of bitcoin that might grow to $500!  Is that coffee really worth $500?
Buying a used car for $1500?  You could have bought $1500 worth of bitcoin that might grow to $150,000! Is that broken down old car really worth $150,000?

Indeed! If you are that worried about something, let it go. Do not wait for that thing to consume you afterwards. 7 long years were surely tough.

 What you have experienced are also evident to other investment and even in gambling. That's simply taking the risk. But I want to know, have you earned your profit yet? That should be the highlight in order to be inspirational in the eyes of other investors especially in this industry.

Yes, definitely it's normal for us to think about different scenarios in our mind, specially if you are about to sleep, that's why there are people who says that crypto is dangerous to our health, Lol. Other's though just eat, sleep and trade.

But I would say it is normal though, every investments not just in crypto will give this kind of effect. It's really up to you, how you responds with this kind of mind tricks. If you are weak then and emotionally then definitely you might push the sell button the moment you see your profits going down. But your scenario though of bitcoin going to 0 is slim, so you have nothing to worry about.