Topic: Bitcoin Legends and Veterans. Seeking wisdom... - page 2. (Read 459 times)

1st thing is remember to spend only what you can afford to lose.

think long term (4-5 years).

dont chase perfection and trying to time a top/bottom exactly just getting on the right side of a buy/sell can be good enough if you can do it fairly consistently.

when in doubt, walk away for at least a day. or maybe a week or more. no checking prices/forums/etc. clear your head and take another look.

dont trade on emotion.

be aware it can all crash to zero so TAKE PROFITs here and there. it makes multi year bear markets waaaay less stressful.

obligatory not advice although the above worked for me.

edit: the above applies to bitcoin. since i dont do shitcoins (aside from mining shitcoins to trade for btc) i have no suggestions for altcoins aside from staying away from them. most are junk and will not be around long term.

Gain enough knowledge and know the risks of crypto investment. Learn how to deal with the market and take its volatility as an opportunity to gain a good profit. Keep in mind that investing and trading here isn't all about gaining profits because there will be times where we could experience mistakes and downfall which is part of our learning process. Have patience and avoid listening to manipulators so you'll never have regrets in the future.

Remember bad news always spread faster? I guess that is the reason why would you said this space is filled with negativity. I believe the longer you stay around in the cryptocurrency space it will give you the experience that all of it is meaningless. Bitcoin has been predicted and said it's dead, yet it keeps going stronger.

Also acknowledging the basics of Bitcoin's technical side will give you an insight into how powerful Bitcoin is.

Buy Low,  
Hold,
Hold some more,
Hold a little longer,
Price finally goes up,
and then sell it like it is on Fire.
Wait for the Price Crash
& Repeat.

Happy Trading .  

I would also like some wise advice. But it seems to me that hardly anyone will share their secret of crypto trading.

If you want to invest in bitcoin, just invest the money that what you can afford to lose and learn about bitcoin volatility. They do not have to buy with a lot of money in just a one-time buy, but they can spread their order buy in many order buys to get bitcoin at a low price. As bitcoin is found on the internet, it needs to learn in many places, but they can ask for more details about bitcoin from someone they know. But never follow other people's suggestions or advice before searching for themselves because others analysis will not always be for you.

Bitcoin Legends are not necessary veterans, and the same the other way around. And we can look to their lessons to seek our own wisdom, for example to see their behaviors not knowing what was in store.

Some people came in from the very start, started trying to trade and regret selling at $3 and liquid at 10.
Some rekt from throwing away Bitcoin private keys and forgetting.
Some put into other alts and much regret.

We have the fortune and we can have the wisdom:)

Ignore others and "only" trust your own eyes and judgment... Don't get too excited ^{[unless you know how everything works]}, that could lead to a disaster if you rush for it. BTCitcoin has lots of interesting fields other than the freaking trading part ^{[use it in the right way as opposed to seeing it only as an investment asset [it's more than that]]}.

It's very simple, forget about price and profit making and start thinking of bitcoin as the only decentralized currency that exists. Now you can see that there is no difference between someone who started with bitcoin years ago and someone who would start today. In fact one might argue that bitcoin is a a lot more decentralized today than it was in early days.

The time to be a noob in Bitcoin isn't the tail-end of a bull market. Right now, everyone and their Grandma thinks they know blockchain and pre-mined corporate/foundation-coins will make them rich. Yet, it is clear that this will bring a lot of newbies into Bitcoin.
 
A lot of them will remain limited to the cesspool of Telegram groups, referral spam, doubling scams. Some of them will graduate to dev channels in Discords. Lower still will have the ability to recognize the history and importance of this forum. (BTW, congratulations on passing the steps yourself, IF you are a new account and someone old/ a concern-troll masquerading as a newbie).

The last level is of the very minuscule percentage that can actually think for themselves. They will go on a path of self-discovery starting from the Bitcoin whitepaper, initial communication on the forum, Hal Finney's posts about Bitcoin, the countless experiments of governance (Bitcoin Foundation), smart-contracts (colored coins), Blocksize debate and will come to the realization that the first priority for "sound money" is decentralization. The rest of the ecosystem simply flows from this one fountainhead.

If you are serious about it, you can read the excellent articles on this website. It has lot of good resources for those who actually seek an alternative to the world financial order and not just a "get rich quick" scheme.

Bitcoin is an open investment vehicle and owned by many ordinary guys like you and me, aside from many institutions now also participating. With more and more people owning Bitcoin, human nature always sets in. We are always subjected to a good deal of fake news, FOMO, FUDS and things in between. Bitcoin has become like an exciting show business. There will always be gloom and doom part of the whole story but if one has the real interest with Bitcoin one can easily see the beauty and benefits amidst misinformation and manipulations. One has to be in Bitcoin for the long-term, not unless you are into trading, of course.

Begin with basics.

Bitcoin inflation chart

Recommended wallets
Choose a non custodial wallet to store their bitcoin. If they trade on exchange, use Spot trading. Future and Margin trading with leverages will put them in the verge of liquidation. They will be liquidated and lost their bitcoin.

The more things change, the more they stay the same.

Having paid attention to the community for a very long time, I'd say that there aren't any new arguments that weren't considered since the beginning. The difference between bitcoin earlier and now is that it is more accepted by the global community.

The question still remains - is is stable, is it viable, will it grow, will there be some event that stops this?

Before that question was based on the software, the protocol, the regulations. These have proven themselves. Now, the question is about global acceptance due to "institutional investors" or alt-coins. But, the principles haven't changed.

Will the number go up? Yes. Maybe not immediately, but always eventually, at least until ethereum surpasses it and then crashes. Human greed in the dollar destablises the dollar, causing more people to move to a more predictable currency like bitcoin. Bitcoin is predictable, even if volatile ("number go up because number go up"). No one wants to live in a mad max world, but covid lockdowns have shown us something that we have never seen before, with the prices of things like tools in the US doubling in price over the past 1-2 years, housing costs increasing by 30%. Alt-coins are not large enough to have the same predictability as bitcoin, which remains quite volatile. The volatility shows opportunity, and risk, and point to how large bitcoin could yet grow.

Wisdom? Be careful with all currencies, diversify your portfolio. Multiple cryptocurrencies is not necessarily diverse when they are all tied to bitcoin, and when they gain AND LOSE much, much faster. Enjoy life by finding a project that gives you meaning, and not betting what you can't afford to lose.

The best advice I can give to newcomers or new to Bitcoin is to LEARN or KNOW what Bitcoin is first. Even you are not techy, you can know the basics of Bitcoin, what it uses, how it works. So there are no excuses even you are non-techy.
There are a lot of people who do not appreciate the use of Bitcoin since there are some people that they are only into money, not the technology itself.

Neither a legend (except this account but it doesn't mean much so ignore the rank) nor a veteran here, but if I were to encourage my newbie self a few years ago, I'd tell him/her to be more steadfast with Bitcoin. For as long as Bitcoin is still valued in terms of fiat, it is still young. Ignore the price fluctuations. Time will come goods and services would be priced in Satoshis. In a system of rotting fiat, Bitcoin is a diamond. But, of course, you wouldn't come to such conclusion without knowing Bitcoin first. So first things first.

Thank you for your time and reply. Very wise words indeed. I typically wont yuck someones yum but after some diligence ETH is not for me. "Invest in your knowledge of Bitcoin before investing in the coin itself." Thank you for that. Trying to process it all. Really appreciate people taking the time to share wisdom.

Invest in your knowledge of Bitcoin before investing in the coin itself. Someone who tells you to "Invest in Ethereum & Cardano " is not being helpful. It is not wisdom. Ignore them.

Classic Wisdom. Thank you very much for your Wisdom. Currently i have nothing to HODL. Just feeling the waters to find my crypto home sorta speak. I am inspired by Bitcoin and want to find my place in it. Getting feedback from people like you reaffirm there is still great promise for the future.

Thank you  for your Wisdom. Been looking into POS . ETH just seems . Not my cup of tea

HODL works.

That's the encouragement that I'll tell my old self for which is very effective. If you're treating yourself as an investor of bitcoin then you should consider yourself as a long term investor.

It's easy and you don't have to take all the pressure that everyone gets upon market crashes.