Topic: Buy the DIP, and HODL! - page 10. (Read 138239 times)

I don't think this is a smart strategy at all, if you spread your wallet key in different places then it will be more likely to be noticed by different people. For example, I have written my wallet key in a notebook and I keep it in a safe place as it will definitely be safe from fire, water and natural disasters.
Whenever you store your wallet key in multiple places, if one copy of it is lost immediately then your wallet can be hacked but you will not know it. So it is never a smart strategy to store your wallet key in multiple places.

Are you suggesting saving ones secret data with the bank? I don't know how that will work or how possible that will be but I think it might require you filling some documents and indicating what you are saving and the worth for insurance purposes. In my country, if you inform the bank that you are saving the secret phrase to a bitcoin wallet and the value of the bitcoin, they might just signal the authorities who may seize your bitcoin because our government are not bitcoin friendly. So it depends on your country and the stand of the authorities on bitcoin before you go ahead disclosing such sensitive information to a third ear.

In addition, disclosing your bitcoin holding might put in you in some form of risk which can pose security threats to you. Remember we have seen increasing cases of kidnappings and ransom demanded in bitcoin. If one disclose such information, you might be exposing yourself to such security challenge. Instead of that, simply save your bitcoin yourself.

I don't do multiple backups with my keys, the more options you keep the easier it is for anyone to intrude once they have access to it, if you can't hide in a closed location that means by chance with multi hideouts anyone lucky one can get hold of your keys and intercept your wallet.

The first tip is storing somewhere outside the internet, not even drafts in our Gmail. I include the bank as a safe hide out, but it should worth the value accumulated inside of portfolio, with  large accumulation the bank is helpful but not a large recognizable amount then personal security is better to also enable easy access.

Having multiple backup options for your keys is really a good move. You never know what could happen, so spreading them out in different secure places can really give you peace of mind. You just have be  prepared for whatever life throws at us especially with how unpredictable natural disasters can be. Always make sure that you stay ahead of whatever comes.  It's all about your long-term preparation and making sure that all the effort you have put into buying the dips and HODLing pays off. If one method fails, having your keys secured in different ways gives you that hope and assurance that your hard work isn't lost. It's a smart strategy to keep your investments safe.

DCA can be used in a lot of investment situations, and it can even be used in trading situations to get a stake in some asset over time.  Surely some guys mistakenly apply DCA to shitcoins or even falsely conclude that shitcoins have long term value, so they might even DCA into shitcoins while the shitcoins are going to zero, so DCA does not tend to work as well if the asset is trending down rather than up.

One of the better ways to justify DCAing into anything is to come to the conclusion that the asset is quite likely to trend towards the upside during the period in which the person is investing into it, and sure there is still no guarantee that a person had accurately assessed the price trajectory of the asset, yet if at least he has made such assessment that the asset is trending up, then he is likely justified to DCA into it.

I am pretty sure that a lot of people use DCA, and they are not even sure that they are doing it.  I recall around 40-ish years ago, I was regularly buying bonds that were supposed to double in value over a certain period of time, so I would buy them regularly and expect that if I buy the whole cycle in which the bond was expected to double, then I could always have bonds, since I would be able to buy for 8 years or whatever was the period and then sell the old bonds to buy new bonds when they doubled, and sure that was probably not the smartest thing to be doing, but  it was something that I did many years before bitcoin, and sure I had other investments that included DCAing, including a 401k that I had and some other investments.  The 401k had a matching component from my employer for the first 5% of my salary, which I considered to be bonus reason to buy into it besides the tax benefits too.


There can be good feelings to build up an investment and even if we might not exactly get to fuck you status, we still are likely advantaged through our building up our investments and even having had established various kinds of back up cash (such as reserve funds), so if we end up entering into a stressful situation - that might even be considered an emergency, then sometimes we might be able to make through the whole emergency and get back on our feet, without even having to deplete all of our  funds or even to stop investing in bitcoin because perhaps we had built such strength in our various back up funds that we did not even have to tap into our emergency funds.

There also could be situations in which we see others going through emergencies, and we might even be able to save them from their own lack of proper cashflow management and finances, and we can feel good about those kinds of situations, even though we likely also have to be careful if we might end up bailing out others, and if the others are not learning how to fix their cashflow situation and their investments, so it may not be a good thing to overly extend our finances due to other people making bad choices, even though surely we sometimes have people in our family who fail/refuse to learn good cashflow management and making reasonable investments, so sometimes it can be difficult to figure out where to draw the line in regards to bailing out others, even though it still might make us feel good to have the choice in regards to being able to do it or figuring out the extent to which we might choose to ONLY "partially" do it, and sometimes even if we are able to bail others out, it may well not be a good idea to either bail them out or to tell them that we are able to bail them out.


Probably one of the best kinds of persons to know how to access your stuff or to have access to your back up seed or your instructions for  successorship is someone who will not access such information until authorized to do so, such as your death or incapacitation.  I believe another forum member mentioned that if more than one person has access to a key or a back up and then something ends up happening, like a hack or some other breach, then there could be some difficulties to prove which of the other ones might have done it.


For sure a danger if there is not large amounts of confidence, and so in some instances, the full information would ONLY come available upon the passing of incapacitation rather than giving complete information, and so it might not be easy, including preventing collusion, yet it becomes less likely if one, two or three "trusted" persons would end up having to collude against you while you were still living... and there are some ways to design in such a way that some persons do not know some parts of the puzzle while others don't know other parts, and they might not even realize it is a puzzle until after you had already passed, and then they find further instructions that are located in a place that you had guarded and they did not realize that it was a guarded place until opening up the envelope  (or something like that). .sure it may well not be fool proof, but it might help to keep honest people from becoming dishonest, at least during your lifetime  (or they don't really have the opportunity, until at a later date, which maybe no longer matters to you because you are both dead and you are wanting them to receive possession of the keys and that is what ended up happening ONLY after you died and after the 1, 2 or 3 pieces.. and hopefully not too complicated, were put together.

Thank you for that thread. Indeed, we just have to be aware that there is no perfect way to store our crypto assets. The LA wildfire has taught us how vulnerable we can be to unexpected life happening, especially when it comes to safeguarding our Bitcoin. Come to think of it, what is the essence of buying the dip and holding it for long without proper diversification of our private keys? Apart from using hardware wallets, penning them down, and other measures if there are possible ways to store our keys, I think we should prioritize that.

In your thread, I responded to someone's comment. Here is it, though it is a good form of diversifying storage it is still flawed the better we get that into our mind.

Might not be a good idea to have too many valuables on our person, and surely obscurity and perhaps convolution of the information, to the extent feasible, could be helpful if we are keeping such information on our person.

In the end, it’s about long-term preparation and ensuring that the hard work of buying the dips and HODLing is not a waste. If one method is attacked, we will be hopeful that our keys are still safe in another way.

It is natural for everyone to have different preferences and tastes, and forcing someone to do something is never the right way. Especially when it comes to Bitcoin investment. Bitcoin is an investment that will never guarantee anyone a profit, Bitcoin is a long-term potential currency.

Now you have told your friend or anyone you know about Bitcoin investment, he hesitated to invest, but you convinced him to invest with a lot of assurance, and he invested as you said, now Bitcoin did not pump as you expected after a certain period of time (after 2 or 3 years), but rather it started dumping more, then he will become very scared, and he may ask you for his invested money back, and he will completely blame you for this. You may know that Bitcoin will pump after some more time, but at that time he will not believe you in any way, and will continue to be angry with you.

So never force anyone to invest in Bitcoin, you do not know whether Bitcoin will actually pump in the future, that is why when you force someone to invest in Bitcoin, and Bitcoin does not give you the return you expected after a certain period of time, then the entire blame will fall on you. You will only be limited to giving advice, never force. Let them make their own decisions by analyzing their own judgment, if they can really understand the possibilities of Bitcoin, then they will want to invest in Bitcoin on their own, otherwise you do not need to force them.

I agree with what you said that not everyone is comfortable when they are forced and entrusted to something, we need to give them options and make a comparison of Bitcoin to other instruments, and why it is the best investment that someone can take and how it will benefit them in the future. If we are able to explain slowly about how Bitcoin is the best investment and how it has the potential to provide profit if managed wisely, I think that the person we trust will understand and comprehend that Bitcoin is the best investment that can provide profit to them - and that also enables them to manage Bitcoin better and not make rash decisions.

Having multiple backup options for your keys is really a good move. You never know what could happen, so spreading them out in different secure places can really give you peace of mind. You just have be  prepared for whatever life throws at us especially with how unpredictable natural disasters can be. Always make sure that you stay ahead of whatever comes.  It's all about your long-term preparation and making sure that all the effort you have put into buying the dips and HODLing pays off. If one method fails, having your keys secured in different ways gives you that hope and assurance that your hard work isn't lost. It's a smart strategy to keep your investments safe.

It is left for us to decide whether to enter into the moving train now that it is not too late, than to regret later in the future when it has gotten to it peak.

So never force anyone to invest in Bitcoin, you do not know whether Bitcoin will actually pump in the future, that is why when you force someone to invest in Bitcoin, and Bitcoin does not give you the return you expected after a certain period of time, then the entire blame will fall on you. You will only be limited to giving advice, never force. Let them make their own decisions by analyzing their own judgment, if they can really understand the possibilities of Bitcoin, then they will want to invest in Bitcoin on their own, otherwise you do not need to force them.

I open up a thread here: Something to pounder for crypto enthusiast regarding LA wildfire. Probably this could be a wake up call for the rest of us to have a good practice on how to protect our keys in case of a natural disaster like what had happened in Los Angeles.

There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.  

And you have been buying in the dip and HODLing it for too long.

Although the advice you said seems quite wise for everyone, you also have to understand that not everyone can like and be comfortable with such advice because everyone also has their own thoughts and tastes in giving certain things to others including those closest to them. Actually I also like the idea you said, but I don't completely burden my closest people to invest in something they don't like, so I prefer to give some choices and comparisons when they want to invest in something so they can judge for themselves that Bitcoin is indeed much better than anything else in this world.

Although the advice you said seems quite wise for everyone, you also have to understand that not everyone can like and be comfortable with such advice because everyone also has their own thoughts and tastes in giving certain things to others including those closest to them. Actually I also like the idea you said, but I don't completely burden my closest people to invest in something they don't like, so I prefer to give some choices and comparisons when they want to invest in something so they can judge for themselves that Bitcoin is indeed much better than anything else in this world.

If you are an investor, and no one knows your private key, or your private key is not backed up in a place where your family members will be able to see it, after your death, then your bitcoin will definitely be useless after your death, because no one will be able to access it. If you don’t trust anyone in your family, and you think no one is worth sharing your private key with, then it’s just better you write it where people will be able to see it, because it’s just going to be painful that after holding bitcoin for some time, none of your family members will be able to access it after your death.

Just as you said it, there should be someone you are going to trust in your family who should know your private key, and in case you don’t want anyone to know it, then it’s just better to have it written in your will, at least your family will be able to see it after your death and will be able to make use of it, and if they want to continue holding it, it’s fine.

In some capacity we have the opportunity to reach the maximum purchase level in bitcoin and may consider the DCA pattern much better because it will provide a much greater opportunity to collect bitcoin. In living life is not just about investment and there are still many other needs that may need to be prepared so that we must have the ability to divide. People who have a view to achieving financial freedom will definitely make adjustments and how investments must be made consistently without ignoring other needs and this is where a strategy is needed so that it can be more optimal.

To achieve all that is not about how much we can buy, but how the level of consistency can be maintained properly and many people are starting to realize the process and I am sure all of us have a way to make that adjustment. Any strategy is good as long as it is done correctly because bitcoin will provide a much better life change if invested consistently.

You are right regarding your narration but I found the bouded part a bit problematic if you say any strategy is good remember that buying Bitcoin only at dip is also one of the bitcoin accumulating strategy and this may also mislead newbies to accumulate Bitcoin only when there is dip because you said any strategy is good as long as it is done correctly, buying only at dip will definitely make you make miss out more buying opportunity and will also affect your bitcoin journey what if the price keep rising definitely such investor won't be accumulating Bitcoin, while using the DCA strategy the dip should only come as an opportunity to buy more Bitcoin unless investor that has gotten to their maintenance level may decide to be buying during the dip not someone who is just new into Bitcoin investment or who has not gotten to his/ her maintenance level.

You are right, I don't think either that any investor will be happy, allowing his funds to just go like that after his death without pass it on to his next of kin . As at this stage of your life, you are suppose to have gotten someone which you can really trust to pass your inheritance and if you don't,it means you don't trust yourself either or you are not telling yourself the truth,no matter how distance or close you can be to your family members, there most be someone which you will trust and desire to be your next of kin, if you have not gotten your own family, which I believe that even among your husband/wife and children,you still have pick someone, for me I think, it is best you chose from your family, introduce and teach the person about Bitcoin,and assist him or her to also be investing in Bitcoin, so that he will be happy and do as you wish when you need his or her help in future(mainly health related issues) or after death, there will be no problems so that your instructions on your Bitcoin investment will be carried out properly.

You are right regarding your narration but I found the bouded part a bit problematic if you say any strategy is good remember that buying Bitcoin only at dip is also one of the bitcoin accumulating strategy and this may also mislead newbies to accumulate Bitcoin only when there is dip because you said any strategy is good as long as it is done correctly, buying only at dip will definitely make you make miss out more buying opportunity and will also affect your bitcoin journey what if the price keep rising definitely such investor won't be accumulating Bitcoin, while using the DCA strategy the dip should only come as an opportunity to buy more Bitcoin unless investor that has gotten to their maintenance level may decide to be buying during the dip not someone who is just new into Bitcoin investment or who has not gotten to his/ her maintenance level.

I open up a thread here: Something to pounder for crypto enthusiast regarding LA wildfire. Probably this could be a wake up call for the rest of us to have a good practice on how to protect our keys in case of a natural disaster like what had happened in Los Angeles.

There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.  

And you have been buying in the dip and HODLing it for too long.

Can we all agree that there is no perfect way to save our seed phrase? Unexpected things can happen anytime and might make us unaware.

We should be praying that nothing happens for us to be caught in a situation where we can get access to our seed phrase. Every method we use in storing our seed phrase has one or more flaws. The wrist bracelet you shared is a good method. Of course, it will save you when in the situation of the LA wildfire. On the other hand, it is very risky to walk around with it everywhere, as there are those who may find out that what you are wearing is your seed phrase. They may one day forcefully want to take it or rob you of it. If that is not the case, you may take it off and keep it someplace one faithful day and forget about it. The biggest disadvantage of it is the fact that anyone who has access to it will have access to your wallet instantly.

In some capacity we have the opportunity to reach the maximum purchase level in bitcoin and may consider the DCA pattern much better because it will provide a much greater opportunity to collect bitcoin. In living life is not just about investment and there are still many other needs that may need to be prepared so that we must have the ability to divide. People who have a view to achieving financial freedom will definitely make adjustments and how investments must be made consistently without ignoring other needs and this is where a strategy is needed so that it can be more optimal.

To achieve all that is not about how much we can buy, but how the level of consistency can be maintained properly and many people are starting to realize the process and I am sure all of us have a way to make that adjustment. Any strategy is good as long as it is done correctly because bitcoin will provide a much better life change if invested consistently.

I think emergency fund is more significant in investment of Bitcoin than a leftover money or a discretionary income that you left after you have sorted out your total expenditures per day because it's a fund that is properly planned and kept for the purpose of handling any uncertainty that may compel investors or Bitcoin holders to sell his Bitcoin as a result of some financial constraints.
It's very necessary to have alternate source of income that will enhance your emergency fund in other to be enable you to stay afloat in the investment and as well as to hold your Bitcoin asset for longer time which will give higher chances of making a good and profitable return on your investment.