Topic: Buy the DIP, and HODL! - page 103. (Read 79835 times)

In the earlier part of this thread, if I'm not mistaken, I think @JayJuanGee stressed the need to avoid using the word "cryptocurrency" when generalizing Bitcoin and the other coins out there. The reason being that while many funny things have been done leveraging on cryptocurrency, Bitcoin have remained clean since inception and people tend to taint the image of Bitcoin whenever they unleash their clandestine plots. Therefore, such clarifications is important and we must make effort to make people understand that Bitcoin is different from whatever people promote under the guise of cryptocurrency with the intent to steal.

In addition, I don't think there is officially any word like "crypto" rather it was coined as an abbreviation for cryptocurrency. So instead of regarding Bitcoin as crypto, why not we just address it as Bitcoin which is by all standard more popular and acceptable to all!

@justbillywitt, Bitcoin is Bitcoin for the benefits of this thread making use of the word crypto in this thread can  actually make  understanding the concepts of this thread contradictory, if you want to make use of the word Bitcoin is better you say Bitcoin than crypto, I am beginning to feel that you want to contradict this thread, you can never convince me that altcoins is not included @michellee's expression of crypto , if anyone want to say Bitcoin let him say Bitcoin there is no reason referring Bitcoin to be crypto or crypto  to be Bitcoin so far this thread is concerned.

I think you are getting something wrong here. Bitcoin is the crypto itself. Every other coins you see today were built around bitcoin. Many people only know bitcoin when they hear the word crypto. There are people out there today who doesn't know that other coins exist, so when they hear about crypto the first thing that comes to their mind is bitcoin. Bitcoin is the crypto currency, if you are not aware of this know it today. If he had mentioned alt coins then you can say he is referring to other coins. So @Michelle is not talking out of point when he used the  word crypto. If you see a newbie that has no knowledge about bitcoin investment, ask him or her what is crypto, I bet you the person will mention bitcoin.

I agree with you that holding bitcoin is not as hard as what that image shows. Someone will only find it hard to hold bitcoin for the long term when he or she doesn't make the right preparations, such as having a source of income, an emergency fund to use and solve unforeseen financial problems, and a reserve fund to use and take care of your financial problems in case you lose your job. But anyone who has kept all these will find it easy to accumulate bitcoin with the DCA strategy anytime his weekly or monthly salary arrives.

Wallet security is not the topic of this thread but thanks for throwing light in that area, so many newbies like me who are still learning about our security, and self custody must be practiced but we also need to know how to do it best ourselves, it won't be a good experience to lose your bitcoin holdings because we failed to be knowledgeable in such areas, and many newbies continue to flood this thread daily to learn about investment, I guess they are motivated about the bull run, but I wished they had already stared buying in the bear market. They are other threads that teach about security and I think we should learn about security there.

The links are really helpful 🙂.

Now Bitcoin price corrections of normal size are still occurring in the market and this is not so bad for investors who are still happy to use the DCA method so far. I don't think about the reason for the decline too much this month and also in the next month because the potential for a price increase is still quite possible in Bitcoin if you look at the many people who are happy to buy Bitcoin at this time.

This also includes investors who are still not bored with the current market conditions so they are still happy enough to continue buying and the possibility of a decline in the price of Bitcoin in the market is less compared to the potential price increase that is still occurring in the last few days. And I also hope that this can continue until the end of this year.

@michelle, don't forget is a Bitcoin discussion thread, using the word crypto may implies including altcoins which is not included in the topic of discussion.
Apparently, in as much as investment diversification has enormous benefits it is optional must individual tend to concentrate in one investment, but considering investment diversification I will advise it should really be on different asset classes or commodities, just like you said you have made Bitcoin your main investment but trying to diversify your investment in other things that's if i gat you correct, I will  advice that your diversification should be on something that is not Bitcoin related since you have already chosen Bitcoin as your main investment, that's if you have accumulated your Bitcoin to the point of considering diversification.

No, we don't treat our capital like Warren Buffett's or other rich people. We try to arrange our capital to invest in Bitcoin. If we make a profit, we can give more portion to invest in Bitcoin while we can also think about adding more investment so we can increase our investment portfolio. That will give us more profit in the future because we can have many investment and not just in Bitcoin.

We can take more risks but we should not break our limit on handling the risks and only take the risk that we can afford. That is one thing that we must remember in investing. If they don't want to confuse handling many investment, yes he can use one investment that he can HODL long term. That means, he can focus on buy and HODL Bitcoin.

We always suggest to HODL Bitcoin to all people because we know that Bitcoin can give a big profit in the future.

That is just an example because we are in crypto. Investing in other commodities is good, I prefer to invest in gold as starts. I consider that having investment in real estate or land needs more money but we can have an investment in gold. No problem if you don't want to invest in altcoins because that is a personal choice. I make Bitcoin as my main investment but I am trying to build my investment in other things.

@avp2306 On the contrary that sounds more like saying Bitcoin investment or hodl Bitcoin is only for the rich or only possible for macro transaction, key note it doesn't take thousands of dollars to invest in Bitcoin, perhaps you are not buying the entire Bitcoin you can buy a fraction of it and hodl, having made provisions for emergency and reserve funds to take care of any unplanned expenses and also have made arrangements for your daily upkeep, micro transaction is one of the main feature of Bitcoin investment, the dca gives investors that opportunity of entry the market even with there small capital either weekly or monthly so far it is long term perspective to hodl longer of about 5 to 10 years or more.

You sound either retarded or like a degenerate gambler.  You don't build wealth by fucking around, but hey people can do what they want.

I would suggest that anyone investing into bitcoin to limit his degenerate gambling tendencies to no more than 10% of his bitcoin holdings, and if such degenerate gambler might have only a low amount that he is able to invest, it likely would still end up adding up over the years, even if you are merely investing $10 per week, and maybe even adding to your investment with the passage of time (as I attempted to outline in my above examples) as you make progress in building up your investment size.  

If you are fucking around with half of your available cash as avp2306 suggests, you may never make any progress and you may well end up staying poor forever, which surely would not be a good position to be in when you are 10, 20 or even 30 years down the road and have been gambling rather than investing all your life when you could have spent time and discipline developing and employing sound investment practices.


There are likely circumstances in which guys can go into trading and make money off of that, but trading, shitcoins and leverage surely is not the topic of this thread, and you are correct Wind_FURY, there are specialized skills that likely need to be learned, and even learning the specialized skills does not necessarily even result in better performance results than someone who just invests regularly into bitcoin from his disposable/discretionary income.  

I few days ago, I outline various hypothetical persons, and put them into 15 different examples in order to show how investment strategies that involve DCA (and lump sum too) could end up playing out..


For sure, threads like this (and the forum) is an interactive process, and for some reason, guys had become quite engaging on this thread in regards to several of the various ideas and ways to accumulate BTC and including that it seems that a good number of guys have been practicing some of their own variations of BTC accumulation, so the active participation and the employment of the ideas, makes it more likely that the ideas are going to sink in and make more sense...  

.. even though surely some guys still seem to be looking for quick results, yet other guys seem to realize that it can take many years to build up a bitcoin portfolio, and we even have some members who have been in bitcoin at various lengths of time, and several of them are able to bring their own level of experience.. and even some of them might be saying that they have to start over because they either got caught up too much into shitcoins or that they had not been employing very consistent BTC accumulation practices.. .. and really, there should be no reason to get worried, even if you are just getting started in bitcoin accumulation in recent times.. and so in those kinds of cases, it might still take a while to learn that it is better to just get started rather than continuing to regret about earlier periods of either inaction or whimpy levels of BTC accumulation.

We likely learn from some of our mistakes, and there are even some very senior forum members with similar stories of relatively whimpy BTC accumulation, so even being involved in the forum for a long time does not necessarily teach guys to accumulate BTC if they are not going to put ideas of BTC bullishness into a kind of accumulation practice.


What makes a wallet good is that it is "open source".. and I am not sure how much we should go into wallet security in this thread.... but you can compare hardware and software wallets.

Another priority would be the idea of self-custodial rather third party custodial.. .. but at the same time we know about transaction fees too.. so we might want to make sure that our UTXOs are $500 to $1k (1 million to 2million satoshis) or more rather than having a bunch of small UTXOs.

https://www.athena-alpha.com/crypto-wallets/

https://www.athena-alpha.com/crypto-wallets/rating-methodology/

https://thebitcoinhole.com/hardware-wallets

https://walletscrutiny.com/hardware/trezorT/

This diagram is just an outline of how to invest in the DCA method. Because regular weekly and monthly investment will be DCA method of investment. The more you invest using the DCA method, the more benefits you will reap in the future. Investing in the DCA method lowers the average level of Bitcoin price and helps increase the wealth from this investment. And this investment plays a significant role in attracting investor's mind. The more frequently you can invest weekly or monthly, the bigger your portfolio will be.

Security is like the most important thing in hold, most holders end up losing their asset to phising Link, ponzi schemes and poor education, I think newbies that are interested in investing in bitcoin should take time to learn about it and find out the best way to observe safety, the kind of wallets to use like hardware wallet(trezor cause I plan on buyingone next month, or using closed source wallets, many newbies also make the mistake of leaving huge amount of bitcoin on trusted exchanges and fail to learn from past incidents like the hack on Mt gox and the bankruptcy of FTX exchange, this companies are major target for scammers and they don't guarantee any security to you holders if something happens, we should learn that security is our responsibility if we must keep our crypto safe. I myself try my best to secure my holdings although they are not very massive yet, I'm still on my accumulation stage.

Hmm, that's true, mate. I've also seen some people lose all of their Bitcoin investments due to a lack of privacy. I believe that if someone wants to go for a bitcoin investment, first of all he needs to put more emphasis on it that how to secure his bitcoin, like where to buy it or where to store it. 
 
I mean, the first and most important thing a buddy should know before going to invest in Bitcoin is security, which includes being aware of scammer traps and fraudulent exchanges, as well as using a more secure wallet for storage. after that, there will be no difficulty in investing in Bitcoin. If someone doesn't know how to protect himself, be it from a hacker, from a thief exchange like FTX, then, in my opinion, a Bitcoin investment can cause a loss for him. So be aware of phishing links; don't click on any links that lack of authenticity.

Yes, of course there are many obstacles to achieving success in the investments we make. but every mistake is of course in our hands and also a decision is of course also in our hands. I mean, if we are determined to achieve success like those who have become millionaires before, of course there is only one option, namely never selling your BTC holdings. Many mistakes are made by old investors because they are satisfied with short-term profits so that they do not have the opportunity to find a cheaper price like the price of the first purchase they made.

Success is not only triggered by planning but we must have confidence in what we do. Investing in bitcoin is an investment that is quite popular at the moment, so for that we need to strengthen ourselves to fight the lust for near-term profits. Apart from that, we can learn from the seniors here, like JJG, who has gone through many obstacles to become a great holder, aka able to withstand it in the long term. lots of very useful advice for us beginners, therefore we can learn while investing in Bitcoin.

Let us not be distracted towards diagram, because it's obvious and understanding that diagram tender as a illustration to hold is a clear examples of holding, I think that it's not proper or standard way of teaching someone how to hold bitcoin or any crypto investment, in normal circumstances, its clear that bitcoin holding has effect neither you profit or you loss, so what I'm saying in nutshell is that Bitcoin investment is good and it will give you benefit when you understand the concept, the concept is when you know when to hold and when to accumulate your bitcoin.

Holding alway be good when you buy when the price of bitcoin is low, like example people who hold bitcoin during the time the price of bitcoin were low and still hold until now, those people is people who will make profit for their hold they hold bitcoin, so for my understanding we don't need to think otherwise concerning Holding, just say the money you want to use and buy bitcoin and hold for long term as abandoned money until the price of bitcoin enters bullrun

From what I gave understand about hodling, I don't think that it is as hard as the illustration on this diagram. I will say that number 1 simply implies to hodli, while number two simply implies to those who think that they can use trading to doubling their bitcoin. The reason why I said hodling is not that difficult as the diagram made it to look like is because anyone who already have an income and is used to saving a certain percentage in the bank for long term base on intend using it for a project, or for financial security will be able to invest in bitcoin with ease with that money that he is saving. He will just continue using the money to buy bitcoin in the long run consistently. Because for you to be able to save for a long term got a project. That was what I use to do then that I have not known about bitcoin, I do save 10% of my income in the bank, but since I knew about bitcoin, I buy bitcoin with my savings using DCA, and I find it easy.

Another point that make me to refer to number two of that diagram that it is making hodli to look more difficult than it is, is that the rich people who have invested in bitcoin, sees hodli very easy because they already have everything in their possession like cash and have so many advantage that they can buy their bitcoin as hodli for a long as they want. Let's take example of MicroStrategy, hodli is bitcoin is very easy for him because he has other means of getting funds, without thinking of his bitcoin investment,

It is the poor ones who is new in bitcoin and don't have the basic knowledge of bitcoin, that it should be a long term investment, and that they should have the available resources needed for them not to go and sell their bitcoin during their bitcoin journey that will see hodling as a very difficult task. If a newbie is good at financial management, and he use 10% of his income to buy bitcoin, and he has his emergency funds and reserve funds, if he believes in bitcoin, and he consistently, and persistently buy bitcoin regularly with DCA method, he will be able to hodli with patience since he knows that bitcoin is worth hodli. Our mindset should always be a long term investment so that we can map out ways that will make our bitcoin invest to increase and also hodli for long, The experience hodlers, sees hodling as fun and a daily practice for years.

This picture clearly show that before someone makes a good profit from his or her bitcoin investment, the person might have passed through so many huddles, which will requires lots of patience and dedication. The first picture show how newbies think when they see successful bitcoin investors. They fail to see the challenges that first comes with it. That is why it's good for people to have little or basic knowledge about bitcoin before investing in it. I would suggest that when anyone ask you about bitcoin investment, send them this picture, so that they will have a mental picture of what they will see in bitcoin investment. This will make them understand that the journey is not a smooth ride. But any investor who conquers the challenges and obstacles on the way is certain of winning the flag.

Your right in a way, but I don't think you have to make the journey of holders seem so difficult, to me I think all we really need is self control and for us to have cash reservations and a well built emergency fund if we really want to survive the hold, nothing is easy to achieve in life and gone are the days when bitcoin was cheap and cost less to buy and we can't blame ourselves for starting now, if anyone wants to really accumulate bitcoin he must have a plan and that plan involves increasing your source of income or capital, building cash reservations and emergency funds I guess if an investor has all this in place along side a good reason and purpose to hold then he is good to go.

the ride to success is never an easy one,  samething goes with holding bitcoin, because bitcoin investment can change ones life for the better but to get to that point is never an easy one. Base on the second pics which shows that holding bitcoin you gonna pass through some certain  challenges mostly when you don't have a proper idea on how bitcoin holding or investment works. Those who are new in investing in bitcoin always have that first picture as a mindset. Well come to think of it if you have a proper knowledge and understanding about holding bitcoin and also with a good fixed principles towards your holding. It may endup being a smooth one though  you would pass through alot of emotional testing. But when you hold and trust in your investment (bitcoin) they won't be a issue, all you just got to do is focus in your accumulation. And keep learning how investing on bitcoin works when holding some good quantities in your portfolio.

The illustration above makes perfect sense. When they say the price of bitcoin could drop and return to $1000k, we should tell them why. Anyone can share their analysis, but not everyone can tell you why. Moreover, current market conditions are very different from last year. Currently investors are very happy to see the price of BTC and those who have prepared themselves after the big correction that occurred with the DCA investment model can also smile happily of course. Slowly but surely.