Topic: Buy the DIP, and HODL! - page 11. (Read 138390 times)

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.

If an investor starts investing in Bitcoin quickly and continues to hold it, he will have the opportunity to accumulate more Bitcoin than others. Although not everyone's financial situation is the same, those who take quick decisions will be able to make more profits. Gradually, Bitcoin is becoming more valuable from being cheap. Some may try to buy from Bitcoin from the dips, but if Bitcoin becomes more bullish, they will regret it more. If you focus on one thing by determining your goal, then it is definitely possible to get good results from it, and for this reason, if someone only holds Bitcoin according to his expectations by doing DCA, then he will definitely be able to reach his goal. Surely those who did not buy Bitcoin before are now regretting it. That is why the best decision is to start investing as much as possible without spending time  after learning about Bitcoin.

One obvious fact about this life is that it is full of uncertainty, nothing is promised, even tomorrow and our lives is not quaranteed, and on the case of Bitcoin, it is full of potential no doubt, because if you pay close attention to it's magnificent growth over the years, it shows that among all asset around the world today, Bitcoin is the best among them all right now to invest in, and it hasn't gotten to it peak price like the other, that's why we believe that it still has the capacity of going up to a million dollar or more in the future due to how it has performed in a very short while of it existence and how limited it totally supply is.
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.

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.

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.

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.

As long as you remember that not your key alone, then it's not your funds I'm okay with that. There was no clause to that saying that states we should trust someone and let them know where we keep our private keys. As an investor your key should be yours alone to know where it is. When it comes to bitcoin investment trust should be something you don't bring to the table. It will break your heart to see that someone you think you trust will move your funds and that's when it will dawn on you that you shouldn't have trusted anyone with your funds.

As a Man if you want to keep inheritance for your family you should also invest physical assets along side your bitcoin. So hat if you die suddenly then those investments will be there for them to inherit and support them. But since nobody knows when he or she will die, it's best to keep your bitcoin wallet to yourself. You will even die faster when someone you trust move your funds, because you trusted the person. Don't trust when it comes to your private keys. It's called private key for a reason.

But if it happens that you die and nobody has access to your bitcoin, don't see your bitcoin as being useless, rather see it as an offering/sacrifices to the bitcoin community.
Because it will reduce the circulating supply of bitcoin, and impact on the price of bitcoin positively. This is another way that bitcoin will appreciates in value.

With the DCA pattern, if you can execute your strategy correctly, it is a very simple and excellent investment. Here, the emphasis is more on continuous accumulation than maximum buy but you focus on the growth of floating cash funds to focus on the maximum buying level. What you mean by consistency is for every family who tries to organize their lives with their valuable bitcoins in addition to investing. By narrowing the spread of daily multi-dimensional expenses of the family you try to continue accumulating bitcoin and make it great for the long term.

The explanation you have given for determining the strategy for accumulation bitcoin I think it is not that complicated a situation. With consistency in investment, you can solve the issue very easily, which is to deposit discretionary income and accumulation bitcoins from it and that's all. You must have a disposable income from the profession in which you work a part of which should be allocated for accumulate bitcoin. It is recommended to gradually increase the amount of backup funds for investment protection which can be done by reducing excess personal expenses such as reducing the habit to smoke cigarettes or drink alcohol and other personal expenses. You should avoid calling your poor by making additional adjustments.

You are actually making sense, the Dip is not something that happens everytime in the market so even if an investor is consistent with it, they would not be able to increase their portfolio compare to someone or an investor that is using the DCA method but on the other hand I think any investor who wants to be using the Dip method or strategy perhaps would have a different Dip perspective, I mean he or she will set a level of Dip he or she will be accumulating Bitcoin because everyone must not a have same Dip view and interest. So, I want to ask you and the entire forum this question, is the buy Dip and the lump sum strategy not good even if it is done correctly?  would there be a chance of having a good figure of Bitcoin in our holding?

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.

I cannot say that any strategy is bad, and no investment strategy is inherently bad. However, you should use strategies based on your experience, your situation, and your knowledge of the strategies. If you are completely new to investing and do not have in-depth knowledge of investment and strategies, I would recommend investing using DCA (Dollar-Cost Averaging). As a beginner or without experience in strategies, I would advise against investing in the DIP or LAMP methods.

With the DIP method, you will only lose out on buying opportunities, and depending on your situation, if you have the capability to invest using the LAMP method, you may not be able to maintain control during adverse market conditions. The LAMP method requires a large amount of capital, and even if you have the capability as an inexperienced investor, following this strategy could prove to be a mistake.

For an experienced person, any strategy can be good as long as it is executed well. However, for a beginner, DCA could be the best strategy. This is because it provides buying opportunities at all times, guarantees that you won’t miss out on dips if you remain consistent, gives you the chance to become a large investor with smaller capital, allows for easy investing, and enables you to start investing with basic knowledge. Opportunities like DCA may not be available with other strategies. However, yes, with all investment strategies, it is essential to know the long-term approach.

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.


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.

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 come off as confused, and it seems that other members have already explained several times but you continue to repeat in ways that just confuse more than clarify.

Of course the term left over is another way of saying discretionary income, which you can use that to invest and/or you can use that to create an emergency fund or to build other back up funds.

Regarding a second source of income, sure that can be used as a back  up plan, but it can also be used to increase your discretionary income, especially if your primary job already covers all of your expenses, then the secondary income sources would just add more discretionary income except to the extent that the secondary income might have expenses too, such as transportation costs or maybe you have to hire a baby sitter while you are doing your secondary job or if the secondary income causes you to be less healthy because you don't sleep enough or get exercise or it causes you to eat junk food, then those costs might also need to be considered to offset any extra income that you might get from it.

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.

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.

A person could come to bitcoin (or just get started in bitcoin) within a variety of kinds of personal circumstances, and even very messed up financial management of hardly any savings at all and potentially a lot of debt and perhaps even irregular cashflows in terms of how much income comes in (and how frequently) and the various kinds of expenses might be irregular perhaps due to bad management and even his having had a compulsive personality.

So, then we might get down to basics in regards to how catastrophic is the persons life, emotions and finances?  What does the person have to get in order prior to starting with bitcoin, and perhaps it is also possible that he could get his life in better order simultaneously to getting into bitcoin, yet bitcoin could also serve as a motivator for him to have some kind of focus and to clean up the rest of his finances, perhaps bad practices and emotions.

I am not suggesting that all people can save themselves, yet I doubt that it is fruitful to presume that guys have to get the rest of their shit together prior to getting started in bitcoin, and perhaps how they get into bitcoin is a matter of degree and approach rather than proclaiming that there is a need to get the rest of the financial/psychological shit together first.

Of course, an important aspect would likely boil down to whether the guy has discretionary income or not, so the BIGGEST deal breaker in regards to getting into bitcoin may well come down to whether he currently has discretionary income or if he can at least sufficiently arrange some of his matters to assure that he has discretionary income, and the more than he can improve his discretionary income the more he likely can resolve the various messed up matters that he might have going on within his recent situation and affecting his present finances/psychology.

Surely there are some folks who are basket cases who are not emotionally mature enough (and perhaps lacking in basic math skills) to handle their own finances, yet I am not going to presume normal people to be like that, and I am actually going to presume that an overwhelming majority of folks are capable of knowing and/or learning and if they are retards, then that is on them to figure that part out.. but it seems way safer to presume folks as smart rather than dumb, and if they are dumb they better get someone to help them out so they don't totally ruin themselves through their dumbness..



You are not wrong, yet you still seem to be trying to suggest that certain preparations have to be done prior to getting started in bitcoin, which personally, I tend to think that an overwhelming majority (almost everyone) should be able to get started in bitcoin right away as soon as possible.  Sure, they may have shit that they have to sort out in their life, but the presumption seems to be that getting started is better than waiting... and yeah, if they have such an emergency situation that they cannot start, then they better figure that out.. and if they have a gambling personality, then they better figure that out too.. since I am not suggesting anyone gamble and/or trade with bitcoin, but come to bitcoin with an intention to invest 4-10 years or longer.

Let's just take what might be a kind of typical normal person who might have screwed up finances.  I am going to presume that even the most fucked up people are still going to have a practice in which they tend to maintain some kind of a float of 2 weeks to 6 weeks so that if they lose their job they can still eat and have a house.. yeah, sure there are people in worse situations and if they are in such a worse situation, then they should not be getting started, yet I am going to presume amongst the worst already has around 2 weeks of cash available, which allows many folks to be able to buy an ice cream or a drink at the bar.. and yeah, sure there are people who cannot even afford the basics, but I am not going to assume that.

In other words, even the person in the worst case situation should be able to figure out whether he has $10 to buy bitcoin or not (which could be the same as having $10 to buy a lottery ticket), and if he has the $10, then he is figuring that he is investing 4-10 years or longer... yes or no?  If he has it, he can get started, and if he does not have $10 then he cannot start until he gets to a situation that he has the $10.

Ok.  In the meantime, if his situation is really fucked up, then maybe he can ONLY start with buying $10 of bitcoin per month, but we want to try to work up to his being able to buy $10 per week, so yeah, sure I will grant you that some people might not be able to start with $10 per week so they have to work up to it.. and they may also have to simultaneously build up their emergency fund... and in the end, the worse their finances and the less regular their discretionary income situation, then they have to take care of that first. because whatever they put into bitcoin would be locked away for 4-10 years or longer.. and so yeah.. maybe it ends up taking more than a year  where they have 3 months of their expenses/income invested into bitcoin and 3 months in their emergency fund.

Let's say that this beginner into bitcoin has an income that ranges between $200 per month and $600 per month, yet his expenses range between $300 and $400 per month, so he does not have a lot of room, and the fact that his income can sometimes be less than his expenses means that he has to have that money available for the months that his income is less than his expenses, and he may well need to figure out ways to increase his income and lessen his expenses, so the more likely that he is going to have months in which his expenses are more than his income, then that means that largely he does not have discretionary income.. so a guy without discretionary income is not eligible to invest in bitcoin because if he buys bitcoin, he would be gambling and/or trading rather than investing, and so people have to be able to recognize and appreciate.. do they have discretionary income or not.  If they have discretionary income, they are able to invest in bitcoin, and if they don't have it, then they have to figure out how to improve their situation to be able to invest into bitcoin, otherwise they cannot invest in bitcoin since they would be trading/gambling, and personally, I don't recommend trading/gambling with bitcoin (even though some folks will do that, but those people are retarded, from my perspective).



You continue to put obstacles... and the main question is do you have discretionary income or not? you can figure out and sort out the other details as you go.


Sure all of that can be built as a guy goes, and one of the most important things is getting started, and the main question is do you have discretionary income or not.. if you do then get started right now... if you are not sure, then figure that part out first. and once you figure out that you have discretionary income, then get started.. and work out your other details as you go, including that no one should want to put themselves to sell any of their bitcoin, except at a time that is completely of their own choosing and likely somewhere down the road that is greater then 4-10 years or longer.


It seems problematic to be involving your next of kin with your finances prior to your death or incapacitation, so it seems a big presumption that guys should allow access prior to their death/incapacitation, even though optionally some guys might choose to go down that path....

For sure, there is a bit of a danger that if you do not involve them very much prior to your death/incapacitation, then next of kin will not figure out how to access and/or manage your coins, so maybe you have to take some minimal steps to assure that yet giving them prior access or even too much insight into any details seems quite problematic, at least from my perspective and even acknowledging that some guys will find it acceptable and even preferable to go down that problematic path.


Lump sum can vary. For some people lump sum might be 5x their normal $100 DCA amount.. so a lump sum might be $500.  for other people maybe they choose lump sum by moving $230k from their 401k and put it into bitcoin, so that they won't plan to add any more to their bitcoin for the next 10 years or more... so when they put $230k into bitcoin, they are considering it as a kind of frontloading of 15 years (or so) of what would have had been their anticipated DCA amount ($300 per week) in advance.

Lump sum investing can create certain kinds of dynamics, and I personally prefer some kind of a supplementation of lump sum with DCA and/or buying on dips, but yeah, guys can choose whatever they like and particulars about the lump sum or what  are their other financial/psychological circumstances might be needed to account in order to figure out the various ways to play their choice to lump sum invest into bitcoin.


We might not be able to completely get rid of fear no matter what investment we get into, whether bitcoin or anything else, yet it seems that both our position size and our ways of dealing with incremental investing can help us to mitigate some of our fears, even though the fear might not completely go away.  We can have fears that kick in from price movements going down or even from prices going up.. so it can be difficult to completely get rid of fear, even when we might employ what seem to be decently reasonable mitigating factors to help us with position size management, or sometimes reinforcing our commitment by continuing to buy no matter what or buying on dips, yet sometimes, we may also feel that HODLing might be our way of dealing with fear and riding out some of the volatility that can contribute to changes in our emotions in regards to our bitcoin holdings and/or any other assets/currencies that we might have (not even referring to shitcoins, even though some guys - might we refer to them as gamblers/traders - might choose to hold some shitcoins).


If the only extra money that you have is your emergency fund, then you have no choice but to spend from either that or to take from your investment, so we should realize that various kinds of back up funds will have priorities in which we should have some kind of a pecking order, and perhaps the better that we manage our cashflow, the more likely that we never ever have to even touch our emergency fund, since perhaps we might even be in a position to handle some shortages in our cashflow and some extra expense for several months before we are in a position in which all that we have left is the emergency fund.. and another thing that we likely know is that if we are starting to experience some extra expenses and some shortages in income, then we might already have some back up measures that we are able to take to increase income or cut expenses, yet maybe after a bit of time, the imbalances become more and more severe. .which largely at that point we are starting to run out of funds to address the various issues.. which is also one of the reason why newer investors are way more prone to fuck up their bitcoin investment since it can take years and years and years to put various systems in place and including having some categories of funds that we might draw upon that may well not be considered to be traditional emergency funds, but the longer that we are investing and employing strong cashflow management practices, then the more severe  and even drug out does the situation need to  become before we are even getting to a point that we are running out of funds.

I recall my own bitcoin investment circumstances in terms of my own running out of money during various dips in the BTC price, and the longer that I have been in bitcoin, then the more that I have been able to build various kinds of additional back up funds and back up resources.. while putting my bitcoin at a further distance from ever having to cash any out except at a point that is completely of my own choosing.. .but it also helps if our investment in bitcoin is profitable.. so that people with more resource don't even necessarily have to be as strict with themselves in terms of where they might draw upon if they might need some extra funds.. so for example, the roof blows off or the girlfriend crashes the new bmie.. .. .so .. maybe we have to spend a day or two figuring out from where to draw the resources to fix the roof and to buy a replacement bmie... but those extra expenses are less of a BIG deal, as compared with someone in the earliest of stages in regards to building up his bitcoin investment and the need to make sure that he has various kinds of funds to cover various kinds of expenses and/or shortages in cashflow.

Surely there would be priorities in the categories of various backup funds and the kinds of current or expected expenses that any guy might have, and once the various backup funds get so depleted that emergency funds are needing to be tapped into, then such guy (bitcoiner) should have already realized that he is getting into a pretty tough place and a place that he does not want to be...and hopefully the matter is resolved soon or he might have to tap into his bitcoin once the emergency funds are depleted.. which surely should not be a place that any newbie investor wants to get for at least a couple of cycles, if possible... and yeah once a newbie get through one or two cycles, then he might start to gradually be considered no longer a newbie, unless he has been fucking up and fucking around so much that he is not able to graduate to non-newbie status... which is totally something that he should be able to work towards avoiding.. absent some very tragic circumstances that sometimes do end up happening to people that would allow for the excuse of not having had graduated to the honor of no-longer-newbie status.


What you are saying does not negate anything that I said.

The extent to which you choose to incorporate others in the process of guarding your seeds or passing them down remains your choice, and the extent to which you believe that your choices are hindered by current legal practices within your country is also something that may or may not be something that would motivate someone in another jurisdiction, and you might even end up consulting with folks who have bad ideas about the extent to which your practice should be guided by legal parameters of your country.

Your choice to tell someone details about your bitcoin or to have pieces of information that has to get put together are also discretionary matters that may well have a lot of options, yet the fact that we have a lot of options, still does not take away a likely factual reality that there are likely going to continue to be a lot of bitcoin (private key access) that are lost forever due to inadequate successorship systems.. There are also going to be some coiners who lose some or all of their BTC based on trusting people that they should have not trusted.. or providing information in ways that might have had disclosed too much too soon.  I am not even proclaiming to have the answers to these various situations that might evolve, yet my earlier response to you seem to have had been aimed to suggest that what you were saying was not the ONLY way to deal with successorship matters, even if you might have had concluded that you have already figured out some kind of a sufficient successorship arrangement for your own level of balance.

Whether I sufficiently get your (earlier) point or understand what you are saying may well be another totally separate matter.


If no heir takes the coins, then the coins get distributed to all bitcoin holders, and so then scarcity of bitcoin increases by the quantity of coins no longer available.  It is not necessarily a horrible alternative, even though surely many people would prefer to have some more specific direction towards sharing their wealth or choosing how their wealth might be distributed once they pass or become incapacitated.


Of course a hardware wallet (what you mentioned as a non-custodial wallet) and a seed phrase are different things.  There also is usually some kind of a pincode to enter into the hardware wallet.  of course, if some damage or inability to access the hardware wallet happens, then the funds could still be accessed by the seed words... another thing is that separate wallets can be created by the use of passphrases.. so passphrases can also be important to protect funds, but they create an additional level of complexity that could be lost.


I agree with this, but it still can be difficult to figure out a good balance, and surely sometimes our information will change too.. such as you mentioned if you marry, then you might want your new spouse or kids to have the information.. or maybe you still might want your younger sister.. and have her serve as a gatekeeper.., yet if something happens to your younger sister, then you might need a backup.. but sure if something happens to her there is potentially time to fix the matter.  I am not saying that I know the answer in regards to how much balance is good or better.

Yes sir, I dedicate DCA to Bitcoin as the main way to achieve satisfaction in acquiring/accumulating BTC in the portfolio.
I agree as you said, why they apply DCA to Bitcoin because of the fluctuating price and also the main point because of the planned accumulation for the long term.

However Bitcoin has soared more than predicted by many people, but it is a fact that the demand for bitcoin or investors who buy bitcoin continues to grow every day. They do not understand DCA but over time they start investing with the DCA strategy.

Not the price target, not the value we build, not the satisfaction we seek, but it's all because bitcoin has no inflation, it is unique and has great meaning as the best asset or number one as a valuable asset in the future.

What happens to the general public, they are still afraid of many factors in investment, they must realize that bitcoin must be bought and held not for trading.

I agree with you, Starting today is better, rather than thinking about setting a plan first.

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.