Topic: Buy the DIP, and HODL! - page 114. (Read 142177 times)

That's really true, the fact that technology is fast rising for better doesn't mean worst will not happen. We should even be prepared for the worst case scenario because anything that has advantages also has disadvantages your friend case resonate with that of a recent thread created about A sad story of a 72 Y.O Grandma who lost here life savings and inheritance This surly means that it can happen to anybody both old and young because scammers are upgrading in cyber crime activities, we should also Increase our security measures to avoid it.
We should be able to identify the type of scam and how to avoid it. In my recent post I listed out the type of scam and how to avoid it. There are two dangerous ways people are easily hacked by scammers. They use this method which are:

1) Malware distribution site: in this malware distribution site, they send you a link containing virus and spyware offering a promotion or a link to register and sign-up for something, if you don't have a anti malware protection software setup on your device, you will be triggered to login or signup and your device will be fully monitored and your secret activity becomes seen by hackers including your sensitive information which will be used against you.

2) Phishing website: Phishing site are also more likely to contain malware but they tend to mimic the original site which if you are not careful you will think your are dealing with the original site thereby involving yourself and finally been caught up in the web 🕸️ the fake site often comes
Like this >> amaz0ne.org or amaz0ne.net instead of Amazone.com
you can check this link to learn how to avoid Phishing attack from scammers.

The truth is that, as a newbie, someone can't have all the proper knowledge to fully guide them away from scammers, because they always come up with different strategies to scam people. And trying to get the proper knowledge before investing may be wasting of time which even with year it may not get it because scammer are also coming with different tactics. Infact Even those who have been in the crypto space for a long time can still fall into scammers' traps, especially if they have the mindset of becoming rich quickly in the cryptocurrency industry.What you should know in the cryptocurrency industry is not to have a mindset of becoming rich quickly, or else someone can easily get scammed. For example, someone might invest in a shitcoin and, in the end, lose all their money because the coin they invested in may get dumped forever and never pump again.

The easiest way to avoid losing money in crypto is for someone to invest in only Bitcoin and secure their investment properly by using the right wallet, which is a non custodial wallet. Also, forget about making profits in the short term with Bitcoin. Know that there is no quick way to make money from Bitcoin, someone need to be able to hold it for a long period of time before making money from Bitcoin investment.

Bitcoin investment requires good personal planning and not based on the other person's idea of amount to invest because every individual has it own expenses and budget. Just invest according to your financial strength, the amount that you can afford to invest which is not going to stress you. When the understanding of the amount of money that should be invested in Bitcoin it makes every easy.  It is not about the amount of money you invest in Bitcoin but what matters is if you can be consistent and be able to hodl that is what matters.

Since we have DCA method of investing their is no need for one trying to invest so much that will later be a burden to them, not enabling one to meet up with financial demands. Invest with amount that you can afford, this always ends with a successful outcome at the end.

But at least you have learned the hard way, and the HARD WAY is probably the ONLY path for MOST individuals to truly learn the actual lesson.

I too was persuaded to buy shitcoins. Some of them were actual experiments that may have actual benefits for the search of the "perfect cryptocurrency", some of them were built by honest developers who have an actual hypothesis. But the main benefit - Their experiments proved to themselves that they were mere shitcoins.

If there are still people falling for fancy white papers these days, then I have to say I have no sympathy for them whatsoever. I understand that back in the days when all these ERC20 tokens came around, a lot of people were confused and the unreal price increases did the rest. Some people running these ICOs got arrested because raising that money was illegal in the first place, and I can't tell whether there is one single coin with a huge white paper out there that has made its way. Ethereum maybe counted as one, but it has its own set of problems and people should do their research on how POS leads to more and more centralization as those with more coins always outcompete those with less coins in block production, making their holdings grow at a faster rate.

In BTC you don't have this problem. It doesn't matter whether you have 1 BTC or 100 BTC, it doesn't change what say someone has in the network and miners are those with significant skin in the game, making sure they act in the interest of the network as their well being is directly dependent on the well being of the network and they had upfront investments which they want to recoup.

But it's good to know, at least that is how I noticed it, that the talk about those alt coins is going further and further down. I have been discussing those coins years ago and the relative number of people discussing these fancy white papers has become less.

Because one of the biggest differences between BTC and those alt coins is that "Buy the DIP, and HODL!" worked for BTC, but not for the vast majority of other coins. People have been catching the falling knife and hurt themselves. BTC always bounced back to its ATH and is close to it right now. Only people who traded back and forth can literally have realized substantial losses. Everyone else could at worst be a few % down right now.

I don't really disagree with anything you said - yet at the same time, part of the reason that any shitcoin or any other technology to really contribute in a way to throw bitcoin out of its place has to be 10x better, since bitcoin invented something (or discovered) in such a way that such a thing had not been possible previously, and in that case the paradigm had been shifted by a new thing being possible that had previously not been possible, which is that bitcoin brought forth a system of transferring both information and value at the same time with ways of verifying it in a way that there was no way to copy the value.. and so yes solving the double spend problem in several quite ingenious ways.. and establishing itself as a protocol layer kind of a change in which other systems can build upon it, yet if there were a desire to actually change the protocol, then such change would be required to be 10x better  in order to inspire moving from bitcoin to the new protocol... no shitcoins have shown themselves even close to being able to inspire moving over to them from bitcoin.

Although there are people says that no scammer if there's no people willing to get scam, but that doesn't we can't put all heavy blame to victims. Since if they didn't put any appealing and convince innocent people to earn profits with them for sure there's no people will get interest to look up and invest with those scam projects. Many times people is so lazy to research and just think about profits if they take out greed and have critical thinking then be more selective upon choosing where to investment for sure those scams would never affect them.

That's why knowledge is important and constant joining good discussion and communicate with community which have good knowledge on investment is important so that we can avoid any potential scams. Its good that Bitcoin is here to save their ass towards wrong investment choice and what people need to do is to learn some basics about it and engage with long term investment. If they extend their research to know more about this for sure that they would learn a lot of helpful information about it like executing the right strategy which is helpful to make their investment became more successful.

Well, anyway I just want to give a clear narrative that investing is with money that is not needed at that time, meaning that the money is not used.

As the process that I have done, I allocate only 10% and no more, then it runs smoothly because I do not feel disturbed by the cash flow that I allocate to bitcoin investment.

However, for those who want to budget smaller, larger or simpler, of course that is their right. However, the process can run smoothly because planning is not just a single purchase but can reach 100x purchases or 200x purchases because it is done per week.

Or lump sum is also good, at once every month and continues to the next month. It all depends on how they implement it. Generally to avoid mistakes due to the aggressiveness that he does, for that adjustments must be arranged in advance.

When holding bitcoin, make sure you do everything possible to protect your bitcoin. It won’t really make sense to hold your bitcoin for years, and then at the end you will end up losing it to scammers, so it’s just better we properly learn about wallet security when investing, that's one of the first things we are supposed to know.

If you are holding bitcoin, that won’t stop you from participating in airdrops. I know lots of airdrops are created just to scam people of their money, some of them will ask people to connect you their wallet to their website, which they can steal from people that do that, but the best thing to do when participating in airdrops is to have a different wallet for airdrops, don’t make use of the wallet in which you have your investment, a new wallet should be created for airdrops, and make sure you don’t have anything in the wallet.

Technically I will blame the scammers because if they had never existed, there won't be any victim. You can't beat a child and expect the child not to cry. That aside, I think we all owe our close family and friends the duty to educate them to know the dangers of clicking on any unverified links or any random links they find on the internet. Wether they are bitcoin investors or not at the moment. We that are privileged to know the danger of these things should find out time to educate them about it. Because it might come in handy for them someday.

Most of our love ones don't know about some scams that goes on out there yet. But if we take out time and educate them ourselves, they will be properly equipped with the right knowledge on time. Tomorrow when they eventually start investing in bitcoin, they would be knowledgeable enough to identify these scams when they see them. You never can tell, this knowledge could also be helpful to them in other aspects of their life. If we don't teach them majority of them won't know, and they are likely to learn it the hard way. And such things  could have been avoided if we had took out time to educate them on our own.

Even though you JayJuanGee have put some light in differentiating bitcoin from every other shitcoins, I will love to make some additions to what bitcoin is.

Perhaps, lots of people certainly do not get the facts about bitcoin as a leader in its own world and differentiating it from other cryptocurrencies (shitcoins) seems hard for some people, just as you JayJuanGee have said, that bitcoin is not just a leader for a mere sake of being a leader but it has brought something to the table, some people may not get your point even though its very clear but i will have the stress to say that bitcoin is a paradigm and a paradigm that has shifted our thinking from just a mere circulation of fiat to a digital currency/gold as some call it, that doesn't just keep the value of your assets but also increases its values in a long term.

Bitcoin as a paradigm has brought to the table the opportunity which every other shitcoins has seized to be in existence even though we might not going to be seeing most of them in few years. Having to put bitcoin in the category of all those short term existence coins would not make any sense which is a more reason why we should know the true nature and facts about bitcoin to differentiate it from mere scams that pose to be a coin of value and/or seeking attention for its purpose of scam deceiving some people with an unrealistic point that its an improvement of bitcoin the original, which we all know that bitcoin has no improvement outside it's protocol. It's even more right and/or correct to liken bitcoin to the master piece of cryptography and every shitcoins to be a copy which is not the original and can never be the original than to put bitcoin the the same category with those shitty coins.

Sometimes I don’t blame these scammers, but people who are falling into the trap because knowledge is very important. Many people need quick money, and they think crypto will do that for them. Instead of learning before they do everything, they are too lazy to do that. And that is why they fall victim to the scammers. Just like your friend, now I can’t someone blame those scammers for scamming her even though she is a newbie.

Why did she not ask or learn before doing that? I believe next time she won’t do that again because, in my opinion, everything you want to do as long as it requires money, learn about it before taking any further steps. Bit newbies fail to do that.

This particular reason is why we should stay away from shitcoin and we have been warning against shitcoin everyday. I know surely that most people will still fall victim, but I believe that will motivate them to invest in bitcoin because we learn by mistake, expirenced is the best teacher they said, but shouldn't always be a personal experience, rather learning from others should be put into consideration because surely some personal experience may not be good depending on the gravity of loss, one may not survive it.

I find it difficult and problematic to understand what you mean by the word " bitcoin is the best cryptocurrency" you seems to be making a point in your explain yet you seems to be reffearing to another thing. calling bitcoin cryptocurrency may be misleading, considering the terms used in this thread. You should have known that cryptocurrency in this space is referred to as shitcoin and cant be classified as bitcoin.

I have some trouble understanding why you feel some kind of a need to use the term/category cryptocurrency and to put bitcoin within that, even though surely this thread is about bitcoin.

Bitcoin is likely amongst the best of investments available on a widespread basis to anyone, whether we are talking about cryptocurrencies or not.

Surely one of the difficulties with any investing is that there is a need for discretionary income before investing even makes sense.. so a person needs discretionary income and also needs to be able to dedicate holding bitcoin for 4-10 years or longer in order to be investing rather than gambling.

if you want to talk about crypotcurrencies and/or a sector that involves digital assets and a variety of shitcoins, bitcoin is the leader in that sector, yet it is not just the leader for the mere sake of it being the leader, and if you want to get some kinds of ideas regarding why bitcoin is the leader in that sector is because bitcoin brought something to the table that has not been brought by any of the imitators and/or affinity scams within the shitcoin sector.  It is quite likely that if any of bitcoin's imitators, copy cats, affinity scams want to beat out bitcoin, then they would not need to be merely better than bitcoin, but instead they would need to be in the ballpark of 10x or more better than bitcoin, so how is there going to be competition from various shitcoins unless they are in the ballpark of at least 10x better than bitcoin?  In that sense, we should not be spending time, energy and/or money talking aout them or playing around with them unless we are considering them in light of bitcoin and how they might relate to bitcoin and deserve any attention at all.

securing your Bitcoin holding and avoiding anything that will lead to your Bitcoin getting into the wrong hand is as important as avoiding buying and holding some altcoins. What shall it profit you if you become reckless while buying Bitcoin and you refuse setting up means of protecting and ensuring that you avoid links that's going to pose a threat to your holding?

As long as you're in for the long term, you have to avoid doing even airdrop because that's one of the easiest way scammers are currently using to steal people's coin. If he stored his Bitcoin holding in a cold wallet, attacks like this wouldn't have worked against him.

The same way if you don't set out emergency fund you technically expose your Bitcoin holding to being used by you is the same way if you don't set the right security measures in place, you might end up accumilating your Bitcoin only to allow it taken away by someone because of a simple security bridge.

DCA is important, Lump sum is also important and even doing them for the long term is equally the best but when you do all these and neglect the security of your Bitcoin, you will end up sowing only for another to reap it at the end.

Social media has really messed some people up not only by convincing them to invest in shitcoin but by also making one lose everything they have in their wallet more especially newbie. Some weeks ago a friend of mine lost everything in her wallet just by clicking on a link they said she's going to make a lot of money and this look so good to be a lie but because she's still new and she thinks that's how she's going to turn rich in a twinkling of an eye not knowing she's going to lose everything. We should be very careful on what we see or hear online even offline.

It's absolutely true that people who invest in Bitcoin can recover there loss even if Bitcoin dump but not by using best strategy ( DCA), whatever strategy an investor uses he or she will recover loss as long they have the long term mindset of holding and accumulating because definitely Bitcoin will still pump so don't get it twisted

Lots of us here have made such mistake in the past, by  buy and holding shitcoins all in the name of making huge profits or maybe due to hype by paid influencers on social media, in my own case i was airdroped a particular coin and also bought it after a while when I noticed few pumps by the owners but then after a while I watched the coin I was holding dumped rapidly before I could realise I lost alot and was very disappointed. That's the difference between other coins and Bitcoin, most of them are pump and dumps and are not good for investment purposes (buying and holding) Bitcoin is the best Cryptocurrency that suits that category it's the best Cryptocurrency when it comes to investment and even when it dumps people who invest in it can still recover their lose so far they're using a good investment method like the DCA, which enables investors to recover lose so far they follow it's concept of buying periodically. It's good you made your research and it's helped you correct your errors and instead of investing in another coin that would pump and dump, you've realised that Bitcoin is the best for Cryptocurrency investment. Goodluck on your investment journey mate.

Investing in bitcoin does not make you a good trader, because investment is not trading and bitcoin is not good to trade but shitcoins. You should know that long-term investment in bitcoin is how one should invest and not on short-term because you are eager to take little profit and you forget about building and growing your bitcoin investment for the future. A new investor should not think of trading or see trading as a way to multiple his bitcoin, because that is where the chance of you losing your bitcoin is very high.

Stick to only investing every week or month with DCA and be consistent with your regular buying for 4-10 years and above, so that you can have a good size of bitcoin portfolio in the future when you might not have the opportunity to buy bitcoin. Bitcoin is one of the best investments currently, and it is open to all to invest and benefit from it in future, if only you can keep your DCA ongoing and increase your bitcoin investment overtime is when you will enjoy from it when the price of bitcoin becomes very expensive. Don't regret not using the opportunity of not stacking up your bitcoin and hodli for long in future because you are busy distracting yourself with little profits that is not guaranteed by trading

Someone introduced me to a certain shitcoin years back and told me how a lot of people has made huge amount of money for investing in all manner of shitcoins, so I invested in it and as time goes I was still holding that shitcoin but I lost my money because it dropped in value I later discovered that the creators of the coin sold of all the coin they were holding and they were the highest holders that was the reason why the coin dropped till date the creators made huge amount of money and we the investors lost.
It was later I knew about Bitcoin and I did my research and discovered how good Bitcoin is.
1. Bitcoin already has a specific number which means no one can create more, this makes it more valuable.
2. Bitcoin is not controlled by the creator any more which means the creator can't even cause the fall of the coin like the creator's of the shitcoin I invested in.
3. When investing in Bitcoin you don't have to fear losing your money especially when you are holding for a very long time, when ever there's a dip in Bitcoin it must certainly increase.
4. Bitcoin is very secured.
5. widespread adoption of Bitcoin, even some countries now buy Bitcoin and hold is a form of investment to them, some supermarket now accept Bitcoin as a means of payment and some companies pay there works through Bitcoin.
I saw all this and I knew Bitcoin was the right investment to go into, going into shitcoins investment is just gambling your money and it may lead to you being frustrated and depressed I know of a man that even lost his life when he heard the news about the shitcoin he invested his life savings in has lost value and may not even regain.

"Ministers"? Haha.




 

As a "point of empirical observation", and once you gain some understanding on how Bitcoin actually works and how its incentive-structure is making everything stick together = ALL altcoins will look like shitcoin scams compared to Bitcoin.

Perhaps those altcoin developers know that too, and they will never admit it.

   ¯\_(ツ)_/¯