Topic: Buy the DIP, and HODL! - page 123. (Read 122049 times)

If beginners can really have the mindset of holding their Bitcoin investments for a long period of time from the beginning, they start investing in Bitcoin without thinking of taking their profits in the short term, they will really enjoy their Bitcoin investment process. They will not worry so much about the price they will like to get the price of Bitcoin. In fact, I don't expect any newbies coming to invest in Bitcoin thinking of taking their profit in the short term.

I believe by now a lot of Bitcoin investor should know the risks associated with exchanges. We have witnessed a lot of exchanges that collapse, and investors don't have access to their funds again. And one thing again is that when someone leaves their Bitcoin in an exchange, it means that is not only person has access to the Bitcoin, and once someone is not the only one having access to it Bitcoin, it Bitcoin it already at risks. meaning any issue can come up later with your Bitcoin investment. The best way our Bitcoin can be properly secured is by using our personal wallet, which is called non-custodial wallets.so it is good advise to always store our Bitcoin in non-custodial wallets that will have full control to especially hold term Bitcoin holders.

I don't know how you escape those sensations, especially once you get towards having had invested 1 or 2 cycles and maybe even you had made some extra purchases along the way and especially if the BTC price ends up going up after you had gotten a pretty decent stake into it (of course BTC prices going up is not guaranteed).. but even if you got into bitcoin in late 2017 or even into 2018.. you might start to feel like you have enough or too much.. even if you still have not reached fuck you status.

Let's say that in 2017 your income was around $30k per year, and maybe in the last 7 years your income has gone up to $40k per year, and maybe your expenses had gone from $20k to $25k per year, so that would mean that your monthly disposable income would have been between about $800 and $1,250 per month, so maybe you could have had bought somewhere between $100 to 300 per week of bitcoin and you also might have had some opportunties to have had been able to buy some dips too.  So even if we describe a fairly middle of the road case of your having had invested around $200 per week in DCA since November 1, 2017, you would have had invested around $73.2k and you would have had accumulated around 6.4 BTC (currently valued at around $370k with the BTC spot price and around 2.4 k if we use the 200-WMA).    Let's also say that through the whole time, you had your emergency fund and back up funds in place, and you had been successful in managing all of that in the past 6.75 years or so.

You might consider those to not quite be fuck you status levels, but still start to feel that you have a lot of money invested into BTC as compared to your salary.. even getting to around 9x of your current salary based on the spot price and around 6x if we use the 200-WMA, and if you might have had did a few extra lump sum buys along the way (maybe you got some bonuses, or you came across some other money in the past nearly 6.75 years or so). Sometimes folks have difficulties dealing with their wealth going up so much in a fairly short period of time and also largely (or mostly) having that money in bitcoin... and you don't even need to use my exact numbers in order to be able to recognize and appreciate these kinds of possibilities.


I am not exactly saying what I would do or what I did do in my past more than 10.5 years investing into bitcoin, but there are inclinations to want to cash out some or all of it when you acquire a lot of wealth and the value of such wealth is fluctuating and even inevitably going to continue to fluctuate, even if you have not quite reached your goals, whether if you want to get to fuck you status of $800k, $1 million, $2million or some other number and if you value your wealth at spot price or the more conservative measure of the 200-WMA.


A week to get started by figuring out disposable income, but I would think that it might take a whole cycle to really get used to some of the investing matters and cashflow management matters, even though getting started within a week of deciding to does not seem unreasonable to me, and how much to get started with is a question of how much rather than whether to do it... so many folks could start out with small amounts if they are uncertain about details.. and then just work their way up as they might become more comfortable with the passage of time, and that could take several months or even years of study to really get to aggressive levels including if there might be issues in terms of fixing potentially bad (or sloppy) historical cash management practices.


Yep.. there are different levels of learners, and some folks might have had similar experiences that help them to learn faster, and in regards to cashflow management, some folks might have good historical practices and others have bad historical practices. and they might have to fix some of their practices or learn some new or improve some of their techniques in order to account for bitcoin's likely ongoing and inevitable volatility which means that they should not be planning to tap into bitcoin for any of their cashflow needs and so they have to figure out ways that the remaining of their cashflow and/or back up funds are in decent and sound order..


I doubt that your statement is true.  There can be ways of engaging in sound cash management practices and blindly DCAing into BTC, and still end up being successful.  So there may well not be any requirements to knowing BTC well in order to "be successful" in terms of making a lot of money or even being able to hold onto it for the long term too.


They can learn these things along the way, and tweak their practices.  Sure, I get the point that some knowledge is helpful, but probably the most important knowledge is attempting to individually tailor to their own circumstances, and yeah hopefully they can learn along the way or run various risks of losing all of their coins.. but if we are mostly referring to getting started, then I see no reason to figure out these kinds of matters in advance.. yeah sure, there has to be some initial sourcing of coins whether on an exchange or going through some person that is known or someone who is referenced, yet there could be a variety of ways to get started and sometimes geographical limitations or perhaps some needs to learn other ways to source coins, even if the getting started might have ended up being a bit rushed.. depending on individual circumstances...

Let's say that a person finds out about bitcoin from a relative (a cousin or something that s/he trusts), and figures s/he needs to get started right away, and so maybe the first 1-2 months, he works out an agreement that the cousin buys the coins and holds the coins.. and then during that time, the person figures how to set up his/her own bitcoin accounts. Those might not be unreasonable ways of getting started to get price exposure to bitcoin, yet the ways of getting started are somewhat individually tailored based on circumstances then in front of the beginner who is trying to figure out how to get started.


"Always" is pretty strong language.... but hey whatever.  You do you.  We can hold something up as the preference or the gold standard, but it might not be very practical for some people to start out with self-custody.. maybe even think of a 70 year old who might not be very technologically savy, yet who might want to get some bitcoin price exposure.

You aren't trading.... I don't  really see the need professionalism talk actually  because there're no professionals just Holders Holding on their dear lifes .

Like I said earlier, hitting a target as an Holder won't/doesn't make you a professional you are just holding to your desired price, every investor has his/her target price , besides hitting a target doesn't total withdrawal  ... there're mathods and tool like JJG Sustainable Bitcoin Withdrawal Strategy  that can be use to shave out of the investment , which doesn't stop further investment or investment(buying)strategies like buying DIPs .

You are still talking about trading.... Fine! It good to know how the market works and reading the chart to stay current but holding doesn't really need "Using different stratpegies to monitor the market price", just stay updated and you will be fine,profit making will be determined by how large your portfolio has become and other factors...

Am much aware that gain knowledge about bitcoin is important but it doesn't require that you must be well grounded (educated) in bitcoin before you can start investing accumulating, the peripheral knowledge is  sufficient to start accumulating, and just like learning on a job, a newbie investor can simultaneously invest while acquiring more other knowledge. Bitcoin is too broad and many things about it  can't be learned  at ones that the individual would have to wait to have a deep knowledge before investing except we're talking about trading here which is not what the bulk of discussions in this thread is about but bitcoin accumulation.

If some of us were still waiting to gain a grounded bitcoin knowledge before investing by now we still won't have invested and accumulating the little bitcoin we own by now because there are still much we haven't learned deep but just floating.

Your points are clear to me. It is true that in  reality beginners can benefit from price exposure to Bitcoin before they think of going into self-custody. However, knowing the investment with strong confidence is a crucial step if they want to be successful. Meanwhile, there are things to consider that could create balance. Individual risk tolerance and patience are some things to consider along the line but first they should be aware that exchanges can be hacked or restricted which so many person have fallen victim to such things. This should be the first thing when they get to the level of choosing an exchange to buy from and a wallet to store.

The solution to self-custody vulnerability is technical knowledge (strong password and hardware, seed phrase safeguarding, awareness of social engineering, and manipulation to mention a few). If am wrong please correct me. In as much as self-custody is the best it comes with responsibility which we would all account for ourselves, we should always think about it if it is the right approach at the beginning stage.

Another exciting round of enlightenment from you. I think the scenerio where an investor starts getting the feeling that his/her ongoing contribution is hardly making any difference is common not just in BTC investments, but other areas of life. To be sincere, that's literally my major fear, as I don't want to get to a stage where I would start losing interest in continuing accumulation due to my thoughts on the difference that my investment has made so far.


In as much as learning how to hold Bitcoin is important, I don't think that is all a beginner needs to know before going into Bitcoin investment. A week at most, is enough to enlighten the noobs on everything he/she needs to know. The real deal starts when trying to build up, just as you've pointed out. It's just like learning how to drive a car. Learning how to turn the engine ON is just a basic which shouldn't take a week, except the learner is the special type( you know what I mean ). The main task starts when you start learning when and when not to use the gear, steering, and all the types of car lights, etc.

I believe that part of the problem that comes when someone builds a decent amount of bitcoin, and then if the BTC price appreciates in value, then the person may well feel that his ongoing contribution is hardly making any difference, and surely there may be quite a bit of truth to that, which can cause some disincentives to continue to buy  and to just let the investment into bitcoin ride out and maybe invest into other things, so at that point they are starting to reach a potentially reasonable conclusion that they have accumulated enough bitcoin - while still not being at fuck you status or even having any ways in which they might feel safe from having so much invested in one basket. 

Another part of the problem, might come in which the person is valuating the BTC that he holds based on spot price which surely fluctuates a lot and then he might decide to cash out some bitcoin for consumption purposes rather than diversification of investment purposes, so in that regard, it could still be o.k. to take some profits, as long as he does not end up overdoing it and as long as he mostly attempts to be reasonable and prudent about it, and maybe even replacing some of his investment later down the road, so there can be dangers and delays in getting to fuck  you status and even temptations that cause the BTC accumulator to stop accumulating and maybe even ending up interfering (or sabotaging) his own abilities to even be able to reach fuck you status.


I would be careful in presuming that anyone starting in bitcoin needs to actually hold his own bitcoin in the beginning.  Sure holding bitcoin is important and learning that holding bitcoin is what distinguishes it from other assets, but at the same time, I think that I a person (a beginner) can work up to holding his own keys and he might spend his first one or two years in bitcoin just building up price exposure and maybe learning about how to hold his own keys, and so people can be in different places in terms of how much they are able to learn at one time and how long it might take them to get to a point of being able to hold their own keys.. so I don't see anything wrong with beginners starting out with mere price exposure and realizing that they are not really owning bitcoin even though they are starting out by investing in price exposure and perhaps otherwise getting their finances and psychology in order so that they can continue to learn about bitcoin while investing into it (in a price exposure way)..

Yes, the more empowering aspect of bitcoin comes from having it (at least a decent amount of your BTC holdings) in your own possession, yet there are a lot of folks who have BTC in their possession, but also keeps some on exchanges and through third-parties too.. and so it is up to each person regarding the proportions of such and to realize the power of holding decent amount of BTC yourself... because none of us really can know when third parties, governments or even hackers might end up gaining access to coins that we are not holding in our own possession.. and yeah, hackers are getting more sophisticated too.. so anyone holding their own coins have to be careful not to get socially engineered or otherwise tricked or forced out of their coins.. which is also an ever changing topic and even very smart folks, long time bitcoiners might not realize some of their own self-custody vulnerabilities, even though it remains preferable to have a decent amount of self-custody when it comes to BTC.. but not necessarily telling everyone that you know.

It is important to do research prior to any investment that will help the investor learn more about the asset. Investors will also have a good knowledge of the risks involved in that investment. Moreover, research is also necessary to understand the nature and trend of the market. But when someone does excessive research and takes too long to invest, he misses out opportunities. Bitcoin's volatility is too much so investors should be cautious as it may rise too high many investors fail to buy according to their expected price due to delay action.

A Bitcoin researcher must strike a balance between his research and his Bitcoin buying action. Investors should make a quick decision to buy Bitcoin after doing good research and considering the associated risks. Investor can easily reduced the complexities of Bitcoin investing by focusing on both research and action.

A long-term new bitcoin investor does not need to time the market and why is he timing the market when his plan is to hodli is bitcoin investment for a very long time and all he needs to do is to be buying always with the amount that he has made available for his DCA weekly or monthly buys. The bull run is not the focus of a long-term investor who just started his bitcoin journey or someone who have only accumulated little bitcoin because he does not plan of selling.

Only short-term  hodlers or traders are the ones that will plan to time the market which is not possible to time the market and this is where they make wrong decisions amd run at big loss. You sounding like a trader and that is not the right step to go about with bitcoin because you will regret your actions in future after some losses that you didn't invest and hodli when bitcoin price becomes very expensive and you can only afford some few Satoshi by then.

If you continue buying with DCA method every week or monthly regularly for 4-10 years and hodling the possibility of you making profit is high because bitcoin price increases over time and the compounding value of your bitcoin portfolio will be there for you to benefit.

When you have the knowledge of BTC, it will make you to do something that will make other professional investors to start asking questions because they have seen the knowledge of BTC  hodling that make them to ask to confirm.

But once you succeeded to achieve the knowledge of hodling, it will be difficult for you to miss your direction in the bull run because you must know your target when the price hit higher because that is what will make you a professional in the investment. Using different strategies to monitor the market price, it will make you not to fail like those that depends on only one strategy to monitor the market price, because if you don't have potential strategies of viewing the price, it will be hard for you to make profit like other hodlers in the industry.

I don't think that it is necessary for a brand new investor that wants to start his bitcoin journey to waste his time by having a proper knowledge of  bitcoin Before investing because he does not need to know much apart from the basic knowledge of bitcoin which one of it is to invest in a long term. A new investor only needs to know how much from part of his discretionary income that he can use to buy bitcoin without any stress so that he can always use that amount to buy bitcoin regularly weekly or monthly with DCA strategy for a very long time so that he can acquire enough Bitcoin overtime.

Since he is a new investor he needs an emergency funds and if he does not have any available he needs to start building his emergency funds by using the second part of his discretionary income to build his emergency funds simultaneously with his bitcoin investment and also learning more about bitcoin along theine to gain more knowledge whereas he is learning from buying immediately and hodli because he will have the market experience with the theorical part.

Bitcoin investment is a long term drive and a long can be learnt as you are investing because you are only buying amd hodli which does not need much knowledge to do that. Folks that are already used to saving money from their discretionary income in the bank for a long time to achieve something important will easily figure out how much to use to get started since the are used to saving. Bitcoin price does not wait for anyone and the early you get started the better for you because no knowledge will teach you how to control your emotions discipline yourself to be persistent and consistent in your bitcoin accumulation if you don't practice it.

Of course I agree with you because firstly those who are new to bitcoin investment must acquire enough knowledge before investing. So those who are new to Bitcoin investment must invest carefully so that they don't lose their entire money due to any wrong decision. Many times people who are new to Bitcoin investing rush into investing too much and end up losing more than they gain in their haste. Bitcoin always gives us a plan. If we can invest with a long-term plan and check the market, we can certainly do a lot of success in Bitcoin investment. Many times we get a little too hasty or lose patience so we always have to work with patience so that we succeed in the purpose we invest in Bitcoin.

Your investment policy can be confusing for new investors which can be negative for them.
It is not reasonable for bitcoin depositors to take a break in DCA because they can only reach their main goal by continuing to deposit uninterrupted. Accumulating Bitcoin for a long time and regular means accumulating a large stash regardless of the downs and ups in price. Maximum protection of your capital by sticking with DCA as your stash of Bitcoin grows over time. You can keep researching the value while continuing to deposit bitcoin regularly. During the bearish period you can decide to buy a lump sum of bitcoin which will more increasing you to accumulate. Overall you should continue to accumulate bitcoins regardless of its value uninterrupted and persistent.

Exactly mate, every newbie should direct that initial investment force to Bitcoin to avoid being misled in the system, Bitcoin investment comes with trust and for me that's the only coin newcomers should be interested at, people should be very careful of several projects that are littered in different crypto news online looking for people to defraud of their hard earned money, the authenticity and security that comes with Bitcoin can not be overemphasized, for me, I don't see anything that can attract people to other cryptocurrency since Bitcoin remain the most valuable and trusted coin thats meant to be profitable at the long run.
Although I know that most times greed can be very influencial to human life and that's why newbies should at all time beware of other projects in other not to fall victim, that enegy that would have been used to invest in other crypto should be channelled to Bitcoin and i believe that as time goes on in the long-term profits will be inevitable.

The advice you say sounds quite reasonable because every new person who wants to become a Bitcoin investor must be based on knowledge so that at least they can know how to store Bitcoin in their own personal wallet very well. Because everyone will definitely be blind and can even fall in the wrong direction if they are not guided by the basic knowledge that must be in their own heads. And from this I think it would not be wrong for anyone to follow people who have been successful through Bitcoin and also people who have had enough experience through Bitcoin investment because this is also part of making ourselves successful in a particular field.

I think you are getting all confused about the point you are actually trying to make, however when we talk about Bitcoin investment there is no different between learning and experience and as the Matter of fact if we should even consider it to be different from learning in terms of investment on Bitcoin it doesn't really matter because when we refer to Bitcoin investment we are actually talking about holding and in holding there is no experience required because all we just need to do is just to continue investing and holding, perhaps you are confusing an actual investment with trading which is not even the reason why we are here, though I also want to let you know that in Bitcoin investment you don't have to be too experience or knowledgeable before you can start because there are many investors who started without much knowledge but as they keep investing that's how they keep growing psychologically.


There is a different between having a decent size amount of Bitcoin and having a Sufficient amount of Bitcoin, so actually no matter how decent amount of Bitcoin an investor would have or the price of Bitcoin getting higher it will never prevent them from there continuial investment because they have not gotten to the point that they would saiy they have a sufficient amount of Bitcoin on there portfolio.

Considering your fate or thought will actually make an investor not to have a good quantity of Bitcoin stack in his portfolio, when other investors are busy accumulating more Bitcoin while you keep on listening to news or doing researches before accumulating Bitcoin which will really slow down your Bitcoin accumulation journey just as you have said.
It actually got me confused too it would have been understandable if you stand on one point rather than puting new investors in a confusional conference.

My brother, you are very much on point, most newbies in this crypto space are very much misinformed, they were mostly told that shit coin and alt coin gives more returns, but they were not told all it entails, how they fell more than they rise, how most people have lost their hard earned money by  investing in shit coin.

Most times, it's just greed, some are rightfully informed, but because of 10x to 100x, they choose to gamble their hard earned money on it, when it goes south, they start saying that they were scammed, and started associating Bitcoin with it, by generalizing it, but the good thing is that, at some point, they will learn the hard way, because greed is never a good thing in this crypto space, so in essence is that it's only greed or misinformation that will make an investor to invest in shit coin other than Bitcoin, when it's very clear that Bitcoin is the only reliable currency in the crypto space.

As a beginner the primary focus should be on bitcoin. They should not have anything to do with any other crypto currencies, because that's where the scams are. That's the mistake most people do. Beginners should just stay on the lane of bitcoin, be it on learning basis or investing. They should forget whatever anybody is telling them about learning any crypto currencies, because the moment they do that they are already positioning themselves for scams. Whatever you are continuously reading or learning has a great potential of influencing your future decision/judgement. If they dive into learning about other crypto currencies, they will be tempted to invest in it. And when they invest in it and get scammed they will relate it to bitcoin and they will lose their interest to keep holding bitcoin.

Yea, I somuch love this logic, I have heard severally from some people that experience is the best teacher but I don't agree to that, personally I believe that experience is the worst teacher, you don't allow events to affect you before you learn, I think that will be a distrous way to learn, you learn to avoid some things from occuring although there are natural phenomenon which are unavoidable, having said this, relating it to Bitcoin investment, as new investor learning the do and don'ts at the early stage will help you to excel in the market, you dont have to gat all the experience at once, you learn more in the system, most knowledgeable bitcoiners didnt just study it without being part of the investment rather they grabbed the basics which lead them into being guru in the business, there are somethings we can't just know like that without being part of the process, once you find Bitcoin investment intereting, just learn the basics and start your accumulation process according to your level of sustenance to avoid stoping half way because long-term is the goal.