Topic: Buy the DIP, and HODL! - page 15. (Read 138487 times)

This statement you made here makes things look as if bitcoin investment is some kind of Ponzi scheme in which the money you invest in it is under 90/10 chances of getting it back. 
 
To invest in bitcoin does not take the strong-hearted; rather, it takes those who understand what they are investing in to invest in it. If you know what you are investing in, you don't need your heart to be as strong as a rock before you make your investment decision. Those who don't invest do so not because they have a strong heart or a soft one but because they know what they want and are willing to sacrifice a little of their earnings in an asset that's worth it.

I just pointed at one aspect which can result in closure (or restriction) of your account at centralised exchange. While Satoshi Nakamoto presented concept of p2p fund transfer without any middlemen which makes you owner of your assets unlike what's going on in banks. There are rules of centralised exchanges, if someone is happy to follow these rules then he may join the centralised exchange. To me it's best that I have  control of my Bitcoin keys rather then somebody else controlling my Bitcoin keys.   


There won't be any attorney that will distribute your bitcoins to your next of kin after your death, one has to do it himself. There are lot of bitcoin lost forever because of owner losing the keys or due to death of owner. This is something one has to take very seriously, if you have Bitcoins then you must inform your next of kin how to use them after your death. Make sure your hard work is not wasted once you leave this world.

I sufficiently read your earlier post prior to responding, and I stand by my earlier comment and assessment. You might need to learn to take ambiguity out of your ways of talking about bitcoin, so that guys do not have to sort through puzzles and try to guess your real intentions..

In the end,  you can do what you like, yet I would think that you would be receiving less backlash if you stop trying to act like you are accounting for the pros and cons of various considerations and the arrival at the conclusion that bitcoin is the best and blah blah blah..

I doubt that there is much if any need to get into those kinds of mentioning of other coins or crypto or arguments about the obvious, especially if you might just show that you are focusing on bitcoin.. but whatever, you do you.. Maybe you will figure out how to present matters better and maybe not? 


Whether we are newbies or not, and whether we are rich or we are poor, it seems that EclipseXcrypto made some decent points, even if he might not have stated his points in any kind of an elegant way.

The point of the matter is that bitcoin seems to be in the midst of facilitating one of the greatest wealth transfers known to man, and surely there are a lot of folks who are failing/refusing to either pay attention to bitcoin or to act to stack sats.

Sure rich folks have a lot of advantages over poor people, and sometimes they have had way more opportunities and education than poor people were able to get, yet there are likely going to be a decent number of poor people who not only figure out bitcoin, but they also act upon their having had figured out bitcoin, and even though they are poor and they have to struggle way more than rich people, they still end up being more on the receiving end of the ongoing wealth transfer that bitcoin seems to be facilitating, and their being on the receiving end happens to come based on their persistence, consistence and their ongoing accumulation of bitcoin, even if they have to struggle a lot to accumulate such bitcoin, and if they also figure out how to accumulate bitcoin without devolving into gambling or spending beyond their means (their discretionary income), then they may well improve their chances of advancing their financial and social status relative to a lot of folks who are way richer than them, yet those other people fail/refuse to either appreciate the values of bitcoin or to act upon goals of accumulating bitcoin within prudent ways (and perhaps even aggressive ways).

There is no such thing as rich or poor in the case of Bitcoin investment, there is no class distinction in the world of investment, the difference between the rich and the poor in the world of investment is not only determined on the basis of their financial capabilities, but it largely depends on their mentality, ambition, and ability to the right decisions. So when it comes to Bitcoin investment, I can very well say that every person in the world is free to invest in Bitcoin. There is no such thing as rich or poor.

In fact, the success of Bitcoin investment depends on the main objective, thinking, and ability to take risks of an investor. Investors should remember that there is no guaranteed profit from Bitcoin, to profit from Bitcoin, long-term holding is definitely required, but short-term holding can also be profitable, but the possibility of profiting from short-term holding is very low, and the possibility of profiting from short-term holding is very high, but it should be remembered that the both (short-term and long-term) will never get you guarantee profit.

However, overall, whether rich or poor, Bitcoin investment is free for everyone, And even those with limited money,They also will be able to invest regularly in Bitcoin with the right approach and effective planning, and they will also have the opportunity to make much more profit in the future.

This is not true, it's just something that you are making up on your own. There are investors who accumulated their bitcoin through lump sum and they are successful long term holders. Those that sell their bitcoin for small profits are people with trading mindset and those who trading is in their blood. Holding bitcoin for long is all about your mentality and preferences, not necessarily because of the methods of accumulation that were employed during the accumulation process.


Being a strong holder of bitcoin is not as a result of the the accumulation method you decide to use. There has been instances where people who accumulated through DCA strategy weren't able to hold their bitcoin for long. So don't be deceived thinking that anyone who accumulates bitcoin through DCA can be a strong holder. No that's not usually the case. What makes someone one a strong holder is the conviction that bitcoin will do better in the future more than it is currently. You being able to see a future in bitcoin beyond what other people are seeing. Your ability to understand that bitcoin is expected to do more of an upward trends in the future, because of it's limited supply, and the prospect of more investors adopting it. These are what makes a strong holder and not the accumulation method utilized.

We have a lot of newbies in this thread who are just starting their bitcoin investment and some who are weighing in to start their bitcoin investment, so we should be very mindful of the things we say in this thread so that we will not possibly mislead newbies into investing in bitcoin wrongly, which might likely get them off the game partially or permanently. How do you think a poor person will possibly invest more money into bitcoin than a rich person who has different and more cash flow daily, weekly, and monthly? If this is how you used to invest in bitcoin, I will advise you to change your investment mindset or pattern because you are likely to get burnt on your bitcoin investment because you are seeing bitcoin investment as a competition, which will make you invest in bitcoin above your discretionary income, and you will end up selling your bitcoin to survive.

What I feel Sonia was referring to as strong heart seems to be people with courage and determination, in this case, I agree with her because without that, you cannot succeed in Bitcoin investment. In other words, it takes some level of discipline to be able to follow the various methods of Bitcoin accumulation strategies, be it buying the dip or the DCA method. Anyone telling you that you can casually buy Bitcoin and HODL without planning and developing the appropriate mindset, the person is definitely not being serious. Bitcoin investment is a courageous task that one should make strong decision that is followed with the discipline to stick to that decision.

We are living in a time where there are many ways of wasting money be it in entertainment, funding a habit or chasing a hobby, there are many things that gives momentary gratification that one is constantly tempted to spend money on; it takes strong heart to resist them which is what Sonia might be implying or would have said.

Actually, you have a point, and that's why, as a newbie to Bitcoin, you must use a DCA strategy first to invest in Bitcoin, so you can gradually understand more about Bitcoin investment.

As a newbie to the Bitcoin space, you must understand that it's important to have emergency funds because it's very essential as it can help you avoid selling your Bitcoin at a lower rate.

However, if it's possible for you to have double emergency funds (as backup), it's okay that way, as it can also help you invest in Bitcoin in the long run.

However, it's very important to understand bitcoin investment so that you can also invest responsibly with a decent amount that will not affect you before you receive or get another money (during the week or month). A Bitcoin investor also needs to have a long-term perspective on Bitcoin investment. So, in that case, one needs to avoid making improper decisions concerning short-term or market fluctuations.

Bitcoin accumulation is easy to start, but your strength of character is what maintains you in the accumulation process for a long period of time. like you said, it is easy to start, but I tell you it is not so easy to maintain until you have attained the strength of character and discipline to withhold yourself from bowing to the pressure of volatility and remaining committed to buying periodically for across even a cycle. It is for the strong of character and the determined persons who have mastered the art of setting a target and never deviating from it until it is achieved.  Weaker hands sell off even before their investments reach maturity, while some of them are easily enticed by the short-term gains, thereby selling much of their BTC too soon and regretting it later as bitcoin continues to advance and progress in the positive direction. It takes a person with determination to subdue these temptations and at times these temptations temporarily win investors, and they sell part of their portfolio, but the strong ones do not bow to the temporal failure but rise up and continue their accumulation journey with a view to make up for their mistakes and attain their accumulation target. Whoever tells you that remaining committed to your bitcoin investment for a long period of time and across cycles is very easy may have told you a lie.

Let us understand something about accumulation, its not just about how much you can invest but how much of your income you are willing to allocate towards your investment. A poor person can out perform a rich individual based on the percentage he puts from his income. He might be richer, earning more  and have more financial power but the percentage he allocate from his income might not match the poor person, according to the percentage both puts in.

Example,  a poor person can definitely outperform a rich person based on the percentage of their income they invest. If the poor individual is putting in 30% of their $1,500 monthly income, that's $450 going into bitcoin each month. Meanwhile if the rich person despite earning significantly more, only invests a smaller percentage of their income, say 5% of $500,000, that's just $25,000 a month. Over time the consistent, higher percentage investment from the poor individual can lead to substantial growth, especially if bitcoin appreciates. It really highlights that it’s about the commitment to invest a meaningful portion of your income rather than just the dollar amount.

Your idea for accumulating Bitcoin is really simple we think. Your family needs can be multi-dimensional based on basic needs which you can divide into layers to meet their needs which will be easy for Bitcoin accumulation. I want to understand that you will see a mix of basic needs for the family with luxuries that you will need and want to have. If you limit your family to only basic needs then it can be called poverty. There is a discussion in the forum every now and then that accumulating Bitcoin based on discretionary income which meets your every need is a good way to hold Bitcoin. With this you can have a backup fund every week which will grow over time and add units during the downfall of Bitcoin along with increasing economic strength.

Things you should keep in mind while doing Bitcoin so that you do not become poor which is why you do not have to hold it for long term or sell it for a small profit. It is your responsibility to take care of each asset and focus more on the growth of valuable assets like Bitcoin.

It is natural that people who do not have any knowledge about investing at the initial stage are afraid to invest. As the price of Bitcoin is constantly fluctuating, this kind of thinking is created among them. We should convince those people that Bitcoin investment is easy and a little bit of knowledge is enough to invest in Bitcoin. Also those who are interested in investing through DCA strategy from early stages should be aware that making your income source is the most important for your investment.
Investors benefit more through the DCA strategy which means that, By adopting this method your Bitcoin purchases will continue continuously whether on a weekly or monthly basis. Also you don't have to wait for dip time to buy bitcoins. As a result, you can buy bitcoins even if the price of bitcoins is high and you can buy bitcoins even if the price of bitcoins is low.
Maybe this is the worst and most misconception of them all because you don't need huge amount of money to invest in Bitcoin. Investment can be started even with a small amount of money. They can start investing with a small portion of their income and when their income increases, their investment amount will also increase.
By the way,Other cryptocurrencies refer to various types of alt coins and sit coins.Maybe this is not the place to discuss these. You should take them to another board.
Those who sell bitcoin investment for small profit are not investors, Maybe an experienced and successful investor wants to patiently hold his Bitcoin investment for a long time, even prolonging his investment for at least 8 to 10 years.

If you had read my second line well, maybe you wouldn't have made such a comment. I just meant that many new investors invest in coins other than Bitcoin. That's why I mentioned first that choosing the right coin for investment is a must. Those who have idea about investment and who have good knowledge about different coins in crypto market will choose bitcoin for their investment and I always suggest bitcoin for investment. Not once in my post did I tell investors to invest in other lite coins in the market. In this discussion of mine I talk about Bitcoin full time and I am an investor myself and I always feel comfortable investing in Bitcoin. Since I have been involved in investing for a long time, I have seen the evolution of Bitcoin and the popularity of Bitcoin. 
Since I know enough about bitcoin why will I talk about other coins other than bitcoin also for investment.

In the full discussion I discuss Bitcoin as well as the benefits of the DCA investment strategy.

Your comment will likely mislead newbies into believing that bitcoin investment is only meant for the strong-hearted minds, which will make them not invest in bitcoin because they will believe they are not in the right position or mind to start up their bitcoin investment. From the way you are sounding, it is like you are passing through so much pressure to invest in bitcoin because the last time I checked, bitcoin investment is very easy to start, and it doesn't require any strong-hearted persons to start but only your discretionary income. Bitcoin investment is best done when you use the money you will not be needing for 4-10 years or more to invest in bitcoin or when you invest with your discretionary income in such a way that you will not always struggle to sort out your daily expenses so that you will not deprive yourself of the good things of this world.

Preparing cold money and doing DCA on bitcoin is indeed a more practical alternative way to become a long-term investor in bitcoin. But it is true, that mentality still needs to be prepared even if we invest in bitcoin using the DCA method. Because it cannot be denied that a weak mentality tends to thwart the plans we have built. For example, someone invests in bitcoin using the DCA method, that person accumulates very regularly every week. But at one time bitcoin experienced a decline in price, and the person panicked and was afraid that bitcoin would continue to fall in price. Then because of his weak mentality and lack of knowledge, this person finally sold the bitcoins he had collected, because he was afraid that the price of bitcoin would fall further.

Then the second example, this second example is the opposite of the first example
In the first example, the person sold the bitcoin he owned because he was afraid of the price falling. But in this second example, the person sold bitcoin because he forgot his initial plan and sold his bitcoin when the price increased. Therefore, if we look at these two examples, it is clear that a strong mentality is also needed to make our investment in Bitcoin successful. Because as I demonstrated above, a weak mentality can disrupt our investment plans in all conditions. Therefore, building a strong mentality is also very important when we enter the realm of bitcoin investment.

In addition to what you said, an emergency should be set up when investing in bitcoin to make it possible for your to invest and hodli for long. Any investors that didn't plan on how build his emergency funds to be a back up for his bitcoin investment will say that bitcoin investment is hard to invest and hodli for long, because when he is hit with an emergency, he will be forced to sell his bitcoin investment at a cheaper rate if the market is experiencing a dip. Using the right amount of your discretionary income to invest regularly with being over aggressive will enable you survive in your long-term bitcoin accumulation journey. Back up funds are very important and that's why it's good to get several backup funds for flexibility to reach our bitcoin target.

Bitcoin investment is not as difficult as your narrative on the bolded part, honestly your narratives on that bolded part can pass a negative information and can be misleading especially to newbies coming in to the thread, it is lack of understanding that makes some people think that Bitcoin is for the strong hearted, Bitcoin investment to the best of my knowledge is very much simplify especially with idea of investing from our discretionary income, that is to say, you will first ensure that your basic needs are taken care of and use the left over cash to invest and I don't see it as a big deal, that your are investing in Bitcoin doesn't mean you will not take care of yourself and go for vacation.

I agree with your point, as a beginner you have to take cautionary measures, especially in keeping your mnemonic seed, and passphrase safe, and making p2p transactions. though before I started accumulating bitcoin I had already gained enough trust just by relating with comments and thoughts of other experienced enthusiasts here in this forum, and that helped me gain confidence, at first, I thought you'd need a lump sum to accumulate bitcoin not until I found this tread and learned about DCA that was how I made my first accumulation journey. one of the things I love about Bitcoin is that both the rich and poor have the opportunity to use it and accumulate to their desired amount. However, there is a limited amount in circulation but that is also another important feature of Bitcoin and the reason why speculation says bitcoin will keep rising irrespective of the small bearish movements or sideways trend we see in the market often.

procrastination only ends up in regrets. those who procrastinate going into long-term holding will only discover that the price keeps going up and the further you see the price go up the more you begin to lose faith as a beginner. But the truth is, you can always buy and still make a profit using a long-term plan. take for instance, those who thought the price of bitcoin had gone up too far in 2017 only had to wait till 2018 to discover that the price has gone up above 2111% one thing I like to tell beginners is, to forget about the previous price and take the current price as your start up there is going to be some profits coming around.

You are wrong for you to say that it's only DCA method that an investor must use to accumulate bitcoin before he can make profit.

Buying at the dip gives the highest profit especially, if you are lucky to buy at the bottom line. Lump sum will also give you profit as long as you hodli for a very long period of time, you will be profitable because bitcoin price is increasing overtime.

Why it's advisable for new investors who are no coiners or low coiners to use the DCA method, because it helps them to be more discipline in their bitcoin accumulation either weekly or monthly regularly so that their bitcoin stash can keep on increasing whenever they buy either weekly or monthly.

A bitcoin investor who have accumulated up to 60% of his bitcoin target can settle down with using only buying the dip method to accumulate his bitcoin because if he has a good portion of bitcoin in his possession, and buying at the dip helps him go buy more Bitcoin at a cheaper rate which will add significant value to his portfolio. All three methods are profit and that's why you need to know the right time to use them.

 A new bitcoin investor does not need to wait for the dip not to waste his time and miss the opportunity in the market. I believe using all three strategies gives a better result than only using DCA which is a slow way but very effective if you are consistent and persistent with it overtime. Lump sum can be done at anytime either in the beginning of your investment or when your bitcoin accumulation is ongoing. Also don't forget that it's the size of your bitcoin portfolio and how long you have have hodli that will determine the size of your profit in future.

In the case of Bitcoin investment, an investor must operate DCA mathod with a certain amount of money according to his own means (according to his income and expenses). only in DCA method helps an investor reduce risk of market fluctuations, move his holdings forward in a stable and consistent manner, which allows him to hold at an average price in the long term, but a investor can't get this benefit is other methods, such as Speculator and just hoping to buy DIPs.
Bitcoin is an independent currency, you can invest here according to your own freedom, and Bitcoin is a long-term potential currency, so it is very important to have the mental strength to maintain your goals in the long term without panicking by investing in Bitcoin.
It should be remembered that Bitcoin is capable of bringing future-changing success to an investor, and if you want to achieve this success, you need to start DCA investing now, and build a Bitcoin investment portfolio. The more portfolio an investor builds, He can profitable more.