Topic: Buy the DIP, and HODL! - page 326. (Read 123703 times)

At some point I have realized that accumulating says at regular intervals gives you some form of free air and preparedness for whatever that happens,  because at some point I have gone through a lot of stages in my Bitcoin holding journey,  and to a certain extent I have come to the realization that Bitcoin accumulation comes with a lot of pressure most especially when you pay attention to to the price of bitcoin and it volatilities at all time.

So for us to be in a fair position we need to pay more attention to the factors that help us to be in a better position to make the best of the decisions that place us on the safer side at all times because that is the only mean we can be at a stable level to make the best of decisions as regards to Bitcoin investments.

I look forward to also celebrating one year of applying the DCA strategy in my Bitcoin accumulation phase. I'm confident I will be happy and proud of my decision to take the bold step after a long time of Beating about the bush. I'm most grateful for the wonderful insight and contribution of experienced members of the forum like JayJuanGee, who have refined the buying process to capture every scenario that might impede smooth buying and successful preservation of the assets. There is no doubt that everyone following this conversation and taking actions as well will have similar thing to say. Never have I find it highly motivating, easy going and excited about investing in Bitcoin than now.

You are very right on this, I used to normally think that you can start right away with DCA as long as you have your cashflow planned out and emergency funds built-up, although this pattern is not bad expecially for beginners like me, now I see a new place of gathering knowledge and slowing down a bit on everything least I rush hastily to crash myself although in my case I don't mean sell my holdings but rather run low on cash.
I have been allocating about 25% of my weekly earnings from my salary to DCA and building up emergency funds cause prior to when I started I did not have any real savings, although I had already bought about 600$ worth of bitcoin 2 years ago way before I had any knowledge of what DCA is or how it can be done, so I allocate 25% to my DCA buys and another 25% to my emergency funds, I don receive extra cash from my dad but for some weeks now it hasn't been reliable and It affecting me on my investment even though I'm been strict on it. With what you have said now I think I need to go back and replan everything, so I could find a way to get more comfortable with my investment as I gather more knowledge and increase learning.

This quote is quite exciting for me, especially I have passed 1 year in my Bitcoin investment planning with the DCA strategy and this year is the second year of long-term Bitcoin investment planning. It wasn't easy, but I managed to get through it and there were a few problems, maybe just going through several stages of purchasing in the first year due to several factors that occurred. Because when the purchase was due, maybe my budget was needed for urgent life needs, but in the next stage I took the time to act to use double the budget for the next purchase to cover the gap due to skipping purchases in the previous stage.

For this reason, it is true that we need basic principles of preparedness when unexpected things affect our economy. As difficult as it was for me in the first year, I was determined and confident to close the first year of my investment planning successfully and that was a matter of pride for me. For this reason, I have advice for beginners to stay focused and have principles in planning Bitcoin investment because without principles, it will certainly be difficult for you someday. I mean if you don't have pressure to complete your investment planning perfectly then you will be left behind in various ways such as going through many purchasing stages and not being consistent with the investments you make.

I agree with you on what you said about when having enough bitcoin in your portfolio, there is need for diversifying into other asset, so that you will not only depend on your bitcoin investment. When you have other assets like gold, bond, stock, or real estate and not just only bitcoin, you will have a high chance of securing your financial life, because if one of the asset is not doing well, the other will be there to balance up.

Actually, I have never thought of this before. as I only intend to invest only in bitcoin for lifetime, and I thought that is enough, but after reading your post, I saw the need to diversify and not just depend only to invest in bitcoin, so that we will have the so that we will have the strong assurance that no matter what happen to the first, the second investment is there to save us, when the first is not meeting up to our expectations.

I have seen that you don't only have the knowledge of bitcoin investment but you have the knowledge of how to expand your investment by diversify at a certain point of time when you are close to your bitcoin target or have reached your bitcoin target, which means that one will have rest of mind in future at old age, because those investment will serve their purpose of you investing into them.

I doubt that any of us can really advise with any level of confidence regarding how anyone might need to direct his resources - because surely building a business could give better income, yet some businesses are more cash intense than others, and there are some circumstances that normies might receive education in some special fields  and be able to earn more money than what he would have otherwise had been able to earn.. so there can be sacrifices in either direction in terms of potentially forgoing income while training and building skills and/or building a business, while at the same time, with bitcoin there is a kind of unique opportunity that likely is going to continue to reward those who are able to get into it first, and investing in bitcoin could well end up being a better forum of financial security and/or freedom than building a business or even going to school in order to build job skills - and I am not even suggesting any of these exclusively because sometimes there could be ways to work towards both, but other times, there are some kinds of activities and/or chosen directions that will preclude or make difficult the pursuit of a competing path, such as investing in bitcoin versus investing into building a business.


Frequently FOMO comes when a no coiner, low coiner or fence-sitter spends a lot of time pondering over when to get into bitcoin and how much to get in and in the end they are either under invested or not invested at all, and then when they see the BTC price moving against them, they end up panic getting in at the wrong time and without a strategy - except expecting that whatever time that they got in, then they expect the BTC price to continue to go up, which may or may not end up happening.

So one of the preventative measures for FOMO is to make sure that we are continuously, ongoingly and persistently stacking sats so that we are sufficiently and adequately prepared for UP.

If we accidentally made the mistake of FOMOing in, and then the BTC price moves against us, then probably the solution would be to continue to buy, except sometimes part of the problem is that a FOMO buyer might have invested his whole BTC allowance amount, and maybe it will take several months for him to be able to start to continue to buy... so experiencing a BTC price correction after FOMO buying can surely contribute towards dilemmas and difficulties in terms of how to recover.. especially if the more logical solution might be to put more into the investment, and that might not make a lot of sense if the person had overinvested. .and maybe even exhausted his emergency funds, reserves, float and perhaps even sometimes had entered into debt in order to buy, and then they are even in worse trouble to recover from those kinds of situations that might involve them having had spent beyond their means.


Of course, creating something like a 6 month plan is still not long term, but it may well be set up within a long term plan of investing and building to set an investment foundation that is going to last 4-10 years or longer, and at the same time, having something like a 6 month plan (or budget), gives you a way to take specific actions within that time frame and then to reassess at or near the end of the period.. and then maybe to extend another 6 months in the same way as previously (perhaps a few tweaks), and if you keep investing with those kinds of 6 months plans that are extended each time, then it could be that it takes a few years before you really are in a position to start to consider that maybe you are going to need to change something more major in your plan.. but then you can see what you have done and then if some of your theories about what might happen are coming true or at least which of the various paths are you finding yourself on.. and sure when you create a plan now, when you get T+3 years later, then you might have to look back at your notes to figure out what it was that you were planning because some of what you were planning 3 years earlier might not be relevant because facts (or history) would have gone in a certain direction so that your various hypotheticals ended up following a certain path that is no longer hypothetical, but when it comes to your planning the future from that point, you still would be considering where you are at, how you got there and where you might go (which the where you might go part is still going to likely branch off into a variety of possibilities with some possibilities being more likely than others.


There are a lot of people who have been able to live off of their bitcoin over the past 5-10 years, but then a question might be whether they have much if any bitcoin left after such a practice of living off of your bitcoin.  Personally, I don't have any problem with the idea of living off your bitcoin, once they have reached a sufficiently large enough stash that you are able to start to draw from them... but if you are still in the building phase of your BTC holdings, then you would be working against yourself if you are living off of your bitcoin and building your stash size at the same time.

So the guys who have been drawing from the bitcoin and sucking the income off of their bitcoin every year or two, they likely have not accumulated very many bitcoin, so at what point in your bitcoin journey did you reach a status in which you could start to use your bitcoin as an income source, rather than to build your stash.

If you give me your income goals (such as how much you need per month or per year), then I can look at my entry-level fuck you status chart to figure out how many bitcoin you would have had needed to have in order to sustainably live off of your bitcoin.. another possibility would be to look at my sustainable withdrawal tool^{(powered by bitserver)}, which is quite a bit more customizable in order to figure out how many BTC you might need to achieve a sustainable withdrawal..

Let's go by your forum registration date Fara Chan, and figure out how many coins you might have needed in April 2017 and maybe how many coins that you might have had needed at various points between 2017 and how, and then if you had lump sum invested into bitcoin or maybe if you DCA'd into bitcoin how much would you have to invest in order to get to a point that starting to withdraw or to live off your bitcoin or to draw an income from it would be long-term smart rather than more likely undermining your ability to ever get to a state in which you bitcon would be able to serve as a kind of sustainable income to either fully or to partially fund your chosen lifestyle.


You are not wrong Aanuoluwatofunmi; however, you can also adjust your level of investment aggressiveness with the passage of time and as you get used to investing into bitcoin, in the event that you might consider that you might be in a better position to invest more aggressively.  And, surely you can go the other direction too... Some people might come to bitcoin and start out overly aggressive, but then realize that they need to temper their investment amount so that they do not put themselves into a bad situation.. and some of that can come from practice and also really going through and assessing your situation, and some folks might not realize that their emergency fund, reserves and/or float is inadequate, so then they might come to realize that they need to build that portion of their overall investment portfolio so that their BTC will be safer if the BTC price runs against them or if some kind of an emergency comes and they might not want to spend from their bitcoin, but if their emergency fund, reserves and float is high enough, then they would be able to have more choices in regards to where they are going to draw value when they might need funds (liquidity).

That the first thing you goonna think of before going into investing. Knowing you financial capabilities and all that, Also making appropriate on how you would followup with the investment. Like in bitcoin making good profit never a issue though most time the market can be highly volatile and all That. Aslong you enter the right and time and you keep accumulating more BTC for a long-term investment you would surely endup with great profits. Normally their are risks in all investment that need to be managed during investing but the risk in Bitcoin investing won't cause that must stress when it's come to managing it, to that of most altcoins.

That truth though the reason why is always advisable to have an emergency funds is to prevent ones to sell their investment in an premature state. Because of some certain expenses, actually depends on the individual if is someone that still living under the roof of its parents. And he or she have a part time job he or she are doing to accumulate some quantities of bitcoin won't be more stress to them because most of the expenses would be covered up by their parents. So he or she can put a big percentage in investing by using the DCA strategies also. But still anyone who are ready to invest on bitcoin no matter they would surely find area to accumulate a certain quantities of bitcoin even when they can afford 1 BTC or higher quantities but using DCA as time goes on that little quantities they are accumulating would end up being something nice and profitable

We should however always remember that we are going to only be ready of affording to make an investment on what we are capable of, this is not what should be done in haste or without having adequate and proper plan, we have to set a budget for how we want to go about with the kind of investment we are opting in for, take and manage the risk involved and have the understanding of the necessary requirements needed for it to turns a profitable one on us.

I also quite understand the point of view that you explain because someone whose condition is quite relaxed and does not feel any difficulties in life, of course it will be easier to keep Bitcoin for a long time if that person is very confident and believes in Bitcoin. But I will still consider Bitcoin as a very good source of income even though everyone who believes in Bitcoin must also have other sources of passive income so that they can be more relaxed in holding Bitcoin and will not easily panic about their own living conditions.

I will not blame your point of view in this case because basically everyone has their own point of view in understanding all things, including this one thing. However, Bitcoin must always be considered good and even worthy of being considered as a good source of income so that each owner will continue to maintain their ownership very well without being affected by other things that come unexpectedly.

One of the challenges if you are really that making those kind of investment or accumulation here on crypto space on which if you dont have that much sufficient income source and your having that a little bit struggle with your daily needs then most likely you would really be still that ending up on selling those coins that you have accumulated since you are really that having no other options to take specially on the time that you are really that in need of funds or money then it wont really be that something that would be shocking that you will really be doing such step or act because you do know that you do still have something that you could pull on.

When it comes to Bitcoin investment or any form or investment, if you dont have that such sufficient income source or financial back up or those kind of extras with it on which
you are compromising a bigger part or allocation in terms with your own salary then sooner or later you would be able to see that you would be ending up
on pulling those things back.

Thanks sir it has really been helpful, I now know where I'm failing at and that is making long term plans, my plans need to be a little bit long term and also the senerio I would create, I had been building up my emergency funds and reserves quite all right, but now I think k i should also budget a little to saving at leat 3-6 months of cash that I would use to DCA, after every six months in addition to my normal weekly regular plan. I can't say it all, but I would do a real reassessment of my plans and senerio and match it up with what you've said and try to bring it to my terms of comfort. Thanks a lot sir, its really been wonderful having you here.

IMO I can't actually say all business are not guaranteed to make profit, but growing up from a business family I might be used to this, so I might not really have problem making sales from my business. But I feel it is quite important for investor to have steady source of income even if its little to assist them in their investment journey, else how can they build their emergency funds or even guarantee themselves not to touch their Bitcoin holdings. Its true they can start without having a source of income, but at least they must be a form of regularity in the pattern they get money else it would be hard for them to save also consider that they would have some expense that could pile up since they only have money once in a while, so it's best to get or have sturdy source of income, unless they already have some huge savings to start investing with.

Just know that someone who doesn't have a source of income and starts accumulating Bitcoin will end up selling his Bitcoin holdings one day to survive because he or she does not have enough money to save an emergency fund that will take care of his financial needs. I see your suggestion of starting a business as a bad one because inflation has made the price of commodities very high, and such a person cannot afford the money to start up a business that will make him or her start getting a profit in the short term to start his bitcoin accumulation.

 Please note this,There is no proper planning without a source, it is lack of orientation that makes most people think they can start a Bitcoin investment without a stable and passive income flow let alone other investment. However even if he uses the little money he has to start up a business after his initial purchase, what is the certainty that the business will yeild profit to enable him continue his accumulation, what if there was no profit out of the business he started, stable income flow is at top priority and highly esteemed in Bitcoin accumulation, similarly meeting up our basic needs and having a reserved and emergency funds are what will possibly help in achieving our goal, it is also advisable not to invest more than your capacity due to fomo, all these has been over emphasise in this thread, this is my opinion and view.

It seems you don't really understand my statement because if you do you wouldn't have reason it on that perspective because on my statement I did not mention that source of income is not important but however I was only offering or suggesting for someone who has an interest to invest on Bitcoin but doesn't not have any other means of income generator, so I was actually telling the person that instead of putting all the money on Bitcoin whereas he doesn't have any means of income generator that would enable him to keep accumulating Bitcoin that perhaps he could diversify the funds to a normal business and maybe when it start yielding profits he can now start his accumulation process on Bitcoin and by then his source of income will be assured because is obvious that our regular Bitcoin accumulation is dependent on our source of income so if perhaps an investor doesn't have any other means of income generator then it becomes a barrier or a distortion to there bitcoin investment journey.

You cannot mistake buying assets for liability just because they have the same nature, while shitcoins and bitcoin would all be considered crypto currency does not mean you can call all of them assets. Investing in shitcoins is not advisable especially since this coins are dependent on bitcoin to have any value or even do well, why go to the servant, if you can access the son? . Diversifying in shitcoin cannot even be seen as Diversification cause you are gambling with uncertainty and luck. If you really want to diversify, you should build your bitcoin to a substantial amount of holding, then find something real like real estate, stock etc to actually diversify. And I think the lessons we learnt in accumulating bitcoin would also be of use if we decide to diversify with other asset.

And I don't think that's what he meant when he mentioned diversify

I don't agree with you on this because without source of income, what you call investment in BItcoin will be sold to meet basic needs in a matter of a short time. Bitcoin investment require that one should achieve some level of financially comfortability to be able to hold. How do someone without a source of income have money to meet his basic needs, set up emergency funds and still invest in Bitcoin. The desire to invest will be there but without a source of income, it will not work out well.

You are obviously missing things up. This is confirming that a source of income is a requirement to be able to successfully invest in Bitcoin. Anyone without a source of income should first and foremost work on getting one, it could in the form of a job or opening a business... the source of funds must be established else it will not be possible to hold Bitcoin for long.

Build a business first, get the profits, then invest in bitcoin?
If that's what you mean, can the business promise profits? I think every business that is built certainly does not guarantee that the entrepreneur will get the profit as expected, that is a risk that really should not be ignored. But your suggestion about how someone can have a source of income is correct, I also agree with it.

Business and investment both have risks, but the risks may be different. Investing in bitcoin is simple if you are only interested in being a holder, it can save more emotions due to uncertain market volatility. A person can invest in bitcoin even if they don't have a steady source of income, but they should at least have a way to save money whenever they have money. Despite their excessive fear of investment risks, they have never been forced to do so. Only people who can consider high risks are worth investing in, if they are afraid of losing, then they should just keep their money under a pillow.

Investing in Bitcoin is easy for everyone but not everyone is easy to keep investing in Bitcoin for a long time. But as you say you must have an income source to continue investing in bitcoins. If we start investing in Bitcoin and we have an income source then we can continuously increase our investment even for a few years.

All of us who invest in DCA method and continue to invest should continue to invest in Bitcoin with whatever money is left aside from paying for our family expenses. We may need money at any moment in our life so we don't have to sell our invested bitcoins to meet that need. This is why we need an income source from which we can provide our necessary funds and continue to invest the extra money earned from the income source in our Bitcoin without any hindrance.

In as much as I would agree on what you said but I think with a proper planning someone that doesn't have source of income could actually start accumulating Bitcoin, however he  could start by using the little money he has to start up a business and with time and consistent you will see that the business will start yielding a good profit for him to start the Bitcoin journey while his normal business will now serve him as his source of income and before he realized he has already become a Bitcoin holder, however in life most people are always afraid of trying because they are clouded by negative mindset that's why most people will always speculate about the price of Bitcoin to get to a particular level before they could start buying and sometimes they miss out the opportunities because they are always scared of what will become of there investment. So actually with a proper planning there is no limitation to what someone can achieve through Bitcoin investment in the future.

But it's good to take some risks and make a move. You might get lucky and hit a jackpot OR get burned and learn the hard way.

BUT knowing what you didn't know during the ICO boom, I believe you would have dumped "PumaPay" with profit and stored your capital and the profit in Bitcoin, where it will definitely be safe. It may be volatile, but it can never be taken away from you.