Topic: Buy the DIP, and HODL! - page 380. (Read 123446 times)

We may well need to adapt our practices to the current situation, and I know that there have been many members who are so scared of keeping any level of value on exchanges, and personally, I think that we need to attempt to be practical about the matter rather than having a rule that might not work so well, especially for guys who are buying low quantities of bitcoin, and I personally think that if you are creating UTXOs of less than $100, then you are likely putting yourself into potentially uncomfortable positions, whether in the future or even under current circumstances.  There may well be a lot of forum members who had been transferring way less than $100 at a time, and what are they going to do in times like this if they need to send their bitcoin, and then maybe drawing from several addresses at the same time, then each address (utxo) has a fee, so it can add up, and it might not even be economically feasible to spend from the lower value addresses, even if you are wanting to send a larger amount that has to combine several UTXOs in order to reach the send amount.

Maybe there are going to be solutions in the future to spend from the smaller value locations, and sometimes the price of bitcoin could go up by so much, so it makes the UTXOs more valuable in terms of dollars, but I am not going to proclaim if there are going to be solutions for the folks who have a bunch of UTXOs with small values in them... and by the way, there might even be times in the future that $100 is not a high enough value to have in a UTXO, and it may even be the case right now that if someone has to spend $20 to $50 for transaction fees, then it might not make much sense to be sending transactions that are worth less than $1k or so, so it might make even more sense for those guys buying $10 per week, to keep their value on an exchange until it reaches somewhere between $500 and $1k, even if it might take them a year to get to that amount, and surely guys have to make decisions regarding balancing how much they want to have on exchanges, and also sometimes there are going to be periods in which the transaction fees are lower, and there could be attempts to time the transfer for those lower transaction fee periods, as you mentioned salad daging.

Yes, that's quite true sir because many people hesitate with their initial decision because they are hesitant to start with a larger level or with a smaller amount. However, it doesn't matter if they have a lot of money because they can divide it into several categories in their investments, both making purchases at once and doing it sustainably with the allocation of money that they have divided into several categories. So, for beginners, of course they can start with small amounts which they can do regularly using the DCA method.

Their financial balance in investment will make them comfortable in every purchasing period because whether the market is red or rising, they can do it because they have a stock of reserve assets that they have allocated. But if they start with a lump sum purchase and don't have reserve assets to accumulate when the market turns red then they will be stuck with the existing situation.

This is because such investors never prepared their mindset to go on a long-term bitcoin journey by not having a bitcoin target and not listening to the simple rules of investing with only the amount of money that they will not need for a long period of time. They have used the money for other important purpose and that is why, if there is any little price pump or dump, they will panic and sell because of FOMO. Forgetting that they are missing out the compound interest in bitcoin investment which is the highest of all profits.

DCA strategy and a long-term investment kills that fear and minimize the risk because the price of bitcoin keeps on being higher in every new circle than the previous in both the bottom line and the ATH, that is why newbies needs to understand this and build up their investment portfolio. Anyone that is not discipline and patient with his bitcoin portfolio, might end up not having any/low fraction of bitcoin in the long run when bitcoin price might get up to $500k(for example) and above because he is after short term profit which will not have any significant in future.

Bitcoin transaction fees have gotten so out of hand that it has almost touched 521 sat/vB as of today, some exchanges have increased their withdrawal fees due to this congested network.

Why do I say that, because I to do DCA every week always go through the exchange to buy bitcoin and then move it to a non-custodial wallet for further security, but in the last few weeks it has become a hindrance because I cannot withdraw BTC on the exchange for no reason because of the high fees that make me a burden and it's a shame if I have to charge tens of dollars in withdrawal fees, maybe as a temporary consideration I will keep it on the exchange for a while until the network returns to normal to withdraw it back.

I don't make large purchases of bitcoin, but with a few dollars spent it still means something to us if it is cumulative every week.
The most important thing is that I have pocketed bitcoins in my personal wallet for the long term and this is safe enough, while bitcoins on exchanges are around 15% of the total portfolio.

We should also consider common factors that will help us grow in our investment cause even the slightest mistake can cause lose in our investment, talking about the knowledge of bitcoin it's best every newly investor should know how bitcoin works and invest properly, concerning the knowledge of bitcoin if I may ask what happened to experienced investors who still make mistake and forget how the market works. It's proper for every beginners like me to have the knowledge and guide before investing, a lot of newly investors have the knowledge but still fail to learn and take corrections, the greatest knowledge a person will acquire is to learn from previous mistakes.

The idea with having the knowledge first sounds great but still a lot of investors with the knowledge can't go a long way with their investment especially the long term investment cause a lot of investors exhibit this habit of fear, in investment like this fear can stop the journey of some investors mostly newbies, let's take what's happening in the market for example most investors will love to pull out just because of fear. Another example of investors who have the knowledge but still can't invest proper they're called Risk averse investors they never get satisfied with the price and they always want more from the market in essence they're scared of taking risk, in my opinion even with the knowledge investors who exhibit this habit can't involve in the long term investment.

Many people wrongly believe that they have to start out with big amounts, and so it can take a while to get into a better kind of mindset of adding little by little to an asset that hopefully is mostly moving up, even if it may have up and down moves along the way, and one of the problems with borrowing to invest is getting into the lump sum investment but then becoming somewhat dependent upon the BTC price going up in the short term in order to be able to service the loan. .and ultimately wanting to be able to pay off the total amount at the end of the term with BTC prices being higher than they were at the time that the loan had been taken out... so there could end up being too many preoccupations about the need for short-term BTC price performance.

I actually do not have any problem with adults making decisions to get loans to invest, but it seems that they better have ways to service the loan that are apart from the investment having to perform well during the period of the loan.


I am not really bothered by the idea of greed and even someone getting into bitcoin right away before they study it, and coming into bitcoin merely based on superficial knowledge is also o.k... yet at the same time, if a person comes in with little to no knowledge, then they likely need to start out with a pretty decently small position size while they are figuring out other details of their investment plan.. and sure they might even come into bitcoin and already plan to invest 4-10 years or longer, but if they are investing and learning about it, they are also free to change their mind along the way, yet one of the things with bitcoin, is that the more that a person learns, the more likely he should be wanting to continue with the investment, even if the size of the investment might be small, which might even be something like 1% of his investment portfolio or maybe 1% of his income to start out. .and so it can be difficult to determine how long it could take someone to be able to learn about bitcoin and to make sure that they are getting information from good sources, rather than some of the baloney and misleading information about bitcoin that is out there... so sometimes it can take a long time for someone to come around to figuring out the good information from the not so good information, yet there has always been bad information out there about bitcoin, and even though there is a lot of bad information out there, there is a lot of good information available too.. .. whether we are talking about podcasts or even reading various articles from bitcoin oriented folks (sometimes referred to as bitcoin maxis, but also might be bitcoin-focused or bitcoin informed folks.. and folks who are not overly distracted into various shitcoins, which remains one of the dangers of not being able to figure out how bitcoin is different from various shitcoins).

Having the resource to buy and hold sounds as though you must have so much altogether to be capable to be a successful bitcoin hodler.

Simply put, from what @obim34 has said, with bitcoin knowledge and addition to a sustainable/reliable source of income flow like a job you can delineate a certain percentage for DCAing which makes bitcoin accumulation much easier to hodl for long term plan that won't be curtailed  by any slight emergency that should emerge in future.

I see things about Bitcoin which we should put into consideration. first is having the knowledge about Bitcoin which most people lack some person may decide to invest due to the Bitcoin trend around the world and still not know anything concerning Bitcoin which they put their money into.

Secondly having the resource to Buy and Hold. In a case we're there is no sufficient amount to buy create a long term budget and slice down the amount in currency value or amount of Bitcoin that you can be able to accumulate at specific intervals (DCAing) . Loans and borrowed money should be exempted from the list of resource for use to buy Bitcoin.

Patience and emotional control helps in regulating the mind and body from getting panic when the price begins to DIP. Yes if the person has the knowledge of volatility then it becomes a no problem to the investor.

This depends on individual plans and foresightedness to have had this long time projections with their investment plans carving out or sparing out their 5 percent per year or annually would also go a long way but then are they really ready to do that as we may say, naturally it's a good point and a very suggestive idea to help foster the accumulation processes..
Of course there are people or investors who are determined to carry out their investment plans through that strategies but on the one way or the other fall out of fate due to some form of unforeseen circumstances or not having sufficient spare cash or a cushion to covers up their unpredictable expenses, something that would make them to start tempering their proposed plans and or their portfolio making them to reduce their percentage that was set and plan for their continuous accumulation process.

You are right Bitcoin value can go up and down quickly which can be scary for (traders) not for investors. And I agree with you that if you think about Bitcoin as a long term investment it can help to ease some of your issues which you face while short term ups and downs.
And the (DollarCost Averaging) DCA method you mentioned is a good strategy for people who want to invest in Bitcoin for a long time. Exactly this can reduce or even eliminate your fear and emotions.
And Regarding the future trading. I will never recommend it to anyone. And just because of this I always recommend hold and DCA strategy.
In conclusion  long-term approach to invest in Bitcoin is really a good idea. So if Bitcoin price go down so it has potential to come up with potential.

Some people became greedy its because they think they can ask for more profits from their investment and since there's a good tracks happen recently then they assume that there's a bull run will came that's why they usually fall down and lose their money for wanting for more profits. Scenario like this is normal when trading that's why its good for anyone to avoid taking those wrong decision and always be on point regarding on their investment since nothing will happen to them if they always feel greedy by the time they invest their money on bitcoin. Maybe best for them is to hodl but they need to learn first before doing this since being equipped with proper knowledge is really important before taking any decision either for deciding to hodl for long term or either for short period of time.

That is really a good idea which you have given to him. If he was thinking that he will borrow money from you and will invest all the money at first. And if he will face any loss so he will be in double pressure. One he will pressurized by the loss and second from money he borrowed. So you gave him an excellent idea to invest from the savings and invest and hold tight. And whenever he thinks this is the separate money so he should invest. And best investment is Bitcoin that will be better for him.

One of the first thing I learnt as a newbie to Bitcoin is that it is volatile. Coming from the background of forex trading, it is normal to avoid anything that volatile and with a high pip count. It was then normal to avoid Bitcoin or trade it with caution. It was when I started considering Bitcoin for long term investment the fear of the volatility left. The DCA method have actually helped me because using it, I don't pay much attention to what the price does after I purchase my Bitcoin and I don't also check my portfolio every now and then.

Making money from trading Bitcoin like the forex market is not an easy thing. Some people even complicate it via futures trading which easily destroy the account balance over minor spike. Bitcoin is not an asset to mess with because within few hours it can make you rich and within same period you can go broke. One funny experience I had with trading Bitcoin was that it usually hit the stop loss before actually going your direction. Just one spike, you are out only to watch the market go your way.

I still maintain that the best approach is long term. The advantages are just too many besides the risk of losing the entire fund is completely eliminated. Even when price drop so hard, one Bitcoin is still one Bitcoin and it is a matter of time before the price bounces back.

Such a plan will always be acceptable and the best plan for an investor. We can plan to hold for a long period of time if we want a certain portion of the income we earn from the workplace we are in and the money we earn from that workplace every month. For many people it may be difficult to invest at all with a large amount of money so for those investors the best plan is to invest regularly. But in this type of investment, the investor must pay more attention to the investment and ensure that he continues his investment regularly. By regularly investing a part of their monthly income or weekly income in Bitcoin, every investor can invest based on his own income.

Some investors have this misconception that they don't have much money so they can't invest but I have given a very simple idea about investing to those who come to me to learn about investing. I have been involved in investing for a long time and always try to help new investors.

A neighbor of mine who is older than me came to me a few days ago for advice on investment but he told me that he did not have much money and he wanted to borrow some money from me to invest, I explained the matter very easily without giving him a loan. Tried and he understood. I explained to him that you start investing with the savings you have for now and since you are working in a good organization and from there you are getting good amount of money every month so you invest the rest every month minus your expenses. Apart from investing regularly I also advised him to hold that investment for a longer period and he assured me that he has got a good idea about investing and he can invest easily now.

Exactly sir that is the dumb idea. I have written my previous posts on DCA. But here I was writing for Greedy beginners who just are Thinking that they will become millionaire in just few months. I was talking about a trader. You have quoted my post in different parts and at some points you are saying that this make sense. So basically I am in the favour of DCA method and holding.
Mostly beginners think that they will get benefits by trading but they are on the wrong track…  they can get success but they need much time and efforts which I think not a good Idea. They mostly go for the future trading to become millionaire in few days but they lost the money.
So DCA for Bitcoin is the best option for everyone. So if beginners believe in Bitcoin and will hold for a long time so Bitcoin will give a good return and they will forget about trading.


I don't think so that anyone should be panic when there is high volatility in the market specially when, when you are believing in Bitcoin. If suddenly the price will go down so always keep in mind that it is the Bitcoin and will make a comeback. So just buy and hold for a long time and with time to time add your investment in it.

Controlling emotions really needs to be learned, but from what you have said, this seems to be more suitable for investment discussions or trading discussions on other topics. Meanwhile, this topic only discusses Buy the DIP, and HODL, where the picture is also clear that everyone does not need to panic under any conditions as long as they still have the appropriate amount of assets that they have saved. So in general, this certainly has no influence on fluctuations or sudden declines that occur in the market.

Those who do Buy the DIP, and HODL already have preparation in advance, both mental preparation and financial preparation which they no longer bother for a long time. So the implementation of Buy the DIP, and HODL actually will not be too difficult for anyone as long as their desires and preparations are very well established and very clear for each person.

The title of this thread is "Buy the DIP, and HODL!". I do agree with the second part, HODL!, but the first part I often think that nobody can really know what a dip is. There is no rule of thumb for that. It's also about individual experience as those here who have been around for a decade know that a dip in Bitcoin can be much more than just a 5% or 10% setback. Whereas others might deem 5% a dip. The HODL is what matters most in my opinion. Investing money into Bitcoin that you don't need for a long period of time is a good choice. The most dangerous move that makes people burn their fingers is giving their Bitcoin investment not enough time. They invest money that they need 3 months later to buy a washing machine. That's a bad decision. A year is a bad decision as we know what bad times in crypto can look like and how long they can last. If someone is then forced to sell, this can strongly backfire and not pay off at all. Bitcoin is an adoption game. A patience game. An education game. A resistance game. It all takes time and those who understand that have a good chance to one day look back and be happy about their investment choice.

It take some practice though, or at least you should experience it before you can make the right decision. So in the beginning, it's going to be very hard specially for newbies, but if you have been in that situation and then learn from your mistakes, then obviously the next time that opportunity come along to buy the dip and then be a long term holder, it will be very different. For me it's not about the money that you are willing to risk, you also have to look at how you are going to accumulate and what is the best method.

Others recommend DCA, which is good I like that method, but for others it might not fit for them because of budget. But if you are here for the long term, then definitely you can adjust everything and test what strategy and methods work best for you. It might not be every week or every month, but as long as you can accumulate in your on way then it's going to be very good for any investors.

We all need to learn to be able to control our emotions when we see the market turning red because I see many of them who are not prepared when price changes occur and that can make them make the wrong decisions if they panic. In investing, we must be prepared to lose, because we know that the price of Bitcoin is quite volatile and could also be beyond our expectations. That's why use money that is not used for other purposes and also doesn't become a burden on your mind when prices suddenly drop drastically.

The option to start with a smaller amount and adjust it to the income you earn each month. Can be done weekly or monthly to accumulate bitcoins and believe in yourself rather than what other people say because your decisions and everything you do is for our future. So prepare well in advance when investing in Bitcoin so that it can run smoothly as we have planned.

I don't see how trading is going to help anyone to potentially build up their BTC holdings in a faster way, and probably one of the better ways to increase their BTC holdings and their abilities to reach 1 year's salary invested in a shorter period of time is to increase income and/or cut expenses.

Sure, if someone has no realistic ways to increase his/her income and/or job possibilities, then maybe in those kinds of circumstances, there could be some value in learning trading.. but I still have my doubts, especially when it comes to bitcoin.  Bitcoin is amongst the best of asymmetric Upward opportunities that any of us have (if not the best), so why would we want to be fucking around with it and trying to trade it?  That hardly makes any sense, and surely if trading bitcoin, then there is some needs to learn about bitcoin, but if trading shitcoins, then there would be needs to learn about that crap, including likely a lot of distracting and not even good kinds of information... especially if you are attempting to learn about pumping and dumping and market sentiment and a lot of that dumb stuff.. Seems like a big waste of time as compared to if you are able to develop some real world skills in order to figure out how to improve your income and/or to cut your expenses, and maybe even being able to figure out some interesting kinds of work.. although sometimes, if people are going to college, or even some trade schools, some of those programs can end up being quite expensive and to take away from abilities to buy bitcoin, which is a trade off and it is not always clear how to prioritize when resources may well be limited including time, energies and monetary value.


Well, there are a variety of things that can be learned about bitcoin, yet many of the investing skills may well not relate so much to learning about bitcoin specifically, but instead learning about how to manage various investment related matters, and learning about bitcoin is ONLY one of the nine areas that I point out in another of my posts.



It can be very difficult for people to discipline themselves to be able to get up to an amount of saving/investing 10% or more of their income, and surely some people might not be in a position in which they are able to do it, yet other people might be able to find a variety of ways to increase their income and then if they are largely keeping their expenses down, then they might be able to increase the percentage that they earn in terms of being able to save/invest, and each person has to figure out what might work for them based on their own circumstances, and maybe they have some things that they can do (or change) that are easy, and they have some things that they can do (or change) that take a lot more involvement and time to carry out.. One of the common areas is that people get themselves into various kinds of debt situations and they might end up paying high fees for the various debts that they have, and so it may not make a lot of sense to be saving and/or investing when they would likely put themselves into a better situation by paying down their debt, and sometimes, they can do more than one thing at the same time, but it still can take time to really get finances in order and also to be in a position to be able to invest/save more aggressively that goes up to 10% or even larger amounts of income.


You are describing emergency funds in a fairly strange kind of a way.  Let's say for example, you have an income that varies between about $1,200 and $3,200 per month, and most of the time, you are earning around $2,400 per month.  Let's say that your expenses are between $1,600 and $2,000, so there are a variety of ways that you can approach this matter, and personally, I think that if you have such variation in your account, then it probably would be best to take the high end of your expenses and to have around $12,000 in an emergency fund, which is the high end of your expenses $2k * 6 months, and so during the time that you are building up your emergency fund, you can also be investing into bitcoin, but if you know that you are working to get to having $12k in your emergency fund, then you are not really going to be in a stable place until your emergency fund reaches that amount.  So maybe you want to invest $100 per week into bitcoin, yet since you are still building your emergency fund in order to get to the 6 months of reserves, then maybe you would ONLY invest $50 per month into bitcoin until you get to your emergency fund target.

Once you reach your emergency fund target amount, then you will have more freedoms, and maybe you could even invest $100 to $200 per week into bitcoin, but if your emergency fund is getting depleted, then you might have to cut back in the amount that you invest into bitcoin while you build it back up.   Also if there are months in which you end up earning ONLY $1,200 and if your expenses are still $2k for that month, then your emergency fund ended up getting depleted by $800 for that month and you would have to build it back up, and sure it would be up to you about whether you would invest $50 per week, $100 per week or some other amount into bitcoin, but also realizing that the more that you live with a depleted emergency fund, then the more risks you are taking.

Sure it is discretionary regarding how secure and how robust you want your emergency fund to be, and many people might never have any emergency fund, but that could end up being part of the reason that they lose all of their investment s whenever they have an emergency because they are largely using their investments as an emergency fund, which might work out o.k. once you are rich, but if you are in the early stages of building your wealth, you want to make sure that you have more protections in place so that you never have to dip into your BTC at any time that is other than your complete choosing to do so.

Of course, any of us who might have inconsistent income and inconsistent expenses, we may well have to have more cushion in our emergency fund, and we might draw upon parts of our emergency fund from time to time, but we also might have our own ideas about various limits in which we do not want our emergency fund to cross below, so there could be upper and lower limits that guide how aggressive that we might be in our ongoing BTC purchases, whether weekly or some other time period that we carry out such BTC purchases.


It is not unethical merely because someone might be trying to play the shorter time periods, but they might be gambling rather than long term investing, and it may or may not end up working out for them, especially if they are using funds that they need in such short time period, and they have not planned for longer time period, then they might feel that they need to cash out during the period in which they had prepared.


That is a dumb idea. You do not need to learn how to trade before investing.  In fact, trading requires way more skills than investing, and dollar cost averaging investing takes almost no skills in order to get started with $10 per week or whatever might be the starting amount.  The main thing that you have to assess is that you have an extra $10 per week that you are able to put in, and that you believe that the $10 might be worth more in 4-10 years or longer by being in bitcoin rather than not being in bitcoin, and sure there are some personal financing matters, but they are no where even close to the kinds of skills  to figure out how to trade, and really who is going to be such a dumb fuck to be trading bitcoin when it is amongst the best, if not the best, investment available, and you are going to be fucking around with trying to trade it rather than accumulate it?  Makes little to no sense to say that learning dumb guessing games like trading to be any kind of advantage or necessity for someone to get into bitcoin, especially when talking about longer term, such as 4-10 years or longer.


Why?  investing can start with $10 per week.  Yeah, you can figure out your budget and if you figure that you can invest more than $10 per week then you can do that.  If you can figure out that you can increase your income and/or decrease your expenses, then you can do that.  If you find out that you have some money in a location, and then you can move it over into bitcoin, and you might not need to move all of it at once... Let's say that you find that you have $1,200 that is in another fund that you want to put into bitcoin, and so you might decide to divide that amount into 3 parts that you could plug into 1) DCA, 2) lump sum and 3) buying on dips... and yeah, you do not even need to divide the $1,200, but you should at least consider the three possible categories, and figure out which one(s) you consider to be best for your $1,200 to end up getting used to buy BTC.


Sure.  There is nothing wrong with that.


Again, you seem to have things backwards.  More likely if a person has been investing into bitcoin for 3-6 years, then maybe he might have built up a large enough investment into bitcoin, so that if he wants to trade (gamble) with a portion of his BTC, then he can.  Hopefully trading/gambling with no greater than 10% of the size of his BTC holdings would go into either trading and/or gambling into BTC or shitcoins, if that might be considered a form of trading, but even way less than 10% is probably better since it is likely to be a losing game, or not at all is probably even the best.  Hopefully keeping the trading/gambling/shitcoins down to less than 10% of the BTC size will teach a person not to be trying to dabble into his/her BTC stash, since if he ends up losing part or all of his 10%, then hopefully there are limits to not to be able to keep drawing into the bitcoin stash in order to continue to fund trading/losing value.

At the same time, everyone has discretion to do as he pleases in order to figure out how to build his BTC investment portfolio.


Didn't you already suggest starting with 5% to 10% of the income for investment/savings?  So sure, if finances are in order more and more can be used for investing, and if more is used for investing/saving, then there could be better chances to make progress in terms of building up of enough of a bitcoin and/or investment portfolio in order to create more and more options in life and including being able to improve (increase) a persons standard of living because he has more wealth.


When I hear trading.  I hear greedy... so yeah greedy can become dangerous.. because a person should strive to be aggressive with his/her investment but not to become overly aggressive.. so if that is what you mean by the dangers of greediness, then I would agree with that perspective.


Yes, emotional strength can be buttressed by position size, so managing finances in a way that is solid and having a solid emergency fund will likely help a person to both create an environment for emotional strength but also to reinforce emotional strength..


That makes sense.


10 years may or may not be enough.  Surely if a person had been investing 5% per year, then after 10 years, he has only invested about 50% of his annual income into bitcoin, so they might not really be in a very strong place with their BTC investment, even after 10 years investing.  Of course, 10% would result in a whole year invested and 20% would result in about 2 years of income invested.

So, how well the BTC price performs during the 10 years of investing could also make a difference regarding where the person is at versus where he had expected to be after 10 years, but even a fairly aggressive, consistent and persistent approach might not be enough, such as if his goal was to get to fuck you status, then with traditional investing, someone might take 30-40 years to get to fuck you status, and they might not even get there, so how much of an advantage (if any?) the incorporation of bitcoin into the investment portfolio might still not exactly be clear, because frequently fuck you status would be to get somewhere between 20-30 years of income saved up (invested), and even if the investor is not at or near entry-level fuck you status, they still could be in a position of much greater advantages from having had invested into bitcoin as compared to if they had not invested in bitcoin, yet none of those kinds of performance measures are guaranteed, either.


Don't let the perfect to be the enemy of the good, especially since any newbie can get started right away with $10 per week or some other modest amount and learn as he goes... Investing a small amount on a regular basis can motivate faster learning, and surely there could be some opportunties to get in now and you never know what might happen later down the road.  So far in bitcoin there have been periods in which the price never ends up returning, so there had been a lot of advantages towards the BTC newbie investors who acted quickly rather diddly-daddling around, failing to act and then ending up psyching themselves out because they both watched the price, and also told themselves that they do not really understand bitcoin.  I still don't really understand bitcoin very well. even after 10 years of buying it and watching it on a quite regular basis.


I don't really disagree with you, even though we do not live in a lovey dovey existence and there is a bit of natural competitiveness that exists in human nature in order to survive, and you can downplay those tendencies all that you like.  People like to compare themselves to others and sometimes they even try to beat the other person in a variety of ways, whether it is to win over the girl or whether it might be to get the better spot on the beach, and sure we might cooperate sometimes too, and not even bitcoin presumes cooperation, in terms of mining incentives, and if bitcoin is scarce, then there can be a certain desire and/or competitiveness to get it because it is scarce... so we can have competition and cooperation happening simultaneously, yet sometimes there are going to be needs to look out for ourselves and to preserve ourselves and to focus on helping people we know (such as spouses, kids and other relatives) as compared with helping out strangers.  We ONLY have so many resources (such as time, energy, money and/or other resources that might be shared and/or hoarded).