Topic: Buy the DIP, and HODL! - page 385. (Read 137448 times)

Bitcoin is an asset which needs your holding powers. If you will hold it and wait. So this will give a big surprise. But making it as a source of income this is not a good decision by the way. First make a passive income source which will feed family and then invest in Bitcoin. Means I want to say that if you will be mentally relaxed so you will invest in Bitcoin and can hold for a long time.
It is my point of view other may disagree. I just share my point of view.

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.

It is difficult to give more suggestions than what I already have because you seem to be wanting to time your buys in a way to attempt to get as much bang from them as you can, and sure there is nothing wrong with that, up to a point, but you have to still consider that no matter what you do, you are likely going to still have some cash in your reserves and the price goes up or you run out of cash and the price goes down.

It seems that you also have gone through some of the exercises that we discussed, but really best case, worst case and base case scenarios have short, medium and long term components, and they likely are not very relevant for short term since you probably should mostly be focusing on DCA rather than trying to buy the dip and things like that. .It seems that you do not have enough money coming in on a regular basis to be covering  all of the scenarios..so you have to just keep building your various stashes that are going to be combined with BTC, emergency funds, reserves and maybe even maintaining some float so you don't cause yourself to go crazy if you make mistakes and you try to push your BTC buys but then run out of money or fail to plan properly..

One of the solid ways that I can suggest is to create a plan for either 3 or 6 months at a time, but hey, I know that you don't want to do that because you are all excited about the ETFs and about the halvenings, so I cannot really blame you for those kinds of inclinations to front-load rather than budgeting for 3 or for 6 months.

Anyhow, if you budget for 6 months, then you add up all the money that you have available for investing (and maybe you already bought bitcoin with that), an then you have your income coming in which is weekly or twice a month or maybe it is more sporadic than that, but still you have some kind of an idea of your budget, so if you have a weekly allowance in which you are able to buy $100 per week, then whenever the week starts, you can try to figure out the best of the dips during the week, and maybe you buy $33.33 worth of bitcoin each time there is a significant dip, and then by the end of the week, you spend whatever is left, if you have any left, and then the next week you have another $100 in your allowance that you are able to spend, so you can try to buy the dips, but maybe you will get too stressed by that, so what is wrong with just picking a day of the week and then just buy every week on that day?

$100 per week would give you $2,600 invested in 6 months.

If you have $2,400 in your savings, and you decide that you want to spend half of it right away, then you end up buying $1,200 right away, and then maybe the other half you use to buy dips (if there are dips), so then maybe you might set your first dip buy $100 at around $38k, and then every $750 that the BTC price drops then you would end up buying another $100, but that would give you only 12 BTC buy orders, and is that enough for you or not?  In my thinking you want BTC buy orders to go slightly below where you think is the most that the BTC price is likely to drop, but maybe you consider that there are no way that you could have 12 buy orders fill.. because that would be buying $100 at each of the price points:

1    =  $38,000
2    =  $37,250
3    =  $36,500
4    =  $35,750
5    =  $35,000
6    =  $34,250
7    =  $33,500
8    =  $32,750
9    =  $32,000
10  =  $31,250
11  =  $30,500
12  =  $29,750

No one knows, so you just try to set your buy orders (increments and amounts) the best that you can (based on your budget and based on your view of not wanting to run out of money to buy but being happy if the BTC price goes up rather than down), and you hope that all of your buy orders don't get filled unless the BTC price spikes down, fills all your orders and then goes back up (I know newbies are not as affected by price drops, but still getting yourself into a mentality of a BTC holder is that you should probably be stacking BTC to such an extent that you are always hoping the BTC price goes up rather than down or sideways). 

You don't know.. are your orders going to get filled or not?  They should feel like insurance that you don't want to have to use, but you have it in case the drop happens.  And maybe the longer that you are in bitcoin the longer you maintain these kinds of buying on the dip ladders while at the same time you are DCA buying on a regular basis, perhaps $100 per week or some other amount that is reasonable based on all of your circumstances that you reassess from time to time.

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.

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.

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.

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.

Are you saying that buying other coins in addition to Bitcoin is really diversification? I do not agree with you on this one because Bitcoin is enough to avoid mistake. I think the main focus of most of the people here is how to build their Bitcoin portfolio and not diversify into other coins that you are not sure if their founders will dump it and run away.

Many people have lost fortune investing in coins they were convinced will give them big profits. I expect you to learn from the mistakes of those people and concentrate in building your Bitcoin portfolio rather than thinking of diversifying when you are just exposing yourself to danger.

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

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.

Bitcoin is an asset which needs your holding powers. If you will hold it and wait. So this will give a big surprise. But making it as a source of income this is not a good decision by the way. First make a passive income source which will feed family and then invest in Bitcoin. Means I want to say that if you will be mentally relaxed so you will invest in Bitcoin and can hold for a long time.
It is my point of view other may disagree. I just share my point of view.

Bitcoin investment is something we should not be in a hurry to start if we don't have a source of income. If you use the available fund to start your bitcoin accumulation journey without any source of income, you will tamper with your bitcoin holdings to survive when the available fund has run out.

Well I guess we have similar story to tell. I started from investing in ICOs of shitcoins like PumaPay that collected over $8 million and gave investors shitcoins that died without value. Because of that I made the post that It is only Bitcoin and nothing else. So, be it trading or ICO and whatever, I have learnt my lesson the hard way and have taken the decision already and so far, I feel much better and relaxed.

I know some people argue that Bitcoin does not give huge profits like X10 or X100 over a shot period of time. This is true and I like it that way because it is only someone filled with greed that will expect to make profits of X10 to X100 with a very short time. Those who are fixed on following the part will always live to tell their gory stories amidst uncontrollable tears. There is a popular adage that says that "when rain beats you twice, you will know the real meaning of cold". So I will not allow myself to make the same mistake twice. No matter how lucrative they make trading or investing in ICOs seem, it is and will never be for me.

Building a Bitcoin portfolio may be slow with its challenges such as being disciplined to follow the plans, but what is certain is that you are sure that you are biulding on a solid foundation and not on quicksand.

We ain't talking about cryptocurrencies and other altcoins here, shitcoins are mere pump and dumps as some investors seems to invest base on hype and FOMO and all that but however, lets not digress from our major discussion here as our interests should be focused on buying and hodling enough Bitcoin in our individual portfolio now that the price hasn't skyrocketed yet, the DCA is a profound way of accumulating at regular intervals as that has always been the bone of contention of our discussion here because the halving is quite approaching and afterwards the bull run begins so it would be so sad that as a bitcoin investor, you couldn't accumulate much bitcoin as a result of waiting for further dip which may not occur and at the end of the day you don't have reasonable amount of Bitcoins in your portfolio.

Using ones tongue to can't the teeths would be meaningless if you don't buy now and hodl because so many persons actually talks about buying and holdling here but yet if you check their individual portfolios you will find out that they have little or no bitcoin in there.

Bitcoin is an asset which needs your holding powers. If you will hold it and wait. So this will give a big surprise. But making it as a source of income this is not a good decision by the way. First make a passive income source which will feed family and then invest in Bitcoin. Means I want to say that if you will be mentally relaxed so you will invest in Bitcoin and can hold for a long time.
It is my point of view other may disagree. I just share my point of view.

An asset isn't something that has to produce profit on a daily or weekly basis before it can be considered an asset.
Some assets produce profit in years. An asset is something that has the potential of generating income over time. It is something that when held or owned it can generate liquid whenever you choose to dispose of it. An asset is something that when you spend the initial capital outlay to acquire it, you won't bother spending your money to maintain it. It's generates money for you in the end. I won't see someone who put his hope on bitcoin generating him money on the long term as being wrong. If bitcoin doesn't have the potential of generating profit on the long run then people won't be investing in it. People are investigating in bitcoin because it has the potential of generating profit when hold for a reasonable number of years. Although the profit might not come when you are expecting it, that's why it is a long term investment.

An Assets is something that's of a great value and can provide a good benefit in the future, so of course Bitcoin is a very big Assets that everyone would wish to have a good amount but however it should not be seen as an Asset that could easily provide profit on a daily or weekly basis, so you have to be clear on your perspective about seeing Bitcoin as an assets, because just like every other investment, time and patient is the determining factor so before Bitcoin could serve your purpose is only if you are ready to hold for a long time before you could see the potential of Bitcoin unraveling. So perhaps putting your hope and seeing your Bitcoin investment as a source of income is totally a wrong investment planning which could results on making bad decisions at the end.

Bitcoin is an asset which needs your holding powers. If you will hold it and wait. So this will give a big surprise. But making it as a source of income this is not a good decision by the way. First make a passive income source which will feed family and then invest in Bitcoin. Means I want to say that if you will be mentally relaxed so you will invest in Bitcoin and can hold for a long time.
It is my point of view other may disagree. I just share my point of view.

There are many types of plans to invest in Bitcoin, but it is not possible to make such a plan because a person will never sell and invest the things he likes. No one wants to sell favorite thing, but we know iphone is every person's dream and favorite thing, so they invest a lot to buy this thing just hoping for money. If you have an iphone or samsung mobile then you never think of investing by selling them, instead you make another plan and go for money to invest in bitcoins. If you save but have no money then you can invest from there but if you sell a phone, and you invest then you will definitely need another phone then you will not have money. But if you want to invest Bitcoin then you must first work hard and earn your money then invest it will be able to bring you maximum success. Why iPhone is not a big thing, but you must have a mobile or laptop to invest if you sell mobile then if there is no such thing then there will be nothing to invest so it is a wrong decision. But if you invest then definitely use your savings, it will pay you good amount in future. Also, you must use DCA method before investing as it will always free you rather you will not face losses.

For the fact that market is volatile we should plan each action we want to take since if we rush all things since we got FOMO on certain situation then provably we will fail by the time we acquire our bitcoin since provably we can face something negative especially if market declines and for sure we don't want to see that.

That's why its really better to widen up our knowledge first and learn each strategy mentioned by a lot of people for us to try so that we can develop something that can possible help us regarding on what path we are going to take. And once we experience a lot of things here especially on our trades for sure at that time we will not get bothered about market events and we will be in focus on the timeline we set or either we want to trade using DCA or strategy or we don't give a shit on anything and all we want is to hold.

Same thing can also be said for those who are using bigger or more than one gadgets but don't have any investment in bitcoin. When you ask them why they don't own a bitcoin they will say I don't have money to invest but, I will invest when money comes. Why wait for when money will come when you can dispose one of the phones. For instance someone using iPhone 14 or 15 with a Samsung phone and is still waiting for money to invest in bitcoin. Such a person can sell one of the phones and use the money realized and invest in bitcoin. He/she will still have one phone left and his life won't be negatively affected and he has also started his bitcoin journey. When more money comes in he can keep buying more. Instead waiting such person has taken action in the right direction.