Topic: Buy the DIP, and HODL! - page 397. (Read 123370 times)

Bitcoin is always the best, because those who are modern today are ready to use Bitcoin. Bitcoin is the only long-term investment possible, but other Altcoins are not. Because I have seen thousands of Altcoins still disappearing from the market. So for long-term investment, definitely support Bitcoin.



You can never survive investing with Altcoins. Altcoins are not long-term holdings because the altcoin market is always bearish. Investing in Altcoins always has a high chance of losing 100% of your wealth. Among them are coins like FTX, Luna and many others that have completely disappeared from the market. And the wealth of thousands of people has turned into zero balance. So it is better to stay away from Altcoin investment.

Yeah actually let me try if I can answer your question, so however first you need to understand the word diversification  it means expanding or enlarging your investment to some other things, but however chosen altcoins to invest could also be known as diversification because irrespective of there general name which is crytocurrency but they have different sub names, but however I would not advised you to invest on altcoins as a diversification because they are not worth it.

If you are looking for were to diversify some of your investment, altcoins shouldn't be an option or perhaps you could just stick to only on Bitcoin.

Sometimes greed and risk is all we need in other to get that good profit that we desire, and I see no wrong for someone to buy and hold bitcoin as much as they could when they have the money, if you can afford it their is no point in stopping your self from buying and holding as many bitcoin as you can afford, so those investors who have enough money to pump into bitcoin is not to be consider being greedy but they are just taking the right step preparing their self for what’s to come in the next bull run or how ever long it might take for the price to hit their desire target.

And then again, their is not like “it’s as if the money they spend the more profit they make” the truth is, the money you can be able to accumulate the higher profit that you will be expecting when the price of bitcoin will go up those who hold less can not be compared with those who hold larger amount, the profit percentage might be the same depending on the entry price and time of selling but the high you hold the hirer the profit, the only time I can be against anyone buying more bitcoin is if they can’t afford the money they pump in it but they either use others funds or borrow just to accumulate, if they can afford it then they are free to buy as many as they went.

alright JJG, I get the sharp end of your point now. And about the metaphors  I'll think of something about that.
  There's a question I'll like you to lend your thoughts, something about cryptocurrency diversification and since you have raised the discuss I feel I use this opportunity to ask you for a clarification about it to get your thoughts.

Ii read a comment sometime this year that says investing in bitcoin and other altcoins isn't diversification, as in investing in different cryptocurrencies shouldn't be termed as diversification since they are all cryptocurrencies, that an actual diversification of Investment should be in different lines of businesses, example bitcoin and real estate.

JJG, what do you think?

The important point here is to stay in the process and enjoy what we do.
Regardless of those who have been in bitcoin for a long time or those of us who are still new to bitcoin, all of them must have their own experiences and mistakes but struggling to continue to correct the mistakes we have made is something that really needs to be improved for evaluation so that we are even better.
Many people are still considering about prices that are considered too high for now and are not willing to start because expecting the time when bitcoin was lower will also be useless because in the end everything has its own time because not necessarily if we know bitcoin from the first time we can also invest well because there will definitely be some mistakes made such as selling bitcoin too fast from the target to be achieved and so on.
Now we just have to focus on what we are doing now with the process that we believe that bitcoin is worth considering as an investment. Regardless of the time that has happened it will also not be repeated and we do not need to feel sorry for what has happened because after all there are positives that can be taken because maybe if we did not make mistakes before we would not be like now and have a broader view of bitcoin.

That's very certain that many altcoins won't roll along with bitcoin in price during the bull run. Some would have lost their value during the bearish market and the ones that survived it to the bull run won't increase as much when compared with bitcoin.
Every investor in bitcoin can be confident that, before the bull run ends, they will make some profits from their bitcoin investment. As for altcoins, you are unsure which one will provide you with the desired profits because of how unpredictable the crypto market can be. But if you love to take risks on altcoins, diversify your investment in top coins.

Yes, that's true JJG sometimes they have bigger obstacles in their investment journey, whether it's selling too early or delaying buying. Sometimes I wonder why those who bought at high prices sell their Bitcoin holdings at low prices. Yes, we know that many of us buy dips and hope that big profits will come our way, but this is only possible for people who are patient and ready to go through many obstacles in their investments.

Yes, it happened to me that I made a fatal mistake in the previous years because I sold Bitcoin to gamble and that would be a valuable lesson to improve so as not to fall into the same hole. Revolution in adapting a new plan and experience is one of the keys to improving the situation for the future. Bitcoin has brought changes to those who are on the right path to becoming millionaires in the current era. For this reason, the journey of people who got to know Bitcoin earlier might be quite interesting to read about their history.

We cannot necessarily assume that people who have been in bitcoin for a long time have errored on the side of buying and accumulating BTC, and there have been a lot of mistakes along the way, including selling too many too early, and sometimes having regrets, sometimes suffering paralysis and sometimes getting back into accumulating at a later date, even if if they could have been much better off to have had not take a pause in their bitcoin accumulation journey.

Sometimes people need to go through some mistakes before they learn their lesson, and we have already seen examples of situations in which someone could have gotten into bitcoin in the last 4-6 years and to be doing quite well, but some of these people are also either not doing well and/or they might be engaging in earlier level accumulations of BTC in order to make up for their mistakes.   

Sometimes knowing too much about BTC can be a hinderance because we can get psyched out of buying more of it at higher prices, and so sometimes the people who are more newbies to bitcoin and investing may well end up passing up some of the guys who have known about bitcoin for a while but either failed to take sufficient and consistent actions or they might have sold too many BTC too soon and then their own psychology (and mental blocks) contribute to their thinking about bitcoin in wrong ways, including thinking that $100 per week is not enough, and they are too late, especially if they used to have 10 BTC and maybe since they have less than 1 BTC they might consider that they are never going to get to a similar level of BTC holdings again, especially if they ONLY can afford around $100 per week to buy bitcoin, but they think that is not enough.. which is true that it will not get them back to 10 BTC, but it may well still be the better (if not the best) of investment options that are currently available to them.

I have heard some financial shows and they do not even mention bitcoin as being part of the portfolio, which seems a very BIG mistake, too, so even people who are actively investing into bitcoin now and taking measures to get their finances (and psychology) in order are going to be in much better shape than those people who might not start investing in bitcoin for several more years.

True JJG, perhaps it is not very appropriate for them to measure the degree of difference in the time they have run in Bitcoin investments. Where early investors or those who have known Bitcoin for a longer time in 2013 of course they can buy at a cheap price. And for new investors or those who known Bitcoin this year they buy Bitcoin at a more expensive price but that only measures the entry level they.

The initial investor's investment journey might be better used as a combination to motivate us in our long-term Bitcoin investment journey. Buy aggressively or instantly depending on each strategy and all they need to do is balance your income and expenses to avoid disrupting they investment journey. I think many of the big investors from 2013 bought large amounts of BTC at cheap prices and they either immediately forgot about it or checked back in 10 years or 20 years. Yes they are billionaires now.

Out of mind never said that you should buy a whole one bitcoin, but he was advising people that don't have bitcoin to buy before the halving,  because after the halving the price of Bitcoin may pump to an amount that they wouldn't be comfortable with buying. You should also take note that this is a general board thread and not your local board, therefore, when you are talking about regular buying of bitcoin weekly or monthly, you use the right world Dollar Cost Average (DCA) and not Naira Cost Average (NCA), because if everyone wants to use their local currency in discussion, people will get confused and it might be misleading to newbies.


This is why investing in any business needs discipline and self control, this is the same with bitcoin, because anyone who doesn't have a good financial management will find it difficult to reach his bitcoin target. Anyone that can't stay focus on bitcoin journey by using the money that he has planned to buy bitcoin for other purpose didn't have a proper plan on how much he will use to buy bitcoin that wouldn't affect his monthly needs. When you have a huge amount of money, it is better that you split it into three parts and use one part for lump sum, the second part for regular DCA and the last part to buy at the dip. This is why you don't need to depend on that money for any emergency because the money for emergency and monthly needs has already been kept aside. Believe me or not any investor the will not be able to keep cash in preparation for upfront DCA or buying at the dip, will also sell part of his bitcoin when he uses all the money to lump sum due to lack of preparation to have reserve funds and emergency funds.

DCA method is the best for beginners and those that are in their early stage of their bitcoin journey because it opens room for them to accumulate frequently and increasing their portfolio constantly.

Be careful in mixing your metaphors too much.

One of the advantages of bitcoin remains position size, and if you go into a business, you usually will have a lot of upfront costs and time investments too.

With bitcoin you can adjust the the amount that you buy regularly, and you can also make sure that you have a sufficient extra cashflow for both income replacement and also emergencies.. ..so the mere fact that you don't diversify further is not the same as driving without a spare tire because hopefully you have already figured out your various amounts, and as you continue to build your bitcoin, there may be points in which diversification is starting to make sense, especially if you might start to have a couple of years of income within your cash reserves and your BTC investment.. but how you go about adding other ways of diversifying can be quite varied in how people might do it, whether they continue to buy BTC and then add other things that they are buying or if they slow down on their BTC buying or if they stop it completely... but it might be possible to make lump sum investments in some other assets, whether it is stock or property or something else (should not be shitcoins unless it is limited to small amounts such as less than 10%) so that your total value is not just in bitcoin and cash.

On this contrary, no method of buying is considered bad irrespective of your income level. The method you chose to adopt depends entirely on what you are comfortable with because there are many factors that can make you chose how to buy.  There are people who do not have regular cash flow rather they have lump sum that comes in a way they cannot predict. Some of such people may not know how to work out a DCA schedule and even when some do, they may not have the discipline to implement it without tampering with the money before the due date for investment via the DCA method. In a situation like this, instant purchase can be a favourable option when some part of the funds have been set aside for basic needs.

The DCa method is good and highly recommended for low income people and it is easier for people that have regular cashflow like those earning salary. It will just be a matter of deciding what portion of your salary you will set aside monthly for Bitcoin investment.

Once again, let us understand that as our personalities differs,  so does our preferences and for Bitcoin investment, our choice of purchase pattern may vary but what should be constant is that we should buy and hdl

i don't think buying at once for an entry level point or low income is a good one considering the current market value, rather a DCA or NCA could be better as there  won't be any worries about all funds in stake but pays in little by little with a rest of mind.

I guess everyone is excited about the upcoming event , i am also but let's try not to be overclouded by this excitements

A person who focuses on BTC is definitely best off thinking about everything else, investing in Bitcoin would be the best sign for him. At the current price of Bitcoin if you buy from here and plan to hold it for a long time then I think your plan will be right. The BTC market may rise even more in the coming days, so it is wise to buy and hold Bitcoins before the halving. The year 2024 is very close so we think that after the bitcoin halving the market is likely to go higher and the market will see the green candlelight. So invest bitcoin with no thought and wait till bull market, and help will be good advice for you.

I agree and like your thoughts. I think the DCA method is the best. There is nothing better than saving Bitcoin little by little without having to burden your finances and mind. Using aggressive methods is very risky, although if successful you will get big profits. But think again, are the benefits worth the risk of financial difficulties if the plan fails? In my opinion, it is better to enjoy compound interest from the little by little accumulation that we collect.

I agree with everything that you said @JJG, I don't know why some people haven't build up the initial their bitcoin investment portfolio to a good level, and they are talking about diversification to another investment. They don't know that it will be a big distraction for them to reach their bitcoin goal and also to continue with the bitcoin accumulation. This is because they will stop their bitcoin accumulation and start paying more attention on the new business that they want to start with. How are we even sure that such business will yield a better profit than their bitcoin investment, which I doubt. It is easy to manage on investment than two especially when the investment is still very young. Before you know it such people might even go to the extend of selling part of their bitcoin to put into the new business when it is faced with some challenges. It is a poor investment practice and should not be encourage because you might end up losing the opportunity to buy bitcoin more cheaper because you have lost focus on buying bitcoin for some period of time.

I disagree with you on this, because you are complicating yourself here, before venturing into your bitcoin accumulation journey, you should have make a proper plan so that you can use the money that will not affect your monthly up keep and you should also make preparation for emergency funds already on ground and also reserve funds so that no matter what happens along the line on your bitcoin journey, apart from death you will overcome the challenge because you are already prepared on a long term bitcoin accumulation goal. Diversifying is not necessary, and not all successful bitcoin long term hodlers diversify on their way to their bitcoin target. Stay focus and don't distract yourself. How will low income earners diversify but low income earners can achieve their bitcoin target with commitment, discipline and patience.

I think you misunderstood the points @Jay was trying to make because from my understanding he was Clearifying a fact that engaging on other means in other to get faster returns is not advisable considering how volatile Bitcoin could be, risking more in other to have a faster return will seem more like a gambling investment which the outcome may not be nice.

However one of the challenges of most investors is the eager of making a huge profit from Bitcoin as soon as possible that's why many investors falls victim of there actions they did without consideration.

Do not hold bitcoins in anticipation of future bitcoin halvings. You need to hold for a long time because the original Bitcoin holders are always invested for a long time. But you just mentioned bitcoin halving it's a small bitcoin investment. By using a hardware wallet you can hold bitcoins for a long time. And you can deposit with DCA method every week or monthly equivalent amount of 10 to 15 dollars. Accumulating fiat money causes a lot of ricks because the value of the dollar is only increasing but the value of fiat money is decreasing. So I chose Bitcoin as the best way because the longer I hold Bitcoin the more profit I can make.

You there is this saying that "the gap between you and your success is focus" Everyone wants results but nobody wants to stay focused. The gap between your current life and the life you want is called focus.
Focus 100% on one thing, instead of doing 5 things with 20% focus each.
In my opinion this is what @JayJuanGee is trying to say, for instance if someone accumulates Bitcoin with $10 per week and wish to diversify, since Bitcoin is volatile enough s/he can create another portfolio to invest another $10 per week and when price increases s/he can withdraw from their profit and still retain it's invested amount. With this example one can still remain in one business rather your speculation of diversity, then you can be 100% focused on one thing is stead of investing in 5 different things with 20% focus on each.

If an investor could eradicate greed and be more discipline in times of investment it will do them more good than harm because I realized that the reason why most people aggressively invest on Bitcoin is because they feel that it will make them have a more higher returns than slowly investing without knowing that is better to invest slowly and consistently to reach your goal than aggressively investing and being cut up by unforseen challenges.

That's why DCA was actually the best strategy and will remain the best because irrespective of how DCA strategy seem more of slowly accumulation but what matters is doing the investment in the right way free from unforseen risk and perhaps with time the targets will be achieved.