Topic: Buy the DIP, and HODL! - page 417. (Read 108284 times)

There is high chances that first approval will happen next year; I don't have any data to back this up but from the body language of the SEC, there will definitely be another delay until next year. Now combine the ETF approval with halving and do the maths.... This is the reason I get shocked when I see some people say anything about selling bitcoin now. I will be like, do these people actually follow bitcoin news? Well, it is what it is: some people will be happy and some will regret.

The gains of joining a balanced bitcoin community like this forum is indescribable; unlike Twitter where there are people spreading all manner of misinformation just to generate traffic and get paid by Elon Musk.

Even though we might want to believe that it is never late to invest in bitcoin, I am sometimes tempted to think I did not really start early. If you compare the time and resources it will take someone to get 1BTC in say 2016... project it to now that 1BTC is above the annual earning of some jobs regarded as high paying;it is as if the train have left. well, the future still look bright and even though the early adopters are well positioned now, there is still a chance for some huge gains. I see bitcoin making it to the mainstream, it is a matter of time. The uncertainties in the world and political developments is already suggesting that something not controlled by any of the powers of the world will be a preferred choice of many and bitcoin fits well into this narratives.

I think this is the best time to invest in Bitcoin and the current entry can give us good returns in the future. However, some are speculating that Bitcoin could fall back to $15k. Many are waiting to enter if the market falls further, but I think the current opportunity should not be missed. You're right, bitcoin has a lot of potential, and if there's a coin that can be trusted right now, it's bitcoin. This being the cryptocurrency market, nothing can be said with certainty here, but investing in Bitcoin is safer than other coins in the market, and the potential for profit is also higher. Yes bitcoin investment should be long term because bitcoin may not give us good returns in days or months. For this we may have to wait for a long time.

Sure if the funds are there and someone decide to diversify his funds in accumulating Bitcoin it will be an awesome one but it will be unwise using all the funds for investment without a back up funds that could sustain you while you work to accumulate, just like what a business lecturer always advise me not to invest everything I have without a back up money, so is always good to set a target maybe 3 to 5 years to accumulate some certain amount of Bitcoin, perhaps you could structure your plans by accumulating Bitcoin every week with any amount you an afford and if consistent before your targeted years you most have accumulated enough, though your accumulation and people that started accumulating when the price is low can never be the same but what matters is that you were able to set a portfolio.

No one is above mistake buddy

I remember clearly. That's why I call you the big brother. You started thinking about investing when you were young and managed to save some money. I wish I had that understanding when I was young. Even if I had saved just a little bit, like 2 percent, I would have gathered quite a bit of Bitcoin compared to what I have now. That's why people say if you don't know, you're missing out. Having the right information is crucial for gaining knowledge.

Most of the bitcoin has always been held by a handful of people. It's not surprising if someone has a lot of it. Maybe they're keeping it for a long time after making money, or they're using some for trading and some for just holding onto. It's not like this money is equally helping everyone, as some people believe. This is how things are in the world of crypto, and it'll probably keep going this way as the market values increase.

For sure, when you are in BTC accumulation phase which could last right around 1 year (that is if you already have money that you are just reallocating from other sources which is a kind of variation of what happened with me) or maybe it takes 10 to 20 years to get through the BTC accumulation phase, even though surely those guys who had been accumulating $100 worth of BTC per week for the past 10 years, may well be starting to feel that they are getting up to a BTC amount that comforts them (since they would have had invested around $52k, and they would have around 54 BTC), and sure many of those BTC would have ended up accumulating more on the front end, and current purchases of $100 per week might not seem to be adding up to very much in terms of adding to the BTC portfolio.. and also $100 today does not feel like $100 in 2013, since it probably has reduced way more in purchasing power, maybe ONLY 1/4 of the purchasing power if that.. especially in the past few years.

I guess I am largely in agreement that it is likely going to feel like the first several years of BTC accumulation is going to have more sacrifices and needs for a tighter budget, but if you stay consistent then maybe you end up building up your reserves so that you don't ever feel that you are going to run out of money or that it is not that stressful even if you are not able to buy more BTC on dips because you had run out of money.. because also the longer that you are into BTC accumulation, the more you likely are going to start to feel that you have accumulated enough, even if you have not quit yet gotten to the place that you consider to be your "sweet spot."...

Even from right around May 2022 and through close to the end of 2022, I personally was feeling like I was running out of money to buy more BTC, even though surely I have enough BTC, but if the BTC price keeps dipping way beyond expectations, there may well be points in that journey in which you may well be taking from other resources to plug into your buy on dips BTC funds.


The various mistakes are still mistakes because sometimes there may end up being losses of somewhere between 10% and 40% of whatever is then the holdings, and sometimes when a person loses that much due to some mistakes, there can be feelings of wanting to give up or feelings of futility or feelings something being wrong with the overall strategies.  There is also no guarantees that recoveries will be made from the mistakes, even if there might be considerable attempts to learn from the mistakes and to fix the approach/strategies in order that the mistakes might either be avoided or perhaps to become less impactful if they end up happening again.  

Actually there are sometimes that the same or even similar mistakes are made several times, and then it might take a bit of time to realize that you are largely making some variation of the same mistake that you had made before.  


Sure.  Some people do seem to take longer to learn from mistakes, and sometimes I speak with people who are similar ages to me, and I find out that they are just beginning to make mistakes that i was making 10-20 years ago.. kind of like "rookie mistakes," and sometimes each of us has to make some variation of the mistakes ourselves in order to figure out some way to train ourselves not to be going down the path that is likely going to end up in a mistake (loss) that is greater than what we are wanting to bear.


It is good if you are able to get some things out of my posts and figure out ways to apply them to your own situation, and at the same time, for sure each of us has to find our own path and also to attempt to tailor our approach in such a way that we are making sure that it works sufficiently well for wherever we might be in life .. accounting for each of our own individual financial and psychological factors, which I had recently numbered them in this earlier post in this thread.


Even though there is a symbiotic effect between the two, and sometimes the miners are following future price that they are speculating on, as you mentioned, hashpower is still following price, not the other way around.

Perhaps there's something else going on that isn't quite public. Besides that whale who accumulated more than $3 billion in Bitcoin, the miners are also very bullish. The total hashing power in the network reached another ATH!



Does the hashing power follow the price? Or does the price follow the hashing power?

 

My conclusion, BOTH, because miners are speculators too. In the current situation, the miners probably know "something".

Yeah, the first deadline for BlackRock's ETF is set for September 2, 2023. However, it seems like everybody is already expecting that the SEC might opt for yet another delay like they did with the ARK/21Shares ETF. We might have to wait until the final deadline, i.e. next year, for the decision.

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That's pretty cool. Where you find yourself today is as a result of the choice you made by keeping %10 of your savings which gradually catapulted to %20-40 . There is a saying that don't dispise your little begining. "Rome was not built a day" what ever mistake you think you've made is never a mistake. to me it was a self decisive measure to train yourself against the future. There is a book title the richest man in babilon.  it says "any money you save is a slave..." so therefore there is power in savings. There are many people in this forum but I see you as a role model. I've gone through your posts and have learnt a lot from it I believe with you I will know more.

No one knows who that address belongs to, but we know the purpose is obviously as an investment, or probably a store of value? What whale would accumulate such a high amount of Bitcoin to merely "trade" them. I believe the futures market would be more suitable for that. It's a "mystery".

BUT it might also be coincidence?

 

Isn't the SEC's decision over BlackRock's ETF scheduled next week? I believe it is.

Being able to accumulate sufficient capital is an important issue, but it is very difficult to determine where we will stand during this accumulation. Therefore, it may be a better move to make savings by investing. When we don't invest, we can spend the money we save on different things. Sometimes we buy things that we can't control ourselves and don't need, this delays our investment.

It makes sense to me to act with the understanding that the best savings is investing.

Yeah sure, always waiting to accumulating enough capital to start investment is sometimes very unwise because the more you think you're saving that's the more expenses are coming and before one realized it has taking years but still not enough capital to start with so is actually good to start  with something even as little at least by investing bit by bit before you realize you have gone far also there are people that started the same way and now they have gone far.

Where are you headed mate? your speaking bout those who buys the dip and wants to be millionaires in a week and are obviously disappointed. But only few understands the future of potential hold.

The only part that worries me is running out of funds to buy more. Like seriously, I've seen this said so many times but honestly, the feeling of not having money while seeing the crypto market for down hard is brutal. You wanna buy more to invest in the long run but you don't have any funds to use for spending. Really sucks.

I am not worried but not having fun either, buying the dip then buying some more has been my modus operandi so far

I have made mistakes along the way, too, and there are surely folks who have had way better price performance than me.

I have approximated that my more than 20 years of investing prior to bitcoin (prior to late 2013) on average was only earning about 5.5% per year (there were up years and down years but the average was around 5.5%), so those were pretty standard kinds of investments and standard kinds of returns.. maybe even mediocre.. but accounting for various mistakes contained therein.

When I added bitcoin to the mix of the investments, the performance went way up, but it did not go up until right around 3 to 3.5 years later, if we account for either late 2016 or maybe into 2017... and so part of the resulting positive is that even once my BTC price performance got to a pretty decent size to outpace all of my other investments, it really did not drop below $3,124 in late 2018.. so even the lowest of corrections kept the BTC holdings in great profits.

So even if you were to attempt to plug numbers in here, you do not necessarily get to stellar performance, and of course, BTC prices went up 20x from the 2018 lows but also corrected back down to right around 5x.. and perhaps now we are around 8x to 9x from the 2018 low.. but I like to characterize my own overall BTC holdings in terms of having a cost per BTC right around $1k per BTC, and therefore it is easier to estimate the BTC part to be around 26x up, overall.


I think that I have told a variation of the story that when I first left home  and I was 17/18 years old, and I had a pretty limited cashflow, but I learned right from the start to always attempt to put away at least 10%, and I was not always very good in terms of where I put the 10% (or the amount as it added up) but over the years, it did continue to build and build and build, even though I made several mistakes along the way, and there were times when my income increased quite a bit, so I was already used to living on a tight budget, and so when my income went up, I was frequently putting aside much higher levels, like 25% to 40%.. but I had many many years of ONLY doing 10% and it still added up... just did not have any bitcoin like investments.. .and maybe I was too dumb to identify the bitcoin-like investments and I tried to stick with safer investments, and maybe I would not have had been ready for bitcoin until after more than 20 years of already investing and having had built up my investments based on mediocre performance.


Yep.  That is a good point.  We can ONLY start from where we are at, and frequently, I will say to people to get the fuck started, but frequently, people have troubles just organizing their finances enough and in such a way that they know how much they are able to invest, whether that might be 10% of their income or some other amount that better suits their situation... but hopefully they can get it to some level of minimum aggressiveness, such as 10%.. otherwise it becomes harder to make progress since we already know that investing 10% takes around 10 years just to get to 1 year's income invested. and hopefully that amount (and its interest/yield) is at least keeping up with cost of living increases (inflation of prices - deflation of the currency.. hard to get ahead, for sure).

Every big investment carries big risks. Currently Cryptocurrencies:1.8M+Cryptos listed and 660 Exchanges on CoinMarketCap. Who is the target audience? Most of them failed. Now more advanced investors can use exchanges to buy bitcoins and the advantages include faster purchase times, lower fees. Yes. This product BTC is very popular among institutional investors and many are buying and holding BTC without trading it. As you said above Bitcoin is a coin with a bright future and goals and it makes a lot of sense when you say that for now we still have time and few opportunities to buy now and most probably this is the last BTC Discount.
     

It is quite unfortunate that up till now people are still agueably resisting to buy the dip. Bitcoin is a coin with great future and purpose. the founder of Bitcoin (Satoshi nakamoto) has a bright future for Bitcoin. when Bitcoin came out, people were adamant and ague about it but on the long run it became a success from 2017 to 2022.

There was an all time high of over $65k and later dropt to $18k and raised to $30k. so there  is a tendency that it will definitely skyrocket. So now is the time to buy the dip and hold. (Satoshi nakamoto) said that Bitcoin is for the common man. But the rich took advantage of it, because poor men will always see any opportunity as scam that's why the whales bought and stuck today Bitcoin is no longer for the common man. But there is still slight opportunity to buy now and never regret.

I agree with you but one thing we most no is that investors has different agenda or objective and as such they structure there portfolio in a way that suit there investment plan, what I'm trying to say is that we have two types of investors one is short time investors and long time investors, the short time investors doesn't care about holding all he cares about is to make his profits through buying low and sell high because they are always afraid of market reversal going against them because there heart cannot withstand the pressure seeing there trade moving opposite direction so they prefer entring and exiting with any profit they made while the long time holders relax there mind they enter the market believing there portfolio will add in the future.

Totally agree with both of you. I mentioned before that a friend in my circle have some money and he asked me either I should take entry or wait for the market to come down. I suggest him to take entry but what he did waited more and now he things market will come down more. But the problem is he wanted to accumulate for longer period of time.

So I said if you really wanted to book profit when BTC will near to new ATH then you should not worry about the current market situation instead you should jump in. Well, I am also not an expert and I have told him that, maybe that's why he is not listening to me.

I learnt few new things like DCA, Lump sum and buying at dips and what actually DCA is and which is more beneficial under which circumstances (like Having big amount of money means you should do Lump Sum with some of your money and then use some of the amount for DCA and some for the dips). And I had not told him yet about my new learning. I will try to teach him what I learnt but the point is I got sad and angry too when he ignores me.

Although we all have the mentality of my friend, as we all wanted to take entry at the lowest point possible at which market could go by market, I mean BTC. I hope he will eventually understand the opportunities he is missing but I do not want that for him.

That's the point buddy
Why do we think of selling when we are already aware of the investment options. It's not just about buying and selling quickly especially when making investment and DCA commitments then it is definitely a long-term goal so regardless of the temporary gains that occur I think holding on to our goals is most important.

We have our own goals whether it is in terms of time horizon or profit multiple goals and I want something bigger than the current price so why worry about selling at the moment as the focus is still on buying.

You should be able to position yourself correctly whether you want to be a trader or an investor because these are 2 different things.
From the beginning I think the discussion remains on the condition that if we really want to be good investors then never equate trading with investing because both have significant differences so that by knowing where you want to be it will make you know what steps you will take.

On the other hand, I think altcoin trading is too broad because the current condition of the discussion is still fixated on bitcoin not altcoins.

All trader ever in position doubt and fear when investing their money in bitcoin or altcoin exactly facing moment with price dropped drastically, its nature of human being how to face with their investment happening later drop or not. But don't give up for accumulating and buying bitcoin how many possibility based on our financial having. Bitcoin and altcoin trader have strong mentality and more patience facing bad moment when bitcoin drop and keep continues reinvesting if their target with long term investment. Don't give up when looking current Bitcoin or altcoin have lower price but take it as very good opportunity by accumulating as much possible not only with bitcoin but also some potential altcoin worth for long term holding.

I wouldn't call that a miss completely because the market is still undecided for now as there are still chances for further dips. Although I was expecting the process of further dips to start yesterday following Powell's speech but it seems that did not really make the anticipated impact and this is somehow suiting for the market. However, it would have still been fine for me should the dip happened yesterday as I am already waiting to buy more around the $20k following little adjustments to my cash flow.
So, I have grown to the extent of keeping an open mind in the market to be able to respond to what the market is showing while keeping my expectations in check.

That is a good material you shared there... I never knew you had made such indepth explanation already. Thank you for sharing same free. Those who follow you will never miss road.


This is well understood and appreciated. You are so detailed about this. One thing I have also learnt from your explanation is the need to appreciate the power of little beginning. I know I had fallen into the challange of wanting to start very big before. I'm glad those days are gone. Actually, I never thought about my finances in this direction... assuming I know what I knew now, my finances would have been better managed.

There were times I had good some of monies and it never occurred to me I could actually plan and make financial projections with them as I was so focused on graduating and getting a job. Well it is not later because we have an adage  that says " anytime a man wakes up is his morning".