Topic: Buy the DIP, and HODL! - page 484. (Read 123048 times)

Yes he must not feel alone because me,Myself made lot of mistakes in my early years , I even sold everything in my folio when the price reached 20k and leave nothing in my holding.
but from that I learned and did not let it happened in 2021 , so indeed that past is not that matter but the future and the present. meaning we must keep purchasing as long as  we can for the coming years specially in the next bull run . but now I will never release everything but only a small part to be taken.

There is no need to feel alone in the sense of screwing some things up in your earlier years in bitcoin, and there are quite a few examples of guys who were not really holding their BTC and they were either spending too much or not employing a "spend and replace" kind of strategy that would at least cause them to not lessen the quantity of their BTC holdings when they did choose to spend it.

Maybe I would have ended up thinking about bitcoin much differently if I had come into it and the fiat value of my BTC was going up right from the start, rather than my first 2-3 years were mostly either down and/or bitcoin's failure refusal to go up.

I recall most of the time in my first three years into bitcoin between 2014 and 2017, I was pretty intent upon "right away" replacing any BTC that I spent, and I suppose that after my BTC were more in profits.. I was less intent upon making sure that my BTC replacements happened right away.. and perhaps causing a lot more relaxation in terms of employing replace after spending practices.


Thanks for the link.  I will try to take a look at that thread in the coming days.

I have already drawn the conclusion long time ago that no matter what happens, I must always have Bitcoin. As a matter of fact, Bitcoin will be the major thing I will pass to my children. I made This thread asking for how to pass Bitcoin to heirs and got wonderful suggestions and recommendations including one made by Ratimov. I am already studying the entire process to choose the best line of action.

I started using Bitcoin the first time I heard about it because it was the only feasible option that allowed me send money across borders due to restrictions in FX, Paypal and other means of payment. As soon as I was shown how to do transaction in Bitcoin,I used it at once. Regrettably, It never occurred to me that beyond the beautiful comfort and freedom Bitcoin offers, it could be a treasure worth holding. So, I first understood Bitcoin from the aspect of use case before that of investment. Each time I check my wallet and see the volume of transaction I have made in Bitcoin, I do  feel bad, but then we don't have to dwell in regrets of the past rather than facing the future with optimism.

So I feel I did not start building my portfolio when I should. At the moment, responsibilities have increased thereby reducing the allocation of income that goes into savings( in this case, saving means buying Bitcoin). Well, it is better later than never.

That seems to be part of the explanation supporting the Lindy effects of bitcoin, that would likely include that people may well need several touch points with bitcoin, becoming aware of it, making several mistakes along the way, and honing their knowledge to improve their practices (which also might mean going away from bitcoin and later coming back to it).

Journeys are likely not going to be exactly the same, even if there are likely similarities.. yet some people make BIGGER mistakes than others, but they are also coming to bitcoin from different situations in their lives in which some people might be more prone to making BIGGER mistakes than others, too... but yeah, having a fiat mindset and failing to appreciate bitcoin for what  it is, especially in the beginning, does seem to be a pretty common flaw.. in which it tends to take people quite a bit of time to begin to wrap their heads around what bitcoin is... and which problems that bitcoin seems to be solving beyond just number go up.. and sure, there is nothing wrong with the NGU.. number go up technology that bitcoin has.

Maybe we don't have to look further like 2011 but more precisely when looking at the previous few years, for example 2017 where at that time BITCOIN recorded ATH which made the world ask more and more what BITCOIN is. Now, if you look at someone's beliefs in previous years, of course they might not be too patient in waiting for mass adoption which makes the BITCOIN price record the highest price.

Some of us or myself also have different beliefs in previous years because we are only looking for profits in the near future and this is without deeper knowledge about the progress of BITCOIN. But at this stage all of that becomes a valuable lesson for us to make changes in our Portfolio by Buying and Holding.

The solution to the problem is not necessarily to buy more bitcoin once the problem is noticed, yet there is a kind of problem that could exist in terms of not adequately anticipating, and let's try to make a kind of common-man example,

In your 30s, 40s,50s you worked your ass off and maybe you lived well too, but maybe you ONLY put assets into your personal residence, and so maybe your personal residence might have $100k or more invested into it, but it also went up in value (and sure there were property taxes and maintenance costs all through the previous decades of living in the house), so maybe when you get into your 60s, you are not sure if you are able to work anymore, but you might need to work in order to continue to pay for the house's taxes.. and maybe the house is currently valued in the $1/2 million territory, but your income (from social security, pension or whatever you have) might struggle to pay for the taxes on the house and still be able to maintain the living standard that you had grown accustomed in the previous few decades.

So, in that case, there seems to be a kind of failure to prepare, and you might not even be in a place to buy bitcoin at this time.. but if you would have diversified into more liquid wealth earlier in your life then maybe you would not be stuck in a position where you either have to leverage or sell your house. Sure, people who are younger might be able to buy bitcoin to attempt to avoid getting in that kind of situation since bitcoin is quite liquid, and likely to continue to be quite liquid relative to other assets.  

Sure, there are other assets that are more liquid than personal residences, but I had used the personal residence as an example in which there may well be reluctances to liquidate it or to otherwise overly encumber it... even though at some point there might not be a choice.. which also might be a product of some bad luck along the way but also perhaps some deficiencies in preparation, too..


That's true.


Even though a lot of earlier bitcoiners sold "everything" at various points.. or alternatively "sold too much too soon."  And even though a lot of people have that tendency, it is difficult to have sympathy with them, especially if they did not buy back in at some point, even if they had to start getting back into BTC at much higher prices than their earlier sales prices.

We also may well be able to learn from those kinds of "experiences of others" in terms of figuring out our own BTC portfolio management, which would be to attempt to figure out ways in which we  are not selling most if not all of our BTC, even if we may well want to sell portions of it.. at various points on the way up.

Maybe the $100 million question relates to determining how much to sell and when.. and to maintain some BTC no matter what, even if there are likely going to continue to be periods in which the BTC price is going down substantially in dollar terms, and such going down may even go way further than expectations and stay in such DOWNity doldrums for way longer than expected (or preferred). . .although surely we are having quite a few tendencies to be getting outside of the subject matter of this thread.


Maybe we are getting into the topic of this thread.  I am not sure if anyone should be waiting for $25k or $20k before they makes sure that they are adequately prepared for the BTC price to go up instead of down... however, many of us know that there are ways to accomplish preparations for any price direction.. including extreme downs that may or may not happen.  There are ways to be prepared for extreme downs while still being prepared in case such downity does not end up happening.

Make sure that you have some BTC.

Make sure that you are buying BTC regularly.

Make sure that you have various amounts of money prepared to buy more BTC if the BTC price dips, and surely it is not easy to figure out how much cash to keep available and how much cash to spend at various price points along the way.

I have already set mine, and they have been set for years and they move along with the BTC price.

If I had different personal circumstances, then the way that I set my BTC buy orders would be different too, so hopefully, each of us should be able to find some settings that we believe are sufficiently suitable for our own particular circumstances..


Will the BTC price go up, down or sideways from all this news and the various contradictory factors?

 I would not claim to know, even though a lot of the ongoing happenings do seem to have bullish angles to them and likely to be ongoingly putting upwards pressures on BTC prices.. so overall conclusions that suggest having some bitcoin or having some somewhat aggressive amounts of bitcoin or ongoingly accumulating BTC in aggressive ways (without becoming overly aggressive and wrecking our lil selfies) seem to be great recommendations for people to follow

- but it still will likely take a quite a bit more time before BTC accumulation really starts to get beyond fringe smaller groups of people, institutions and governments in the world (ongoingly showing us how early we continue to be), even while there remains quite a bitcoin sentiments of ongoing buzz in the air.. as Odohu seems to like to say and to suggest the buzz in the air as being "important," which such popularity/sentiment is not likely to be wrong...even if we may well question how many normies are actually going down the action Jackson road to figure out various ways to get bitcoin, which might involve setting up accounts or finding places (or people) to buy bitcoin.. and to actually start to buy BTC while making sure that they also make sure that they understand their own finances and psychology well enough in order to be able to sufficiently aggressively buy BTC on an ongoing basis without over doing it.  

You are right sir,when someone has many assets and no cashflow, it will be big challenge for him to take care of some emergency expenses due to lack of cash and he might end up selling some part of the assets cheaply to be able to have cash to take care of some unforseen circumstances that may occur in the long run. This isn't a healthy practice in investing because it can lead to lack of staying focus on how to wait for the long run profit from the assets. This can even lead to losing 70% of the assets. Cash is very important in one's life for him to be successful in investing on a fixed assets,if not the end might be disastrous like you said.

The same problem that happened then in 2011 is the same problem that investors are still facing now which is too quick or fast to take little profit in the short run, forgetting that waiting for the long run will be far much profitable than the short run little profit. And any bitcoin sold is gone and can't be replaced easily. Patients and self discipline is what such people who sell at rush lacks or I will say lack of knowledge on the potential of bitcoin might also lead to a rush to sell with a little profit. Those that could hodli that bitcoin investment since 2011 till date are rare and such people should be seen as a mentor and people needs to ask them how they could hodli for that long with all the challenges that bitcoin faced before it survived to this extent. @JayJuanGee, I guess he should be among those lucky people that believed in bitcoin and invested early from the way he speaks and educates people here on this thread on how to accumulate and hodli bitcoin with different strategies

Having such a scenario as an example is what can be seen with those that have accumulated wealth in form of properties and establishments which they lack the ability to maintain them running, it's very easy to start something, acquire or accumulate them but maintenance is very uncommon to achieve because it requires an effective management practice to keep them running as expected, such instances are the causes that led to seing a business enterprise going bankrupt because it lack maintenance and management and you will discover that such assets are turning to be a liability, holding them has certain requirements as obligations to be fulfilled, but with bitcoin, there's nothing of such that is demanded before we can hold and for how long our holding should remain relevance, this makes bitcoin the most preferred digital asset of investment one can hodl.

That's right, it's not easy to go through that long with a lot of temptations that come, significant price changes that cause our profits to multiply by hundreds of % will certainly be very tempting for someone who always needs money in his life. Let alone 10 years, in just a few months it will be very difficult to hold BTC. In fact, it will be very difficult to hold BTC if we use money that can always be used at certain times, because on the other hand economic factors will also continue to encourage us to make withdrawals. Honestly, I always imagined that if in 2010 I had known about BTC and some analysis regarding its potential in the future then maybe I would have sold some of my valuables to then store a large amount of BTC, I saw at that time BTC was still at 0.30$, and at that time it was still more than my school pocket money in comparison. But that's the past, there's nothing to regret because this is the reality.

Now that BTC has hit $29k, that's right, it's never too late to start something. We can see that the highest price of BTC was two years ago in 2021 and reached $70k, that means at the current price we still have a chance to at least get a profit in the next few years when BTC exceeds the price in 2021. Honestly looking at this condition I think this is a pretty good opportunity, and I will save a little bit of my expenses to then store more BTC and hold it. We'll see, stay consistent and be patient for something bigger.

What i know about diversification is aimed at minimising risk so that we don't "lose" too much so in this case we must be aware that diversification must be aimed at several assets whose value is almost the same or close if you don't want to lose. bitcoin until now no one can compete and will not even be able to be rivaled by altcoins and shitcoins so in this case why think about being verified when in bitcoin because precisely when dividing assets in bitcoin and shitcoin it will be far at risk of making us lose so I don't think it's too necessary.

hehe yeah, he is funny though as he is just regretting for $8 while he could earn billions. But one gets as much as he has in his fortune (idk either you believe in fortune or not but i have this belief). Well, what can one do to change fortune is to make pray (yeah i am religious too). I did not realize before how difficult it was to trust on BTC due to less adoption and bad uses as you mentioned Silk Road and according to my knowledge it's been shut down due to illegal buying and selling.

Exactly, most of the people still holding back to enter into market just because they are afraid that BTC will lose its value like less than $25k or $20k. But overall, i think if one has long term plans to hold the BTC then they should not worry about these small dumps because in the long run BTC is going to touch $100k easily even i read a news where Fundstrat stated that BTC might touch $180k easily if all the ETFs got accepted but just some time ago.

I also heard the news that all ETFs proposal are delayed further not just one all of them which made me think that if they are being delayed all to gather then i think they could be approved altogether too. Which is a good sign though despite of the fake BTC supply in the market. Because it will still increase BTC price.

It is not possible the first time you hear bitcoin immediately buy of course you have to understand how bitcoin works and as a result after understanding now you know how to utilize bitcoin for a brighter future, I believe that and continue to collect bitcoin until now.
Let that be a lesson to us, we are completely not too late anything in bitcoin is now still relatively cheap and continue to collect bitcoin until you have a lot.

Shitcoin will not be better for diversification those who believe it is gambling, and in this thread it is not appropriate to talk about diversification on shitcoin, trust Bitcoin more than other coins.

Anyone who held Bitcoin from 2011 till date deserve standing ovation. It takes a great deal of courage, patience and faith to hold Bitcoin that long. Nevertheless, it is not still late to buy and hold. Perhaps, ten years from now, those who fail to join might be wishing they had joined in 2023 when Bitcoin was $29k.

In his situation, he's the MEME.

But to be honest, if I had Bitcoin during 2011, I don't believe that I would have the same conviction in HODLing Bitcoin as I have now. The biggest exchange was a website domain registered for Magic The Gathering cards, no one accepted it or was interested in it outside of the community, and was the Silk Road already online? The Silk Road might be the only service that might make smarter HODLers say, "This is going somewhere". But I'm the stupid one.

The situation you are describing is commonly known as "Being property rich and cash poor". While possessing valuable assets can seem like positive situation, but it can lead to financial difficulties stemming from insufficient cash flow. The solution lies in finding ways to strike a balance between property ownership and liquidity, ensuring ample amount of funds available when favourable opportunities arise to accumulate Bitcoin.

BTC gave opportunities to a lot of people in progressing countries it's like the talks of Andrew Tate used to said on social media that Matrix do not want people to be financially independent and BTC is providing that opportunity to everyone. I came to understand this at current point because even if i have $500 dollars in my hand and wanted to invest it in some assets.

The only assets that have good outcomes so far are BTC plus i cannot start any business with this money but i could make 2x to 3x with this money which obviously not enough to make me financially free but at least an opportunity is opportunity and in my life i have learnt one thing that we should not miss opportunities ever. Because a doorway toward success looks hard at first but when you start to walk on that road new shortcuts opened up on the ways.

I do not know if you guys know about Ludo Star but there, we have ladder (shortcuts roads) which take us many step ahead but also snakes too. But of course, in the world of BTC both exists (ladder to take up and snakes to take down).

Yes, In the long run BTC is here to stay and these are my thoughts about BTC but on the way i am also learning BTC also make people poor but only those become poor who enter without some aim and knowledge because at least a person with determined purpose of getting profits or saving money for longer period of time against inflation cannot ever become poor. The meme is just for fun here and i have some more in my phone here is another one to explain the situation: (i know its not meme)

This post enough for me to understand the potential BTC had but i did not had the opportunity to get that much BTC because i just entered market few months ago. But the person in the tweet made some next level mistake and i also watched another video which was uploaded on YT back in time where the representative of the video was begging people to buy BTC at least of $1 only.

That MEME, although obviously made as a joke, truly expresses the whole point of what we're doing because, 21,000,000 coins + unlimited fiat = You do the math.

 

It's really very simple and it applies in Bitcoin, and maybe to a very small set of those other coins that have an incentive structure that makes sense, but mainly Bitcoin.

The future of Bitcoin depends largely on the solution it offers and how well people understand and appreciate same. The moment many people begin to render and receive services through Bitcoin, then we can say we are there in the mainstream. Personally, I heard about Bitcoin because of needs... I had to send money across borders and the only option I could use was Bitcoin because their was restriction to FX in my country.  PayPal, Skrill, Neteller and others was not possible as there was no way to fund them. I was amazed when a friend introduced me to Bitcoin and I was able to settle a payment I had almost lost hope on.
I have also seen a lot of companies integrate payment through Bitcoin and this make them record astronomical sales. For instance, many prop firms such as MyForexFunds and TheFundedTrader that integrate payment in Bitcoin are doing far better than those who rely on conventional payment systems. As a matter of fact, over two thousand people from my country are trading with these firms according to their data.

No doubt, Bitcoin resonate more with younger people... this is expected anyways. The Internet generation will always love anything Internet related so it will be easier communicating with them in this regard. Nevertheless, I know a handful of elderly that have interest in Bitcoin... but it is not worth wasting time teacher the older generation about Bitcoin unless perhaps the aim is to suggest to them to buy Bitcoin for their heirs which is a wise counsel.

I agree to do the smallest thing, the most important thing is that Bitcoin can be conveyed and not be foreign to ordinary people. However, there are things that need to be emphasized, such as making decisions where the stigma of ordinary people is generally only concerned with profit, and I have done what you said. But the ultimate conclusion they see is the output not in terms of the uniqueness or freedom that Bitcoin offers. For those of us who already know that, of course, the point of freedom and uniqueness of Bitcoin is at the heart of its existence, on the contrary, for them it remains in the results.

This is what we want to expect from the stigma of a society that is able to see Bitcoin not only from one point of view but from all the aspects it has, both its advantages and disadvantages. If we pull the scales to get to that point, people automatically need to have an overall picture of Bitcoin and find out for themselves what benefits Bitcoin provides. Therefore I don't really target the old age range, I target young people, adults and at least those generations where the Internet existed when it was born.