Topic: Buy the DIP, and HODL! - page 59. (Read 129474 times)

"Ministers"? Haha.




 

As a "point of empirical observation", and once you gain some understanding on how Bitcoin actually works and how its incentive-structure is making everything stick together = ALL altcoins will look like shitcoin scams compared to Bitcoin.

Perhaps those altcoin developers know that too, and they will never admit it.

   ¯\_(ツ)_/¯

When you say cryptocurrency you are kind of referring Bitcoin to be part of an ecosystem that is centralized and full of pump-and-dump actions. It's best if you refer Bitcoin to Bitcoin and you can tag all other shitcoins to be cryptocurrency. Whenever people hear about cryptocurrency their perspectives are different. They feel it is a digital asset that could be regulated and doesn't have a protocol. Bitcoin is a protocol, so it cant be replaced easily. If Bitcoin could be regulated, it would have vanished from existence a long time ago. This is the difference between Bitcoin and other cryptocurrencies.

What bullshit are you talking about?
You think $30 in my country is a small amount for most government employees? When did I tell you they had to steal if they only got $270 as a month's salary?

Of course, but that was 5 or 10 years ago. Imagine what the cost of living has been during inflation in the last few years until now, then do you think $270 to $300 is enough?

They need to support themselves, their families and children, not to mention their responsibilities regarding electricity bills and other things. Even in a situation like that, you have to calculate how much it costs to park your vehicle and how much accommodation costs for your work trip for a month. $300 is not enough and they have to go into debt to cover the shortfall instead of saving 10% each month. Without a side job, it's very difficult to keep things going if you only have $300 as a monthly salary.

Anyone that buy and sells Bitcoin for profits is considered a trader that's why he used that context to describe someone who but and sell Bitcoin but he didn't make abstraction on the hodl aspect. A holder is different from a trader, they can buy Bitcoin from anyone if they have the money with them and hold for some period of time. It can be for short term or for long term perhaps never selling type of holder which are called diamonds hands, such people are not know for selling a single sats from their wallets.

I want you to know that we have more traders trading Bitcoin than other coins, the volume alone justified what I just said but such people are not ordinary traders, they hold large amount of money for open and closing of trades and they most often like trading Bitcoin than any other coins out there because Bitcoin is less dramatic, less manipulative, highly liquid, most traded and love coin by anyone that is in the crypto space, Bitcoin comes before anything.

Indirectly maybe you are a little pushing the opinion that in the end being in shitcoin and altcoin can be as an option but only for trading options. but I think this situation will complicate yourself because in the end it is very rare that anyone survives the concept of trading that is done.

If your goal is long-term investment we should realize that in the end the current price benchmark is only temporary so why do you feel that the decline is a disaster because in the end it actually becomes a strengthening process so that we can believe that bitcoin has good progress and that temporary decline is only part of the journey that we will feel from the bitcoin investment that we do so there is no need to consider this as a situation that is too difficult and makes you worry because in the end when the decline occurs it is also a good opportunity for us to buy more bitcoin than before in terms of quantity.

Being in a situation that we cannot master and are not really able to minimize the risk, the loss will be very large because actually being in bitcoin but the method is not right can also make you lose all your assets when the assets you trade or maybe store in a place that is not too safe. So in this case I think everything must be based on ourselves and from our thoughts and beliefs because even if we are in bitcoin but you do dangerous things like trading losses will still occur and you could lose everything you have in the end.

Bitcoin investment will make you a better trader. Your statement is completely confused because you are talking about investing once and trading. Based on your statement it is still not clear that you have acquired basic knowledge about investing and trading. Buy the Dip and Hodl This thread only discusses Bitcoin investing. Also, this thread is probably not meant to discuss meme coins or shit coins. If you are more experienced with meme coins and shit coins then you can discuss in trading discussion thread or Altcoins discussion thread.

Ser, please read my post. What you have posted is another discussion that's not in the context of what I have posted. I'm not trying to offend you, but let's not debate merely for the sake of trying to win the debate by using straw men.


That's simply the actual situation for some people. That's probably why if some of you HODLers actually make something that can change your lives, use that wealth to help others, especially close relatives and friends.

Implementing the DCA pattern can be done with a much smaller budget as long as people can continue to be consistent in doing it. That is why investing in bitcoin has the ease that can be achieved by anyone and is not limited to those who have a lot of money. If you make a DCA pattern every week then a budget of $20 can still be done consistently to buy bitcoin.

In living life, it is very important to have a job to earn money because in this way people can make a percentage of investment, savings or to meet their living needs. Invest according to your ability to be responsible even though the amount is small because if done consistently then slowly the bitcoin assets that we have will continue to grow.

There is always a way for anyone who wants to achieve financial freedom and bitcoin opens up space for anyone when they are consistent and continue to try to invest responsibly.

I understand all those guys who understand the potential of Bitcoin, the basics of investing and DCA and are ready to invest, but have no money for it.
This is a common story and it happens when someone has a small income, credit obligations, families or financial obligations for treatment.
I would advise such guys to look for a part-time job, or invest very small amounts, literally a few dollars. But this is important psychologically. This way, investors will feel their involvement, and this is important. After all, if they are really literate, then sooner or later they will find extra money and will be ready to invest significant money.

Bitcoin investment should be done with your discretionary income and forcing yourself to invest when you don't have discretionary income, because you will end up selling your bitcoin at loss to take care of your needs. Like what BITCOIN4X said, since $300 can not take care of their basic needs, they don't need to buy bitcoin because it is like playing with fire and a dumb idea. Remember that a family man has more responsibility than a bachelor, and even at that as a bachelor, my expenses and yours cannot be the same.

What those government workers should do is to look for a second means of income, so that they can use part of that money to invest in bitcoin when they get paid. They can also trim down their expenses, and it is not also compulsory that they should invest with 10%, they can use 5% to invest or $10 to invest weekly through DCA till their income increases. No discretionary income, no bitcoin investment.

Guys, I don't really understand why you write the word "trader", although you write about Bitcoin investing. Trading is a poorly controlled attempt to win on some period of time. And as a rule, traders do this on shitcoins, and even memecoins, and all this looks like gambling. But investing in Bitcoin with DCA is the most controlled investment process of all that I know.
And I think that this is what every cryptocurrency lover comes to, stopping worrying and trying to guess what will happen to cryptocurrencies tomorrow, although this is essentially impossible.

Bitcoin is a digital currency which is the king in the cryptocurrency world and all other coins are ministers.
If you look around you will notice that people are reluctant to give details on shitcoins, or give examples that are highly controversial. Bitcoin is undoubtedly the king of the crypto market because when Bitcoin falls all cryptos fall to a higher or lower degree, but when Bitcoin rises, altcoins do not rise to the same degree. You can make good investments in altcoins and shitcoins, if you know exactly when to get in and out, but not for long. As a point of empirical observation almost any currency other than bitcoin will look like shitcoin at some point. We observed that many people lost hundreds to thousands of dollars of their money to Shitcoins.
So I think we should focus on Bitcoin instead of other coins, because investing in Bitcoin will make you a good trader.

10% of $300 is just $30 per month. Are you trying to tell us that if thier salary was $270 that they will have to steal before meeting thier needs or would have to stay too strict about eating to minutely because of the difference of $30?

As humans, we have the nature of adapting to different situations and one of it is the ability to adapt and tailor down our expenses to equal how much we are earning. Don't be supprised that if you're earning $200 or even less than that for a month that you can still find a way of fixing all your needs into it or alternatively source for another source that will complement the $200 pay you're earning per month.

You know the saying that goes, "He that is faithful with that which is small will be faithful with that which is big" it applies here the most and if you can't Invest when you're earning $300, the possibility of doing so when you're earning $700 will be slim. With an increased earning comes more responsibility and the need to even upgrade your wants so it's best you start from whatever point you are while hoping that when things gets better, you can also increase your investment amount.

I think it has been emphasized by many contributors here that there can never been an ideal percentage of funds that should be allocated to Bitcoin investment because it is something the individual should work out based  on several factors. The percentage two individuals receiving the same salary will invest in Bitcoin differs because both might have different responsibilities. It is therefore not proper to allocate a percentage of personal income an investor will invest in Bitcoin. Another thing to also put in mind is that people have different priorities even as they plan to invest in Bitcoin. Someone might prioritize investing in Bitcoin and will allocate higher percentage than another one that might also have other priorities and can therefore go for lower percentage to be invested in Bitcoin.

What is most important is to invest an amount that will not represent so much financial burden on the investor so that the investment can be held for a long period of time because it is in long term investment that Bitcoin is best. This bring to mind the concept of DCA that allow the investor invest in a manner that will not be so much stress financially.

But there is one fact I can say about some people who actually really want to invest in bitcoin. They are government employees that I know and they are very interested in investing. They have a monthly income of less than $300, but it is difficult for them to save to invest. The main reason why they get into trouble is because of the inflation factor that affects the price of every item. $300 is not enough to meet monthly needs where all costs including accommodation are included, so not everyone can save 10% of their salary every month.

If they manage to save 10% of their salary, it means they don't smoke and are too strict about eating. In fact, food costs are not covered by the place of work, sometimes they have to go into debt to meet their monthly needs. Not to mention if they bear the costs of their family's basic needs, so as a result it is really difficult for them to save.

10% is from the income we get every month. This means that it is smaller compared to those who are able to budget 20% to be invested. So that everything can run smoothly, you can use the other 90% by managing it as well as possible in the coming month, so that the Bitcoin accumulation process will not be disturbed.

Actually, to save on expenses, it will depend on each person's life, if you don't splurge, then I think the remaining 90% will be enough to cover your living expenses in a month. Investment does require planning in managing our cash flow as well as possible because it will be implemented as well as possible every time you are due to buy bitcoin.

Beginners need a lot of encouragement so that they are more motivated to continue following up on the investments they make. It's not slow to start investing in Bitcoin, buy and hold, the DCA strategy is certainly the easiest to understand and can also be a good choice for beginners.

I doubt that normies are motivated to invest and/or buy shitcoins merely based on fee comparisons, since there are likely a lot of different reasons that normies are going to be distracted into shitcoins, including their consideration of a variety of talking points that may well end up relating to some of their considerations that any such shitcoin might have more pumpamentals as compared with bitcoin, so they are falsely led into a belief that they are better off by putting some (if not all) of their value into some shitcoin based on some variety of factors that cause them to believe that it can pump more than bitcoin, and they might not even sufficiently know much if any facts about bitcoin versus their chosen shitcoin(s) beyond their beliefs in the representation that some influencer(s) are making about what are supposed to be the relevant facts.

A lot of people buy into such misrepresentations because the misrepresentations sound logical, and even the influencer(s) might seem to be speaking from genuine assessments of the situation.  Bitcoin fees as compared with the fees of various shitcoins is only one factor, yet it is one factor that can come off as persuasive in terms of being objectively verifiable.. but still frequently will make little to no sense for anyone who really spends a decent amount of time learning about bitcoin and giving a bit more skepticism to the claims that various shitcoiners are making about their supposedly superior coins.


So many times, members are framing this issue of transaction fees in erroneous ways in regards to what are the transaction fees at the time of the transaction (or the transfer of the bitcoin from the exchange to the private wallet), and personally I think that we should be attempting to understand the idea of UTXO management beyond just the transferring of the amount of BTC off of the CEX (centralized exchange, presumptively if that is the way that many members are acquiring their first bitcoin(s)).

Let's attempt to consider that if we are creating UTXOs (amounts of BTC that we are holding in private wallets), that when possible, we should be preferring to keep those UTXO higher than a certain amount.. perhaps in the ballpark of being greater than 200k or 300k satoshis.. or even a bit larger than that... just to make sure that we have options down the road.

For sure the more that we use bitcoin, the more likely we might have UTXOs that have smaller quantities of satoshis, such as smaller than 100k, and there is nothing wrong with that as long as all or most of our UTXOs are not falling into such category.

So for example if we accumulate 50k to 150k satoshis on a weekly basis for 5 years or more and we are constantly transferring those sizes of UTXOs to our private wallets and maybe we might have suffered from fees in the first transferring of the satoshis to our wallet, yet we may well end up with 100s of UTXOs with with relatively small quantities of satoshis per UTXO, and we may well may not have realized that we had contributed to our own situation of having a bunch of UTXOs that are costly to spend and perhaps even some of them might become uneconomical to spend.

We cannot know the future in terms of what the onchain fees are going to be and potentially what quantity of UTXOs (how low?) might become unspendable or uneconomical to spend.. so sometimes even if we we end up having a relatively reasonably sized UTXO, such as one that is 200k satoshis or higher, yet if we spend 150k satoshis from that UTXO, then we still would get left with change that is 50k satoshis or less because of the way we chose to spend that UTXO...

Surely the longer that we are in bitcoin, we can attempt to learn how to spend our UTXOs and/or to manage them so that we do not inadvertently pay higher fees than we would wish to pay, yet from this time forward, we could attempt to try to mitigate some of our future potential problems by attempting to minimize the number of UTXOs that we might have below certain lower level amounts such as potentially trying to keep most, if not all, of our UTXOs above 200k to 700k (which currently is 0.002 BTC - 0.007 BTC = $140 to $500).  Each of us is responsible to figure out these matters, even though we may not need to know these kinds of UTXO management matters in the beginning so long as maybe we consider that if we are buying $10 per week of BTC or some other relatively low amount of BTC, then we may well need to let the quantity of our BTC holdings to grow in our CEX account to a reasonably high level of potentially 200k to 700k satoshis or higher before we transfer those satoshis to our own private wallet.

Well I doubt if one of the reason why people chose to use DCA method is to be consistent because I have seen people who uses the DCA method yet they are not consistent and sometimes not being consistent is not because they choose not be... But because there source of income may not be stable or active. However, I think one of the reason why people choose to use DCA method is because they can invest with little amount of money and they can also invest with big amount regardless of the market condition and it doesn't matter if we are accumulating with little amount rather what matters is our commitment to our investment.
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You seem to be saying that DCA allows you to be consistent, even though you are saying that DCA is not pursued because it allows you to be consistent.

In other words, you seem to be contradicting yourself in terms of what is the meaning of consistency.

To be consistent, there is no need to have any kind of exact amount and/or exact time that the person buys BTC, and surely even consistency can have flexibility contained within it - especially if a person's discretionary income might vary, so consistency in regards to DCAing could be based upon the levels of discretionary income that might be available in any given period of time whether weekly, monthly or even some other time frames that might not even be exactly consistent in themselves, but the person still might be somewhat consistent in terms of attempting to balance how much he is investing into bitcoin in terms of how much extra discretionary income he might feel that he has that could be used to buy bitcoin rather than using or saving that money for other purposes.

Well I doubt if one of the reason why people chose to use DCA method is to be consistent because I have seen people who uses the DCA method yet they are not consistent and sometimes not being consistent is not because they choose not be... But because there source of income may not be stable or active. However, I think one of the reason why people choose to use DCA method is because they can invest with little amount of money and they can also invest with big amount regardless of the market condition and it doesn't matter if we are accumulating with little amount rather what matters is our commitment to our investment.

Buddy I congratulate you for this bold step you took to start this journey, the amount you started with is not a problem to me because I believe you started with the amount you can afford and what matters is consistency, you might start little today but overtime your consistency will determine what your portfolio will look like in the future, atleast you were able to overcome procrastination which is a dream killer, am very happy that you found Bitcoin worthy of your investment and deem it necessary to be part of the best digital asset.
Am impressed that you have already chosen a long-term goal which means you are really out for the said business, you have really done well for yourself, it is really a good thing to have a newbie like you to talk about DCA method of Bitcoin investment in this manner, with what you have said so far I believe that you understand how to go about your Bitcoin investment on weekly and monthly basis which you have stated already that sound very great, I wish you well in this journey.

I love your advise to your fellow newbies but you must know that as you have embark on this journey, having known that it's a long-term investment, you need not to allow anything to hinder you from continuing or stopping this journey halfway, am happy that you mentioned DCA method which allows everyone to run this investment slow and steady though it does not prevent you from buying in lump sum if you have lump amount ready to buy, the DCA method keeps your investment going gradually as it fits yours pocket and make you relevant in the system without any hindrance, i hope to see you continue in this way in other to have a bulky porfolio and hodl for a long-term.

So in essence what you are saying is that irrespective of the prevailing high withdrawal fee at that time, people should always withdraw their bitcoin off Cex? Well to me it depends on the quality of the holding that the investors are holding in the Cex at that time. If the withdrawal fee is as high as 20% to 30% of the bitcoin deposit you have in the Cex, don't you think it will be better to leave it there for a bit and allow the bitcoin withdrawal fee come down a little? Let's assume you have like $400 worth of bitcoin in Cex and you are paying up to $100 -$150 in withdrawal fee. It doesn't make sense that way. So at this point I think it will best if you allow the withdrawal fee to reduce before withdrawing. But for investors who don't care about the fees they are to pay they can go ahead and withdraw. But for small investors that are still starting and doesn't have much money they can hold on a little longer for fees to reduce.