Topic: [don't have such a mindset] Bitcoin accumulation/investment not a competition. (Read 324 times)

I don’t see anything wrong with healthy competition among friends, I rather be in that circle than one that encourages mediocrity. The only disadvantage to this type of motivation is that the person with lesser income and who ideally may not be able to afford to buy certain amount of bitcoin may take that risk without considering all the factors.

Reading the OP, I assumed the “friends” had at least a decent knowledge about bitcoin because a noob would not be so confident about accumulating 1 bitcoin or more, so imagine my surprise when I get to the end of the text and read that you had to teach them how to buy bitcoins.

Good money management skill will solve this problem. I believe from ones monthly earnings, there should be a percentage for emergency. This is what people fall to do in most cases and when emergency arise, they turn back to sell their coin. Buying Bitcoin can be done on monthly basis with a percentage that won't affect ones household.

Well, you can say it's a made up story, but if it was, then do you think there would be any reason for me to play around here with just fabricated stories, like a joker or some sort of storyteller?


The argument I met that day was not a healthy one; at least I could tell the difference between a healthy investment conversation between mature minds and a conversation lacking some proper knowledge. Imagine someone saying he can get up to 3–5 bitcoins in two years, despite that their yearly income is not up to $15k. How else can the person be able to accumulate five bitcoins in three years? By the way, two of those guys are just traders; it's not even as if they are all into a job that is paying them a huge salary every month.


Exactly. Imagine, for example, that someone tells you that they want to accumulate up to 10 Bitcoins before the year runs out, and someone else opposes the person and tells you that if someone like him can accumulate 10 bitcoins in a year, then he will accumulate 20 bitcoins at all costs even though his yearly income is not even close to $15k. Then how can he be able to achieve what he has said? Unless he takes a loan to fulfil his desires.


At first, I thought it was just some very rich dudes, but come on, after I join the discussion, I only realise that not even all of them can be able to accumulate like 1 Bitcoin in a year. They were just in a bragging argument, with each claiming to be doing better than the other person. while in reality, no one can even buy 2 Bitcoin even in a year.

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You are very correct, @Poker Player.


It would have been a good one if it was really a good one, and maybe it would not have even triggered me to join that conversation. Talk more about having to discuss it here.


Imagine when someone says they will make sure they get something at all costs or by any means. To me, it means that even if it cost any of them to collect loans just to make sure that they accumulate more than their openennt, they would do so, and taking a loan to invest in Bitcoin is not a wise decision. I was even Wondering, What if they close down their business and use all the money to invest in Bitcoin, just for the sake of proving that they can accumulate more Bitcoin than the other person?


Yes, that's right, but only if it's in a very positive way rather than the opposite.

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That was the reason why I decided to join the discussion, because it was really going to reach a point where any of them could go against the healthy way of Investing in Bitcoin, taking a decision that they might have paused along the way and begun to regret.


I did not advise them not to invest in Bitcoin, but all I did was let them understand that Bitcoin investment is not about wanting to be greater than the next person in a negative way that can land them taking loans, selling of their other assets, selling all their properties, Investing all their monthly salary in Bitcoin, closing down their business, and Investing all the money in Bitcoin. Perhaps if they have any arising need, they will now have to sell some Bitcoin before they can solve the problem. I told them that competition is meant to be positive, like if they really have those huge funds to accumulate 3 or 5 Bitcoin, let them go ahead, but if they don't, let them just do according to their financial capabilities at that moment (no fighting to do better than the next person when you know fully well that at that moment, the person is far better than you in finance).



By investing at ease and at the best financial time, I mean when they think they have solved some personal stuff and they have really made the decision for the set amount they wish to invest at a time (for example, I can decide to invest about $200 every month I receive my salary). You know the situation with some people: they will invest all their salary into something, and at the end of the day, they will be looking for someone who will give them loans so that they can solve their problems while they also wait for their investment to mature before they repay the loan. You know the saying that we should "invest only what we can risk at that moment?"


I feel you really understood the situation.



like some kind of forum storyteller or something else? If it were an imaginary story, I'd probably say it is, and I will not be prosecuted by anyone for putting up an imaginative topic.


 



You are right, @Queentoshi; this thing you said made me remember a movie that I watched. In the movie, there were about 8 friends who run a drug cartel, but along the way, only 3 of them became more successful than the rest of the 5, which got them wondering why they shared everything equally. So, the five of them became envious of the three colleagues, and they conspired to get them executed, so it could only be the five of them in the business.

that's a good suggestion for your friends and maybe all the members in this forum. it doesn't matter when they have a big vision for the future, but they have to measure their ability to invest assets. like they allocate their free funds every payday from work, just do it regularly and it will make Bitcoin accumulation continue to grow without any pressure from competition. do it regularly and at the end of the year they can see the most accumulation they have accumulated without competition. without even hurting them financially.

There is the kind of competition that is healthy that can motivate you to make better financial decisions, there is also the unsafe kind of competition that can lead to jealousy. Competition about accumulation of bitcoins is dangerous, because in the process of trying to compete with someone, you make it known to people that you are accumulating bitcoins, so they know exactly what to steal from you, that puts you in danger. Bitcoin accumulation is something that should be done privately.

I would not compare such competition like OP described with gambling. Because gambling is more about beating the game itself, while earning and accumulation bitcoin in OP`s example is about winning against other players and bypass them, showing your advantage. And it is precisely with this advantage that problems arise. Since some of the players could have it initially, and not arise during the "game", which makes such a win not entirely fair.

We don't know what's the financial situation of that group of friends. Perhaps there are significant differences between them or each individual is earning a lot already. Obviously, if you can't play the game, be responsible and don't do it. It's like with anything related to gambling. If the stakes are too high for you, call it a day and walk away.

To me, this story seems like it's about children competing to see who will jump further or who will climb the tallest tree, or in the case of rich people competing to have a bigger yacht or villa with a bigger pool, which definitely makes more sense to me then people competing to buy more Bitcoin. It would be logical for them not to discuss such things at all for their personal and family safety, because such information often reaches bad people, and if you keep so much value in your house, you become a target.


Every obsession is bad if it can't be controlled at least to some extent, because why even set goals that are almost impossible to achieve? Most people today cannot afford to own even 1 BTC even for a period of several years, but that is no reason not to practice DCA and maybe one day achieve their goal. But all those who have had a goal in the past know very well that with each fulfillment of that goal, we set a new goal for ourselves, and we try to set new challenges all our lives.

We are proud of investing in Bitcoin, but we can never say that it will definitely yield more profit or success in the future. When we talk about investment, there's always an inherent risk involved. What we are betting on here are its chances to grow in the future, which could be influenced by a multitude of factors. More good news might lead to success, but what if the situation turns the other way around? That could certainly result in failure.

That's why it's never guaranteed to be profitable, and we should never convince someone to invest in Bitcoin solely based on its potential for profit. It's essential to discuss the risks as well, so investors are well-informed that there's risk to manage. Once they understand the risks and potential rewards, they can make a responsible decision and won't blame anyone if their journey doesn't go as planned.

The profit one may get from Bitcoin investment is a product of two things, first, the amount of capital invested" and second, an individual's trading skill, apart from that, the last option could be a constant accumulation of BTC, which I guess that's not what the people O.P encountered meant, as maybe they saw BTC as gambling or a Get Rich Quick scheme where they could invest x amount of money today and expect to get x2 in next 1week or months. Because with this scenario now, clearly shows that there are a lot of people out there who still don't know what Bitcoin is all about, and that's our duty as members of this forum to educate them in times of need such as this.

That's correct, what you did. Bitcoin Investment is particular, presenting control and security. Your recommendation to your friends become spot on. It's not a opposition; every body's financial state of affairs is exclusive. Set huge desires however make investments at your tempo. Keep balance, prioritize wishes, and stay knowledgeable. Sharing knowledge is empowering.

Also as others mentioned, this is true for any investment you do in life.

Competition is good when it is healthy. Many organizations that offer the same brands engage in competition to outsmart each other and gain customers. Individuals can also compete to achieve a goal or task because it fosters hard work, dedication, and perseverance.

But I find this argument or competition between these friends childish and unnecessary. There is no need to compete with anybody when it comes to investment. Everybody will have to invest at his own pace based on his financial strength and plans. Such arguments or competition can become unhealthy which can lead to engagement in criminal activities just to beat competitors. It can even breed jealousy among these friends. Come to think of it, discussing your investment in public is risky because you can give criminals the information they need. Privacy and anonymity are important attributes of bitcoiners.

There is no need to compete with investing in bitcoin because the market will always be open. There will always be buyers and sellers, so anytime you have the funds, there will always be diverse opportunities to invest.

This is a good write up. But remember that the journey to accumulating bitcoin or more bitcoin is not a fight between ourselves but against the government and their harsh economic policies that would have their citizens on their kneels begging for crumbs of bread to feed on. AFAIK, there are two types of competition - healthy and unhealthy competition. And with bitcoin you can not have the latter only the former which is what I believe the friends you mentioned in the story are engaged in. What you should have done was to make them stake something for who would reach their goals first.

I'm sure everyone will agree with you that accumulating Bitcoin is not a competition, and that there's no need to hurry in reality.

However, I think your friends can benefit from this sort of "challenge" they've set up among themselves. It could help them stay the course, keep faith in BTC in times of doubt, market downturn and FUD, don't you think? What's more, as long as they don't make themselves too poor doing it so, it won't do them any harm to own several BTC in the long term 

We often see people treating the accumulation of BTC as a sprint, particularly on Reddit (r/Bitcoin). I don't really know why they have this feeling of urgency, maybe they're anxious to see BTC rise to $1 million without having had time to accumulate enough, or maybe it's the limited supply that's making them anxious and impatient?
In any case, those who understand the long-term potential of BTC and the real philosophical interest of a form of P2P digital currency understand very well that there is no rush to accumulate it. From a long-term perspective, I don't see how they could miss the boat, even if they're currently DCAing small amounts since yesterday.

Possibly a made-up story but there is no harm in imagining what should we do if were in that.

I wish I have 100K bitcoins and also I had the chance when I came to know about that but I didn't take the risk but atleast at some point I realized I still get into the train later instead of waiting forever and leaving nothing.

Having competition between who owns more BTC than other is good but the better thing is don't let anyone know how much you have it and that is what I suggest since we are talking about the importance of Privacy all the time meanwhile we are disclosing it to our group which may affect badly cause we never know how people changes in the future...

So just set your own goal and try to accomplish it instead of looking at the others' platters.

But when it comes to money we are often deal with different starting positions people have. How can we compare the number of bitcoins two people have when, for example, one initially had the capital to acquire them, and the other put aside several years from his salary? It's like having a competition between an athlete and a man with a broken leg. This does not lead to anything but psychological problems and low self-esteem, since the conditions are not equal from the very beginning. Financial matters should not be in competition with other people, only with yourself. A person in pursuit of others may not have time to notice what he has achieved himself and how he has grown compared to his past.

This is true for all types of investment, not just Bitcoin. You are essentially saying to not invest more than someone can afford to lose.

Without knowing someone's financial situation, it's not clear if chasing 1 or 2 or 5 BTC per year is a bad idea or not. Maybe they are making millions per year and can afford that? Also people who already have a lot of other investments can afford to put a lot of their income into BTC, unlike those who have very little or not investment at all.

You've done a good job in informing them about bitcoin and what they need to do to avoid accumulating so much that they end up selling some of it for personal purposes again. Bitcoin accumulation is not a competition, and you should not feel obligated to participate if you do not have enough money to spare, even if some of your friends are. Competition among friends to see who has more financial independence is enticing, but it should not come at the expense of one's comfort.

Some people are unsure what to do with their money or how to diversify their savings if they are not persuaded to do so. If these friends are financially stable and decide to compete to see who can gather the most bitcoin, I think it's a good idea if they don't come back and touch it in the long run. Accumulation of bitcoin is beneficial, especially when using the DCA approach, and it becomes more fascinating if they consider it as a hobby to accumulate more bitcoin.

This has both its pros and cons. For beginners, it creates unnecessary risks, and for experienced ones, it provides new opportunities.

If they want to compete in the accumulation of bitcoin, then let them do it. There is nothing wrong with that, on the contrary, they will have some kind of accumulation, even if they don't reach the levels announced by them.

Why wait for the best financial time when you can do it here and now?

Of course not. You only need to invest free money. But it doesn't matter how you motivate yourself to accumulate bitcoin: it will be as a result of a dispute or your desire to make good money. When this goal is achieved, almost all means are good.

This has been discussed many times: investing in last or borrowed money is strongly discouraged. I repeat what was said above: it is permissible to invest only free money.

Most importantly, don't forget this knowledge that you pass on to others.

On the contrary, your advice to them may come back to hurt them in future, especially when they notice how Bitcoin price soars. If they were challenging one another on who would accumulate the most, I don't see how that would be a problem. That challenge is better than they gambling their cash away on some sites. I think you should've encouraged them to go ahead and accumulate at a time like this and then remind them to sell during the expected bull run in 2025 to take profit. Sorry, I don't think you advised them well.

Such a competition among friends isn't necessarily a bad thing if it eventually leads to more people adopting bitcoin and understanding the benefits it gives them. If can become unhealthy if you make dangerous financial decisions just to win and do better than your friends. Challenging your peers is completely fine. If you grew up with a brother or sister, you will remember that you always competed against each other, regardless if it was attention, who was faster, who was stronger, who did better in school, etc. etc.

If they can accumulate then be it, just focus on your own goal either to earn or accumulate for long term since no competition especially if this so toxic give good effect on you. Just focus on yourself and don't compare your achievement to them since everyone have different timeline, so if they succeed for accumulating be happy for them and continue on what you are doing since for sure you will be rewarded to all your efforts you made especially if you ignore any toxic competition around.

OP, your friends are doing well because they are on the right path, especially as the price of Bitcoin is still down. If they buy it now, they will get it at a cheaper rate before the price goes up.

But the problem I am viewing here is that I hope they are not taking loans for this competition.
Some people can do anything to show off to their friends, especially now that they are competing to accumulate the most Bitcoin within a certain period of time.

Although it's a good thing to hear such news if they are capable of doing the competition with the money they can afford to lose and if they will be holding the Bitcoin for long and not just to accumulate it and sell it immediately after the argument.

Damn, the supposed friends of the OP have money to compete to see who can buy more whole Bitcoins. I see it as not being a competition in finance in general, not just with Bitcoin. When you improve your financial situation, do it within your means and don't compare yourself to others who are much better off than you, because if you want to get where they are you're probably going to try too fast and with too many risks, which will probably leave you worse off than when you started.

Whether accumulating Bitcoin or with your wealth building plan, be a turtle that progresses slowly but surely. This is not about buying jets and private islands, it's about getting better and better as the years go by.

It seems to me that people should not disseminate information about how much savings they already have and how much they plan to acquire in the future. First, it's not safe. It is so easy to become an attractive victim for scammers this way. Your safety is in your hands, the less other people know, the more reliable your investment is. Secondly, I don't see any point in comparing my savings with someone else's. Each person has different living conditions, different salary, expenses, financial management and intentions regarding bitcoin. All of these factors are not taken into account when people simply compare the amount of bitcoin they own. But these numbers mean nothing just on their own. What is important is what is behind them, and this is what is overlooked when such competitive conversations arise.

Yesterday, I accidentally stumbled upon a telegram message that people were always eager to buy more bitcoins, even at the beginning of its appearance.



I did not find a real post from this user; probably the account was hacked, but the idea of accumulation itself is relevant from year to year.
For some people, buying Bitcoins turns into a game of chance; in this case, it is only welcome. Having faith in Bitcoin is worthy of respect. You can look at MicroStrategy; the company practically does not give up and constantly increases its capital.

It all depends on how much cash inflow that they do have weekly or monthly because to accumulate up to one bitcoin is a year isn't easy if they are working for the government. Accumulation of bitcoin is not child's play and for you to achieve a good amount of bitcoin, you must have patient and self discipline in accumulating. There is no competition on this,just the way life is not about competition. Having a strategy on how to go on with accumulating bitcoin is what matters and not bragging because it is easy said than done. Bitcoin investment is beneficial in a long term and to accumulate bitcoin is also done in long term.

Not bad but I think, becoming a true Bitcoiner isn't about accumulating a certain quantity of Bitcoin for the sake of bragging rights, rather, it's about embracing the underlying philosophy and principles of decentralized finance and being a part of the global crypto community.  To avoid being left out, individuals should focus on educating themselves about Bitcoin and its long-term potential, rather than indulging in unhealthy competition for quick gains, IMO.

Recently, I encountered some friends engaged in an intense competition to accumulate as much Bitcoin as possible in a short time.
However, I emphasized that Bitcoin investment should be approached with a long-term vision and without feeling pressured by others' ambitions.
It should be done at one's own financial pace, considering personal needs and budgets, without compromising one's well-being or financial stability.

What I understand from what you wrote is those were highly driven group of friends who challenged each other to be better and earn more, absolutely nothing wrong in that.

It's a cut throat world and we on bitcointalk are not oblivious to that. As long as they are not entering into debt but are rather looking for more ways they can earn, then that's healthy competition. They can be increasing their income to increase their Bitcoin holding.

N.B, majority of these stories which have the same theme just seem made up.

I think these are the kind of people who spread wrong ideas about Bitcoin being a get rich quick investment. My main question is how they plan to get such large amount of Bitcoin quickly. Are they some kind of investors, experts, or miners? I don't think they are any of those. we should remember that Investing in Bitcoin takes time, study, practice, and planning.

From the way they were bragging, it seems they don't really understand Bitcoin well. Owning a lot of Bitcoin isn't something to boast about or a trophy. Just having some and holding onto it makes you a Bitcoiner, and that's the good part. People really need to stop talking and start learning so they won't be left out.

I don't think Bitcoin investment can be measured with every other investment, in the sense that Bitcoin investment allows one to be in absolute control of every step they take towards buying and holding their coin. No third-party involvement, no dragging of cue position with anyone in any office, and in fact, there's no symptom of competition with anyone. In Bitcoin investment, your security is in your own hands.

I happened to come across a few friends who were arguing among themselves about who could get the most out of Bitcoin for themselves, no matter what the cost. One said that he must accumulate up to 1 Bitcoin in a year, and the other said that if his fellow friend is able to accumulate one Bitcoin in a year, then he will make sure he accumulates two or three Bitcoin in that one year, the third person said he will accumulate more than 5 Bitcoin in a year, so as the fourth person. In their argument, they made Bitcoin investment look like a kind of competition where one person has to take first position (probably win a trophy 🥇🏆) against the other no matter what the situation.

On hearing all the arguments, I just had to engage in a brief discussion with them by telling them not to be agitated with Bitcoin investment but rather that it should be something done at ease and in one's own best financial time.

Really, it's not bad to have a big vision about the amount of Bitcoin one wants to accumulate. Someone can have the desire and vision to accumulate three bitcoins within a space of two or three years, but it shouldn't be something that they feel obliged to do due to the influence of other persons. Bitcoin investment should not be done in such a way that you have to let go of your own physical needs, shot down your business, or quit your job and invest your entire salary.

Bitcoin accumulation should be done at ease, in a way that it doesn't have any phycological effect on the investor, or in a way that you are not always in a haste to sell your coins because of every arising need. While investing in Bitcoin, it's wise to keep some fiat for one's personal needs and budget.

I actually educated them about Bitcoin investment and how they can go about their investment with ease, and they confirmed that I really did change their mindset from what they were thinking about. I really feel happy that I have passed on what I have learned from this forum (knowledge gained from the forum) to other Bitcoin investors.