Topic: HODL is purely a mental challenge (Read 1409 times)

Many investors are forced to sell their coins if they face financial problems. And this is why it is important to invest such money for the long term so as not to be forced to sell coins at a loss for any reason. When investing for the long term you must keep these things in mind so that you can hold your coins until you achieve your target, and it will take time to achieve your target.

Hello Chilwell  

Your translation got approved and I've just added it to my OP:

Language	translated by	Title
___________________________	_____________________	_______________________________________________________________________
Nigeria (Naija)	Chilwell	HODL na purely a mental challenge

+1 for your translation.
Probably, an upcoming bull market (hopefully) will show how helpful my topic can be, if anyone achieved to HODL so far.
But taking profits at prices of, let's say 75k USD + can be an option as well, also depending on our situation, for example, if we need some money.  

It's sometimes a tricky question.  

That reminds me of a joke:

Question:  "What is the difference between a million and a billion?"











Answer:  "Approximately a billion."


Think about how small potatoes millionaires are as compared to billionaires.  And with the debasement of the dollar, millionaires are everywhere.

Maybe soon there may be a need to start counting millionaires at $10 million or some higher number, because a mere $1 million does not seem to be enough to even live off of, especially in the west.

In my thread discussing entry-level fuck you status, I had recently changed my fuck you status from a $1 million to $2 million, and I am sometimes questioning if that $2 million is going to be enough.. even though I am going to keep that $2 million listed in there for a while longer.. but if our money keeps debasing at the rate that it is, I might have to double it again (which might be $4 million or even $5 million) in a few more years.   That would suck.  I hate to do it, but I am already sensing that one or $2 million is starting to be not very much (and $2 million presumes an ability to draw a passive income of $6,666 per month - that is 4% per year)... and maybe even $2 million will be struggling as a kind of comfortable way to live without working, but at least if we are talking about entry-level fuck you status, there is going to be quite a bit of variation around the world, but still some "luxury" goods still cost similar amounts, even if the person is living in poor places...


Holding is ONLY a good idea when it comes to bitcoin.. Holding does not apply to shitcoins.. just like this thread is not about shitcoins or crypto, but instead in the bitcoin department.  So if you happen to have any shitcoins, then you likely need to make sure you figure out how to get in and out of them and not get stuck holding shit and also thinking that HODLing applies to them, when it does not..

Regarding long term holding of bitcoin, then yeah there would be goals to increase your options by having been able to preserve your value better by accumulating bitcoin and then holding it rather than if you had held your value in fiat or perhaps some shitcoin.  

So if you are holding bitcoin for the longer term, such as 4-10 years or longer, then hopefully bitcoin will have outperformed other places (or assets) that you could have had held your value and including considerations of the likely ongoing increases in the cost of living based on ongoing debasement of the dollar (and other fiats).

I think everyone ever experienced this, I also experienced the same thing as you. When we have no choice, it is no longer about mental challenge but it is about an urgent need. You didn't do mistake if you sell your Matic at the moment although you were selling for a lose. You did it because you have no choice to solve urgent need. Bearish market sometimes becomes very challenging because of something like that. We possibly sell our coins if we have no longer fiats in our bank accounts. That's why we also need to consider having savings besides having investments. I personally divide my money in several thing, including for savings and investing. I don't use all my money for investing, I need some money for other purposes.

It is only the millionaires and the billionaires that would keep holding irrespective of the market condition. An average investors like us would not want to lose from the market because the major reason why we are in the market is to make money and earn from the market.
The market can look very difficult for those of us trying to earn from it especially people that want to hold for a particular time so that they can earn too as others are earning. Holding is the key for crypto investors for a potential earnings.

Good day sir,
I want to let you know that I have translated this topic https://bitcointalksearch.org/topic/hodl-is-purely-a-mental-challenge-5468668 to my local board naija, here is the link to my translation https://bitcointalk.org/index.php?topic=5480344.new#new
Thanks for giving me the opportunity for the translation,

I've experienced problems like that. maybe several times. because everyone's financial situation can quickly change. or some problems that occur to us can make us have to make difficult decisions by selling our assets under any conditions.
as is the case with the current conditions. with high Bitcoin transaction fees. If you are in a situation of necessity, then there is no other choice but to bear these very high costs.
no one wants to accidentally ruin their plans.

Most decisions are made by some investors out of no choice. I could remember when I bought matic then around $1. I plan to hold this token no matter what happens. But this token later becoming deep during the bear season till around $0.45. This period I need money seriously to solve some issues, after looking around for where I could see the money and I didn't see any, I have no choice than to sell out this matic to solve the issue. I believe same thing mostly lead investors to sell out their token in deep.

Motivates the HODL, since I came back and got a reality check
The ETF is exciting but were not even at the top 100 days of Bitcoin yet until we pass 55,375 USD still got time to accumulate
 100  2021-04-21  55,375

Investing is really challenging, because if a person invests his wealth in bitcoins and those wealths often come down due to bitcoin market downturns. A normal person would definitely be in a stock position, only those who have invested in Bitcoin for a long time are ready enough to make a long-term investment. But I have also prepared to invest several times, and I am mentally very much prepared at present.

Its really a huge mental challenge since imagine how many bearish condition we could experience that provably scare us and also many negative news that can change our stand towards continue to hodl  for sure a lot of people cannot last long for having those issues. But for people who experience enough the worse and good things happened on the market for sure they can ignore those negative conditions since they are tough and their decision cannot be change by any other circumstances. Volatility can really frustrate people that's why before going into this things much really better for a person that they should equip first with the knowledge since everything in crypto is really stressful especially if they don't know how to handle their investment and their decision making towards on current happening so their stand towards holding will not be changed.

Holding one's own investments for a long period of time is quite a mental challenge for an investor. Not all investors can take this mental challenge and those who can take this mental challenge may hold their investments for a long time. Every investor faces challenges in holding investments for long periods of time. Due to the volatility of the market many times the amount of investment falls drastically and it frustrates an investor and at that time the investor mistakenly decides to sell his investment. On the other hand, due to some positive changes in the market, if there is some profit in the investment, the investor thinks of selling his investment at that time. Investors who can take on these challenges of not selling their investments in bad times and holding onto their investments when there are gains can ultimately hold their investments.

That is for business people who accepts bitcoin as an alternative payment method. For pleb that are only into bitcoin investment, hodli can be possible when they have good financial management. They have made preparation of their emergency funds and also have funds in reserve that can take care of their monthly expenses, so that no matter what challenge that they are faced with, they will not touch the bitcoin that they are hodli. It needs self discipline, commitment, patience,and sacrifice to achieve this.

This is why you should only use the amount of money that you can afford to lose to invest so that you can always DCA regularly with that amount and build up your investment in a long term. You must have a source of income or multiple source of income to be a successful holder.

Having that will be a great decision to do since you cannot think more nicely especially taking good decision if you only have one wallet available that's the reason that its important for us to have an alternative secured wallet intended for hodling purposes so that we could just deposit the amount we want to save then leave those balance we want to use for investment or other things we need.

That's why to many people fail to hodl and they are just good by words since they usually don't have something like this and have plan to hodl since they are just riding up on the discussion about hodling so that they can feel that they belong and not left behind for any discussions like this. For sure we can enjoy our daily activity on investment and will not think about touching our balance separated on other wallet since we could think about that is for future use.

Besides that, the higher fee (even if we don't like it), indirectly makes people reluctant to make transactions from their own wallet to exchange, this situation indirectly makes them Hold their BTC. I'm experiencing it right now, yesterday I just needed money (fiat) for the New Year event, but when I looked at the network fee, I just gave up that intention, and replan to create a simple event at home. This situation makes me think to just saving my BTC until peak, I just rethink collecting as much as I can. This unexpected situation may be good for a person who is very calculating in managing his finances.

Discipline is one of the most important thing that would really help us as holders and investors. Someone that is not discipline would always miss tracks and end up doing what they never intended to do. Having two separate wallet for spending and holding is good and things alone can help to be conscious about the way we spend our funds especially on unreasonable things. At least we can keep a separate wallet that would be motivating us to save for the future or when things are not okay for us. The idea of having separate wallet could be achieved if we are disciplined and focused.

Having a spending wallet and a holding wallet is a good idea but without decipline and a strong financial back up one might still end up spending from both wallets as long as you are the one in control of the wallet phrase.

Even though it can be a bit more complicated to try to keep track of funds, you should try to figure out various kinds of systems in which you keep track of your funds, so part of your funds might be in categories that you do not spend very frequently, and you largely hold (like you mentioned), and other categories of your funds might be used for certain kinds of purposes, and maybe even many folks have discussed ways in which you might keep your KYC coins separate from your non-kyc coins.. but also there could be some issues regarding who you might be transacting with and that they might be able to see your prior transactions or at least the source of the instant transaction, so at least if you have some smaller wallet sizes for regular transacting, then it becomes a bit ambiguous whether 1-2 or several hops back if those might still be your coins or not.

It is surely also the case that if you have some of your coins a bit more difficult to access then you might not be easily able to access them in case you are tempted to sell at a time in which you should be HODLing.. or maybe you get confronted by someone who wants to take your coins, and if they figured out that you have the coins, then it could also be a question of how much work it might be in order to extract the coins from you. .and do they really want to go through that much effort.. which may partly depend on the quantity of the coins, but also might depend on how bad of a guy (how evil or greedy or feeling entitled to remove you from your property) he (or she) might happen to be.

I have been trying to build this idea that as a bitcoiner, you should have a wallet for holding and the wallet for transactions where a merchant accept bitcoin as a payment option. There is a strong thing here which is that, you do not have to worry whether you should spend what you hold in a case of urgency. Having a "spending" wallet solves this. It works like an emergency fund unit.

Yeah saving it in bitcoin will be much better because if you look at it, if not for inflation that will affect the usefulness of your money, you won't enjoy spending that money, and its better to invest the money were you will expect some profit in return than just allowing the money to stay dormant in that account, because when you come to use it it won't have much value tha. When you invest it. And since people have encouraged people to hold a lot of investors have decided to hold for a long time which is best because any hasty decision can liquidate anyone so we just have to be very careful when we make decisions. Holding is beyond words it comes with a lot of dedication. Because a lot have been shouting hold and now they have sold everything. Anyone wanting to do bitcoin should be disciplined and make sure they have another source of income. It is very true that it is a mental challenge because you might not even need money but you might just want to sell.