Topic: HODL is purely a mental challenge - page 7. (Read 1391 times)

It takes a lot of courage to hodl in the face of Bitcoin price going up and down and I won't blame those who cave in when things get hard because as the Op clearly stated, there's just so much the mind can take, but I feel it's more blessed and rewarding to hodl than to sell . The expectations most bitcoiners have of the event of the Bitcoin halving is to me enough reason to continue hodling.

The prices of Bitcoin and other cryptocurrencies are very volatile but the best approach to raking in more profits is when you don't panic and sell just because you feel the market is crashing. To me panic sell defeats the purpose of hodling.

If you are a Hodler, have you determined the price for yourself when you will sell your Bitcoins, or does hodl not involve selling coins at all? And from my experience, I can add that Bitcoins are most often lost when you try to increase their number with the help of trading.

In my humble opinion, as a self-proclaimed Bitcoiner, HODL means "no return back". When you HODL, you expect that the rest of the populace will follow on a Bitcoin standard, sooner or later. HODLing isn't to merely keep a bitcoin for a couple of years, just to sell it back for fiat (which is considered long-term for many).

I don't want to be called a toxic maxi, but it's just the way it is. If you don't think the people will treat Bitcoin seriously, then you don't either.

A good HODLer believes even if the price of bitcoin drops their is no permanent loss in his investment because the price of bitcoin will come up even if it goes down.  A true HODLer does not get intimidated by volatility of the market no matter how the price falls their will still be increase by the time he waits for the market volatility to increase again.  Real hodler are not scared of losses, they do not panic of volatility, so patiently waiting for the bull market,  they always succeed because they throughly understand bitcoin market.

HODL is all about mental, I totally agree.

The temptation to HODL bitcoin when the price is falling is whether we will continue to hold it and wait for the price to rise again? How long? or do we cut lose?

The temptation to HODL Bitcoin when the price goes up, do we keep holding it until the price is even higher? or will it go down again? we are confused about what price to sell, too early we will regret it, too long the price can drop again

So HODLing bitcoin is about mental strength, long-term goals and good financial condition. Without it, I doubt I would be able to HODL

You are right, somehow I've missed it, that it's been that early. 
I've edited my post. 

Yes, despite logging it and even writing posts a few times, GameKyuubi isn’t actively participating in a discussion here. Maybe he doesn’t want to cause any attention because he’s somewhat famous already. 

I wouldn’t call it "cult", just a nice and promising strategy suited for Bitcoin.
Because compared to stocks or (fiat) currencies, Bitcoin is quite different. I would compare Bitcoin and gold to each other.
And for gold, it's also common that people are collecting coins or bars, while hoping for price increases or by simply collecting them.

*2013
It's a shame the author isn't around anymore. Would love to hear his story.


This has a lot in common with religion, cults, and similar things.
Even though I'm a hodler myself, every time I read something like this makes me think of how crazy this sounds to an average person, especially people who trade stocks or currencies.

Anyone who has ever heard of Bitcoin may have heard of HODL as well. Because HODL is a very famous strategy to speculate on long-term price gains of Bitcoin, whereby "long term" is not defined in detail, how long it really is.


HODL dates back to a Bitcointalk post from 2013, where it was advised not to sell one's own Bitcoins despite losses, but to wait patiently until it rises again.

However, it is indeed essential to wait, because most common errors from HODL are:

- Sold all BTC too early to realize (small) profits
- Sold all BTC too early to minimize losses in case of decreasing prices


Additional mistakes can be dangerous coin storage practices, for example on a file-sharing platform, which is increasing risks of getting hacked. But in my post and for advanced Bitcoin HODLers it is assumed our coins are stored properly, which HODL also invites us to do, because HODL only required to transfer our coins on very rare occasions (if at all), which minimizes transferring or storage errors.

As a conclusion we should keep in mind: most common mistakes of HODL are quick sales of our valuable BTC. So, we have to be aware and know that HODL is purely a mental challenge.

A good HODLer can resist any temptation to make (small) profits prematurely and a good HODLer keeps his Bitcoin.
A good HODLer stays cool even in case of losses. Best we can do is to move our valuable Bitcoin somewhere where it has a high resistance of being sold.
And we shouldn't store it on file-sharing networks anyways and also not on centralized exchanges because we don't have our private key on such platforms (not your key, not your coins).

After all, it's a very important lesson to know that HODL is purely a mental challenge. If you want to HODL correctly, you should know and pay attention to all points mentioned above.  

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