Is it easier to HODL if you are already rich?

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Quote from: jaminunit on July 27, 2021, 01:29:36 AM

The rich generally want to get richer. This makes them want to risk some of their funds. Being rich in the first place simply makes them risk more. I do not think it helps you hodl

Reminds me of Robert Kiyosaki’s Rich Dad Poor Dad where one of his statement says “The rich gets richer, the poor gets poorer”.

In my opinion, if it’s easy for the rich to get back the losses that they have if their “big” income is stable. Of course, the rich are taking a lot of risks. If they could afford losing that big amount but can get it back “easily” then they go for it.

bryant.coleman

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Quote from: nicecrypto on August 09, 2021, 01:15:07 AM

Right and this depends on the time of investment also. If you have invested in Bitcoin for some time and have accumulated some profits, it becomes a little more easier for you to take from your profits earned over time but if your investment in Bitcoin was at the top and you have needs, selling will means that you are losing investment. So the time of investment also is important.

Agreed. Those who have invested 4-5 years back will be in good amount of profits now and they can sell some of their coins and book profit. On the other hand, for those who have invested in 2019 or 2018, the time is not yet ripe. At the most they will be in 5x-10x profit. If the initial amount is large, and if Bitcoin comprise a large part of their portfolio, then there is nothing wrong in partial profit booking. But for 90% of the users, the right strategy would be to wait for another couple of years, so that the exchange rates reach six digits.

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Quote from: Rasa nanas on August 08, 2021, 11:58:29 PM

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Quote from: paxmao on July 26, 2021, 05:00:07 PM

For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?

If your life and family depends on your earning and your only source of income is from crypto trading then it will be a problem for yours. You have to cash out some of your money from it when you need money. So for holding crypto for the long term needs strong financial supports for your family. This could be a job or business besides crypto investments. So it obviously easier for someone who is already a bit up on the ladder.

The fact is that many people cannot survive just from trading crypto, meaning they have to find other sources of income to survive. but there are some people who can survive just from trading crypto, even they are also able to build a house and buy other expensive properties. this depends on the amount of capital they have and their expertise in trading.

Right and this depends on the time of investment also. If you have invested in Bitcoin for some time and have accumulated some profits, it becomes a little more easier for you to take from your profits earned over time but if your investment in Bitcoin was at the top and you have needs, selling will means that you are losing investment. So the time of investment also is important.

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Quote from: paxmao on July 26, 2021, 05:00:07 PM

One of those successful cases of bitcoin hodling was a friend of a friend. They (a couple) took an important risk by investing 60k of a dismissal compensation into bitcoin and making a x100 on it before selling half. I do not know what they did with the rest. Now, these people were not rich, they took an enormous risk compared to their total wealth. They had to really believe on the project and pass though some of bitcoins usual "tests of faith".

For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?

It is given mate, you can totally hold when you are rich because you have more money to risk in long term not like many of us in which struggling to find our funds to invest and hold so we are limited in this process.

while rich people can spend half of their asset to buy bitcoin and keep it hold for years and years without bothering where to get their food on the table.

Rasa nanas

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Quote from: paxmao on July 26, 2021, 05:00:07 PM

For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?

If your life and family depends on your earning and your only source of income is from crypto trading then it will be a problem for yours. You have to cash out some of your money from it when you need money. So for holding crypto for the long term needs strong financial supports for your family. This could be a job or business besides crypto investments. So it obviously easier for someone who is already a bit up on the ladder.

The fact is that many people cannot survive just from trading crypto, meaning they have to find other sources of income to survive. but there are some people who can survive just from trading crypto, even they are also able to build a house and buy other expensive properties. this depends on the amount of capital they have and their expertise in trading.

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Quote from: topbitcoin on August 08, 2021, 07:03:22 PM

Of course yes. Because being rich we should be ready for any condition. Making investment while we rich, we should be have spare money for living, urgent situation, saving, and a lot of things and then we save rest for investment. If someone like me, when there are urgent situation i think i will sell my assets no matter in what price it is because i don't have any other options.

in contrast to those who are rich where other needs have been met, even investment is the rest of the money for the necessities of life, even they have prepared spare money in case something unexpected happens. Therefore, it is not surprising that they will find it easier to hold it for a long time, because their lives are already guaranteed

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Quote from: paxmao on July 26, 2021, 05:00:07 PM

One of those successful cases of bitcoin hodling was a friend of a friend. They (a couple) took an important risk by investing 60k of a dismissal compensation into bitcoin and making a x100 on it before selling half. I do not know what they did with the rest. Now, these people were not rich, they took an enormous risk compared to their total wealth. They had to really believe on the project and pass though some of bitcoins usual "tests of faith".

For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?

Sure i do believe if you are rich you are okay to invest in certain ammoun of money and it will look bigger for most people but it might be just not to much for them. The best advice to invest for long term is always invest ammount of money that you willingly to lose. I do invest and hold almost 4 years and it does make me stress but still i able to manage to hold them and have a big profit from it. Sometimes its depends on how people think and how they able to manage their financially to be able to hold that long.

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Quote from: Fatunad on August 06, 2021, 07:56:41 PM

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Quote from: Issa56 on August 06, 2021, 02:41:18 PM

Seriously I believe it is easier to hold bitcoin or any cryptocurrency if you are already rich because you won't really think about anything your mind won't really be in the coin you invested on or whenever you need money you won't really think of selling it because you are having extral money that you can easily use to solve your problem but if you are not rich any small thing you will endup selling your coin immediately.

It is a fact that you won't think about it after you've invest your money to hold bitcoin.

But there are also those people that are not quite well with their living but has the patience and has the best risk tolerance that they can wait until what they hold matures and is fine to sell.

That's the advantage that the rich gets richer because risk is nothing to them while those who are striving hard in life, they have to choose and take the risk as much as they can to move forward with better result or try again if they fail.

When you are striving in life and you do make out investment not only in bitcoin but into a certain one which you would really be expecting something from that on a short time basis
and its true that when you are rich then you wont really get easily be pressured nor get stressed when theres something happened into your investment since you know that you can
still recover no matter what compared to those who do take some one shot into their investment then that would really be a hard decision this is why when we are on this position
then we should really be mindful on putting our money in best possible investment as we can even though its hard but at least we do make our research.

The reason why the rich are easier on investments because they're already established and that they can take risk easily.

No matter how big investments they've got as long as it's just another source and investment for them, they won't really absorb the risk that they'll get from it as big as someone who just made an investment.

topbitcoin

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Of course yes. Because being rich we should be ready for any condition. Making investment while we rich, we should be have spare money for living, urgent situation, saving, and a lot of things and then we save rest for investment. If someone like me, when there are urgent situation i think i will sell my assets no matter in what price it is because i don't have any other options.

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Quote from: Xinarae* on August 08, 2021, 12:01:04 AM

If you are already rich it is easy to hold because there are opportunities for income from other fields so holding on to them in the long run will not be a problem but for those who are low income traders it is difficult to hold because holding is to hold a certain amount of time. If you sell before that you don't get profit and you lose it will be difficult to make a living if a lot of time is needed. That is why it is a good idea for them to trade every day therefore, it is possible to meet the needs of one's own family.

If you have other means to survive, definitely holding will come easier to you. As compared to crypto user who is depending from his profits to buy food for the table. Because in this case, he can easily sell his coin at a loss if badly needs it. Lucky for those who are rich as they can also plan when to sell it. Of course, the aim here is to gain large profits. That's why you can see some people holding their coins for years without touching it. But you need to make sure that coin is valuable like bitcoin. It is hard to hold other alts in long term because they tend to lose its value and be abandoned by its devs.

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If you are already rich it is easy to hold because there are opportunities for income from other fields so holding on to them in the long run will not be a problem but for those who are low income traders it is difficult to hold because holding is to hold a certain amount of time. If you sell before that you don't get profit and you lose it will be difficult to make a living if a lot of time is needed. That is why it is a good idea for them to trade every day therefore, it is possible to meet the needs of one's own family.

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If your life and family depends on your earning and your only source of income is from crypto trading then it will be a problem for yours. You have to cash out some of your money from it when you need money. So for holding crypto for the long term needs strong financial supports for your family. This could be a job or business besides crypto investments. So it obviously easier for someone who is already a bit up on the ladder.

100% agreed. If you are a trader, then you need to sell your coins every now and then. In case you are an investor, then the best possible strategy is to book profits at regular intervals. Everyone knows that Bitcoin will reach great heights in the future. But what we don't know is how much time is needed to achieve that. What if it takes another 10 years? Is it possible for everyone to wait for that much time? Those who doesn't have a full time job will be hard pressed to do something like that. That is why I believe that there is nothing bad in selling some of our coins in the short term.

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Quote from: paxmao on July 26, 2021, 05:00:07 PM

Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?

Yes, I think if you are already wealthy then it is far easier to hodl for a long period of time, as the money may not be as much use to you as it would be if you were not wealthy. For example, if you were not wealthy then you might need to stop holding crypto at any moment due to some emergency or other reason. But if you are already wealthy, you can just get money for emergencies and whatnot from someplace else. Although this example would change depending on the amount of wealth someone has compared to the amount invested in cryptocurrency.

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Quote from: paxmao on July 26, 2021, 05:00:07 PM

One of those successful cases of bitcoin hodling was a friend of a friend. They (a couple) took an important risk by investing 60k of a dismissal compensation into bitcoin and making a x100 on it before selling half. I do not know what they did with the rest. Now, these people were not rich, they took an enormous risk compared to their total wealth. They had to really believe on the project and pass though some of bitcoins usual "tests of faith".

For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?

Everything is easier when you're richer. Obviously investing is too because you're much more immune to the volatility of the market. Someone who is rich can wait out drops without much consequence. Someone who is poor is much less equipped to do so and may have to sell low to protect what they have left from going to zero.

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Quote from: JohnBitCo on August 06, 2021, 05:40:04 AM

Quote from: paxmao on July 26, 2021, 05:00:07 PM

One of those successful cases of bitcoin hodling was a friend of a friend. They (a couple) took an important risk by investing 60k of a dismissal compensation into bitcoin and making a x100 on it before selling half. I do not know what they did with the rest. Now, these people were not rich, they took an enormous risk compared to their total wealth. They had to really believe on the project and pass though some of bitcoins usual "tests of faith".

For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?

The main problem is that people do not do money management when they are investing in crypto. Even a poor person can invest for long term provided his position is small according to his budget. I have seen rich people investing everything in crypto and then panic selling when they see thier port folio down.
Money management is a skill if implement correctly, your investments will be stress free.

Absolutely right, most of the people don't know How to do do Money managment though their investment decision are right and timing is also good. we must understand that No Market always goes up unchecked and they decline as well and correct prices of assets which creates opportunity for traders to take advantage of this volatility and make money. The key of success to continue making money in crypto is only possible with technical skills and proper money management.

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Its mostly about excess spending capacity, and earnings vs costs. Someone rich may have far greater costs so to invest means organizing debts and spending to restrict the use of money that would otherwise be freely available and there is often an advantage to do so. Sometimes people gain because leveraged bets on the price often sell for purely the reason they cannot afford the volatility of BTC going against them, if thats a clear pattern then your friend made a good observation to note the larger time frames trend between years was positive.
Commodity markets can resemble this except a big extra negative with a commodity is you must accept delivery, store and pay costs for the ownership where as BTC has its own unique dynamics that should be noted and are an important part of how it behaves.

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Quote from: jossiel on August 06, 2021, 07:30:21 PM

Quote from: Issa56 on August 06, 2021, 02:41:18 PM

Seriously I believe it is easier to hold bitcoin or any cryptocurrency if you are already rich because you won't really think about anything your mind won't really be in the coin you invested on or whenever you need money you won't really think of selling it because you are having extral money that you can easily use to solve your problem but if you are not rich any small thing you will endup selling your coin immediately.

It is a fact that you won't think about it after you've invest your money to hold bitcoin.

But there are also those people that are not quite well with their living but has the patience and has the best risk tolerance that they can wait until what they hold matures and is fine to sell.

That's the advantage that the rich gets richer because risk is nothing to them while those who are striving hard in life, they have to choose and take the risk as much as they can to move forward with better result or try again if they fail.

When you are striving in life and you do make out investment not only in bitcoin but into a certain one which you would really be expecting something from that on a short time basis
and its true that when you are rich then you wont really get easily be pressured nor get stressed when theres something happened into your investment since you know that you can
still recover no matter what compared to those who do take some one shot into their investment then that would really be a hard decision this is why when we are on this position
then we should really be mindful on putting our money in best possible investment as we can even though its hard but at least we do make our research.

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Quote from: Issa56 on August 06, 2021, 02:41:18 PM

Seriously I believe it is easier to hold bitcoin or any cryptocurrency if you are already rich because you won't really think about anything your mind won't really be in the coin you invested on or whenever you need money you won't really think of selling it because you are having extral money that you can easily use to solve your problem but if you are not rich any small thing you will endup selling your coin immediately.

It is a fact that you won't think about it after you've invest your money to hold bitcoin.

But there are also those people that are not quite well with their living but has the patience and has the best risk tolerance that they can wait until what they hold matures and is fine to sell.

That's the advantage that the rich gets richer because risk is nothing to them while those who are striving hard in life, they have to choose and take the risk as much as they can to move forward with better result or try again if they fail.

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Quote from: albon on August 06, 2021, 12:15:26 PM

What is the need to sell your coins if you are already rich, you definitely want to hodl your coins until you reach your goal, holding coins for a rich or poor person is a good decision because the faster you sell, the more wonderful opportunities you lose. All we need to do is to buy more quantities of coins and then follow the technical analyzes of them every day.

if we have reserve money to cover our daily needs why we have to sell our cryptocurrency assets ? isn't it will be good investment for long time and give us more value. based on price history , bitcoin and other cryptocurrency have good growth year by year.

Quote from: Distinctin on August 06, 2021, 06:35:37 PM

To be honest rich investors has always a great advantage because they can put a bigger capital compared to those poor investors. And when the market seems to fall, they worry less because they still have big amount of money in their savings account ready to back up when things don't come out the way they expect.

Unfortunately, poor investors don't have this privilege and when the market is not performing well, they become panic and resort into selling their coins with a low price. Hodling has always an advantage to rich people and its always been the reality in all aspects of investments.

in finance market , how much capital we have actually not be first poin we should filled. Knowledge and skill be main thing that must prepare when we involved in this market. By having trading skill we could make our balance growth smoothly, maybe from 100 could be 1k or even more.

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Quote from: Pokapoka124 on August 06, 2021, 05:18:49 PM

Quote from: Issa56 on August 06, 2021, 02:41:18 PM

but if you are not rich any small thing you will endup selling your coin immediately.

The rich also have problems. Here is where discipline plays s role. Holding is difficult, bitcoin prices go up and down the hill regardless of your class in society rich or poor. Your holding capacity is dependent on how disciplined you are. People generally develop cold feet in a bearish market

But rich have much wider edge compared to poor and middle class investors, they can simply say that they will

hold and they'll able to do that unlike with poor and middle class as most of the time both panic and emergencies

triggered them to sell their assets, no other option but to let go to fill their needs.

Topic: Is it easier to HODL if you are already rich? (Read 1138 times)