Topic: The secret to creating wealth... - page 2. (Read 517 times)

... is not a secret.

... is not a secret.

• Do your job. Innovate, produce, make money.
• Trade your fiat currency for the scarcest asset.
• Hold the scarcest asset.

... is not a secret.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

All rightly said, but you and I know that some stuffs are more easier said than done..

Creating wealth isn't as easy as it is put on paper, or written on forums like this, there are much more stuffs involved that contribute, or play important roles in determining the outcome of a person's quest to creating wealth.

The details of this i wouldn't like to go into right now, but it's also good to know that with persistency, determination and hard/smart work, wealth creation is very possible, but one who thrive to achieve this must be very patient with himself and those around him, and there are also alot of things he must be willing to deprive himself of, the ability to succeed in creating wealth lay in all of this things even though it's never mentioned on threads like this..

... is not a secret.

• Do your job. Innovate, produce, make money.
• Trade your fiat currency for the scarcest asset.
• Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

it's that (if we take this forum as an example) people are simply forced to spend their BTC for living costs and cannot afford to keep them long-term.

I have never hesitated to pay for something with BTC regardless of the price, because if I had just invested for the past 10 years and never taken a profit one way or another, it would have felt very strange - because BTC was conceived as a cryptocurrency, not what it has become today.

... is not a secret.

• Do your job. Innovate, produce, make money.
• Trade your fiat currency for the scarcest asset.
• Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

Remember everything has it's price.

If you delay your gratification, you will miss your childhood to spend more time with your family, going out with your friends, enjoy the moments etc. When you're old enough and rich, you will say "damn, money is nothing, I want to trade everything to go back when you were young".

p.s ive been hoarding and accumulating bitcoin since 2012.. retired before 40 and loving it

This isn't the issue here man..
The main thing should be are they really ready to venture into bitcoin investment or are they that willing to trade their fiat to a tradable currency? Yes, I know there are doubting thomas who doesn't want to spare their hearts earned cash to a digital assets especially if they had poor orientation and mentality towards bitcoin and any other cryptocurrency out there.

dont live with the mindset that investing is to have the fear of investing with whats affordable to loose.
instead have the mindset to invest with whats affordable to live without long term
fiscally its the same amount of money invested, but the mindset change affects how you treat your investment

when you have the "affordable to lose". people end up doing stupid things like gamble or take stupid emotions as reasons to cash out at the worse opportunity
however when you have the "affordable to live without", you instead dont want to make bad sell-at-loss risks. and instead are more happy to just hoard and wait for the right price

too many peoples mistakes are to invest funds long term but know they might need to extract those funds early and at a bad price because they put all their eggs into one basket and not protected themselves from the temptation to cash out when life events occur

too many peoples mistakes are to treat investments as a loss so it doesnt mater to them when they trade, thus make bad judgements and increase the risk of loss and just accept it as the inevitable that they would lose

..
in short a simple mindset change, helps protect you from bad choices

A wise man I respect a lot once said that "if you can't hold, you can't be rich". After seeing what had happened with bitcoin this year, I can confirm that. I think there was a topic on the forum 1-2 weeks ago about a guy that kept buying bitcoin for the better part of the last 8 years.

— He works
— Invest part of his paychecks in Bitcoin.
— Held for years.

Now he owns about 11 of the world's most scarced asset. There's a lot to take from his story and your tips.

Then, we accepted to face the fear as being ready to accept whatever outcomes out of it by Investing with what's affordable to loose.

... is not a secret.

• Do your job. Innovate, produce, make money.
• Trade your fiat currency for the scarcest asset.
• Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

this is where you need to keep just some funds as fiat(emergency savings) for those "circumstances" so that you are not "tempted to sell"

when it comes to bitcoin specifically. you can actually figure out the ultimate window of speculation limits..(how wild the price can go if a sudden pump and dump happened)
if you work out the most efficient mining cost on the planet and the most inefficient mining cost on the planet. you find:
the ultimates where no one wants to sell below as no one can even acquire/mine for less on the planet so wont want to sell at a loss..
the ultimates where no one wants to buy above as everyone can mine for less, so not worth buying at a premium when cheaper ways exist.

and then you can gauge where the price sits inbetween those limits to see how close to value or premium the price is to the gauge if its a good buy time or a good sell time

EG
hardware=$34k/btc (costs of 750exa of hardware spread over 2 year roi)
electric efficient= $24k/btc($0.04/kwh)
electric inefficient= $300k/btc($0.50/kwh)

so the cheapest place on planet can mine bitcoin for $58k/btc
the most expensive place on planet can mine bitcoin for $334k/btc

so the max edges of speculation low to possible high is $58k low to $334k high

so basically the market is setting a barrier where unless hashrate drops significantly the price wont see below $58k again but could test ~$60k in a market crash/correction test at current hashrate

so basically the market is setting a barrier where unless hashrate raises the price wont see above $334k if a super pump happened at current hashrate

enjoy investing and keep this sentiment in mind and update the numbers as the hashrate and mining costs change over time.. its helped me alot at the ATH/correction seasons of last cycles(numbers were different in previous cycles so worth keeping numbers uptodate, to stay in-date of speculation possibles)