@death_wish: aim for one (1) BTC. This should be enough to set you up for life. Now is a golden opportunity to get it at a very low (relatively speaking) price point.
Thank you kindly. You are right about getting at least 1 BTC. I have been in a little bit of a daze trying to figure out how to scratch together purchase funds for that. Before you posted that—thinking, Need 1 BTC. Wrote to a friend that I need at least 1 BTC before I die. Not even thinking about riches—it is a much deeper need for me, 1 BTC. Then, your post... I sat staring at your post, pondering it.
I shot my bolt with stablecoin reserves avoiding liquidation on the way down to $30k. I typically keep only enough local fiat in the bank for immediate necessities, which are indeed necessities—I spend little, so it is a negligible amount; anyway, there is a privacy firewall between the bank and crypto-land. That leaves volatile alts. Most are already gone. Part of remaining scraps is illiquid—locked up in staking, which takes 7–11 days to unlock (depends on the coin), or long-term locked for one large airdrop that I would have dumped long ago if it wasn’t locked. They lock those shitcoins for a reason! Altcoin protip, based on my altcoin experience: If something has any type of lockup to prevent you from dumping, that itself suggests that it probably should be dumped. Valuable things do not need lockup to inhibit people from dumping them. Bitcoin is dominant when 100% of the BTC supply is freely floating. (I have been intending to start an anti-POS thread about this financial manipulation.)
The rest of what’s left is nowhere near $20k in value right now—not even near $10k. And those are things I expect to recover against BTC—swapping the thing that’s down more for the thing that’s down less is not a winning move. Of course, most altcoins never recover after they fall against BTC. Some probably will; I know the difference. The “emergency reserve” is one of those, and I don’t have much of it left for any emergencies of an immediate life-or-death nature. In the past six years, it has not kept up with BTC’s rises; it has overall lost about 97% against BTC, even as it rises somewhat against the dollar. But it bounces back pretty well against BTC when both crash hard in a bear market, sometimes even starting before BTC bounces.
To get together $20k (or soon, $21k if we’re bouncing?) dollar cash ASAP is very far out of reach for me right now. The margin account ate the assets that I could have used for such a thing.
Needless to say, I have been mulling a strategy to liquidate scraps in various potential near-future market conditions, to piece together a portion of a bitcoin. Trying to estimate how to time what, to get the most BTC I can. To give myself a headstart back towards 1 BTC.
You must be able to get payment for your labor one way or another. Just dedicate a portion of it to buying BTC on a regular basis and you'll probably get to 1 BTC. It won't happen quickly but it will slowly build. And even if you only got 0.5 BTC or 0.25 BTC that is still a hell of lot when you consider there is only 21 million of them.
I feel for you and I hope you can get back on your feet.
