I recognize that a lot of people proclaim that with bitcoin, you can set it and forget it - but I believe that setting and forgetting is way easier in the case that you either invest a relatively small amount from the start.. 1% to 5% of your total investment portfolio might be able to qualify as a "relatively small amount.." or maybe if you set a relatively small amount of a DCA amount, then you may well be able to detach yourself, somewhat, emotionally from the fact that the investment could go to zero.
All the signs seems to be that you way over-invested.. and you did it in a kind of lump sum investment kind of a way.. .. so once you do that. and you recognize that you overinvested, it can be really difficult to suggest what to do... one thing is the shave off some of the value at various pointes as the price is going UP.. .. and sure of course, frequently you might well be able to overcome your feelings that you invested too much when the prices are up.. because at that point you are relieved that you did the right thing.
Another way could be to do some variation of what you indicated that you were planning on doing which is to just continue to invest small amounts on a regular basis and to continue to invest a certain amount of time ongoingly learning about your investment in order to maybe consider if your views are changed from your learning or maybe it could cause you to tweak your strategy which might even mean getting out if there is some kind of problem with what you had previously believed about bitcoin. To the contrary, it seems to me that an overwhelming majority of people become way the fuck more bullish (and confident) about bitcoin if they actually spend more time actually learning about bitcoin.. and I am not talking about learning about the distracting and frequently misleading shitcoin bullshit and presuming that you are indirectly learning about bitcoin, blah blah blah.
Surely, a few members who had responded to you had already stated that the buck stops with you.. and you are the one who has to ultimately be comfortable with what you had done and also whether there might be any tweaks to your strategy that you might need to make... we could be telling you all kinds of wrong facts and giving you bad logic.. .. and in the end.. the buck stops with you and you are the one who is completely responsible for if you fucked up.. or failed/refused to invest in a way that sufficiently and adequately accounts for your own psychological and financial particulars... that includes considering your cashflow, other investments, view of bitcoin as compared with other investments, timeline, risk tolerance, time, skills and abilities to strategize, plan, research and learn along the way including tweaking strategies from time to time to consider trading, reallocating, use of leverage and/or financial instruments.
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Even for me, in late 2014 and even parts of 2015, BTC prices had reached close to 90% drops, it seems that some of my ongoing buying had ONLY gotten the value of my BTC to the maximum of 64% depreciated (meaning valued at 36% of the amount that I had put in). I was somewhat bothered, and I continued to DCA.. but in essence I had invested most of my extra cash already, so my cashflow and injection amounts were not going to be as much during that time period (I was also having some other somewhat non-related cashflow issues too, at that time).
Of course there are a variety of personality (and circumstantial differences) between people, yet I have always found a decent amount of value in regularly monitoring various aspects of what I am doing and if there might be some things that I am going to be able to do.. (which also might include monthly reports but also even looking on shorter timelines, too.. and sure many times with bitcoin there will be value in zooming out, but if my investment timeline is not very long, my own investment data is not long enough to actually see very much of value - except maybe just ongoing downity) but of course, if there might be periods in which I might not have more money to inject or anything that I feel that I can do until either my cashflow improves or maybe until the BTC price recovers a bit, then like you suggest, I may well be in a better position to just focus on other things in life for a while until my situation might have changed or the price of BTC might have changed that would allow me to actually be able to do something other than what I might have already had set in place (if that might be a regular DCA amount or something like that).
I am glad to hear that other experienced people have gone through the same thing your drop was worse I think that proves how stupid I am.
This doesn't prove how stupid you are, maybe more so how naive you are about how Bitcoiners end up in the position they are in. In summary; no-one really buys the bottom, in the sense of going all in at this price. A tiny % obviously do, I imagine predominantly traders usually catching some 10-20% bounce in order to take profits. At best, you buy low. "Low" being subjective to the price movement after your purchase.
For simple example, $6-8K to me now sounds like a "low price" to have bought Bitcoin, as well as a good average at the time, or at least most people would now agree, even despite the recent drop. During that period, price dropped 50% twice afterwards, so it obviously didn't feel like a low price all the time. When price was $10K+, for sure it felt cheap. When it was between $3-4K, not so cheap.
Nearly everyone here has been at a paper loss at some point, usually at the beginning of their investment, whether that be 50% or 90+%, but for whatever reason they hodled. That's the point here. In the world Bitcoin, no-one really deserves a 500% increase without experiencing a 50% drop. If you can't handle -50%, you wouldn't be able to handle 500% either.
I'm not trying to worry it's just the natural reaction I have I know bitcoin will recover, I know there's to much potential to waste but its that voice in my head telling me you did wrong and then seeing the news and the price just cements that in my head.
If you're confident Bitcoin will recover, and continue growing, then you answered your own doubts: there isn't anything to worry about. The voice in your head is your emotions. Fortunately by the sound of it you haven't capitulated to these emotions, while notably many other short-term holders (6-12 months), have listened to their inner anxiety and effectively panic sold. Probably near the lows if I had to guess.
I was very confident when I bought this BTC it was definitely the most confident I have been in my life. I think this topic will help me when I need to be told I am being stupid just look at the replies to my 1st post many people tell me I'm stupid and they have faith to the end. I have invested a lot of my wealth but that is still a small number when you look at other people in this topic and they are not worried so why should I?
Maybe because you feel over-invested? Maybe it's because this is your first Bitcoin rodeo? Either way, it get's easier over the years.
Most people in this topic have been invested for numerous years. It's not that they are up X amount that they are not worried, it's that they've been through the 50-80% corrections before.
Fuck! I immediately stopped and then i could hear one of the cylinders blowing off air, and we could smell exhaust gas through the AC air outlets.
