Were you close to throwing in the towel on bitcoin?

tread93

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Quote from: headingnorth on October 29, 2024, 10:58:12 AM

The long stretches of sideways choppiness seems like it may finally be coming to an end for now and we are seeing a real breakout. The large up and down swings, neverending choppiness and constant FUD can get to you and many were shaken out. I have to admit I was shaken out a few times when I first started buying bitcoin in 2018, but became much better at DCAing and hodling with experience. About half of my portfolio is now in bitcoin, the other half in stock market.

But I did get to the point where I thought if it doesn't make a breakout by end of October or sooner I would start selling, at least some of it. Well I am glad I didn't because I think we may be out of the woods and finally start to see the rewards. Longer periods of consolidation usually translates into greater upside. No pain, no gain! Can't wait for bitcoin options to start trading next year.

I feel like it’s definitely hard to be a HODLer and hang on for dear life especially if you are someone with little means and a little bit is a lot for you but not a lot for the huge bag holders that are used to spending your lot on a week night or something. There have been times where I’ve wanted to give up but I’ve held on because I know deep down that increased value is all there is for bitcoins future.

Yatsan

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Quote from: Rruchi man on October 29, 2024, 11:27:32 AM

No one is above having that feeling of wanting to give up, and you will feel like throwing in the towel more when you have no real source of encouragement, either from other friends, the charts, or a forum like this.

It is difficult to operate as an island; that is why, where you have not been able to encourage and keep yourself motivated, you will need others to do it for you.

This is an importance of being deeply rooted in the forum, because motivation and encouragement can be gotten here.

Another to consider is investing not only money but also time knowing what you are engaging yourself with. Problem is that, many people are still just looking to the part where Bitcoin's market value will reach ATH but not the progress and length of time before such thing is achieved. Volatility exist and that should be an enough reason for holders to be patient of the market. There are many factors affecting the market price and demand and that should be enough to make yourself aware of inconsistencies with profit. It is easy to desire of profit but it will never be, on reaching a particular goal.

Quote from: GideonGono on November 04, 2024, 08:46:04 AM

I always believe that Bitcoin wouldn't fail me, and it would surely climb higher, it might take time or goes down, but I am sure that it would recover and go higher than it had.
So I didn't really get those feeling of throwing the towel.

Good thing that you are not having such ideologies and for sure it would be rewarded over time. Bitcoin has proven itself to cross numerous price ceilings and it will just do so given that it is now being known by more people. Also, it is normal to be in doubt sometimes because that's subjective. What will matter the most is your actions towards that realization whether you will let fear to shadow your investment goal.

Rikafip

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Quote from: Fiatless on November 04, 2024, 02:26:07 AM

In Bitcoin investment at least one is sure that there will always be a bull run and an ATH every four years.

Just because it was like that in the past, it doesn't mean that it will continue like that in the future and those who are investing in bitcoin should be aware of that. Bitcoin is safer than any other crypto currency, but it is still a high risk investment.

To answer OP's question, yeah I was close to giving up on it some years ago, right after I got hacked and lost bascially all bitcoin I had. Luckily I didn't go through with it and kept gathering bitcoin in any way I can.

GideonGono

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I always believe that Bitcoin wouldn't fail me, and it would surely climb higher, it might take time or goes down, but I am sure that it would recover and go higher than it had.
So I didn't really get those feeling of throwing the towel.

Fiatless

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Quote from: Z-tight on November 03, 2024, 04:13:51 PM

Quote from: Fiatless on November 03, 2024, 11:16:59 AM

If you compare the returns from Bitcoin with other investments like stock, real estate, or some precious stones, Bitcoin supersedes most of them. The coin will always be my biggest investment while others will just be a secondary part.

Yeah, but BTC is still risky in its own way, it can rise quickly, but it can also fall very fast, and there are so many investors who will panic whenever the price drops, because they cannot handle it. However, we can agree that some investors will prefer most of their money to be in something less volatile, like Gold for example, maybe because of their age or their desire for risk, even though they know the reward in BTC is greater in the long period.

I don't see Bitcoin as a very risky asset compared to others, after all, all investment has some level of risk. Some people who invested in real estate in my area are facing serious financial problems because of natural disasters like flooding. In Bitcoin investment at least one is sure that there will always be a bull run and an ATH every four years. Weak hands are not mature enough to be in this industry, maybe they should consider other kinds of assets.

fikrett

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Quote from: Iranus on November 03, 2024, 10:57:31 PM

Quote from: TheUltraElite on November 03, 2024, 08:09:42 AM

But completely stopping bitcoin accumulation over a few years would be something like throwing in the towel. That has never happened with me.

I don't think so, people should invest in bitcoin depending on their financial situation, If they are not able to accumulate more and they only buy a certain amount and hold for many years, we cannot say that they threw in the towel. Also, this depends on each person's strategy and plan.

Like me, I decided to stop accumulating more bitcoin when the price crossed $70k a few days ago, I have no intention of continuing to buy bitcoin if there is no major correction even if bitcoin continues to move sideways and stays that way for a long time. The next thing I did was wait for the bull season and take profit, that was my investment strategy and I was happy with my plan.

In my opinion, giving up is when we sell all our bitcoins, don't own any bitcoins, and don't care about anything related to it anymore.

Totally.
It all goes to show that you are free to do and utilize BTC as an investment or something else as you please - nobody pushes you to put your money on it to be in a good position, it should be done responsibly and with a plan in mind to be successful.

betswift

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Quote from: serjent05 on November 03, 2024, 06:14:25 PM

Quote from: Swordsoffreedom on November 03, 2024, 06:59:21 AM

I'm not giving advice but obviously there are pros and cons to diversifying or putting all your eggs in one basket, and it will depend on personal taste.

True that, diversifying is good if and only if the other investment is also good. It will only become bad (diversification) if other investments are put into shitcoins and scamcoins. Like for instance we are invested to Bitcoin and decided to invest in other cryptocurrency then without thinking we just invest on any new projects that is obviously for money grab. In this case it is much better to just stick to Bitcoin than diversify because more likely those other investment will fail.

As for giving up on Bitcoin, I never have any glimpse of thought on that. We have been on the crypto sphere for a decade and we have seen how Bitcoin performs. So we have some understanding about this ups and downs being normal especially the sideway movement before the break out. It is like a calm before the storm.

What about BTC + big alts on the market?
Isn't that a good portfolio for the future to come?
No talk about just baked projects and their coins / tokens.

kotajikikox

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Quote from: Iranus on November 03, 2024, 10:57:31 PM

Quote from: TheUltraElite on November 03, 2024, 08:09:42 AM

But completely stopping bitcoin accumulation over a few years would be something like throwing in the towel. That has never happened with me.

I don't think so, people should invest in bitcoin depending on their financial situation, If they are not able to accumulate more and they only buy a certain amount and hold for many years, we cannot say that they threw in the towel. Also, this depends on each person's strategy and plan.

Like me, I decided to stop accumulating more bitcoin when the price crossed $70k a few days ago, I have no intention of continuing to buy bitcoin if there is no major correction even if bitcoin continues to move sideways and stays that way for a long time. The next thing I did was wait for the bull season and take profit, that was my investment strategy and I was happy with my plan.

It is not throwing in the towel if that was your plan all along and you basically got what you wanted at the end. Some people were forced to sell their bitcoins due to financial instability and never bought again in fear of not having a successful investment. Now that is what I would call admitting defeat to bitcoin. It is unfortunate but I am sure many have experienced this.

Meanwhile if you are already satisfied with what you have done and earned from bitcoin that you stop accumulating or holding then that is okay too. Though I am going to be honest and say that I do not understand anyone who will not continue to buy more bitcoin if they can afford it anyway.

Quote

In my opinion, giving up is when we sell all our bitcoins, don't own any bitcoins, and don't care about anything related to it anymore.

Yes exactly that. Probably forced to do so as well. I can't imagine someone admitting defeat to bitcoin if they see how they profitable it can be.

Iranus

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Quote from: TheUltraElite on November 03, 2024, 08:09:42 AM

But completely stopping bitcoin accumulation over a few years would be something like throwing in the towel. That has never happened with me.

I don't think so, people should invest in bitcoin depending on their financial situation, If they are not able to accumulate more and they only buy a certain amount and hold for many years, we cannot say that they threw in the towel. Also, this depends on each person's strategy and plan.

Like me, I decided to stop accumulating more bitcoin when the price crossed $70k a few days ago, I have no intention of continuing to buy bitcoin if there is no major correction even if bitcoin continues to move sideways and stays that way for a long time. The next thing I did was wait for the bull season and take profit, that was my investment strategy and I was happy with my plan.

In my opinion, giving up is when we sell all our bitcoins, don't own any bitcoins, and don't care about anything related to it anymore.

serjent05

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Quote from: Swordsoffreedom on November 03, 2024, 06:59:21 AM

I'm not giving advice but obviously there are pros and cons to diversifying or putting all your eggs in one basket, and it will depend on personal taste.

True that, diversifying is good if and only if the other investment is also good. It will only become bad (diversification) if other investments are put into shitcoins and scamcoins. Like for instance we are invested to Bitcoin and decided to invest in other cryptocurrency then without thinking we just invest on any new projects that is obviously for money grab. In this case it is much better to just stick to Bitcoin than diversify because more likely those other investment will fail.

As for giving up on Bitcoin, I never have any glimpse of thought on that. We have been on the crypto sphere for a decade and we have seen how Bitcoin performs. So we have some understanding about this ups and downs being normal especially the sideway movement before the break out. It is like a calm before the storm.

alastantiger

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Quote from: JeffBrad12 on November 02, 2024, 08:56:43 PM

It was pretty exhausting for real, but recent break out have been such a fresh air, but if somehow BTC is doing sideways again just at higher price level, then it'd be the most exhausting bullrun ever and honestly
I start to smell such thing to play out, if somehow this retracement didn't get fast recovery after this weekend. but as someone that also been holding BTC for quite sometime, any amount of waiting won't make me sell it.

That should be the spirit and not thinking as others are thinking to throw in the towel. We have been patiently waiting on Bitcoin hence we can wait a little longer, the days of we celebrating our victory is just close. Bitcoin retracing won't last long because the price of Bitcoin will still increase. Bitcoin trading sideways is only a sign that there are still some people accumulating Bitcoin and not people selling. When there's a selloff, the price of Bitcoin will be falling and not trading sideways.

Before Bitcoin starts to increase it used to trade sideways too hence all this should be signs that the time for the market to increase is about to come near. When we feel we're wasting our time hodling, don't sell but buy more. Keep using this strategy and you won't be complaining about the price of Bitcoin trading sideways or falling.

PX-Z

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How can you throw the towel when bitcoin so stable on range of $60k that time you posted which is good indicator for better future. If you are being not patience better go and do something else and don't mind bitcoin price until december.

o48o

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Quote from: headingnorth on October 29, 2024, 10:58:12 AM

The long stretches of sideways choppiness seems like it may finally be coming to an end for now and we are seeing a real breakout. The large up and down swings, neverending choppiness and constant FUD can get to you and many were shaken out. I have to admit I was shaken out a few times when I first started buying bitcoin in 2018, but became much better at DCAing and hodling with experience. About half of my portfolio is now in bitcoin, the other half in stock market.

But I did get to the point where I thought if it doesn't make a breakout by end of October or sooner I would start selling, at least some of it. Well I am glad I didn't because I think we may be out of the woods and finally start to see the rewards. Longer periods of consolidation usually translates into greater upside. No pain, no gain! Can't wait for bitcoin options to start trading next year.

Yep, in fact in 2015 i quit for a while. I thought it was either over, or that at least it wouldn't pump so hard so fast. I got back on it, and i don't blame for myself for not believing, because all the altcoin holders and devs back in time seemed just way too crazy and delusional to predict this one correctly. People were waiting for regulations to the market, but they didn't seem to get that anything they visioned back in time were going to be illegal if those regulations would catch up. And there was so much talk about institutional investors from people who didn't have any experience about traditional financial world.

You had to be there i suppose, because the atmosphere was unexplainably weird and circles were so much smaller.

aoluain

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All that is required is a little bit of understanding, patience and realising a goal.

Understanding - Bitcoins 4 year cycle and the fact that the markets dont do either
sideways, Bull or Bear forever, they come and go in cycles.

Patience - with the understanding of the Bitcoin markets we have to realise if we
want a medium to long term outlook we have to be patient and not succumb to
panic just because the market doesnt do what we want at a certain time.

Goal - set a goal for either taking profit, HODL'ing or cashing out which should be
easy with understanding and patience.

kawetsriyanto

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Quote from: Z-tight on November 03, 2024, 04:13:51 PM

Yeah, but BTC is still risky in its own way, it can rise quickly, but it can also fall very fast, and there are so many investors who will panic whenever the price drops, because they cannot handle it.

BTC is surely a risky investment. BTC has high volatility, the price can change at any time. However, BTC is still a more secure than altcoins. BTC can survive well in crypto industry at least. Even if its has high volatility, its value always showed an improvement in every cycle (4 years-cycle). Everyone must know that every 4 years-cycle, BTC has a new ATH.

Those people who panic, they probably don't understand the cycle. If they know it well, they won't panic. Also, there are people who aren't ready with their mentality when they start BTC investment. So, besides having proper knowledge, BTC investors/holders must have mature mentality as well.

Quote from: Z-tight on November 03, 2024, 04:13:51 PM

However, we can agree that some investors will prefer most of their money to be in something less volatile, like Gold for example, maybe because of their age or their desire for risk, even though they know the reward in BTC is greater in the long period.

Those people who prefer more stable assets, they probably don't know well BTC. If they know BTC offers more significant profits, they must try BTC investment. As far as I know, there are no other assets that offer huge potential profits as in BTC.

Z-tight

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Quote from: Fiatless on November 03, 2024, 11:16:59 AM

If you compare the returns from Bitcoin with other investments like stock, real estate, or some precious stones, Bitcoin supersedes most of them. The coin will always be my biggest investment while others will just be a secondary part.

Yeah, but BTC is still risky in its own way, it can rise quickly, but it can also fall very fast, and there are so many investors who will panic whenever the price drops, because they cannot handle it. However, we can agree that some investors will prefer most of their money to be in something less volatile, like Gold for example, maybe because of their age or their desire for risk, even though they know the reward in BTC is greater in the long period.

Fiatless

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Quote from: Orpichukwu on November 02, 2024, 02:58:34 PM

Quote from: BitcoinBarrel on October 29, 2024, 12:02:36 PM

I don't think it is wise to go all-in 100% into crypto, but it is a beneficial medium for exchange and store of value.

I agree with you on this too. It's not safer to cast all eggs in one basket, even on what's considered the safest thing. There is still a need to consider diversifying into other things.

It does not only reduce the risk of losing it all, but it also creates a chance of benefit from other things in different seasons, especially if the reason for buying is for investment purposes and not just for holding sake.

It is a good business decision to diversify your assets to other investments aside from cryptocurrencies. But you will also agree with me that those who invested only in Bitcoin a few years ago have profited greatly from their investment. The currency has proved over the years to be a reliable investment. If you compare the returns from Bitcoin with other investments like stock, real estate, or some precious stones, Bitcoin supersedes most of them. The coin will always be my biggest investment while others will just be a secondary part.

Slow death

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I remember a few years ago when the price broke $20,000 it kept going up to $69,000 but then it dropped to $15,000, so I learned a lesson from that, and the lesson was that whenever the price goes up a lot after a halving and there is some sign of a drop I should sell everything and wait for it to drop a lot and hit the bottom so I can buy again and hold for years. I know there are a lot of risks in this but I feel comfortable using this strategy. That's why I don't see selling as throwing in the towel. I always think that we have to know the right time to buy and the right time to sell.

Quote from: https://cointelegraph.com/news/btc-price-liquidates-200m-bitcoin-risks-66k-pullback

Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M

source: https://cointelegraph.com/news/btc-price-liquidates-200m-bitcoin-risks-66k-pullback

and analysts are already making their predictions

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: ?? on ??

I almost sold out a few times myself, but sticking with DCA paid off. Glad to see the breakout now.

I dont think selling should be considered equal to throwing in the towel. The later is more in lines of quitting - I will not take part in bitcoin ever again - type of thinking. Selling is an important part of the cycle, something that many stubborn users will never get in their heads. You can sell when you are in profit depending on your need for money, which is why you invested in bitcoin in the first place, to make money - the truth.

Now if you are not selling, that is also fine.

But completely stopping bitcoin accumulation over a few years would be something like throwing in the towel. That has never happened with me.

Swordsoffreedom

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Quote from: Orpichukwu on November 02, 2024, 02:58:34 PM

Quote from: BitcoinBarrel on October 29, 2024, 12:02:36 PM

I don't think it is wise to go all-in 100% into crypto, but it is a beneficial medium for exchange and store of value.

I agree with you on this too. It's not safer to cast all eggs in one basket, even on what's considered the safest thing. There is still a need to consider diversifying into other things.

It does not only reduce the risk of losing it all, but it also creates a chance of benefit from other things in different seasons, especially if the reason for buying is for investment purposes and not just for holding sake.

If it's crypto that means altcoin inclusion is really a bad idea but if it's only bitcoin I think it depends. Because diversifying or putting all your eggs in one basket has its pros and cons, and nothing is perfect.

Diversification is suitable for people with significant capital and can help us minimize risk but we will not achieve maximum profit. Meanwhile, if we have a small amount of money and put all our eggs in one basket, we will face more risks. But in return, it will help us to achieve maximum profit, bitcoin is considered as the best profitable investment so if we invest all in it, our profit will be much better than diversification.

I'm not giving advice but obviously there are pros and cons to diversifying or putting all your eggs in one basket, and it will depend on personal taste.

Topic: Were you close to throwing in the towel on bitcoin? (Read 763 times)