Topic: Were you close to throwing in the towel on bitcoin? (Read 791 times)

Transaction fees and possibly the split in the blockchain, the FUD that went along with that sequence of events was probably the peak in people negatively considering the position of BTC long term.

Ironincally in 2017 along with those events the Communists banned the concept of BTC and I think halved the price before it then quadrupled.   The upset and volatility and even the massive fees didnt manage to fell Bitcoins prospect long term.  The year after was a long sell off but again Bitcoin was fine.

Future events I think also will be volatile and negative news at times but people with reference to past should be a bit more confident.   The last thing anyone should rely on for genuine sentiment is the price, its not really a valid indicator especially when we are measuring in dollars.

No, I've personally never been close to throwing in the towel because I actually believe in bitcoin and it's technologies.  For me it's never really been about the price.  Yeah sure I want it to continue to rise in price, but that's just because it means it's getting more and more "adopted", so it's growing as a currency.  The only times I've ever had any doubts about bitcoin is not about bitcoin itself, but it's about people.  People are inherently dumb, so that's what worries me at times.

Thats sounds like a better definition of throwing in the towel when it comes to bitcoin.

You might not be trading but you are observing like a wolf on a prowl waiting for the discounted price to appear to buy it, it means you are still in the game.

Most of us should maintain in this situation unless financial and personal reasons remove us from the market completely. That said, traditional markets are something that every bitcoiner should also learn about. There is nothing bad about them and they act as cushions when the bitcoin market is stagnant.

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.

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.
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.

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.

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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.

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.

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.

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.

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.

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.
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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.


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

and analysts are already making their predictions

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.

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.

No.  Not even once.

Of course all my initial investment and massive profits have been taken off the table and I'm letting "house" money ride.  😎

BTC has literally been life changing.  There's no way I would sell off and no longer be a part of it. 😁

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.

Because we are in this forum, and what is conveyed is all true.
And what I appreciate is that this forum is filled with great people and they provide the best information by doing good research and also sharing very good experiences so that many people trust this forum more than news or information elsewhere, and can also learn from their experiences that can motivate many people.
Those who are out there and spread information or predictions only for personal interests or some parties that are not necessarily true and beneficial to many people, then I also trust this forum more than out there. And besides that, there are many benefits besides very good information and also very useful knowledge for me that allows me to develop, which I might not be able to get out there.

For a forum on which the creator of Bitcoin made on then its understandable that this place would really be the sweetest spot for you to get Bitcoin or crypto related information on which you could be able to read up
and able to learn along the way. As for the question of being too close on throwing up the towel on investing on Bitcoin then there are really times or moments that you do have those kind of doubts specially when the market is really that extremely bleeding or something that you do have those thoughts that it might be going into those previous prices back into those previous cycles. There are some who do able to hold up and there are those people who do able to panic sell because they cant be able to handle up their emotions on which on the moment that the market do make out some recovery then this is where regrets do happen.
It is really that important that you do know on how to make sensible actions basing up into your investment whether it could make out some benefits or would really be able to have effects.
So it will be better that you should really that invest on the money that you can afford to lose.

Definitely this bitcoin forum is the best place to get valid information about bitcoin. If anyone wants to get a better idea about Bitcoin, I would always suggest him to stick to Bitcoin Forums. Other Social news feed is really full of garbage because most of the news feed publish nonsense information from which investing or trading with information cannot be successful. I've looked through the newsfeeds of a few media outlets and I can't find anything consistent with their predictions. Many new less experienced people may trade or invest by trusting such news feeds and if one makes such mistakes they will not find success. So I would always recommend to stick to Bitcoin forum as Bitcoin forum can give you right idea for proper information.

I am being very honest when I say this, but that thought never crossed my mind even once, and this is not because I have an iron will or anything like that, it is just I took a look at bitcoin and at the economy and I cannot really conceive a scenario in which bitcoin does not succeed, and when the crash happened after the 2017 bull run and the price went all the way to 3k and even then I still did not felt any urge to sell, I knew that I could be a long term holder.

They don't always have the best advice because they don't do any research but give advice based on emotions. There was one that I was observing and his reaction aren't always accurate yet he had lots of people still following his videos and commenting on his videos. What I think happens is that some people follow people that give them some hopes and they don't care if what they're saying are true or not but just what to stay positive by being lied to.

When the market is dumping, you don't have to lie that it isn't and this is a shake off to scared weak hands when it isn't true. There are times when there are shake off but not always because the market is dumping after a pump. I can't give up on Bitcoin when Bitcoin is my only hope right now because there's an economical crisis in my country and not many good job available again.

This not true, a bitcoiner should decide for themselves how much BTC they want to buy and how many percent of their overall investment they want to put in BTC. In my personal opinion, it is not even recommended for BTC to make up all of your investment, you should diversify, i don't mean buying altcoins, i mean buying things like real estate and other investments that are not other cryptocurrencies.

People get bored and tired due to the long waiting period, but you should not give up. I do not think I was about to give up regarding Bitcoin because I have a strong belief that the goal will be achieved in the end, even if it takes a long time.

For those who hold Bitcoin for the long term, the best thing for them is to look at the rising and falling indicators because these indicators can burn the nerves, so it is better to stay away and relax while they wait for their goals to be achieved. Because those who rush and give up will regret it in the end.

Before I became a member here I never had any intention of investing in bitcoin rather the plan was to be doing my normal trading and getting funds to take care of some responsibilities but locating the Bitcointalk forum changed everything about the way I see bitcoin and her investors and the information that comes in here on daily basis has been a good piller to my investment life and I don't think I'm interested in giving up even though the price of Bitcoin falls back to zero. Based on what has happened in the past to the earlier adopters of bitcoin I wouldn't mind if the price falls back to $1 because at least I will have the opportunity to buy for my self my children and the next generation to come in my family. Bitcoin is liberty and Bitcointalk is the information gateway for all bitcoin investors.

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.

Bitcointalk is a very useful and helpful resource. It has never occurred to me to give up on Bitcoin. I have come too far now to quit. Bitcoin gave me financial freedom and the privilege to do some good to humanity, I don't think I will ever throw in the towel. If it is going to go to the moon, want to see the end of it. If it is going to crash to zero, I still want to see it. I'm here baby and ain't going nowhere.

This condition is quite normal especially for beginners but in the end this also proves that in the end they are not really sure of what they are doing right now which makes them so worried and release the bitcoins they have just because of unfounded worries.

Whereas if they remain confident in their choices and do not waver when they are in the middle of the road, of course this can actually be minimized, it's just that because of the focus on value and increase and not paying attention to the risks and the worst possibilities that occur, they cannot control themselves so as not to panic too much in unfavorable conditions, especially when bitcoin has decreased.
Although in the end all must have felt this where their worries look bigger but on the other hand we must be aware and remain confident in the initial decision that our choice is right, and that can be done when we continue to learn about bitcoin so that we can be absolutely sure that bitcoin will be profitable especially as a long-term investment.

The thing that keeps me vested is knowing the technical fundamentals of bitcoin are still as sound, and stronger than ever. That helps me fight the FUD.
The hashrate keeps going up and making new all time highs, which means the price will naturally follow. To me that's all I need to know.

Bitcoin is still the most powerful and most secure computer network in the world by far, and more importantly is the most decentralized network in the world,
so there can be no single point of failure. Bitcoin was made to do only one or two things, but it does them incredibly well.  

When you start adding a bunch of new features and parts to something, you just introduce more ways for it to fail and compromise security.
Then what you are left with is just another crappy useless altcoin. All bitcoin has to do is keep being a tremendously secure store of value,
that can be delivered anywhere in the world in an instant. Just as Satoshi always intended...Keep it Simple Stupid! The beauty of its simplicity is what makes it revolutionary.

You should have made up your mind that bitcoin investment is not such that you’ll rush into seeing the success of it just short time after investing in them. It takes sometime to reap the reward and if little consolidation and delay in the expected bull run is making you feel some kind of way not to trust bitcoin, it’ll only make you not to be a better bitcoiner and will always be making a lot of mistake in selling at loss or at little profits when you’re suppose to maximize those opportunities of having to invest earlier in it before the bull run. The bull season will come, you just need to take a sip and relax with patient as the market does its own part.

I don't recall when exactly I quit the forum, it was certainly after Bitcoin plummeted from $20,000, probably after a few months of seeing no positive changes, I started believing it was pointless. Took years before I even checked Bitcoin's price, if it still existed and how it performed. Long story short, I joined during Covid19 quarantine, either in late 2020, if I remember correctly. It's been over 3 to 4 years since then and I haven't thought about selling not even once.

To be honest, I haven't thought about which will be my selling point, because if I'm anticipating it's going to $80,000, then I'd want to wait for $90,000 or $100,000.

Is it too early to let go of your holdings just because Bitcoin hit its ATH this month? November is just around the corner and you should think twice about it. We are heading towards a dwindling supply so please take good care of what you have. It is okay to sell some of the bitcoins you have accumulated since 2018 because they are well worth enjoying after the long journey. The coming year will be full of surprising mysteries, massive adoption will continue to come and we should be ready for something bigger.

Back in 2016 when I started out the FUD was tough to wade through. We had forum accounts here making FUD everyday about many topics, and it seemed as though nobody could be trusted, which is true even today. But one thing was for certain, bitcoin was sure to go up and it did go up from its price of ~700$ to 70k$ today.

I have never been one of those people who quit. But to be that strong willed, you need to have a cushion to rely on. For that I always suggest people to have a stable job. Keep investments in traditional markets along side bitcoin. Those good number will calm your mind when bitcoin crashes which is not uncommon.

You are right because naturally we will definitely reach a point where we want to give up because of some events that have happened, especially in relation to investments that may have often experienced losses before. But giving up on the situation also does not give any results and we need to introspect and see where the previous weakness is so that by knowing it can be fixed for the better. Experience teaches a person to be stronger and with experience we know the mistakes that need to be fixed.

The tendency for people to do day trading/gambling or whatever is very natural because we as humans have desires but we also need to set targets in achieving a more profitable holder level about bitcoin. If the concept is clear then I am sure we will slowly become better with increasing levels of experience.

Some just can't bear their mind on the fact that they are - loosing - money.
If they did dig a bit deeper they would know that that's not the case with BTC. It will eventually bounce back and break its ATH.

I've got a hold of myself not looking at charts or prices at all, and even when I saw +15-20% on my BTC or an alt, I still didn't want to get rid of it to get the profits. Because I know what's to come.

I think if you have only half of your investment in bitcoin, you are not a true bitcoiner.

I'll reconsider if your stocks are in BTC ETF or in MicroStrategy shares.

Me? I'm more than 100% in Bitcoin. I leverage fiat to buy bitcoin.

I have never regretted buying, at any price. My only regrets is when I sold or lost bitcoin.

And I don't ever get happy to see the price pump. Because I know the price will go up. I just wish the days of $20k BTC from 2 years ago would come back.

When you see the price dump, you lose intetest, you get FUD, and you start to sell. I just buy more.

The name of the game is to buy low, not sell low.

Wanting to give up is in the nature of the hodler. The secret is to master the control of that feeling.
That's how it is for me, anyway. All of a sudden, you are not looking at the charts so often anymore and your Bitcoins keep growing in value.
You guys might have a different idea of it but the principle stays the same. I sometimes really have the feeling that I need to day-trade/gamble/whatever, then I at least leave the hodl pile alone.

2025 would be the final judge of the decisions made now, whether to hold or not 
But I do think BTC will, as always, deliver.

having the right set of people around you is quite important and essential for our Bitcoin investment journey, and also being able to identify any negative folk around you and making efforts to stay away from such fork's is very important for your mental well being and peace of mind because when it comes to Bitcoin investment, you need all the motivations that you can get and any form of funds and negative experience sharing can kill that motivation around you, so for sure we have to keep that in mind all the time since is very essential for our growth.

Bitcoin price could be very stressing if you keep looking at it all the time and for that you have to buy in the Time and only check when you need to sell some of your Bitcoin and not checking the price every minute or days, because that can burn out your motivations, majority of the time that we come across some bad experience, there are all originated from various fuds and crisis that are individually ignited and that doesn't fit in all the time and there is need to work on that state of things if we really want to make progress at all time.

In the early stages of my life, I didn’t have the full faith in Bitcoin that I do now. But as I grew older and went through many of Bitcoin’s cycles, I realized that there’s no giving up and no turning back with Bitcoin. Whoever knows the truth about Bitcoin and its volatility and has believed in this and decided to maintain a long-term perspective of his holdings will certainly not be affected by any negatives, as they create these negative news stories to push out weak hands and anxious investors from the market. Psychological factors and confusion are integral parts of this game. Those who overcome them can see Bitcoin now above $70,000 with a big smile.

Bitcoin will not stop at this, as the trend is still positive and upward in my opinion, and we may target 80 thousand soon this year. I am committed to my plan and the target price, and if what I want is not achieved this year, I will not lose anything by waiting patiently like you OP. The most important thing is to stay strong in your journey and not lose patience, no matter the cost.

I personally don't feel that I will give up with conditions like this, even though it sounds like someone who is naive but in this case I think my choice and my belief remains the same for bitcoin so why give up halfway before my goal can actually be achieved in bitcoin.

I've been in worse situations than this when bitcoin went through a crazier decline and I still survived so a correction like this certainly won't make myself waver just because of a slightly declining price problem which is normal because indeed one of the characteristics and uniqueness of bitcoin comes from the volatility that occurs.
We have felt deeper than this and still survive so when a correction that is only not much makes us soft it will certainly be very funny especially with the actual movement of bitcoin which is still very positive.

No, I always kept in mind that the final months of 2024 would be very positive for Bitcoin. Of course it's normal to feel insecure when Bitcoin crashes deeply without apparent reasons, but when you are focused on long term goals, you don't throw the towel. In every cases, new crashes are still possible for Bitcoin, as there is a monthly pattern going on, where in the beginning of every month the price of Bitcoin falls, until recovering and gaining strength between the middle and half of the month, as we are seeing.

Never.  As a financial professional throwing in the towel on "investments' that you believe in tends to be one of the worst decisions that one could actually make.  Keep in mind that you technically don't "lose" anything until you sell ( or gain for that matter).  Until then it's considered an unrealized gain or unrealized loss.  You still maintain the same number of shares ( or coins, in this case ) and although the dollar value may be down, when it comes back up , since you didn't sell, you'll have the opp to grow right back with it.  otherwise trying to time the "market" is mostly futile.

I start selling if I gets taxed on the gains.

BTW. You can get most popular cryptos at a regulated exchange in Denmark. Taking about crypto friendly nations.

Not your keys. The shares still belongs to you! Regulated.

If anyone has been holding bitcoin until now then I don't think that they will be selling anytime soon.
In fact, now is the time to HODL stronger since we are near to ATH and can see a new ATH price soon.
The resistance is strong though but since we have been testing this range for quite some time now, I think we will be hitting new highs soon.

You are right, throwing in the towel on bitcoin is much more easier for newbies who lack enough experience of how the market works.
But when one has been in this space for a while, let's say a few years, and have seen the bear and bull season come and go, they become better experienced and also learn to hold no matter the condition of the market.

I actually had no goal or intention of selling any of my bitcoins even if there was no positive movement by the end of this October even all through November and the coming months, in fact, I planned to buy and save more bitcoin if the price remained in the levels it was like a week ago, but all the same, I am very happy that the price has began moving up, my only prayer now is that Trump wins the coming election, this event can speedily take the price of bitcoin to $85k and $90k range, or possibly usher us into another era of bull run.

I think majority here whenever they talk about cryptocurrency investment they limit it to only bitcoin alone and not the other Altcoins. So even if you wish to invest into cryptocurrency (bitcoin only) I still don’t see it as a wise decision to actually go all in and invest all you have on it, this is not actually doubting that bitcoin wouldn’t do well in the future but it is a volatile asset amidst all its numerous advantages and as such to be safe from Situations like the throwing in the towel one needs to actually just diversify to other assets and then invest the other half portfolio into bitcoin this way you don’t get to panic in periods of fud and stuffs like that


It will be bad not to credit most of the posts from this forum on how they try to actually rally on up that this are fuds and bitcoin will bounce back, I can categorically tell you that some members here grew patience with bitcoin sideway movement and kept on holding due to the nice encouragement some earlier adopters share here, i believe without such many newbies might have panicked and sold at loss

Today is the day we correlate these mistakes made.
Because we came prepared for them and to help others.

I had a good opportunity to own bitcoins in the first years of its existence, but I, as the OP writes, the towel., believing that bitcoin was worse than the money I was paid. Later, I also lost patience several times as a newbie and saw these "roller coasters" of rise and fall in prices. But yes, the forum can cultivate patience and teach us to have strong hands. Today, there is enough information about bitcoin so that newcomers coming to it from the first days have good faith and regularly invest in it, without losing hope for the growth of their funds in the future.

it's always been that way along your investment journey most expecially when your expected returns is not coming forth as fast as you had wished it did. The thought of selling will always come to mind but then, the way Bitcoin has recovered even passed $72k and has almost gotten to the last ATH is an indication that Bitcoin is worth waiting and we might just be in for more up runs.

The longer you stay in the market and have witnessed a lot of the market condition, the easier it becomes to get used to FUD and hold through the bear and the bull. The thought of diversification usually comes when you feel your accumulated Bitcoin is enough to be splited into two such that a portion remains in Bitcoin while another portion could go into another sector. It's a safe approach that when followed up the right way can still be beneficial to an investor that's Bouyant enough to diversifying.

FUD is something newbies feel whenever the market move in a funny direction, I’m surprised op started investing for so long and choose to let FUD distract his main focus. I actually believe in continuous practice and learning like if engaging always will build your thought about bitcoin, we all don’t know the right time except for an investor who is desperate about bitcoin market meanwhile investors should set a target so they know what they want. Quitting will only make things look worse because I have seen many in regret due to lack of bitcoin knowledge, hold bitcoin instead of quitting and I can’t imagine such, investors holding till date know what they’re doing except you’ve reached the desired target not the case of FUD.

Bitcoin is a good investment but honestly putting all your eggs in one basket is not a wise decision. Once it is called investment, it means there will be risks, no investment is absolutely safe. Not to mention, the higher the return, the greater the risk, and although bitcoin is safer than altcoins, it is still a volatile and highly risky investment.

That's in theory and many people say they don't put all their eggs in one basket but I don't think so, I guess most people invest all their money in bitcoin. From what I observe, people are betting big on this bull run and it is no surprise that they are taking risks in search of big rewards.

I have no problem investing all in bitcoin, it is risky but if they are aware and willing to face the risk if it happens. I mean as long as people are aware of what they are doing they can invest wherever they want.

Giving up before fighting is caused by doubts that arise from not knowing what will happen when facing new challenges. Mental strength is essential and supported by realistic expectations, hearing advice or encouragement from more experienced friends can illuminate your journey. There are many users here who can be mentors to make it easier for you to get encouragement to keep moving forward, try to suppress negative emotions and hone your skills to achieve success in Bitcoin investment.

That depends on how you believe in Bitcoin. For Bitcoiner, they really trust Bitcoin will be rise again at the right time. If this time Bitcoin still not moves good, that will be okay for them because they can wait for more. They will have more chance to accumulate more Bitcoin by DCA so they can prepare many Bitcoin that will be ready to sell at the new ATH.

If you don't have patience to wait for the coming, you can sell at any price you want. But you should not regret if you see the price start increase. We may not know when the price will start increase but we have many tools that can tell us if the price start increase. Besides that, you should have a target price to sell so you know when the time to sell. Just stay calm and don't panic.

That is understandable. As a hodler, this is one of the things we need to fight against. I do think it is normal especially for hodlers that are not exactly wealthy and any money you have is needed to pay for bills and would help your family. It is not the same for rich people who still have an excessive amount of money even with other investments.

I personally have not thought of selling my coins due to the price. There were some times where I planned on selling my bitcoin in case something really bad happens in my life but thankfully I have not reached that moment so I did not have to sell my bitcoin. I feel very confident in bitcoin and I am so glad that my trust in bitcoin is being justified now. We are up for a crazy ride these next few months.

Why do people prepare their finances for certain conditions and they prepare a percentage of their needs in life so they don't have to sell bitcoin before the ATH target is reached. When all the money you have is in bitcoin then when the price drops it will have an impact on losses and whether you like it or not you have to sell some to meet your living needs. That's why it's important to have a strategy and not force all your money to be in bitcoin as an investment step that is taken.

If you apply a long term strategy then there is no need to sell half because you can wait for the next ATH to get maximum profit. Even if you sell and will re-accumulate purchases then you will likely take an accumulation approach at a much higher price and it is better to wait for a period of maximum increase.

I thought you "became much better at DCAing and hodling with experience"? You seemed to have given up in the end. What if October ended with Bitcoin at $55,000? Would you have sold?

You're lucky, Octobers are mostly bullish for Bitcoin. Had you given the breakout an ultimatum of up to September, you would have missed a good chunk of profit. 

But if you're thinking of selling now, you should think twice. November is also more or less generous to Bitcoin. $80,000 might be nearer that we think.

It's an advantage for the early adopters that have held for so long. And it is a wise decision to diversify the bitcoin profits into other assets, digital or tangible ones. You have to reap and harvest your profits with how long you've been holding and that's a reward for how patient you've been all over these years.

If crypto means including the altcoins, it sure is. But Bitcoin is actually a good one to hold if someone is a maxi or 100% all for it and as you've said, it's a beneficial as a store of value and that's only proving itself year by year and every cycle that comes. I know that you've got more experience than the rest of us here and I think you're now onto the point of trying to diversify and have your assets elsewhere but you'll never leave crypto. 

I’ve been there too! Those long stretches of sideways movement can really test the patience. It’s tough to keep the faith when the FUD kicks in, and the market feels unpredictable. I started with Bitcoin around 2016, and it took a while to get comfortable with the volatility. Learning to stick with DCA and hodl strategies helped me through those choppy times too.

I had considered scaling back if things didn’t improve. But now, it feels like sticking it out was worth it. The longer the consolidation, the bigger the potential reward. Looking forward to seeing how this next phase plays out, especially with Bitcoin options on the horizon!

The most common reason for some to have thought in this regard is when they lack the knowledge in bitcoin and have made a serious mistake they thought about avoiding beforehand if they have been aware of it, sometimes ignorance cost us and we may not recover from the costly price paid, but is it not more interesting and suitable for us to make sure that we are well informed before those things happened.

Yup, that's it for those that have been patient with the market. But please don't time the market because this is what many does.

They think that it's going to go according to what they think but it's harder to time it on the specific period that you have placed.

It's better to give price ranges on when you're going to sell and buy and not giving time as if you'll do this and that.

Lmao, this is not the first time bitcoin is making people to throw off the roof with they bags wide open to dump the shit loads of bitcoin into the market cashing on the temporary price breakout 😜such events are quite popular and noticeable in the bitcoin market.

But ultimately the question is, what becomes the gain when you let go of your bitcoin holding for such a low price of 70k or even 80k bitcoin price when you can hold your asset and earn and control your freedom, remember you only lose when you sell, so holding is the most important.

No any ace or experienced investor will advice anyone to go all-in 100% into crypto without having some of his assets divided into other physical investments or at least, share his assets with the few strong altcoins aside from just leaving all his assets on bitcoin alone. It sometimes depends on the level of knowledge and commitment one may have gathered over the time, before you can decide to either hold a majority of your assets into bitcoin and other cryptocurrencies.

My stronger advice will remain that you invest a part of your money into physical assets while also exploring the cryptocurrencies. Some promising physical investments may include real estate and gemstones. These two examples of investments tend to have a strong wielding purchase power amidst any economic instabilities the world might be facing.

If you've been here on crypto space or trading or holding up Bitcoin since 2018 then pretty sure that you do already have that experience on that bull run cycle happens or simply the with market cycle about ups and downs on each trend period. It is really that hard to believe that in year 2024 on which you are really that almost selling out your Bitcoin just because you haven't seen any increase on this year? On the moment that you have been able to realize on how market volatility works or behaves then you do already make yourself that getting numb on whatever market volatility that you will be able to face on, but since we are just human beings on which having emotions then it is really that normal that there are really times or moments that you will really be having that kind of emotions on which you will really be having thoughts whether it is really that ime to sell out your position and focusing into other venture specially if you've been holding for very long time. Basing up on what you have said or mentioned that  you do keep on DCA'ing on which this simply means that you have trusted up your Bitcoin investment on which i have said earlier that it is really just that too impossible that you wont really be able to have those realizations along the way in regarding about Bitcoin volatility. You will not be making up those steps or actions if you arent that taking up such risky option to take. There are really indeed those times that you do lose hope but if you are someone whose not good on handling your emotion then you are susceptible on having these mistakes.

The fact is that, as long as the price keep going higher a d there are opened sell orders, it shows that someone somewhere is throwing off some bags holding of their bitcoin, and while some are long term bitcoin holder willing to let go of their lower bought bitcoin, other are short term bitcoin speculators who just buy and sell bitcoin along with the market volatilities.

Bitcoin is way up right now, and in the coming days, we may like see more pump in price and possibility that we could record a new all time high BTC price before the beginning of next month, the current price alone is making some investors to go over the board with speculations and possible profits taking.

I've realized that the most important thing is to stay calm and not make rash choices.  It can be very tempting to panic sell when things are going down or to frantically buy when there's major hype and FOMO.  But generally those knee-jerk reactions end up losing you money.  The smartest move is to keep your cool, follow your plan, and try not to get caught up in all the day-to-day volatility.  I'm still being pretty cautious personally. We've seen many "breakouts" but then things headed south again.

To answer your question, I still occasionally spend a few satoshis to buy things online, but I've never once thought of throwing in the towel.

I have experienced 3 cycles now, so in my case, any of the choppiness just allowed me to DCA more sats. Conviction rock solid.

I did throw in the towel in late 2017, after BTC peaked at around 20K, selling for around 16, and then rebuying all a few years later at 3-5K level. But that was the last time I ever sold. HODL rock solid since then...

Throwing in the towel is a product of how many bitcoin cycles you have been a part of.

Propensity to throw in the towel:

0 cycles: High propensity, desperate to "catch up" and no understanding of hodling
1 cycle: Medium propensity, you remember getting a 3x return, somewhat fearful that history won't repeat itself
2 cycle: Low propensity, you have seen an order of magnitude expansion of your wealth, good things can happen
3+ cycle: No propensity, you have seen it all, bitcoin don't care how you feel, life is good

It is too early to reach to a conclusion. It is very much possible for Bitcoin to go down by 20% in next one day. And it is also possible to go up by the same percentage at the same time frame. So Bitcoin is still a very volatile asset and you should not be jumping around in joy just because Bitcoin had breached 71k level.

So chil l and enjoy the upward momentum. You can also choose to book some profits to recover the invested money. Just don't become too cheerful seeing the current momentum. Anything can happen!

Dont short a dull market, dont sell it dont doubt that all these prices have been quite positive even if boring.  I agree it likely forms a better base for future movements above the 70k area.

If anything I would prefer BTC to take longer, this whole year was fine.  Some still estimating or hoping for 100k this year imo would be destructive overly volatile movement and not constructive long term.


So no, from experience in prior cycles or even alternate assets this period it was never a time to sell but accumulate and have patience.   Some people can trade a range but most people shouldn't attempt this as it can lead to the mistake of selling an area positive to hold in the long term.
   Some would always hold never sell but realistically people will sell peaks but this whole year buying into weakness was the correct attitude.

Always a believer in Bitcoin, but over the years I decided to hedge my holdings with investments in other digital assets.

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 have never thought about throwing the towel with the help of Bitcointalk. The best place to get valid information about Bitcoin is this forum. Social media and other news platforms are filled with junk that can lead to FUD. Before now, I used to get information from some so-called crypto analysts. I stopped listening to many of them because their predictions turned out to be baseless guesses.  This forum has been my source of motivation, which has made me stick to my plans no matter the magnitude of misinformation flying on the internet.

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.

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.