Adapted from amidst a longer compound reply to Jay and explorer, which I may or may not have time to finish:Not investing more than you can afford to lose helps (which might be another way of saying willingness to ride the investment to zero).
Have you ever seen anybody say, Dont put more money into dollars than you can afford to lose?
(They should, but thats not the point.) Bitcoin cannot claim to be
sound money, when it is marketed under this disclaimer.
Whereas Bitcoins only fundamental value is as money. If its not
sound money, then why bother?
Long term conviction helps.
I state the foregoing from a position in which, if Bitcoin were to crash to zero, I would literally lack food. I am effectually all in with Bitcoin, for ideological rather than financial reasons; and yet, some of the replies that I am getting here, especially what explorer said, are a little bit too close to you dont believe hard enough. Its the kind of thing that draws mutters from rational people about a cult-like mentality, etc. Well,
I do have a Bitcult; but when it comes to serious discussion of Bitcoins fundamentals and long-term prospects, I neither drink Kool-Aid, nor hand it out.