Quote from: ethereumhunter on Today at 10:43:33 AM

At least, @OP did a good job by invest in bitcoin. I suggest that you stop buying gaming stuff for a while because you need to focus on investing in bitcoin.

For sure, a lot of people ask questions regarding which kinds of things that they can give up and not really notice, but for sure some of those same people are going to get anxious if they see a 2x or 5x price appreciation and perhaps want to sell and might end up timing the market wrong or maybe cashing out and then not buying back in the amount of BTC that they sold. There are a lot of ways to screw up your bitcoin investment when you start to value your wealth in various consumption goods.. and start to cash out way too soon, when sometimes there can be way better strategies to cut back on the various consumption goods (whether junk food or other discretionary items), and then once the bitcoin investment quantity gets to a decent sum.. perhaps start to consume those discretionary items with other money while just maintaining the quantity of bitcoin on the side.. for a longer term time horizon of just HODLing... until reaching fuck you status or something higher up in the time to cash out timeline in the even that a person might be considering using the BTC in connection with a kind of retirement status.

Quote from: ethereumhunter on Today at 10:43:33 AM

When you can make a lot of money from your investment, you can buy the gaming stuff anytime and any product you want. Investing $360 in two months is good, and if you can continue doing that, you will have more satoshi and when the price increase in the next month, you will make a profit. But investing like that needs consistency and calm down because the price will fluctuate.

Some people will base their investment quantity on a kind of consideration of something like how much it costs for junk food.. and other people might aim for something like 10% of their income... and sure there could be variance in terms of getting carried away with the amount.. and then maybe even some attempts to time the larger swings in the market too... or setting an accumulation goal and then attempting to merely maintain once reaching the accumulation goals... when you are in your 20s you might be ok. having most if not all of your assets in one asset class, but some folks do like to diversify into other assets too.. and I am certainly of the understanding that so many people lack in having any investments beyond their house so frequently they may have to start with learning about one investment at a time.. and bitcoin is likely a good one for a starting point for people who might not have any other major investments.. and build up to a certain point, whether that is $10k of value or $20k or some higher amount might depend on what part of the world you live in (what are the expenses in that area) and then also what kinds of skills do you have to generate income (some people will invest in education or other ways to attempt to increase their chances of being able to generate higher income with their skills or certificates or licenses or who they know (who you know, not what you know ideas, too)).

Quote from: Kimberl2020 on Today at 12:52:11 PM

Quote from: JayJuanGee on Today at 03:43:26 AM

[edited out]
Thank you. It would be great if I saw your suggestion last year. The cost of my Bitcoin is about $6,000, with 10 coins at the most. Unfortunately, I hurriedly sold it in fear. (That was the first time I faced such a large decline. My heart really collapsed. Because it was a lot of money.) To be honest, when I decided to invest, I never thought I would lose so much. Now I have learned to set profit and loss.

I think that it tends to take a long time to both figure out a strategy that works for you and then to employ such strategy in an effective way and in a long term way... in which you do not get overly excited about cashing out because you are worried about the ups and downs of the value of the investments.. so sure that might be part of the problem in getting rich too quick in one asset class because you start to feel imbalanced and like you have to cash out to preserve what gains that you have made up to that point of time... and then as you experienced, you might take a winner investment and then turn it into something a lot more mediocre or way less than its potential. Lots of people make mistakes in bitcoin, and some people learn along the way, and some other people might get bitter or move over to shitcoins, which might not be good resolutions.. especially if you may well be trying to establish long term strategies that are likely to be effective.

DCA is one of the best and most effective strategies for accumulating bitcoin and also just long term accumulating no matter what the price, especially if you consider that you have a decently long timeline .. at least, in bitcoin there has been a tendency of even coins bought at the top of the cycle to become profitable in less than 4 years (no guarantee that the ongoing profitability will continue). If you are continuing to invest into bitcoin there are still pretty damned likely indications that it is going to continue to perform at least as good as any other investment over the long term..

and surely, I personally don't think that there are any shitcoins out there worthy of investing any more than perhaps 10% of your total crypto value.. at most.. so in my own thinking more than 90% of your crypto investment should be in bitcoin, unless you specifically have some insider knowledge and in and out assurances regarding some other projects - considering that you might be involved in a scam or a pump and dump too... which morally I have some difficulties going down that kind of a path.. in terms of how I want to focus my efforts, my money and my thinking.

Regarding diversification, the threshold for when it is good to do so might be different for each of us, and usually there is some need to diversify into other asset classes, and so when you get to that stage, you might be kind of considering the balancing of attempting to grow funds, not put principle at too much risk, and preserving principle (and even preserving gains)... but yeah, getting emotionally caught up about whether something in profitable in the short term might not be a great perspective, because if something that you believe in, such as bitcoin, is down in price, it may well be a time to buy (or at least just HODL) rather than sell... so then another question is when to sell or just maybe how much to shave off because a lot of people who consider something as a long term investment might either just let it completely ride through the ups and downs or just sell very small portions as the price goes up.. and even that selling could get carried away if you lose sight and end up selling too much too soon.. imagine so many people who ended up selling their bitcoin in 2017 the $1ks, 2ks and $3ks and then the price went up to $20k.. and not even saying that it would have been necessary to sell anything in the 20ks, so long as you were able to ride out the cycle for 3 more years from late 2017 to late 2020 when the BTC bought at $20k became profitable again...

and just by looking that the DCA link that I had provided, you can change the dates in there and then see that a person who ended up investing $50 per week through the whole 4-year cycle (which is an amount that is reasonably within grasp for a decent number of people - even though it may take some ongoing budget balancing persistence), that person would have ended up investing a bit more than $10k but having had accumulated about 1 1/3 bitcoins... which surely is not a bad place to be.. just as a foundation for building wealth that may well do quite well to continue to DCA or just stop the DCA'ing and just let that sit for 10 years or longer.. even though I would recommend to continue DCA'ing until you really reach a status that is getting somewhere close to fuck you status....

One of the potential problems in BTC, and has happened historically is that an investor could well end up investing a reasonably aggressive (but not too much in terms of overall budget) into BTC, then the BTC rises in value way more than any other investments that s/he has.. and that can cause the investor to become emotional too in terms of questioning whether to let his/her winner continue to ride or to pull some out.. sometimes the better situation could be to let the winner ride; however, there might also be a need to pull some value out in order to dampen down some of the emotions that inevitably come from having too many eggs in one basket, and the investor will likely feel much better by having some value in other investments.. and then perhaps once there is value in some other investments, the investor can either continue to invest more aggressively in bitcoin or just let it continue to let BTC ride, once some of the other base assets might be established to protect from the emotions that likely come if bitcoin has a 50% or so dip (where we are at right now) and sometimes bitcoin has had 85% or so dips, such as in 2018, 2020, and earlier periods too.. in 2014/2015 and earlier.. but maybe if we go too far back, people have harder times considering the bitcoin of back then as the same as bitcoin as an investment today.