Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Even with less than 0.05 BTC, I am drastically “overinvested” in BTC as % of all the money and investment assets that I have.
From the various stories that I heard form you.. it does not sound like 0.05 BTC would be overinvested, and there are not too many scenarios in which 0.05 BTC would be over invested, but I suppose you can make those kind of determinations if you believe that they adequately describe your situation in terms of helping you to figure out how you want to act going forward, if at all.
Jay, I just lost almost all of my assets. 0.05 BTC is a lot of money to me right now!
I have already leaked way too much information about my finances; I don’t want to give exact, or even approximate numbers on what else I have. But for a real-life reductio ad absurdum, let’s put it this way:
When I hit a personal local bottom in 2017, I knew that I had to get some Bitcoin. At some point, a family member gave me local fiat equivalent to about $400 for food and other basic survival. I used half of it to buy BTC. Would you call that “overinvested”? If it had subsequently crashed, and I had declared “strong hands”, would you have said that I was unworried only because I had too little BTC to care?
I spent the next five years building up a decently-sized holding. Not whale-sized, but respectable Bitcoiner middle-class. I was well on my way from rags to riches.
I am not nearly so badly off now as in 2017, but 0.05 BTC is suddenly a huge amount to me. (Thanks, margin account!)
Of note, 0.05 BTC is now money that I cannot afford to lose—in the sense of “don’t invest what you can’t afford to lose”. Am I “overinvested”? Should I hedge with some fiat by mindrusting?
Again, what is this POS type of talk?
Fuck off with your nonsense.. You should know better than that. I am not talking about proof of stake.. are you fucking retarded? just asking for emphasis sake.
When you tell me something fucking retarded, then maybe I should also tell you to fuck off with your nonsense:
Let the market burn, as I frolic in the sunshine!
I think that we have already established that no coiners and low coiners have tendencies to be assholes in that kind of a way..
Therefore one of the likely strongest solutions from contributing towards mitigating your asshole tendencies is for you to get a meaningful and substantial stake in our lil precious.. so get out there dear trooper/soldier and get in the mode of stacking some sats.. stack a meaningful and substantial amount.. nothing whimpy like some other members... who will remain unnamed.. at least for the time being.
It would probably apply to most people. You are talking to me, not to most people. I was patient before: I only made a few snide remarks about your use of POS language. Well, fuck off with that nonsense.
About 20 years ago, I took a drastic realized loss in the stock market. The loss was in a fiat currency that I despise in principle, so I laughed and walked away. “It’s only money.”
In the past five months, I have devoted my life to struggling to save my BTC that I betrayed by foolishly collateralizing it. Months of private hell, clinging to my BTC. I lost it anyway. Now, I am in grieving—grieving. It is not “only money”. Bitcoin is money, and it is more than money: To me, it is like a living creature.
Fuck off with your nonsense that somehow I don’t care enough because I don’t have enough. You are insulting me, and rubbing salt in an open wound.
To any extent that I may wish to see the bear market continue for awhile, it is only a desire not to get fucked both ways as I know often befalls people who lose their coins. That leaves me as a more extreme, quite panicked and desperate version of the happy Bitcoiner in the bottom panel here:
But frolicking in the sunshine is irrelevant to that. Diamond hands DGAF—this is fine, and this is even fun. It’s just what I do during bear markets—as long as I am not at liquidation risk, which now I am not. It is what I did in previous bear markets, when I had much more BTC safely in my wallet where it belonged!
Gold had a two-decade extreme bear market. Anyone who bought gold at the wrong time had to wait an awful lot longer than four years to be not underwater. I also think that was a politically motivated economic attack, though I don’t want to get into off-topic discussion here that will derail into other matters. (I have mentioned this in some prior post, a few weeks ago... Something about gold-producing countries under international sanctions.)
Only fools declared gold dead. Smart people bought gold as low as ~$260, not so very long ago.
If we can escape from erroneous thinking about Bitcoin as “like a stock”, and really start treating it as digital gold, then there is ample precedent for shrugging off much worse crashes and bear markets than I now anticipate. As bad as this one is. Even if we are still nowhere near the bottom—maybe; maybe not; I am realistically pessimistic, but not prepared to make a call either way.
Only fools declared gold dead. Smart people bought gold as low as ~$260, not so very long ago.
If we can escape from erroneous thinking about Bitcoin as “like a stock”, and really start treating it as digital gold, then there is ample precedent for shrugging off much worse crashes and bear markets than I now anticipate. As bad as this one is. Even if we are still nowhere near the bottom—maybe; maybe not; I am realistically pessimistic, but not prepared to make a call either way.
1) bitcoin is not gold.. it is likely about 1,000x better than gold.. but still could take 50 to 200 years or more before shown in bitcoin's price relative to gold's price.
2) if you sufficiently understand bitcoin, there is likely little to no need to have gold in your investment portfolio apart from various Armageddon scenarios that have less than a 1% chance of happening. .. so maybe you would have 1% in your portfolio at most.
3) you do what you want in terms of your choice to allocate any resources to gold... it's a free country.
You entirely missed my point there.