Quote from: KennyR on December 25, 2022, 10:18:10 AM

He could try to make some more earning through the regular trading practice.

Yes.. take a dumb idea and make it even dumber by employing a "regular trading practice," and losing even more. That's what degenerate gamblers do.. they take one dumb thing, and then they keep adding dumb things.. and at some point maybe they will get lucky, but the odds become increasingly against any of us the more layers of gambling we add on.

Shitcoiners love to do those kinds of things.. and the vast majority lose money.. so bringing that to bitcoin does not make it better merely because it is on bitcoin or related to bitcoin.

Don't get me wrong. I am not opposed to trading or even playing swings but it is way better to have calculated and incremental strategies that largely emphasize bitcoin accumulation and holding that does not count on selling in order to accumulate.. but instead largely skewed in favor of buying, accumulating and DCA'ing-related practices.

Quote from: xSkylarx on December 24, 2022, 03:21:02 PM

Quote from: tisnaislam111 on December 24, 2022, 02:51:04 PM

I thought I would buy 1 bitcoin and save it for 2 years. Because I know Bitcoin's past, what Bitcoin once was and what it is now. I know the current market situation is bad so I want to take advantage of this bad time for Bitcoin. I have faith that I will succeed. So those who thought of buying Bitcoin quickly bought it. Hope we all write a success story together.

If you bought two years ago, you still have profit, and it's big, and I am sure you will still reinvest your profit since it's been so long. I don't know what price you saw two years ago, but it is really far from the price right now. I am hoping that you will write a story that is kind of positive because what I am reading right now is that they are kind of saying that Bitcoin is a scam because they lost their profit (which we experience, but some will say that it isn't true).

If you are considering bitcoin as a long term investment rather than some kind of pump and dump, then two years is likely too short of a timespan, and more likely you should be considering 4-10 years or longer, and some form of ongoing DCA rather than merely lump sum investing and/or buying on dip... even though lump sum investing and buying on dip can also be good practices to supplement DCA buying.

No matter what there are no guarantees either.. so each of us should be attempting to account for the fact that there are no guarantees in bitcoin, even though it seems to have been, to be and to continue to be amongst the best (if not the best) of places in which we can allocate value for the longer term of 4-10 years or longer.

Quote from: MarjorieZimmermanGinger on December 25, 2022, 05:28:28 AM

Quote from: kro55 on December 25, 2022, 04:20:13 AM

If you have a stable income, I will definitely support you, because in those 2 years you can also pay off your debt with your salary. But if you just rely on bitcoin profits to pay off debt and interest to the bank then I think I would object.
We all believe that bitcoin will rise again, but there is no certainty it will rise again, and even more uncertain in the next 2 years it will increase, all just stop at predictions.
It all happened, and I hope you are ok with your choice, but I don't expect you to spread this story to make people do the same, especially newbies.

Impressed forcing what the OP did. Investments made using money borrowed from a bank are not the right choice, tantamount to causing new problems and adding to the monthly installment burden for the bank. The next question is how OP pays off the monthly loan that runs every month, because what I read he uses a long term method of investing in bitcoin. The investment he made was correct, but his method was not quite right.

There's no doubt that bitcoin is a good investment for the future, but taking the risk of lending a bank's money can only make it more difficult. I think the OP made a mistake, it's better to buy bitcoin in small amount than borrow money from the Bank. For the next month, OP will definitely be busy looking for money to cover the monthly installment costs.

I personally don't have any problem with a loan and to take chances that front-loading the investment might pay off better than buying incrementally. Each of us is free to exercise those kinds of potentially reasonable gambles - even with long term investment money.

I think that the area in which OP went wrong was that it appears that he was calculating that the BTC price will go up during the next two years, and he seems to calculate that into his plan as if it were guaranteed, and even if the odds might be greater than 50% that the BTC price will go up in the next two years, that seems to be allowing for too many loose ends in regards to how to play a 8% to 10% per year interest rate that guarantees a certain level that he has to cover in the loan just to pay the servicing of it and how much the loan is costing him. He also seems to NOT have other funding sources, such as a cashflow and/or other monies to assure that he does not have to sell his bitcoin.. so it is weird that his plan almost guarantees that he "has to" sell some of his bitcoin, even if the BTC price goes up within his anticipated 2x to 5x range.... and I suppose nothing wrong with servicing the loan by selling some BTC if the BTC has gone up 2x to 5X, that would end up being more profitable than if he had not taken out the loan.. but it still seems like an unreasonable gamble if all of the possible outcomes are considered rather than just assigning value to various upside scenarios while either failing/refusing to account for downside possibilities or giving really high discount calculations to the possible downside scenarios.. like assigning the downside values lower levels of probability than they actually deserve.