Quote from: bitLeap on September 22, 2023, 05:35:54 AM

Quote from: MFahad on September 20, 2023, 11:05:06 AM

Quote from: mvdheuvel1983 on September 17, 2023, 11:28:00 AM

The common advice in the crypto space is to get knowledge before investing. That it is important to understand it as a whole before investing in Bitcoin. In reality, this is not what happens or how it plays out. How it works is that we heard about Bitcoin, invested first, and asked questions later. However, at what point should we say that we have had proper knowledge and understanding to go ahead and invest in Bitcoin. I think that it is when the individual feels that they are ready and I am also not against those who invest first and ask questions later. They'll learn the security , decentralization, and others on the "job".

Actually questions never ends and if you think that you have completely covered all the questions and now there is no need to ask anything then you are wrong. There are experts who also ask something because one cannot get whole knowledge at once as new thing arises which a person has to understand.

A person should invest through proper knowledge and whenever his mind feel something new then he can ask because there is no boundary of knowledge. Now it is important that you will get the important knowledge about crypto, its Characteristics, volatility and strategies prior to investment then learn more knowledge when you do investment.

Yes, it's true, talking about knowledge that must be learned will certainly be endless, including knowledge in this bitcoin. Let's say someone who is really an expert on bitcoin with the knowledge they have, they still have to update their knowledge, because if not it will be left behind again because over time there will always be new knowledge that requires us to learn even deeper. Moreover, problems in this space always arise, and it can be the same as before or new problems that come to the surface. That is why we are required to always keep up with developments and something new that comes every time.

There surely are variations of this same topic in other forum threads, and I hate to be repeating myself too much... even though we realize that our state of knowledge about bitcoin and/or any topic is not any kind of static phenomena.. so at any time that we end up learning about what bitcoin is, there could be some preliminary questions regarding how much we might need to study in order to have at least of a basic idea that we understand it sufficiently enough to start to invest.. so our level of knowledge of bitcoin and our level of knowledge about ourselves in terms of finances and psychology will also affect both whether to start to invest and our initial position size....

Therefore starting to invest will help to inform us about some of the mechanics of getting bitcoin and holding it and then likely motivate us to learn more as we go and perhaps if we continue to invest.

For example, if we come to bitcoin and we already have a $100k investment portfolio that includes a variety of quasi-liquid assets, and we have an income that is around $50k per year, and if we decide to start out investing into bitcoin by buying $10 per week, and then how much do we need to know about bitcoin when our position size is so small relative to the size of our overall investment portfolio, versus if we were going to take a larger position size right from the start.

I am not going to necessarily presume that someone is starting with already having a $100k investment portfolio just like I am not going to presume that someone has not saved and/or invested previously, even though there have been quite a few studies to show that there are many normal folks all around the world who hardly have any investments, and they do not even have enough of a savings to last a month or two if their cashflow were to be cut off.

So frequently people are needing to work on themselves rather than trying to figure out what the fuck is bitcoin, and what is bitcoin is ONLY one of several prongs about what is preferable to be known when even figuring out whether or not to invest, and if so how large of a position size to take and/or what kind of a BTC accumulation strategy should be employed.

I am surely more inclined towards suggesting that people do not delay in getting started in terms of investing into bitcoin, but they still need to be spending some times making sure that they do not overdo their investment and they are working on learning as they go, which may or may not be a big ask.. but any investment does require at least some basic understandings regarding personal finance management in order to understand that investment monies is coming from discretionary income rather than being money that might be needed for living and/or emergency expenses, so if anyone new to bitcoin has not gone through some preliminary steps in terms of managing their own finances, then yeah they will likely end up getting themselves into trouble at some point not being able to hold through hight BTC price volatility periods.. which could be either selling at a loss or even selling too much too soon during periods that the BTC price is volatile to the upside.

So surely I am all for learning along the way and getting started as soon as possible and also that each person is responsible for his/her own decisions in regards to whether to get into bitcoin, how much to allocate and how to go forward with both building a position in order to get to target BTC accumulation levels and being able to maintain their stash once they reach their BTC accumulation target.... which is likely to also be a bit of a moving target.

Quote from: BigBos on September 28, 2023, 12:44:51 PM

Quote from: Mia Chloe on September 17, 2023, 07:19:57 AM

Now before I got to know about Bitcoin talk I had heard a lot about Bitcoin and due to the vague information I had gotten without research I joined the group of person who thought Bitcoin was a get rich quick scheme or scam therefore I was limited by that idea. However joining this forum brought me a good sense of understanding of what the crypto space is about.

I will not blame those who consider Bitcoin a scam or those who consider themselves hard-line fanatics who do not like Bitcoin. That's something that happens all the time, not just in Bitcoin. Because basically their existence is necessary to make it a good opportunity for yourself whether you hold it or not. That way, the more they talk about Bitcoin, the deeper they dig and do research to keep telling the world that Bitcoin is a scam and such. Not a few of them finally realize, for example there are people who were initially anti-Bitcoin fanatics, then at one point they announced that they liked the Bitcoin system? Did you know that Larry Fink served as CEO of Blackrock? now where does the understanding end?

The busier they are in attacking Bitcoin, the busier they are doing research on Bitcoin.

These are not necessarily bad points @BigBos. The longer that someone studies bitcoin, the more likely that they are going to feel that it is necessary to take some kind of a position in which they are starting to hold bitcoin rather than just rant about how they don't like it.

Normal people do need to take famous people with a bit of a grain of salt in terms of our own ways of figuring out our own finances, yet surely there are many of us who have been in the bitcoin space for a while and we have seen both a lot of people and also a lot of the talking points about bitcoin become more and more positive, even though some of the famous financial and/or rich people will some times talk out of both sides of their mouth.. or they will say that they are doing one thing but then it seems that they are doing something else.. or that some people are a bit low profile in their decisions to accumulate BTC, but sometimes they will still give some hints that they are accumulating BTC.

Another thing is that even very rich people do not necessarily know what the fuck they are doing, and that is likely part of the reason that so many of them got reckt through the FTX-related fiascos. So they think that they are holding BTC and they end up holding exposure to BTC and perhaps those are signs of both greediness but also some laziness in terms of understanding how bitcoin works and/or attempting to take some personal responsibility in terms of trying to figure out how to hold it directly rather than relying on third parties who might not be very honest in how they hold the coins or even if they gamble with the coins or do not even have the coins they claim to have.