⭐ Merited by JayJuanGee (2)
I am describing with vagueness and with hypothetical on-purpose, and I think that the overall point is that there are a variety of ways that mistakes can be made - e....................... such as I had some coins on BTC-E in 2016/2017 and then also with Bitfinex in 2016, and some of the direct transactions that I made had some losses involved with coins not going through, wrong amounts, sometimes scandalous (or opportunistic behaviors of others... so maybe some of my own mistakes might be framed as having had gotten involved at all, even though there is some value that comes through having experiences, and surely, there could be worse mistakes that involve buying and selling behaviors.. or other kinds of portfolio management that might come from transacting and then figuring out whether and when replacement might need to occur.. which I am not even going to suggest to have had been day-trading).
Feel sorry to hear that you lost your amount in Bitfinex and in BTC-E. I did not know about any BTC-E exchange but now I do know about it, I am confused to read that, it was a Russian exchange/trading platform then why did they place or choose the servers located in the USA? Well, that's another story. And you do have good points that, there would be worse possible incomes from which you have been saved by luck and with experience. We all learn from such mistakes. But I am trying to not make those mistakes, instead, I'll learn it from the wounded lion (legendries) like you.
the BTC portfolio had doubled in value, so 100% profits, and so if we are looking at 2017 and 2018 and BTC prices thereafter, the 20 BTC continued to stay above the $20k invested, ...............and sure there could be whining about "I could have had 40 BTC, but wha wha wha, I only have 20 BTC", but what good is that going to do?..
Maybe through the next 6-7 years, the BTC holdings goes from 20 BTC to 25 BTC, and maybe more value is injected during that time (maybe another $40k-$60k in order to get 5 more BTC?.. or maybe ONLY an additional $5k is injected to get from 20 BTC to 25 BTC that keeps the average cost per BTC to remain at $1k-ish), but there also could be thoughts that "I am never going to get back to 40 BTC," but where was the "emergency" exactly?
Well, that's human nature to whine about the losses and profits which was not there. I mean, we should accept our fate and be happy with what we have but there will always remain a feeling of, I had it. We can overcome this feeling by controlling our nerves and being happy with what we have and how to move forward with that. Of course, saying it seems easy but not for those who have to follow it. Maybe through the next 6-7 years, the BTC holdings goes from 20 BTC to 25 BTC, and maybe more value is injected during that time (maybe another $40k-$60k in order to get 5 more BTC?.. or maybe ONLY an additional $5k is injected to get from 20 BTC to 25 BTC that keeps the average cost per BTC to remain at $1k-ish), but there also could be thoughts that "I am never going to get back to 40 BTC," but where was the "emergency" exactly?
Sure a short time during the losses of going down from 40 BTC to 20 BTC, there could have been feelings of loss and emergency.. but there also could be feelings of futility in trying to get the value of the lost 20 BTC back or the waste of time and energy to even think about getting back 20 lost BTC,
You are right, the emergency situation did have a bad impact on mental health and the victim is forced to take bold actions that he doesn't want to. Like he can sell his remaining 20 BTC to face the emergency state. Or some part of it. However he focused on increasing that number of BTC from 20 to 25 BTC. And even in that scenario if he still loses those 5 BTC then he will definitely be broken by heart. He must have lost hope and have no motivation, but the profits will encourage him.
No problem... Just needing to remember what we were talking about...
Well, the funny thing is, I am still replying late, and just to remind you, now we are talking about emergency funds and the mistakes that leads a man to make decisions that cost them a lot in the future. ..and yeah, of course, some mistakes are worse than others and more difficult to recover from than others... so there could be some instances in which any of us might feel that we are in a short-term emergency status, but hopefully, we are able to get into a state in which we are NOT in an emergency status for any kind of period of time that last for than a few months .. ........... but my own circumstances never did rise to that level of emergency status,
I am happy that you never faced such emergency situations and always have an alternative source of income to deal with the lose and the emotional pressure on yourself that you will get from the value of the loss. This indicates that a person with no job or source of income should not start their journey in BTC until they have some 1 or 2 sources of income. Because that's the only way he can survive the hits of the market or hits from scams.Do I buy a brand new laptop or do I buy a used one or do I repair my current one, and sure sometimes even with the laptop there can be considerable differences in prices, yet there might not be enough utility to spend $6k on a laptop versus spending $600, and sure it would be nice to have......................
That's a progressive mindset, I have this mindset. I always try to think before making investment or buying things especially. Because if we buy things that become a liability later and might cost us, like what if that $6k worth laptop is damaged and, on its repair, I have to spend more money because the laptop is expensive. Overall, my cost will increase my expectations, so I have to play under the sources I have. I might even decide to put it in my investment ideas thread.. but yeah, I haven't posted it yet.
Yeah you shared this link before I have bookmarked it already and will read it. PS: to be honest, I got diverted when I see your big replies and my energy just said, do not read it just read other threads. Hehe. I am not saying anything bad about your post just telling the reason of the late reply on this post. Today, I was free and thought that I should read your reply in full and reply to it.