Quote from: Raflesia on Today at 01:41:10 PM

Quote from: Roseline492 on November 15, 2023, 10:09:56 PM

Quote from: Onyeeze on November 15, 2023, 08:22:37 PM

The more we waiting for the time bitcoin will fall and we buy to hold the more bitcoin price is increasing, so bitcoin price have it way and I understand that the price of bitcoin should not make someone who wants to invest in bitcoin not to invest in bitcoin because the more bitcoin rise up the more people who wants to invest lose courage to invest in bitcoin, sometimes I began to think if bitcoin price will continue to be increasing because if bitcoin increased now its people who invested in it before now will be beneficiary to it, let me summarise this, their is no time you invest in bitcoin that's not a perfect time but some of the investors don't know like that, both dip and when bitcoin increased is also a perfect to invest in bitcoin

Yeah actually no time is wrong to invest on Bitcoin but it all depends on the mindset of people, because I'm very sure that do to the current state of Bitcoin price so many people who doesn't have much funds are scared because they believe that before they could accumulate up to one Bitcoin it must have taking them forever so those are the fear most people are having so they always feel that waiting for the dip will make them accumulate more.

But however is a actually wrong for them to think that way because they could wait forever and the price may not still dip.

There are a few things that I want to correct in this case because however when talking about bitcoin then right now there is no wrong time to buy when we have found what methods or strategies are suitable to do. Many feel that the price is always a benchmark in buying but when we have determined the strategy that is done especially for almost everyone who is here who says DCA actually the price is not always a benchmark because in the end we have to realize that thinking further about the price when we do DCA is just a waste of time because in the end we know that regardless of the price that is going up or down when DCA is done things like that are not the main reference because the point is in DCA not in the price.
In addition, having 1 bitcoin or more is indeed very good but that does not mean we have to have 1 bitcoin as our benchmark as an investor because that kind of thinking makes us too focused on one thing but not thinking about other conditions.
We just have to focus on doing what we can do, no need to peg that we have to collect 1 bitcoin or more as a condition that we are an investor because we are not here to burden ourselves.

It seems to me that there is nothing wrong with having goals, and maybe considering how realistic the goals are and/or what is the reason for something like a 1 BTC goal.. it is a bit of a unit bias kind of a setting, and like I mentioned earlier, if someone were either brand new to bitcoin or just recently beginning to accumulate bitcoin, then having a goal to get to one bitcoin in 10 years, would likely require around $200 per week invested into bitcoin... for those persons who do not have the cash to front load their investment into bitcoin.

So if we attempt to be realistic with our goals, then we may welll also like to have short and medium term goals too that might involve what are we attempting to achieve this year and maybe what are we attempting to achieve in the next 5 years... so in the end we could have several different kinds of short and medium term goals that could be working towards the achievement of the longer term goal that might seem quite far off.. something like 10 years or even having goals of 20 to 30 years is also not unrealistic, even though they might have a lot of complicated steps along the way that might end up causing them to need to be adjusted later down the road if it might appear that we are not on the right track.

Let's get back to the 1 bitcoin in 10 years goal, and even if a person realizes that there likely needs to be around $200 per week invested into bitcoin in order to make such goal realistic, such person could still maintain such goal for a while even if the first year, s/he had only been able to invest $20 per week, but there may be some visions regarding how the income might be able to be raised and/or how the expenses might be able to be cut in order to bring the weekly amount up to $200 per week. At the same time, if after about 5 years, the average bought per week had only been around $100 per week, then there would be a lot of short fall, and maybe even a need to get the weekly amount up to $400 to $800 in order to be able to still be able to reach the 1 BTC in 10 years goal, and maybe by the time we start to get to 7 or 8 years, there could be some acknowledgement that it might end up taking somewhere between 12 years and 15 years to reach such 1 BTC goal.. so there could be a lot of ways that the aspirational goals end up playing out in terms of perhaps being a bit high.. or even in some other cases, the goal ends up getting reached much sooner than seemed possible, and so adjustments could be made in regards to reaching the goal sooner than expected, and maybe even considering that some of the goals that were created were NOT hard (and/or high) enough.

Quote from: Litzki1990 on Today at 02:11:09 PM

Quote from: Patrol69 on November 13, 2023, 09:17:04 AM

I have a friend who always tries to learn about bitcoin from me and I always try to tell him about bitcoin. He knows that I have investments in Bitcoin and he is very excited about the growth of the Bitcoin market for some time because he will invest and he expects to make a profit from the investment. So I asked him if you want to invest like me and want to make profit by investing then you answer me one question that how much you know about Bitcoin and you only think about profit by investing in Bitcoin do you know your money loss after investment may be In answer to my question, my friend told me that since you have made a profit by investing, I can also make a profit by investing.

If your friend is interested in investing only because of the profit aspect of the investment, you should give him a complete understanding of the investment. This is very normal for newbies. Newbies are always in a hurry in any work. From the friend you mentioned, it sounds like your friend is more interested in investing only on the profit side of the investment, you should tell him that the amount he has the potential to gain from the investment is the same as the amount he has the potential to lose from the investment hence the profit and loss. After accepting, he should express his interest to invest.

Frequently, I tell people that bitcoin is an assymetric bet to the upside, which largely means that several of the very bullish scenarios have the potential for very stupendous returns that are not limited to the upside, but as long as the person is not fucking around with their finances and using leverage or other forms of gambling, then the most that they would be able to lose would be 100%.. but there are a lot of variations in what they could potentially gain that is not limited to 100%.. but it is not even guaranteed to be 100% or to be anything, so they could gain or they could lose, but there are surely are a lot of strong bitcoin fundamentals that help to establish that if they have a genuinely longer term investment timeline of 4-10 years or longer, then they could choose a variety of ways to invest by DCA, lump sum and/or buying on the dip that could help them to establish a stake/position and to have potentials to be able to profit, but then again if they are dragging out their investment through slow measures, then their earlier investments are going to reach the 4-10 year time horizon faster than their later investments, so for example, if they are still investing 4 years from now, then the investments that they make 4 years down the road should also have a 4-10 year investment time horizon from the time that the money is injected into the system.

The creation of longer term investment time horizons does not absolutely limit someone from being able to do whatever they like in terms of pulling out their investment, even though it is likely better to choose to invest smaller amounts and to maintain a longer time horizon rather than investing larger amounts and not being able to stick with the investment because the money is needed down the road because sufficient cash and/or other liquid short-term investments were not sufficiently maintained.

Quote from: Litzki1990 on Today at 02:11:09 PM

First of all your friend needs to know enough about investing, he will never be able to hold an investment with the same understanding that your friend has about investing. When your friend's investment shows some loss due to a small change in the market, your friend will get very excited and sell all his investment because he cannot bear the small loss. Instead of doing so after investing, he should have adequate understanding of the investment before investing. You must tell your friend the advantages of holding investments for a long time and also directly discuss with him that he needs to be patient and take risks.

Position size can help with these kinds of concerns too.. so if the person is overly worried about being able to take out his/her investment, then maybe s/he needs to lower his/her position size in order to be able to continue to invest without getting overly preoccupied about shorter term price movements... so maybe instead of investing $100 per week, he might invest somewhere between $25 and $50 per week so that s/he is not overly pre-occupied about how much is being invested and/or the short-term growth of such investment.. and so maybe after 8-10 years, there might be some changes in perspective and at least by then the investment has been allowed to grow and maybe even to compound by its having had gone through cycles.. and surely sometimes later down the road, there could be some regrets about not having had invested more, but the balance likely also does have to do with being able to stick with the investment.