Quote from: Obim34 on Today at 05:41:18 AM

Quote from: Justbillywitt on January 05, 2024, 10:44:53 AM

For me I think the poor guy has the tendency of holding Bitcoin for a longer time. The rich guy who invented with a big money will see a huge profit once there is a little positive shift in the market. But the poor guy whose investment is not that much won't see that big profit in that short positive price movement, hence the need to hold for a longer time till when Bitcoin makes a reasonable price movement let's say from its current price to like $80,000 to $100,000. Unlike the rich who will see a big profit if price move from current price to $46,000 to $50,000.

I see your points but being poor comes with certain criteria whereas you keep checking your portfolio and the urges to sell comes in but the rich has nothing to worry about, all they care for is as long they are free from scammers and their Bitcoin is somewhere safe, they do not even care about the price movement, even during the Dip they sees it as an advantage to keep accumulating more and more, they do this because they have much money outside their investment, some might just keep holding because they want to keep wealth for their too come generation but some poor persons holds Bitcoin just because they need something to elevate them from poverty and they see Bitcoin as something of that nature.

You are not wrong Obim34 - however, the poor person should be trying to set himself up, to the best of his ability, so he does not have to think about or consider the possibility of selling his BTC, even if it becomes very tempting. In other words, the greater and greater is the emergency fund, then the more likely all of the needs can be satisfied, and the BTC investment can continue to ride and serve as a kind of delayed gratification rather than considering that it needs to be tapped into in order to improve current needs or wants.

Maybe it takes 4-10 years or longer, before both the bitcoin portfolio and the emergency fund is built up high enough that other resources can start to be directed more towards current needs, wants and improving various aspects of the standard of living... and so there can be quite a bit of value in finding happiness in terms of living within your means and building your investment portfolio for a later date.. and hopefully you would not be so old in 4-10 years that you are not able to enjoy the various incremental ways that your BTC investment is likely to drag your standard of living upwardly with the passage of time.. even though it can seem like such a long time to get there.. especially for some guys who are investing in the $10 to $20 per week range, and it takes a year to invest $520 or $1,040, and it takes 10 years to invest $5,200 or $10,400.. so it could surely take a long time to build up your investment portfolio (including your BTC) in such a way that you might not feel as poor.. even if you still might not be exactly rich and might not be able to catch up to the rich person, but you can surely improve your own situation, even if you are disadvantaged in terms of the starting places of your finances.

Quote from: Obim34 on Today at 05:41:18 AM

Quote from: lienfaye on January 05, 2024, 07:26:14 AM

The problem is, many investors are still hesitant to invest until they see the price already soaring high. That's their turning point to engage themselves and join the ride even it's already risky since we know it can go downward unexpectedly. Thus if you are a type of investor waiting for recovery before buying, it's not a mistake since that's your strategy BUT it's not wise because the ideal time to buy is during dip.

Bear season that passed is long enough to accumulate, fill our bags and wait. If you didn't buy during those times because you are afraid to lose your capital or don't have strong belief about the future, then expect that you are still one of those who missed again the opportunity to be a huge gainer in the future. So don't wait for the price to rise before buying.

I do not know how efficient the strategy of waiting for the price to begin increasing before deciding to enter into the market, i think its a poor method or strategy to implement. Some days might begin with a green long candle and there thinking the bull has begin not knowing the market will eventually return back, the market is volatile and no assurance of predicting so accurately. So it should be considerate enough to taking advantage of every Dip and buy more or buy frequently at intervals by implementing the DCA strategy.

I completely agree that each of the newbie accumulators need to mostly focus on DCA, and if they want to try to wait and time dips, they also should be putting deadlines on themselves, so for example, if they have a weekly DCA, and they want to try to time the dip within each week, then they try to time their BTC buy for when the price seems to be most dipped within the week, but if the price is only going up, then they are going to have to have a deadline.. such as Saturday at noon or whatever time in which their definition of the week ends and the new week begins, so they make themselves buy by the deadline if they had not bought earlier in the week.

Quote from: Justbillywitt on Today at 06:36:51 AM

Quote from: lienfaye on January 05, 2024, 07:26:14 AM

[edited out]

That's the mistake many investors makes about Bitcoin investment, they won't buy won't buy when there is a price correction. But they will be jumping to buy when they start seeing the green candles or when the price correction might have ended and the price has moved up. The price got to over $45k and went back to $42k, there are some investors who are still out there waiting and confused to buy now or wait more, as they still hoping that there will be more dip. When they wait and the price suddenly jump to $46k or above that's when they will buy. Sometimes I wonder their wisdom or who is advising them.

Yep it is much better to figure out ways that you buy when the price comes to you, rather than your chasing the price around, and if the price does not come to you, then you just buy at whatever the price happens to be at the time of your deadline.. if it is weekly, twice a month, monthly or whatever is your regular buy timeline... I recommend weekly for newbie investors.. it is much more manageable and keeps you active rather than a more passive and/or spread out time frame.

Quote from: Taskford on Today at 01:49:45 PM

Quote from: Justbillywitt on Today at 06:36:51 AM

[edited out]

For having that decision not to buy on that situation it determine that they have lack of knowledge on certain condition since they are still doubting while bearish situation to happen. Can't also blame them since massive scare scattered at that time that's why that affect there decision making to accumulate some volume when the market is currently in bearish condition.

But once they gain experience since there's no late on everything about bitcoin for sure they would provably join us so I guess we should let those people learn about how to deal with volatile market of bitcoin.

For sure they can develop some good strategy in future and decide either they do DCA or do long term hold so maybe they just need to experience everything then bitcoin investment will go smooth for them in future especially if they are consistent on monitoring the market.

I am not sure if I would call it lack of knowledge or even lack of experience, but some kind of lack of confidence and appreciation of the value of acting rather than fucking around trying to figure out which way the BTC price is going to go in the short term..

So if they commit to the longer term, it is likely not going to make a lot of difference to their portfolio if they are spending so much time waiting around, rather than acting, and the practice of acting will likely result in more BTC based on ongoing conviction to buy no matter what every week, even if some weeks it might only be $10 and other weeks $100 and other weeks some other amount, and so if they earn a certain amount of money every month, and then they give themselves a weekly allowance for buying BTC, and then by the end of the month they buy the BTC allotted in the allowance and they get another allowance the next month, and sure some months and weeks might have variability and uncertainty in how much they are able to buy, but there is value that comes from ongoing conviction to buy and acting upon that conviction.

And depending on how much they are able to budget towards buying BTC, it could take 4-10 years or longer to even see meaningful results, but if they have a income that allows them to invest between $40 and $600 per month into BTC, depending on how things go, and then maybe once or twice a year, the receive extra funds from other jobs or maybe a bonus or maybe some surprise payments, then they can take that extra income and figure out how much of it is going to go into BTC.. so maybe they get $2k, and then they decide to allocate $1,200 to BTC and the other $800 to some other things that they have going on or want or need to do, and then they consider whether to divide the $1,200 into the three categories of buying on dips, lump sum and/or DCA... so if they are active they can decide right away how they are going to divide it, and part of what they decide is going to be based on other aspects of their BTC accumulation that had already happened, as well as other individual factors (including considering the 9 factors that I mention in my other post).

Quote from: Crypto_I.N on Today at 03:55:35 PM

Quote from: JayJuanGee on January 05, 2024, 08:45:37 PM

snip-

Of course sir, in the first few years I continued to learn about bitcoin and continued to deepen my knowledge and many other things. What I mean by a few years does not mean that in 1 or 2 years we will be able to gain results from our investment, in my view investment requires analysis and patience, Not only in Bitcoin but other investments such as shares and others.

And yes we don't know whether it will grow or not, therefore we need to continue monitoring and know when we should sell, buy or hold.

And honestly, with this discussion forum, I learned a lot from people who first entered the world of crypto/bitcoin and it really helped me as a beginner.

If you are thinking about when you should buy, sell or hold, then you have a traders mindset.

Sure, it is good to have an exit strategy for any investment, yet with something like bitcoin it is probably better to figure out your investment size as if you are investing 4-10 years or longer. So if you cannot invest into bitcoin without thinking about when you are going to sell, then maybe you should either not be investing into it or maybe you need to figure out a smaller position so that you are not using money that you are going to need in less than a full 4 year cycle, and really if you are thinking about the potential of meaningful wealth then you should be considering that even if you are reassessing at various points along the way, the main point should be ongoing BTC accumulation until you have accumulated enough to put yourself into a decently good position with options. And, you generally should not be considering the accumulation of BTC by using selling techniques. The best way to accumulate BTC and to put yourself into the right mindset is to consider various ways of accumulating such as DCA, lump sum investing and buying on dips.

Hopefully you figure out these matters for yourself.. and also of course, we frequently talk about the creation of an emergency fund, also so that you never have to sell any of your BTC except at times that are completely of your own choosing... and some of the problems of newbie investors is that they think that they have to trade, they fail/refuse to establish a sufficient emergency fund, they get distracted into shitcoins, so hopefully, you can avoid some of those kinds of potential pitfalls in your BTC accumulation journey.

By the way, above you mentioned "crypto/bitcoin." Fuck crypto (and shitcoins) we are talking about bitcoin in this thread, so if you are messing around with shitcoins, then hopefully, you are keeping them to less than 10% of the size of your bitcoin holdings, to the extent that you are even tempted to gamble/trade rather than to invest, and generally speaking investing does not work with shitcoins.. you have to figure your in and out strategies with them, and we are not talking about those kinds of topics in this thread, except maybe just to denigrate them from time to time.

Quote from: Mayor of ogba on Today at 04:55:54 PM

Quote from: Justbillywitt on January 05, 2024, 10:44:53 AM

[edited out]

I disagree with you on this mate. After all, a rich guy will be the one who will hold his bitcoin for the long term even though he sees a reasonable profit because the rich guy knows if he continues holding his bitcoin the profit will be bigger, and the rich guy still have enough money to live comfortably, while the poor guy can easily sell his bitcoin once he sees x4 or x5 profit on his bitcoin investment because he has not made such money in his entire live. The poor guy will be happy to sell his bitcoin and use the money to better his live.

You seem to be describing mistakes that poor people make in order to keep themselves poor forever... especially when they prematurely choose consumption when they likely have not made it.. 4x to 5x does not make them rich, even if they have put a whole year's salary into the investment.. because remember in order to get to fuck you status, the generally idea is to get to 20x to 30x of your annual salary/annual expenses, and then at that point you would be getting to the point of entry-level fuck you status. .and able to have more options to get yourself out of poor man's status.

Of course, no one has to completely get to fuck you status in order to benefit from wise investing, yet part of the problem with the poor guy selling at 4x to 5x in profits is that he may well have ONLY invested less than $10k, so even if he makes $50k out of the deal, he is still fucking poor as shit, and he should not be selling merely because he might want to consume and is able to get 5x profits.

So part of the problem of the poor guy is to figure out how to deal with how much his wealth has gone up on paper and to not be tempted by consumption.. and to figure out some strategy to manage it in a way that it helps him to achieve some kind of financial independence status rather than getting so caught up in the idea of short-term profit taking... and sure, it could be the case that selling som profits to reinvest could be a good idea, and it could be that selling some and treating oneself could be a good idea too, as long as there is some moderation to it, in the event that the person has not yet met his financial goals, but to sell it to consume or to buy a house or whatever is likely not a good idea, even if he has 4x to 5x profits.

The rich guy who put $100k to $1 million would have $500k to $5 million, but he still might not decide to sell all of it, yet the rich guy likely has other assets and other resources, that is why he was able to invest in the first place, 10x to 100x more than the poor guy.