Quote from: JayJuanGee on Today at 06:01:31 AM

Quote from: Agbamoni on February 06, 2024, 09:44:41 PM

Quote from: JayJuanGee on February 06, 2024, 09:00:09 PM

[edited out]

.......I feel there should be a specific amount and upward that is enough for an investor to really depend on the long-term benefit of bitcoin. Every investor should have what i call a comfort level of accumulation that is required to make their long-term goal come true. For some having one bitcoin is enough while some having some fractions is satisfactory. However, i feel it depends on the financial desire of each investor. My financial vision might be totally different from another investor.

The amount that is reasonable for anyone to pursue changes with time. When I first got into bitcoin in late 2013, there were still many normal people shooting for 100 BTC, but then it started to become more and more unrealistic to shoot for that quantity of BTC... so then there became times in 2015/2016 that maybe people were shooting for 21 BTC and then it became 10 BTC, which was still somewhat popular in 2018 through 2020 to shoot for 10 BTC, and so we likely realize that shooting for 1 BTC has been popular recently, but still there are guys who are starting to realize that they may well not be able to reach a whole BTC.. and so it is becoming more realistic to shoot for 10 million satoshis or 21 million satoshis.. and so probably with time, we shoot for as many as we can and we continue to build to then have a next target if we are able to achieve a lower target first we can keep working to increase the target, when it might b feasible to have those kinds of goals.

It is up to you to figure out what might be some potentially reasonable and feasible goals over various periods of time and whether you want to frame your goals in terms of the quantity of BTC accumulated or the quantity of dollars invested, those are all reasonable ways to attempt to make goals that are reasonable and feasible for your own situation.

Quote from: Makus on February 06, 2024, 10:07:21 PM

Quote from: JayJuanGee on February 06, 2024, 08:00:55 PM

including that you should not be touching emergency funds if you have a way of resolving the matter, and you likely should not be using emergency funds to invest into anything, including bitcoin, unless you have some decently strong confidence that you are going to be able to replenish those funds in a fairly soon timeframe.

Absolutely correct sir, after using your emergency fund, there is a need to refill it as soon as possible before a other emergency need arises. And that is why we must in the first place secure an emergency fund upto 3-6 months worth our salary or monthly expenses.

It is still discretionary how to replenish your emergency fund, including that there could be a period of time in which someone is buying bitcoin and building their emergency fund at the same time, and even thugh that is not ideal and it is a bit of gambling, I would not blame someone to make sure that they are buying bitcoin, since it can take a fucking long time to build an emergency fund that is 3-6 months and sure people who invest should have these things, but if they wait until they have their emergency fund up to adequate levels, then they might delay themselves a year or even longer before they even buy 1 satoshi.. which surely would not be very smart.

Let's say for example someone has a very screwed up financial situation. He has a debt of $3k and payments of $100 per month for the next 3 or 4 years on the debt and then he has expenses of $1k per month an income that varies between $800 and $2,400 (but usually is around $1,400), and maybe he does not really have any emergency fund, but he usually has about a 2-week float (which means $500), so yeah if he starts building his emergency, he is largely starting from zero, and it coudl take him 2-3 months to build every month worth of emergency fund, so it could take him 6-9 months to get up to a 3 month emergency fund, but if he does not have any BTC investment, then he is not protecting anything with his emergency fund because he has no investment in anything.

I would suggest that the guy invest equally in his bitcoin and his emergency fund, so even if it takes him 12 to 18 months to build his emergency fund up to 3 months, he has been simultaneously building his Bitcoin, and so once his emergency fund is 3 months, then he can likely be more aggressive with his bitcoin investment, and perhaps still continue to build his emergency fund up to 6 months, and maybe after 4-6 years investing in bitcoin, at that point he might have started to get close to reaching 6 months of an emergency fund and maybe right around the same for his bitcoin investment, and perhaps even more for his bitcoin investment, and the stronger his emergency fund, the more aggressive he can start being with his bitcoin investment and maybe he has a combination of BTC investment, emergency fund, reserve funds and a float.. all building up the longer that he is in bitcoin.

Quote from: Makus on February 06, 2024, 10:07:21 PM

So that, should in case we run into any problem like, having a delay in salary payment or sacked from work, within that time frame we'll be able to look for another source of income to keep the investment going. And this is the more reason why we need to take our emergency fund seriously, since we can't actually predict every outcome of our decision and life activities. We should prepare to handle tough situations by securing emergency funds.

So many people are already used to living without much of an emergency fund.. and yeah, maybe they are not used to investing either, so surely investing should contribute towards their being more responsible in their own finances, otherwise they are going to end up getting reckt at some point sooner or later, and we can say, I told you so... so for sure, no one wants to get reckt. .and so the precautions can really pay off, especially when they are investing into something as volatile (and even inevitably volatile) as bitcoin.

Quote from: Makus on February 06, 2024, 10:07:21 PM

Quote from: Odohu on February 06, 2024, 08:17:59 PM

If you noticed, I'm one of the most excited user of the DCA method. I'm forever grateful to @JayJuanGee for his input and guide in his posts and replies, it was a whole new learning experience for me.

I can proudly say that, I'm also a beneficiary of Mr JayJuanGee's teachings and that is why, i keep track of his posts to learn from his wisdom any time he makes a post. He has been a blessing to me and I believe other forum member have also learnt a lot from his teachings. The confidence I have today on Bitcoin was built by my engagement with Mr JJG's posts.

Even though I am glad that some of you guys feel some benefits from some of the ideas sharing in this thread (and maybe other parts of the forum), don't come crying to me if you end up losing money...

Many of us are regular people and sometimes we even make mistakes in terms of how we say things and how we might be interpreted by others...

and another thing is that there can be two guys looking at the same situation, who may well end up slightly different tradeoffs, and maybe either choice is good for that person, but sometimes there are better choices amongst the ones available, and it can frequently be difficult to know exactly how to make the tradeoffs.. and sometimes taking a bit of extra risk is o.k.. and sometimes playing around a bit is o.k... as long as we don't devolve too much into gambling.. and no one is going to completely know when they have devolved too far into gambling.. because 10% to 20% investment might work for some guys, but others might not be able to afford that level of investing based on their own cashflow versus expenses situation.

Quote from: teamsherry on February 06, 2024, 10:45:15 PM

Quote from: JayJuanGee on February 06, 2024, 09:00:09 PM

[edited out]

IMO I take it that you said it's better for us to practice hodl than to engage in any riskier type of practice with our Bitcoin because, even though short-term plans like trading or selling bitcoin to gain additional bitcoin might be profitable, we should be aware that we are betting our cryptocurrency on speculative outcomes and have strayed from our original plan, which was to invest and hodl for long term.
And so while we are holding, we are merely investing a portion of our fortune or earnings, so even though we are unsure if things will turn out as intended for ourselves as holders in the future.

Additionally, we have the DCA approach, which allows us to conveniently divide the allocated amount for investment into segments and then make periodic investments, relieving us of the anxiety of volatility and fluctuations. And we need to make informed, prudent investment decisions by always remaining informed about bitcoin.

That does not really sound like what I was trying to say. In the end, you have to figure out for yourself what you want to do in terms of what your goals are, and if you want to try to play the short term waves or if you want to accumulate BTC until you get to a certain amount.

Maybe you will be able to figure out how to sell BTC in order to accumulate more BTC, yet it seems to me that in your earliest years of BTC accumulation you should not even try selling BTC to try to accumulate more, and you should merely be using various kinds of buy strategies including DCA, buying on dips and lump sum buying. The more BTC you accumulate the more options that you have, and the more BTC you accumulate, you can attempt to assess the status of your own BTC holdings (including how much they are in profits - presuming that they are in profits) and also how much they are worth compared to other kinds of investments (which also may well including your various currency/cash holdings) that you have.

No one can tell you how many BTC that you should have before you might start to consider to modify your BTC accumulation strategy and perhaps start to shift into some other kind of strategy such as maintenance or liquidation... and even going into maintenance stage from accumulation stage, it still might be a bit gradual, so you are still accumulating BTC but is is just a bit differently (and presumptively more informed based on your own situation) than it had been during your earliest stages of BTC accumulation.. it could take you 4-6 years or even longer just to transfer from your early accumulation stages to something that is starting to feel as if you need to make some adjustments from what you had been doing.

You are also responsible to establish how it is that you manage your emergency funds, reserve funds and float.. which may then also help you to figure out if your own BTC accumulation style is aggressive or whimpy... and two people might be employing a 15% BTC accumulation practice, and for one that is whimpy and of the other that is aggressive and maybe even overly aggressive if he does not otherwise have his finances and psychology together sufficiently enough.

Emergency funds savings set aside specifically to cover unexpected expenses or financial emergencies.These funds are typically taken process can be followed DCA.Financial experts often recommend having enough funds in an emergency fund to cover three to six months' worth of living expenses although the exact amount may vary depending on individual circumstances.

This funds in that they have set aside to provide financial stability and security at-least 10% or 15%. It's are often used in a broader sense encompassing savings set aside for various purposes beyond just emergencies.Reserve funds may include savings for future large purchases, planning to expenses or to cover fluctuations in income or expenses and also can be used strategically to maintain financial health and stability over the long term.

Float can delay between when a check is written and when it clears from the issuer's account float effectively can provide opportunities for cash flow management and may allow individuals or businesses to earn interest or other benefits from the temporary use of funds.
emergency funds and reserve funds are savings set aside for financial stability and security with emergency funds specifically designated for unexpected expenses while float refers to the time delay in financial transactions. Each concept plays a role in ensuring financial health and stability in both personal and business finances.