Quote from: Hewlet on Today at 06:22:49 AM

Quote from: JayJuanGee on March 03, 2024, 11:46:13 PM

Now if your goal is to accumulate BTC and you feel that you have not accumulated enough BTC, yet, then you probably should not be employing any kind of tools to sell BTC with expectations of being able to buy back, since it seems that you need to first get to a certain high enough level of BTC so that you generally have the sense that you have accumulated enough BTC to be able to feel comfortable shaving some BTC off along the way as the BTC price likely goes up with the passage of time. I hardly would consider 0.04 BTC to be even close to enough BTC to start such a selling on the way up technique since you are likely still accumulating BTC.. so you would be selling with one hand and buying with the other, yet at the same time, I am not opposed to those who might continue to buy BTC with a DCA method and then try to supplement with some kind of raking strategy, even though it seems a bit contradictory and you may well end up either confusing yourself and/or realizing that instead of buying and selling, maybe you should just focus on buying until you have enough (or more than enough) first before prematurely fucking around with selling.

you know, if not for constantly going through the thread that constantly reshapes my mentality and thought process on how much BTC is enough before ever thinking of selling, 0.04BTC which is around $2.5k looked like a big deal for me cause my current weekly DCA accumulation amount is at $40 and I haven't done all that long for my ten year projection and the urge to sell part during this bullish period had once come in.

I guess the best thing to do is to remove any thought of selling our holding out of our mind untill we reach our set out goal during which we can consider using the taking strategy which I feel if followed properly will keep us in good profit but the only issue is that after selling part of your holding holding when the market is bullish, chances are that Bitcoin price might not necessarily go bearish to a price you will be comfortable to buy within a short period of time which like you've pointed out will almost look as though you're gambling with your holding.

It seems that if you have ONLY bought $40 of BTC since you started then you are far away from getting to a stage of reaching a point that you can start selling any BTC. Yet of course, that is your choice.

In the end, it is probably better to think in terms of what are your current income and your expenses in order to figure out how many months (or years) worth of expenses/income do you want to have in your holdings before you might start to consider the employment of various raking strategies... and like I said, from my own point of view the raking strategies are not necessarily intended for the purpose of buying back lower, but surely you could end up in that position once you start to employ such raking strategies... but the main thing is to reach a level of sufficient accumulation and/or even over accumulation in such a way that the raking strategies make sense. it is up to you to figure out if the raking strategies make sense.

I personally did not even consider the $1k invested (reaching a size of 0.04 BTC to be practical, and it really seemed short-sighted to me to be considering selling half of it merely based on the BTC price doubling. So that was part of the motivation for plugging those numbers into the raking formula. ... so largely the formula that I was using was to authorize selling 10% every time the price doubled, and again that ONLY makes sense to start to employ that strategy after you have reached a high enough level, and if you have already decided that you have more than a 10-year timeline, then you would be buying right now rather than selling. and if you have ONLY bought $40 since August, it is not easy to consider that you are taking serious the idea of buying BTC, especially if you are talking about selling rather than buying.

Quote from: Agbamoni on Today at 08:52:08 AM

Knowledge and capital works hand in hand for an investor. Recently we saw some little misunderstanding about the Nigerian government with the Binance centralized exchange where P2P trading and other functionalities for the Nigerian crypto enthusiast was halt. What am saying is essence is that imagine a situation where deposit and access to investment asset in the exchange was closed and no one can be able to access them from Nigerian a lot of investors will loss because they failed to have the knowledge that they are not supposed to keep their investment in a CEX rather in a private wallet.

Well that is too bad if people might have some of their money (BTC) locked up. Sometimes poor people might take a while before they build up enough of an investment in BTC before it make sense for them to withdraw, and especially in recent times, I have been frequently suggesting to get up to $500 or $1k worth of BTC, which might be 1 million to 3 million satoshis before withdrawing to a private wallet.. based on transaction fees....

but some people might take many months of their savings and even years before they get up to $500 to $1k worth of BTC built up, and I suppose some exchanges are more risky than others, too...so we are not always going to know how much balance to keep on exchanges prior to withdrawing to private wallet, but it makes little sense to me to have a bunch of $10 to $100 transactions that might have their periods of difficulty to have those kinds of relatively small UTXOs.

Quote from: Agbamoni on Today at 08:52:08 AM

What is the point of investing when you lack knowledge to manage your investment. Obviously, you will lose all your investment with time. The only thing is that some beginners feel you have to have 1- or 2-years knowledge and experience before you can begin investment. No, a week or two is enough to gain knowledge at most the basic knowledge an investment need to know. Like secuirty, strategy, management e.tc.

Fair enough about knowing the basics, but I would describe the basics as having your financial (and perhaps psychological) house in order sufficiently enough to know how much discretionary/disposable income that you have, and so those are kinds of basic financial management, and you can get started in bitcoin by just knowing if you have extra money that you are able to invest, and the more that you invest into bitcoin, the more that you are going to make sure that you are spending within your discretionary income and not money that you need for expenses. So then if you project your income versus expenses out into the future, you would likely realize that there may well be some potential short-falls and/or uncertainties, so in that regard you have to figure out ways to have cushions in your finances such as emergency funds, reserve funds and floats to make sure that you don't run out of money or need to sell any of your investment (into BTC) at a time that is other than your own complete choosing.

These kinds of matters can be sorted out as you go and as you invest into BTC, yet you would not want to be overly aggressive with your investment into BTC until you have solid grounds in terms of your personal financial management, but you can get started within basic ideas about whether or not you have some extra discretionary income to get started and then work out the details regarding how to continue to invest as you make sure that your finances and psychology is in order, which could take a bit of time, if you had not previously been an investor.

Quote from: Ruttoshi on Today at 04:16:33 PM

Quote from: Hewlet on Today at 06:22:49 AM

[edited out]

I like the explanation, and it is not a compulsory thing to do, if you don't understand how to go about it, so that you don't end up messing around with your bitcoin by selling it in a way that it will affect your bitcoin hodling compounding profit. I am still in my accumulation stage, and I will like to continue with using DCA strategy, and any other additional method of accumulation to enable me focus on my bitcoin target, because I think that I don't want to sell any yet using that method explained by JJG.

It is our choice to use whatever way that we think will work for us based on our own cash inflow.

For sure, I was attempting to show a more modest version of selling on the way up, rather than selling 50% after a doubling, but yeah, it does not make a lot of sense to me either to be selling based on a mere accumulation of $1k worth of BTC that was 0.04 BTC, and with ONLY a short amount of time in BTC.

Quote from: Ruttoshi on Today at 04:16:33 PM

Quote from: Agbamoni on Today at 08:52:08 AM

[edited out]

Knowledge and capital works hand in hand for an investor. Recently we saw some little misunderstanding about the Nigerian government with the Binance centralized exchange where P2P trading and other functionalities for the Nigerian crypto enthusiast was halt. What am saying is essence is that imagine a situation where deposit and access to investment asset in the exchange was closed and no one can be able to access them from Nigerian a lot of investors will loss because they failed to have the knowledge that they are not supposed to keep their investment in a CEX rather in a private wallet.

I know that it is not advisable to keep your bitcoin in an exchange, but I don't see how an investor from Nigeria who has his bitcoin currently in an exchange, because he is buying with little amount for as low as $50-$100 a week so that it can be saved till it gets up to $500 and above before sending it to your private wallet, so that in future, when transaction fee is high it will not affect your output, will be affected by Naira being removed from Binance and no more p2p for Nigerians.

The reason why I said that it is not a problem is because, you are not selling but you are piling it up, and Binance did not restrict anyone from Nigeria from transferring their coins to other wallet. So the person that has his coins in Binance will simply transfer his coins to his self custody wallet, without a problem. You cannot make use of p2p in Binance does not mean that if you are having your bitcoin there, it is stuck. However, the investor from Nigeria can still use other exchanges like Kucoin, and OKX to buy bitcoin because the law on Binance did not affect them. I bought bitcoin recently from Kucoin, is just that their transaction fee for transfer is 10% of the amount that you want to transfer.
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Your explanation sounds correct, Ruttoshi... sometimes options close, but that would not necessarily mean that the Binance users in Nigeria had been rug pulled, even if one of their on/off ramps might have been closed.. but surely sometimes one thing happens that leads to another thing, and sometimes we might need to recognize signs of our coins potentially being more at risk when there are greater levels of hostility that might take place within any particular jurisdiction. People can sometimes get nervous and panic because they might not know which options are available to them.