Quote from: I_Anime on Today at 08:52:36 PM

Quote from: danadc on Today at 02:59:36 PM

My sister-in-law called me today to ask me that she has 1000usd to invest, and she asked me what I recommended, I told her, that she buy bitcoin, because even though it is close to its last maximum, she can still buy, but that she has two scenarios, if it goes down When it comes to price, you should not despair, but wait until it goes up, do not take out an investment, or lose patience, but you have to have the conviction that the price will go up, the other is that if you buy and it goes up, then she evaluates what she can withdraw, but which will recommend that less than $150k do not withdraw profits, it may not be in the Dip, but it is a good time to make an investment.

You should not wait for bitcoin to rise from the ASTH to buy what if you were going to do it, you should do it now, before the opportunity passes, that is something you have to understand, what happens is that you are a very good person. He knows a lot about how this is handled, but I said that for 2024-2025 he can wait, if he is not able to wait that time then he should not invest it there but in something else.

Sir JJG is actually right, leading your sister in-law to engage with short-term investments expecially this time around bitcoin as increase in price, is like she gambling with her funds, and if market endup not going her way she might lose interest in investing in this space (because first trials do matters) expecially to those that are not use to this space.

Actually, I am not concerned about whether his sister-in-law adopts bitcoin or not, but I would be concerned about either getting involved in supporting her ideas to gamble with bitcoin or being roped into her way of framing the reasons for investing in bitcoin. So, in that regard, I think that it is best to stick to the real reasons to invest in bitcoin and to describe the preferred practice techniques for long term investing, and in the end the sister-in-law can do whatever she likes. She can follow the long term, or she can follow her original ideas and/or she can follow some modified variation that is a hybrid combination of the preferred long-term approach and the decision will be hers to make, and it might work out for her and it might not. I think that it is not a good idea to compromise with folks and then potentially get sucked into their variation of a plan that you outlined, and also you may or may not know their situation, but you can still outline what you believe to be the better approach based on whatever information that you believe that you know, whether they agree to follow your recommended approach or not.. and even if they agree to follow your recommended approach, it is also good to make sure that they understand that they are completely responsible for their own investment choices, whether to invest or not and how to invest if they do choose to do it.

Quote from: I_Anime on Today at 08:52:36 PM

So is better for you to try and show her the beauty of long-term investment. Telling her the risk and also the benefits attached to it , because if she decided to hold for long-term the chances of her selling in loss Is pretty low , but the chances of she yielding good profit still high,

I am not sure if I agree with that way of framing the matter. I think that we can say that bitcoin is an assymetric bet to the upside, so if you do not leverage or otherwise gamble with your money, then the most that you could lose is 100%. On the other hand, there are decent odds to be able to perform at least as well as any other investment option, including possibilities to outperform other assets. There is no guarantees which way bitcoin will perform, but it seems that with the passage of time, the strength of its investment thesis is getting stronger rather than weaker... .

while at the same time past performance is not a guarantee of future performance or even faction of future performance similar to the past, so if someone in the past was able to get 1,000x or 100x in the past that does not even mean that you are guaranteed to get 3x in the future, even though bitcoin continues to appear to be a strong investment, especially investing over the long term helps with the lesser guarantees that come from up and down short term volatility and the 200-WMA has historically moved up so that show the trend is up, but the 200-WMA remains a lagging indicator...even though it has always been trending up.. at least so far.

Quote from: I_Anime on Today at 08:52:36 PM

Even though there are no guarantees in bitcoin. And she can also decide to back things up with some DCA, Without being much aggressive. But still everything still base on her choices.

I agree with this part.. Ultimately, anything that she does is her responsibility, whether she follows your guidelines or not, yet I am not going to agree that it is a good idea to get involved with playing around with the creation and following of short-term plans, even though there should not be any problem to listen to her plan and then present your plan and see how she reacts and if she has any questions and at the same time figuring out how much detail to give her based on how interested that she is.. because if all that she wants to do is put $1k down and then just sit on it until it reaches a certain percentage of profitability and then to get out.. that's her choice.

It might work, but it is not really meaningful and it seems to be something different from what a long term investor would do, but it still might end up working for her.. even if it might not be as advantageous as figuring out a longer term plan and then employing it.. but many people have short attention spans, and that is part of the reason why they like to gamble and not to commit to something long term, like bitcoin... especially since long term might cause them to have to think about it in a more detailed way, and they don't want to think and they don't really even want to take responsibility for thinking and that might be part of the reason why the sister-in-law was asking @danadc what to do.

Quote from: ginsan on Today at 09:36:03 PM

Quote from: JayJuanGee on Today at 02:33:59 AM

[edited out]

Sorry I misinterpreted the understanding in the previous post, but I mean if someone doesn't have a permanent job and doesn't have a regular salary every month of course they will find it difficult to manage their cash flow in investing in Bitcoin. Of course, if they don't get a regular or regular salary every month, their investment plans could stop halfway and that's the point I wanted to convey in the previous post.

Usually someone with an irregular income would need to keep more emergency funds, reserve and float - especially if they want to keep buying bitcoin during periods in which their income is low or non-existent, and yeah, they also might have thresholds that if their income is not greater than a certain amount then they are not going to buy bitcoin at all.. so it would not be automatic that they would not be able to buy bitcoin, but they might have to hold money aside and try to tailor their bitcoin buys based on their cashflow situation and sometimes there could be known periods of low income in advance and even known periods that the income will go up in the future, so they can kind of plan around that, but still have some financial cushion to account for the uncertainties that might come from having such cashflow irregularities.

Quote from: ginsan on Today at 09:36:03 PM

Well, that is of course a big consideration that they have to try as best as possible. If they really want to invest, they must first look for work to make their investment in Bitcoin run smoothly. However, if they are 18+ or over or are still in high school, of course their living expenses are still paid for by their parents, so this will not affect their investment if they invest in bitcoin while they are still in education.

Even if they have a lot of expenses paid by parents, they still might need to try to anticipate their cashflows, because even if the parent's might also give them money, they may well have limits in how they are going to be able to get, and even if their parents serve as an emergency fund, there may be limitations with that, too. so it is still likely a good idea to consider the various categories, even if the source of income might not be from regular work (salary).

Quote from: ginsan on Today at 09:36:03 PM

Apart from that, whether someone doesn't have a permanent job, of course they are also very suitable to apply the DCA method in their investment strategy in Bitcoin. Yes, they can buy per quarter if they can't afford it regularly every month.

I like the idea of weekly buys, but yeah, if the amounts are so small then there could be some value to making the time over a longer period of monthly and/or quarterly.. but I would still try to encourage the idea of more frequency, if and when possible, even though I agree there could be circumstances in which longer periods might be justifiable.