Quote from: Dailyscript on Today at 07:40:04 AM

Quote from: JayJuanGee on April 26, 2024, 05:48:15 PM

Surely if someone is investing 100% of his discretionary income into bitcoin that might be on the border of too aggressive because he might not be adequately accounting either his income or expenses, so there would be no room for mistakes, unless, he were to invest that amount at the end of the pay period rather than at the beginning, meaning that if he were to only make his investment of all his extra money right before his next check had arrived, so then he would be at least eliminating the possibility for mistakes, so then his next period starts again after his check for the next pay period arrived.

There could be some folks who say that they are doing 100% but they really are not because they are keeping various kinds of cash cushions, but then they could still be accurate in claiming that once they calculate their various kinds of cash cushions are in place, then they will invest 100% of their remaining cash into bitcoin, whether that is weekly or some other period of time of spreading out the buys.

You are very right here! Investing 100% of discretionary income into Bitcoin is generally not advisable. This is because the investor is jeopardizing everything he earns thereby putting them on high risk since Bitcoin is a highly volatile asset. Another reason is because one should not put all his eggs in one basket, diversification, emergency fund, business and small savings is really important for an investor so that they wont get to tap into their investment. If a person invest all his discretionary income into Bitcoin he leaves no room for a safety net.

No matter the price action I feel that there will be more work opportunities in the future. It is good to use for something meaningful just like investing but not all of them into one thing. IMHO People should stop (especially beginners) converting their discretionary income into Bitcoin until they have achieved the necessary mental balance they need of multiples business, emergency funds and month budget expenses. These application does not imply to the rich because they have more than enough to invest and enough to remain.

Your reaction seems a bit strong to me Dailyscript. I don't really disagree with anything that you are saying, except that you seem to be arguing too strongly in regards to matters that are discretionary and even sometimes ways that matters are described in regards to how much money is set aside for various categories of expenses, and surely there are likely going to be balances, and newbies need to be careful in regards to how aggressive that they want to be, yet if they have very organized finances that include being quite aware of their emergency funds, reserves and float, then their discretionary income is extra money that they have for whatever.. so maybe they get paid every two weeks, and if they already have money in their reserves that might be available for if they underestimate some of their expenses, or they might have some of that money that is available in case they want to go out for dinner or drinks or some other spontaneous expense, so they might already have various cushions set up, so then spending up to 100% of their remaining discretionary income on bitcoin may well be o.k... except for if they had not calculated very well in terms of the various cushions that they had already potentially set up.

I guess part of the point (and we don't really seem to disagree) is that the more organized you are and the more experienced you are with the balancing of your finances and psychology, then the more aggressive that you can afford to be in terms of your bitcoin accumulation, and sure some kinds of behaviors might border upon being overly aggressive, but at the same time, if we are trying to be realistic, there may be some ways that BTC buys are preset or they might be manually made, so that if paychecks are coming in each two weeks or some thing like that, then there can be ways to balance out if too much aggressiveness might have happened the previous pay period and yeah, there is a balance in regards to being either whimpy or aggressive, sometimes you might not realize that you had gone too far in one direction or another until later down the road and/or it is too late and maybe either you see that you BTC could have performed better if you had not been so whimpy or that you run out of money and you are forced to sell some bitcoin at a time that is not of your own choosing because you ended up investing into bitcoin too aggressively.

Quote from: Mayor of ogba on Today at 09:09:08 AM

New members keep joining this thread to gain a clear understanding of how they can start a perfect bitcoin investment without getting burned.

I have my doubts that any of us should be striving for perfection, yet maybe considering ways to do the best we can under the circumstances or to attempt to employ better practices.

Ideas of perfection are problematic, even though there are people in the world who have psychological problems in terms of attempting to impose perfection on themselves and onto others, and that really seems like a stressful world that I would not want to be part of that... so thinking about better practices also for each of us to be attempting to tailor our approach to our own circumstances based on the information that we have, while tweaking as we go, including that we should be expecting that we may well make several mistakes along the way, especially in regards to considering how aggressive or how whimpy we want to be.. but then at the same time, trying to learn from our mistakes and taking responsibility for our actions.. and deciding how much time do we want to be putting into learning about various aspects of bitcoin, versus sometimes carrying out other obligations that we have.

Even for example in recent times, some of the aggressive and seemingly overreaching vindictive behaviors of the US Government - whether we are talking about Samurai wallet or other bitcoin related matters that relate to self-sovereignty.. these can really cause irritations in regards to the bullish case for bitcoin and including causing some of us to question some aspects of how much we might want to allocate to bitcoin in regards to sometimes changes in the behaviors of others - that might even contribute to our decisions regarding how to hold our BTC, directly, on exchanges, through ETFs, on lighting network... do we run a node.. how much do we learn about coding or development, do we want to learn to code.. there are a lot of choices, that might not relate to exactly getting started, but could relate to how much of a position size we want to take, which each of us are not necessarily going to strike the same balances.