Quote from: wxa7115 on Today at 07:32:12 AM

Quote from: Sim_card on July 09, 2024, 03:05:38 PM

First of all you sound like a trader from your statement. Bitcoin is not to be bought a hodli for few years because you are not going to make any good profit and you will regret your actions in future. The least year that bitcoin should be held is 4 years which is a whole circle and a newbie or a new investor will not just buy and hodli but will continue with his gradual bitcoin of his bitcoin stash by buying weekly or monthly using DCA method all the time for 4-10 years and above while he continues hodli his bitcoin.

The best way to invest in bitcoin is to invest in a very long period of time because that is only when you can make profit due to the compounding effect of your bitcoin portfolio overtime. A new investor like you might not be able to acquire enough Bitcoin or reach your bitcoin target within 10 years because as time passes by the price of bitcoin increases so reaching the fuck you status might take up to 20 years. It is only if you are after short-term profits that you will think 3 years is a long time.

edited

"Only buy something that you would be perfectly happy to hold if the market shut down for 10 years." Warren Buffett.

And that in a nutshell is what investing is about.

A great deal of all of those that consider themselves investors fail to meet its most minimum standards, with most of them being traders, aspiring traders or people that like to burn their money away, but whatever the case, it would be for the better if they stopped calling themselves investors, since many newbies read those kind of claims and mistakenly believe investing requires holding their bitcoin for a very short amount of time.

Yet I think Warren Buffett can be a controversial figure at times. He somewhere said he would do it the exact same way today as he did back then. But this statement has so many flaws. It is very abstract to put it that way and people think he is right because he is the billionaire and they are not. Well, now there are lots of billionaires because of Bitcoin while he wouldn't have become one as it is rat poison in his opinion. He missed several tech stocks back at the time because he couldn't see how technology would enfold. Yet I respect that he sticked to his guns, but as much as you could become rich running a bakery in the 60s, as unlikely is it today doing the same.

He said he would again concentrate on finding businesses with lots of value + growth potential. But times have indeed changed. The advantage he got over others due to gathering knowledge wouldn't enfold the same way to his advantage today. There are cycles in life and those who became a billionaire with Bitcoin would probably say that it was a once in a lifetime chance. Maybe it is going to happen twice in a lifetime to some of us. But Buffett was born in 1930 and he invested all the way through the post Second World War boom and was immensely wealthy when the 1970s recession kicked in. That was the time when most of the world had to dump while he was able to buy.

He did a lot of things correctly, but he refused to buy Google despite allegedly having insider information back at the time. He failed to buy Amazon and himself calls it dumb. He failed to buy Apple early, only started in 2016. He calls Bitcoin rat poison.

In conclusion, he was the right man at the right time in the right place under the right circumstances. I don't know how far Coca Cola and McDonalds would get him today.