Quote from: wxa7115 on July 23, 2024, 09:58:56 AM

Quote from: adultcrypto on July 22, 2024, 03:46:45 PM

I wish I can lay hands on a post that suggest that the way to becoming rich is to master one skill (can be a business, product, act, practice etc) and be efficient in it. The emphasis is on one skill and if you study the rich people of the world, most of them became rich through one product and are known for such product. Just take a mental picture of this, you will understand better. In my state, the richest man in one of the neighborhood deals on umbrella. He is richer than people in oil and gas and even politics but no one could imagine that an umbrella dealer who ship in several containers of umbrella could be that rich. What I'm saying in essence is that people should start focusing on bitcoin instead of this diversification of a thing that can turn out to be a big distraction.

Bitcoin is enough for us here, if we master the act of buying and holding, we might be building wealth that we will be remembered for by generations to come. Imagine when bitcoin hit $1 million, how many people would have been made. It may seem impossible but it will happen, just that no one know when.

I think that it was Keynes that thought that it was better for people to specialize in an economic activity, earn money that way and then use that money to buy whatever they may need, and I agree on principle with that view, since the only successful trader I know does exactly that, as he trades Google and only Google stock.

And while such specialization may seem to take things too far, the guy can recite all kind of facts about Google from memory that I doubt even some of its executives could do so, so by concentrating all his efforts towards a single stock he has been able to obtain the success he is looking for, which is not too different from what many forum members here do, which concentrate exclusively on bitcoin and nothing else.

Surely I have nothing against the idea and the actual practice of specialization, especially when it comes to something like trading - yet at the same time, even if one specializes in bitcoin (and bitcoin trading), generally speaking, it still is likely NOT very smart to trade an asset like bitcoin, except maybe small portions of your capital after you have a HODL stash.... so for example, if you think about bitcoin as an asset, it is one of the best (most pristine) assets in existence (and perhaps even the best), and even though it is quite volatile, it also has a lot of fundamental paradigm shifting qualities that cause a lot of ongoing potential for explosive upward growth periods in its price and the explosive growth periods are not very predictable, no matter how much you study bitcoin you might not necessarily see or appreciate the days that you need to have had been in bitcoin until they already played out an if you are not in during days that you should have had been in then you are left with less bitcoin than what you could have otherwise had... so yeah, traders can be cocky as fuck and even win 9 out of 10 trades, but then not be in on one of the trades and then end up losing most if not all of their earlier profits by not being in at certain times in which BTC ends up shifting up dramatically... so they are left with a dilemma to wait it out (which might not work) or to lock in their losses, which is buying back BTC at higher prices than they ended up selling... and these kinds of uppity explosive dynamics have taken place many times in bitcoin's history.

Quote from: ginsan on July 23, 2024, 08:48:39 PM

Today I have accumulated bitcoins and for me there is no other word than buying and continuing to hold. I have made purchases 72 times as I have exceeded a regular DCA that lasts about 1.5 years where every week I continue to buy even at different levels of execution. Different executions in the sense that the capital I spend sometimes varies from small or large amounts and it depends on how big the decline is that week.

From the previous post I think many people aim to hold their bitcoins until they are 70 years old. One side is quite good but today I think we should enjoy the results of our investments and maybe 55 years old is ideal to feel the results of the investments we make. However, it is up to each individual because some people regulate it in terms of 2 years or 5 years. But I think we don't miss our routine purchases every week before our satisfaction target is achieved.

I know that I talked with you about some of these matter previously, and so yeah, it can take a while to build up an investment portfolio, and surely the younger we are, then the more likely we might be able to reach a kind of fuck you status at a younger age, and so no one can really tell us what an ideal age might be to try to reach fuck you status, since some people might be much older (even in their 40s or 50s) when they either come to bitcoin or maybe they start to become serious about reaching some kind of a fuck you status.

So there are advantages in having youth in regards to how much time a person might have to reach fuck you status, but at the same time, many times youthful people will frequently either make a lot of mistakes along the way and/or they might not have a lot of discretionary income until they have been in the workforce for a while or developed their skills, connections and/or just had times to increase their income and even figuring out how to manage their finances with focused intentions on investing.

I was talking with a friend of mine in recent days and he happens to be in his mid-50s, and even though I had been talking to him about bitcoin previously, I had to repeat some of my earlier conversation and also realizing that he is planning to work until he dies - which is a bit sad but at the same time seems to be a situation in which he put himself, and he still does not believe in bitcoin and has a lot of weird ideas about the benefits that come from investing in that at some point he should be able to stop working and not have to deal with the stresses of working - including I could see that he does not like working and/or having to follow direction..so it can become even more problematic when he is in his 50s and having to take whatever work he can get rather than having had already built up his nest egg so that he can be ready to stop working.. but he seems to have little to no vision in that direction.

Surely being able to stop working relates to the ability of our investments to support our standard of living, including anticipations that our costs of living may well continue to go up in terms of fiat, so it seems likely that our ability to measure whether we have enough bitcoin will relate to if we have come up with ways to valuate our BTC stash size and how well it might sustain our cost of living.. and to be able to do so in a sustainable way, because it likely would not be good to quit working and then to live off our investments, but then realize that we don't have enough, so we might lose our employability the longer that we are out of the workforce.. .so there likely would be some value to make sure that we have enough and more than enough before we pull any fuck you lever.

So maybe part of the point is that the earlier that any of us gets started investing in bitcoin and working towards fuck you status, we might not necessarily know how long it is going to take to get there, but the longer that we are investing and making various measurements, we likely will have some decent ideas when we are either getting close to getting there or if we might have had exceeded our goals. At the same time, the mere fact that we are investing in bitcoin and building our investment portfolio, it is quite likely that along the way to getting to fuck you status or whatever level of financial reserves (investment) might be that we are trying to achieve, we are feeling more and more powerful along the way, since any investment should give us more and more options ..even if any investment (including bitcoin) can still take a while to build and to verify progress and also to verify that it is largely going in the right direction to be within the ballpark of some target goals that any of us might have established for ourselves and tweaked from time to time along the way of getting to our goals.