⭐ Merited by JayJuanGee (2)
I am posting this here because the other thread got locked, but since it fits into this topic, I thought it is ok.
You might be misreading tiCeR. I think that he is merely saying that guys that he was talking with about bitcoin had extensive backgrounds in digital currency, and they had experiences that went back into the 90s, even though he was talking with them in 2011 or 2012-ish.. .. and so their experience would not have been bitcoin specific, but instead products related to bitcoin that caused them to be somewhat skeptical about the longevity/durability/investibility of bitcoin.. so back in those days, he (tiCeR) was influenced to (or suade into based on BTC's volatility too) treat bitcoin more as a trade rather than as an investment.
That is correct and while many people think bitcoin is volatile today, the volatility back then was on a whole different level. That alone somehow manifests the impression in your head that you should buy low and sell high and trust me, I hate that slogan "buy low sell high". But since it went like a roller coaster, a real roller coaster, the whole environment was suggestive of selling when you were up 100% and then waiting for the dump because for quite some time it did exactly that on an intraday basis.
Now seriously, I could slap myself in the face, or well, I have left that behind me. But rest assured, symbolically I had tears in my eyes at times because I thought "hey man, you went into this rabbit hole because you thought this is huge, and yet you couldn't convince yourself right in time to just hold".
I did put some aside and by the way I was generous back at the time, too. Said "hey try it out" and send some... lol. But @JJG I can clearly tell that the times quickly changed from "wow, this volatility is fun and excitement and I try to time the market" to "how the hell can I get my hands onto more BTC".
But this is the point that some people here don't get. I am the perfect example of someone who on the one hand was fascinated by the technology, and on the other hand couldn't really believe that this is going to trillions. I have underestimated the massive influx of average retail people around the world. I read some books later on about market anomalies and how they spread like wild fire. Now bitcoin is not an anomaly in the classic sense, but in regards to how something that is perceived as an opportunity by people spreads like wild fire, bitcoin is similar to the Tulip mania in the Netherlands. Tulips in contrast were worthless of course. But there were many similarities, for example like the shit coin craze, the Tulip craze led people to raise all sorts of other Tulips hoping to make some cash selling them.
That leads me to the last point, I have never doubted that bitcoin does indeed have intrinsic value. And based on my own hypothesis that bitcoin has intrinsic value, I should have concluded earlier that trading with a large portion of your holdings is the worst of all options.
As it says here "Buy the DIP, and HODL", I have also left the "Buy the DIP" thing behind me. I have monitored the price all day long back in the days and there were actually still some serious dips in relative terms because 50% back then meant nothing while 50% today is close to a financial crisis
That is why I recommend Buy... and HODL. If the portfolio is large enough to sell some for profit for strategic reasons because someone feels like diversifying would be a good move (or have some cash for contingencies), then so be it. But in general, don't wait for the DIP unless we have gone through an unreal bull run for weeks and you think that a DIP is inevitable. That's possible by the way. If the market looks overheated, it can be ok to just lean back for a moment and watch. But then it is still bitcoin and it could be wrong as well. Just make a decision and don't regret it later.
I can tell you that I had discussions with some people who were closely involved with BTC or had their first experience developing a digital currency in the 90s and the feelings about bitcoin were indeed mixed.
Am I missing something mate, because I know that bitcoin was created in 2009, so how did these people you said you ask about bitcoin will have the knowledge of bitcoin or digital currency in the 90s.You might be misreading tiCeR. I think that he is merely saying that guys that he was talking with about bitcoin had extensive backgrounds in digital currency, and they had experiences that went back into the 90s, even though he was talking with them in 2011 or 2012-ish.. .. and so their experience would not have been bitcoin specific, but instead products related to bitcoin that caused them to be somewhat skeptical about the longevity/durability/investibility of bitcoin.. so back in those days, he (tiCeR) was influenced to (or suade into based on BTC's volatility too) treat bitcoin more as a trade rather than as an investment.
That is correct and while many people think bitcoin is volatile today, the volatility back then was on a whole different level. That alone somehow manifests the impression in your head that you should buy low and sell high and trust me, I hate that slogan "buy low sell high". But since it went like a roller coaster, a real roller coaster, the whole environment was suggestive of selling when you were up 100% and then waiting for the dump because for quite some time it did exactly that on an intraday basis.
Now seriously, I could slap myself in the face, or well, I have left that behind me. But rest assured, symbolically I had tears in my eyes at times because I thought "hey man, you went into this rabbit hole because you thought this is huge, and yet you couldn't convince yourself right in time to just hold".
I did put some aside and by the way I was generous back at the time, too. Said "hey try it out" and send some... lol. But @JJG I can clearly tell that the times quickly changed from "wow, this volatility is fun and excitement and I try to time the market" to "how the hell can I get my hands onto more BTC".
But this is the point that some people here don't get. I am the perfect example of someone who on the one hand was fascinated by the technology, and on the other hand couldn't really believe that this is going to trillions. I have underestimated the massive influx of average retail people around the world. I read some books later on about market anomalies and how they spread like wild fire. Now bitcoin is not an anomaly in the classic sense, but in regards to how something that is perceived as an opportunity by people spreads like wild fire, bitcoin is similar to the Tulip mania in the Netherlands. Tulips in contrast were worthless of course. But there were many similarities, for example like the shit coin craze, the Tulip craze led people to raise all sorts of other Tulips hoping to make some cash selling them.
That leads me to the last point, I have never doubted that bitcoin does indeed have intrinsic value. And based on my own hypothesis that bitcoin has intrinsic value, I should have concluded earlier that trading with a large portion of your holdings is the worst of all options.
As it says here "Buy the DIP, and HODL", I have also left the "Buy the DIP" thing behind me. I have monitored the price all day long back in the days and there were actually still some serious dips in relative terms because 50% back then meant nothing while 50% today is close to a financial crisis
That is why I recommend Buy... and HODL. If the portfolio is large enough to sell some for profit for strategic reasons because someone feels like diversifying would be a good move (or have some cash for contingencies), then so be it. But in general, don't wait for the DIP unless we have gone through an unreal bull run for weeks and you think that a DIP is inevitable. That's possible by the way. If the market looks overheated, it can be ok to just lean back for a moment and watch. But then it is still bitcoin and it could be wrong as well. Just make a decision and don't regret it later.