Quote from: Stablexcoin on Today at 10:26:40 AM

Quote from: JayJuanGee on Today at 07:38:09 AM

The target is always moving, and even our situation is changing.. so how are we going to be able to tell any other member how to manage his BTC allocation in light of his own particular individual circumstances? as those circumstances are evolving. Even in the beginning a guy is likely spending many years accumulating BTC, yet he may also be developing job skills so he can earn income, and there could be questions about whether he buys BTC or if he might spend a certain amount of time and money to build certain life-time job skills, and the answer is not going to be completely clear, and surely the answers might be more clear after the guy has gotten a certain level of education and/or job skills and is applying his job skills to earn an income and to put a certain amount of his pay into bitcoin, so then how many years might he be able to put money into bitcoin, and then once his bitcoin gets to a certain size does he keep putting money in? What if he is not satisfied with his job and he concludes that it might be worth it for him to change job skills and/or even take from his bitcoin to go down that job development path... and I am not going to say that the answer is going to be clear and there may be more than one correct path.

The best thing we can do is to take the time to study ways how to manage our finances since we have decided we want to accumulate Bitcoin. A person might have looked at the current price now, done his research, and concluded this is probably a time when Bitcoin will be much more affordable for him. So if he makes plans to increase his income, perhaps going to study or getting a job. He can still be comfortable investing in what he can afford at that particular time rather than pausing his investment till he achieves the objective. And we all know that there is no certainty if his ambitions will be successful or not. That does not mean the initial plan was all in vain. It could take a year or more to get back on track, but we should understand that before the investor made up his mind to start investing, I believed there was a source of income he had. That source can still be used to buy Bitcoin even if it's a fraction through his DCA method even if he wants to accumulate more but with time he might get a good job that will help him achieve the desired Bitcoin goals.

Ever since I left home, soon after finishing highschool, so I was barely into my early adulthood, I had developed a system of saving at least 10% of my income, yet in the earliest of years it is so damned difficult to save/invest any of that and even difficulties figuring out where to put the money.. and so perhaps at least bitcoin helps to resolve the dilemma of where to put the money, yet the dilemmas regarding how much to earn and how much to put into self-improvement and training still will tend to be very BIG dilemmas - and I am not even going to say that I made all of the right choices along the way, even though surely the younger that we are, we should probably not have as many issues with health and/or energy, so frequently we can spend a lot of time in learning and working too.. .. so that we try to continue to both learn and to make sure that we have some kind of an income, even though maybe we have to work hard to try to get jobs that pay more and more by trying to create good impressions with people around us who may well not be trying to exploit us too much and we can figure out how to make sure that we don't get locked into low paying jobs that are not giving much if any long term prospects.. and it also can be difficult in terms of figuring out what kinds of education to get because some of the jobs do tend to pay better than others, and perhaps bitcoin can also help us to better focus upon what kinds of areas of interest that we might want to learn about and how to spend any extra time, energy and value into bitcoin.. and yeah as a youth we might also feel that we have more time and energy rather than value, yet if we continue to put time energy into bitcoin, there may come to be greater possibilities and opportunities to also be able to earn money in bitcoin related projects, even if we might not earn bitcoin directly, yet if we are getting paid, we can still buy bitcoin with any extra income that we might be able to generate.

Quote from: Cryptoprincess101 on Today at 12:58:32 PM

Quote from: JayJuanGee on November 04, 2024, 11:35:02 PM

Quote from: Cryptoprincess101 on November 04, 2024, 09:26:10 PM

Having a long-term target while investing in bitcoin is the best for any good investor but it doesn't really reduce the risks of losing because since bitcoin is a high volatile coin, volatility can push the price downwards at a time when an investor feels that the number of years he had in target has come, so it may be at a time when the price is experiencing a DIP due to an event that may occur at that particular period of time which means he has to be more patient in order to allow the price bounce back which is some cases, the investor may feel he is spending a lot of time waiting for the price to gain strength again which can make him to panic in fear that he may incur more losses if he waits further. This is one of the reasons while i feel people should not set the number of years they want to hold their bitcoin before they consider to sell part of it because it can appear at a time when the market is bleeding. I think the major reason why we hold for long is to build our portfolio and not specifically on profits making.

When we start to get reasonably close to our goal, we might start to get stressed which may well be a sign of over accumulation, and surely it may be better to start to shave off some profits here and there rather than NOT.

But how would someone know they have over accumulated and is there a limit to how much one can be able to accumulate? or does it depend on the target of the person within a particular period of time that will determine if they have achieved their level of accumulation or gone above their target.

It is difficult to really specify what overaccumulation is going to be for people of a variety of circumstances, since each of us have our various individual factors that we have to account for.

Even time is going to vary depending on age, yet time is going to balance out since a very young person might be starting from complete scratch, so he might not even really know what might be practical in terms of how much value he needs to accumulate in order to both sustain himself on a yearly basis, but also to calculate in how the costs might vary as the dollar (and other fiat) continues to debase, and even some younger folks might get a bit unrealistic in regards to how much they need based on their not having had supported themselves for very long.. and sure someone who has an income of $20k to $30k per year may well reasonably be able to calculate that he would like to up his income to being $70k to $100k per year, and those are not unrealistic target numbers, yet it surely is going to likely take a long time to get towards having enough of a stash that is going to sustain an income of $70k to $100k per year, when the current income is ONLY $20k to $30k per year.

In the end, each of us still has to both engage in our own calculations that reasonable consider our circumstances and to prescribe both how much we are going to need and how that might change with the passage of time, and surely I like the idea of using the 200-WMA as a means to assess value of our bitcoin holdings, so surely even a person who is fairly aggressive in his BTC accumulation is likely going to take a couple of cycles before he might be starting to get close to his BTC accumulation targets that are based on valuating his BTC stash using the 200-WMA.

Surely, there are also going to be guys who are going to be able to heavily front-load their BTC investment based on either high levels of discretionary income or based on already having had built up some investments in other areas that they are either able to reallocate into bitcoin or at least to have those other investments as hedges that allow for more aggressive levels of allocating into bitcoin... so in some senses, even though frequently we are going to want to have our emergency funds in cash, yet if we have several years worth of income that are invested in a variety of assets, then our investments in those other assets could serve as some of our back up resources, and maybe we have already gotten into the habit of making sure that we already keep at least 3 months emergency funds in cash so we are able to be more aggressive in our bitcoin investments based on our already having a variety of back up funds (and resources) already in place.

In traditional investments, usually we would have had needed around 25 years worth of quasi-liquid investments (that are able to earn at least 4 % per year) in order for us to feel that we are getting to entry-level fuck you status, and I personally consider that if we are using the 200-WMA as our valuation of our holdings, then we may be well be able to reach similar levels of getting to entry-level fuck you status based on a 10% annual withdrawal rate and some other caveats in regards to how to govern our withdrawals, such as making sure that the spot BTC price is at least 25% above the 200-WMA when we are withdrawing our BTC and that we are not overly withdrawing and letting our BTC continue to grow in order that we have financial cushions, especially if we are in stages of barely meeting our entry-level fuck you status... so in that sense, there should frequently be value in maintaining cushions in order that we are not having to withdraw high amount of our BTC in order to maintain our living style.. and so if we have high levels of financial cushion then we likely are in a better place to reasonably determine that we have reached our exceeded our BTC accumulation targets.

Quote from: Cryptoprincess101 on Today at 12:58:32 PM

Quote from: JayJuanGee on November 04, 2024, 11:35:02 PM

There can be a bit of a contradiction of ideas, since sometimes guys have to be careful when they have so much of their networth in bitcoin and if they have been in bitcoin for a couple of cycles, then if they have not diversified into other assets, they may end up reach some status of having had invested more than they can afford to lose, while at the same time not having had yet reached their BTC accumulation goal or over accumulation... so it can be difficult to describe being in this kind of a situation in generalized ways since each of us likely has to figure out that we are not causing too much emotion for ourselves in regards to out bitcoin investment, even if we also might be trying to reach a status of reaching our accumulation target and/or a target of being in a status of overaccumulation that frees us to be able to sell extra BTC without having to worry that we no longer have enough.

Actually, bitcoin is supposed to be invested with a disposable income that we can afford to lose but there are folks who has more confidence in bitcoin now and feels that since there is no superior asset to diversify their investment to, they may want to invest aggressively on bitcoin without minding if they have over accumulated or not, but just want to own majority of their NetWorth in bitcoin and HODL for long and are ready to bear the brunt if the market goes sideways, so in this kind of situation, can we say that such investor lacks constraint in their investment?

It can be quite difficult to speak for other people especially since a person's own particular strategy is going to be honed by a variety of factors including that the person is likely going to be more and more informed about how to balance his own personal circumstances with the size of his bitcoin stash, and surely it does seem possible to have only bitcoin and cash and even to have situations in which barely any value is kept in cash, so any expenses that have to be spent, then that spending is taken from the BTC stash, no matter the BTC price. I personally prefer considering ways in which to try to keep more flexibility to have abilities to spend cash or bitcoin, so for me, it does not feel good to be spending bitcoin on downturns, and I would rather be spending cash in those downturn situations, but if some guys end up establishing their systems in which they don't maintain any cash, then they are taking from their BTC at any price, and I personally consider that the BTC stack is going to end up having to be overly depleted under such circumstances, and even if a guy has determined that he has overly accumulated bitcoin, from my own perspective, it still seems to be a bit less prudent to be spending BTC during periods in which the BTC price is extensively down, especially if, from my perspective, a lot of that could have had been avoided (or largely mitigated) by keeping balances and/or income in cash or even other cash related assets that could be sold during those times rather than having no choice but to spend from the bitcoin stash during such times..

I am not sure if there is any exact solution, since of course, if a guy is earning in bitcoin, then his situation is going to be different from a guy who is earning in cash, and if a guy has already reached a status in which he is almost exclusively living off of his investments, then it seems that he should be able to structure his systems in which he is able to choose and/or to prioritize whether he is drawing from cash or drawing from bitcoin based on BTC price movements.. and perhaps even withdrawing certain amounts of BTC in advance during upswings in BTC prices so that he is using the cash from those withdrawals during downswings in the BTC price.. ... yet my own claim is that no one should be fucking around with selling their BTC until they have already reached a status of enough accumulation or overaccumulation, since if guys are already fucking around with selling on the way up and buying on the way down prior to reaching a status of overaccumulation, then they are engaging in trading when when should be focusing on ongoingly, persistently and consistently building their BTC stash through buying only, and I personally believe that selling is not a way to build your BTC stash, since that tends to devolve into trading/gambling rather than investing.

Ultimately guys can do what they like and I believe that it takes a long ass time to get to a status of sufficient accumulation and/or over accumulation that would justify moving away from ongoingly, persistently and consistently buying BTC, and if they believe that they can move into some other kind of stage of their maintaining the BTC stash that they had accumulated, then that is on them to reach such conclusions in regards to whether they have reasonably assessed that they have accumulated enough BTC or more than enough BTC.

Quote from: lizarder on Today at 01:09:36 PM

Quote from: JayJuanGee on November 06, 2024, 06:11:59 PM

It just seems to become quite tempting for newbies to second guess some kind of a BTC accumulation process that might involve ongoing buying of BTC for one or more cycles prior to a point that they might be in a position to potentially be able to modify their BTC accumulation process away from ongoing BTC buying.. and some folks might still not be in a position to stop their ongoing BTC buying even after more than a whole cycle, and I would not even be suggesting that such measuring is easy for anyone, yet at least, it would not be as bad of a problem if the newbie at least had spent quite a bit of time accumulating BTC, so then his assessment of whether to start to modify his BTC accumulation process would at least presumptively be informed by his having had already accumulated a decent quantity of BTC.

When beginners do have the ability to do continuous buying activities then it will be much better and to be more consistent then they must also understand that the sustainable way can be done gradually according to their financial capabilities. If they do have a fixed budget from work and try to set aside a large percentage of money to buy bitcoin for each week or month then I am sure they will grow much faster because the process will help in running investments with smaller financial capabilities.

It should be maintained and perhaps not necessarily run faster than someone who has a larger budget for accumulating bitcoin. When the process is carried out properly, the results will be much more optimal because now they definitely have an idea of how Bitcoin is growing and continuing to show a more productive direction.

Of course, we are not guaranteed that our bitcoin investment is going to end up paying off, so we could end up having two similarly situated persons who invest differently, and the one who invests aggressively in bitcoin from the start may well end up suffering quite a bit during the period that he chooses to invest aggressively in bitcoin, and the aggressive investment may or may not end up paying off (even if historically the aggressive investor in bitcoin has tended to be rewarded quite well down the road).

And, folks should not be measuring their own level of aggressiveness in regards to what another person is ready, willing and/or able to accomplish, yet we can see a difference if a guy is able to invest up to 33% of his income into bitcoin, then after 3 years, he would have had invested a whole years of his income into bitcoin, and a person investing 10% would take 10 years to reach 1 year's of his income invested into bitcoin. None of us should be deciding what another person can do because there may well be some guys who are not in a position to even be able to exceed 10% of their income invested into bitcoin, and it would be irresponsible for them to exceed 10%.

Surely guys are in a better position if they can figure out ways to increase their disposable income by increasing their income and/or decreasing their expenses, yet if they are not really in any kind of a position to accomplish either of those then they have to work with what they have, and many of us realize that it can be quite difficult to accomplish our goals and to be able to invest, yet surely any of us should be more advantaged by knowing the various parameters in order that we can aim to reach our goals, yet I also understand that frequently, when I was younger and I had various investment ideas, yet I was not in a position to be able to act upon my knowledge due to limits in my disposable incomes.. and sometimes we can really be at loss to figure out how to increase our disposable income since even if we are studying or improving our employment skills, we also may well be having to focus a decent amount of that time in order to be able to successfully learn and/or even to be able to get into opportunities in which we can earn more income at later points down the road.

Quote from: asarfiar on Today at 02:20:31 PM

Quote from: Shadiq on November 06, 2024, 05:31:25 PM

Quote from: Stablexcoin on November 05, 2024, 12:57:30 PM

Bitcoin is a different kind of asset compared to other traditional money and asset in the stock exchange where we can easily withdraw our profits whenever we feel like. Because of the volatility nature of Bitcoin its a difficult to know when the right time to hold or sell. From my study the price can go up a lot in value, but it can quickly drop down, So, the dilemma is; Do we wish to hold onto our Bitcoin with the hope that it will rise in value or do we to sell some of it when we see some gains, especially when the market looks very shaky in the eyes. Since holding simply means we can get more in the future, but can also risk losing some profits if the price falls.
The main challenge here is balancing between taking advantage of Bitcoin’s potential for growth while managing the risk of price drops and figuring out when is the right time to cash out or make moves without getting hurt by market swings. This is where the long term benefits comes over the short term quick gains. I can say for an investor who has invested up to 10 to 15 years he can take some little profits if he has things that are important to do. He can completely cash out if he is satisfied with the investment growth and profit and perhaps chooses to shift into other opportunities.

I find analogy with trade as you say. When you plan for the long term, the ups and downs in Bitcoin prices won't affect your investment. Your retention period will be around 4 years-12 years or if cycle is calculated it will be at least 1 cycle or more. But I personally prefer 3 cycles or longer. If you buy regularly with a 3-cycle or 12-year holding plan, you won't be affected by the ups and downs in Bitcoin prices or volatility in the Bitcoin market. Because after 3 cycles I think there may be a big difference between the average buy price and sell price of your bitcoins.

If you are planning to sell bitcoins for a small profit for a living or a temporary gain that is not set in time, then the volatility of the bitcoin price may affect you and you may lose a lot from now on. You may be interested in hoddling with the idea of temporary gains, where you will be able to build a much larger portfolio and Bitcoin is more likely to give you better returns. If you are not patient enough to hold for long then you can plan alternatives, where you have less chance of losing.

The way we see Bitcoin right now or the volatility we are experiencing with the ups and downs of the market is actually a medium at work here is the trend of short term investing. By short term investment we mean days, weeks, months. Bitcoin is volatile so you may miss out on good returns if you proceed with short-term investment guarantees. For example I think suppose current price of Bitcoin is $80k and its duration is 4 years then ($80k*4) ie $320k again one cycle -12 years then ($80k*12) ie $960k or more. I think bitcoin investors should wait until such a cycle time.

Your formula makes no sense, except perhaps you are anticipating that the BTC price will goes up by $80k every year, which seems a bit much of an anticipation, even though surely you could end up being in the ballpark of correct.. but your formula seems to require too much of an increase in the beginning yet if the BTC price appreciation rate is locked in at $80k per year, then you expect the increase to continue to go down at a steady rate each year (in terms of percentage) for the next 12 years.

It is not a totally outrageous idea, yet it is still seeming a bit random how you get there.

Surely, if you presume that the BTC price is going up higher than the level of the debasement of the dollar, then that would justify buying bitcoin consistently, persistently and consistently rather than waiting as you mentioned waiting as your idea, yet perhaps you are talking about waiting as a way to sell your BTC at the higher anticipated prices.

Personally, I would not consider waiting to be a good strategy for anyone who might have had concluded that he does not have enough BTC, yet surely it could be an o.k. strategy for making sure to look out to the longer term, even though I would think that ongoing buying is even a better strategy than waiting, especially for anyone who might have a timeline that is 4-10 years or longer from any time of any new BTC purchase.

Quote from: asarfiar on Today at 02:20:31 PM

And if it is not possible to support the family then you can hold for up to 4 years, and if that is not possible then you have to give up bitcoins at low price from which you can lose a lot.
Holding Bitcoin should be planned for the long term so that you can insulate yourself from the charisma of market price ups and downs and at the end of a cycle you can enjoy a huge return that can be a boon to fulfilling your sky-high dreams.

I don't have any problem with your idea of holding bitcoin for the long run, yet it seems a bit presumptuous to suggest waiting to be a great strategy rather than suggesting ongoing buying.. .. yet maybe you can clarify if I overly misunderstood what you are saying, beyond just saying bitcoin number is anticipated to go up for the next 4-12 years on a bit of an anticipated upwards price slope.

Quote from: DubemIfedigbo001 on Today at 02:22:09 PM

Quote from: JayJuanGee on Today at 07:38:09 AM

so then how many years might he be able to put money into bitcoin, and then once his bitcoin gets to a certain size does he keep putting money in? What if he is not satisfied with his job and he concludes that it might be worth it for him to change job skills and/or even take from his bitcoin to go down that job development path... and I am not going to say that the answer is going to be clear and there may be more than one correct path.

I believe with the right mentality he is going to raise money and plan for his upgrades rather than falling back to his bitcoin for financial solution. As an investor already grounded with the knowledge of not harming your investments and going for long-term holdings, I presumed he should already have imbibed the mindset that his bitcoin portfolio is a no-go area for his proposed upgrades but build up his savings alongside his bitcoin portfolio to handle any of those career transitions. It is okay to cut down on your accumulation amounts, but not stopping totally at the transition process since there's more to do with cashflow at the moment and I'm not a fan of completely stopping your job for an upgrade, it can be done side by side unless of course if the career company experienced a shutdown and he was jobless void of preparation, else it is his duty to find a new job, that can take care of his expenses and little accumulation amounts at least and give him more time to upgrade himself before quitting the current one. He can continue with normal configuration on increasing his portfolio when he has got his career fixed and earning better and more comfortable with the new career, possibly even increase his accumulation amount to catch up with lost time. The investor needs to continually fuel his mindset of the need to continue accumulation bitcoin and not liquidate his portfolio and that entails continuous accumulation even with very little amounts for the unstable periods, else his brain might switch on the reverse and he starts thinking of preying on his portfolio for survival.

I have a hard time presuming that a guy is always going to be able to balance out various income factors, including that sometimes it could become quite a daunting task for some people to be able to break into certain kinds of work, so building connections and experiences can sometimes end up being quite costly in terms of time, energies and money and without any kind of a guaranteed payoff... and yeah, it might not be a good idea to continue to work at McDonalds flipping burgers or doing some other entry level jobs, merely to get an income, while trying to build networks and experiences to be able to break into a career area that might be quite difficult to get into... and some of those attempts to get into high paying careers might also not have too many consolation prizes either.. so there can be some gambling in regards to building skills in a direction of a career area that might well not end up paying off.... so my point is that sometimes there might not be options to do both.. meaning to continue to invest into bitcoin while investing into some kinds of career areas that may or may not be in reach for the one seeking such career area.

Quote from: DubemIfedigbo001 on Today at 02:22:09 PM

Quote from: Stablexcoin on Today at 10:26:40 AM

I believed there was a source of income he had. That source can still be used to buy Bitcoin even if it's a fraction through his DCA method even if he wants to accumulate more but with time he might get a good job that will help him achieve the desired Bitcoin goals.

I believe if you read carefully, the same source that he used for accumulation is the one he wants to change or improve by Upgrading himself on the career path, and possibly he might wish to quit the former job to be able to build himself for yet a bigger and better opportunity. Believe me, the building process comes with lots of challenges and financial requirements that might make the investor run short of even discretionary funds as the cost of upgrading himself might be high, that's why I suggest that he should save up some funds in that regard and we know that his savings might not even be enough and that is why he does not need to quit working entirely to upgrade himself and even if upgrading himself might mean him stopping the tasky job he is doing, he might as well get a low demanding job to at least cover for his expenses during the upgrade period and still invest with reduced amounts so he does not turn to harming his portfolio for survival. I am not of the opinion that he uses his emergency funds to service such part, emergency funds should be strictly kept for emergencies because they always come.

Surely you are pointing out the daunting areas of career/skills balancing, and yeah, there is always value in keeping various kinds of back up funds, and more value to have back up funds and to prioritize them when we have investments that we are wanting to maintain and not having to tap into at a time that is not of our own choosing.

Quote from: Sim_card on Today at 03:44:58 PM

Quote from: JayJuanGee on Today at 07:38:09 AM

Quote from: Pi-network314159 on Today at 02:29:23 AM

Quote from: JayJuanGee on November 06, 2024, 06:02:56 AM

The truth of the matter is that it can be very tempting to sell most if not all of your bitcoin just like hypothetical 2 did, and he ended up with nearly $1 million in profits out of a $47k investment, so it is difficult to proclaim that he did not profit, even though he would have had been better off to hold onto more of his BTC, perhaps some variation .. yet whenever any of us is attempting to create a somewhat realistic hypothetical comparison,

You are actually right, we can't predict some kind of situation when it arises. We might proclaim to be different in terms of making decisions in regard to what hypothetical 2 did, but we might as well do as he did when we find ourselves in such situations or did worst than him but thanks to Bitcoin growth which has changed people narratives. Because people had some doubt some years ago about bitcoin and some sold way too quickly Because there was no proof as to how hug bitcoin might be. But from previous history of bitcoin starting from 2009 till date has shown the immense growth of bitcoin and if I where in positions to make decisions now, I will be In position of hypothetical 1.

People are still going to make the same mistakes as they made earlier by selling too much bitcoin too soon., and also concluding that bitcoin does not have very much upside potential, so they will feel that they need to shave off their dollars. Sure, there will be a lot of folks hanging onto their bitcoin and figuring out how to continue to have bitcoin as one of their ever-present assets, yet not everyone is going to figure it out... and we cannot even know if future performance is going to be sufficient to justify continuing to hold bitcoin.. each of us has to figure out our allocation and also our way of managing our stash once we feel that we have gotten to a sufficient and/or more than sufficient size of BTC.

I think that bitcoin portfolio management should be another aspect that an investor needs to understand when he has reached his bitcoin investment maintenance stage, so that he does not mismanage his bitcoin investment after feeling that he has more than enough bitcoin in his possession. Since some people might feel that because they have too much bitcoin, they can start selling whenever they like and will end up selling too much bitcoin too soon forgetting the long period of time that they used to build their bitcoin stash to that size and the process they passed through. It is easy to destroy but very hard to build i.e, it is easy to squander 1btc than save gradually to get 1btc.

Your bitcoin investment should be part of your life and you don't need to rush in selling too much too soon when you know that you are not giving up the ghost, but rather watch your bitcoin investment grow in profit bigger and bigger as you get older and older while you only take little profit that will not have any effect on your portfolio once in a while. However, this is what all investors needs to figure out by themselves because it is our bitcoin and we can do what we like to do with it as long as you don't regret your actions later.

I personally believe that there are ways to structure bitcoin management that allows the bitcoin to continue to grow while withdrawing from it, yet it still likely needs to get to a certain high enough size first, and even once it reaches such size, there should be limitations on the withdrawal amounts in order to continue to draw from appreciating portions and not from principle, and if a person is drawing small enough amounts from appreciating portions of the BTC stash, the value of the BTC will continue to compound upon itself so that the withdrawal amounts can continue to increase with the passage of time, and there should be little to no meaningful impact upon the depletion of the BTC stash in terms of real value that also accounts for the debasement of the fiat (so measuring the value in terms of actual purchasing power rather than dollar values that are based upon ongoingly debased values.

Quote from: Spaceman1000$ on Today at 03:54:56 PM

Quote from: I_Anime on November 06, 2024, 08:27:15 PM

Quote from: JayJuanGee on November 06, 2024, 07:06:35 PM

Poor people are going to have fun being poor if they cannot figure out ways to live within their means, even when they are making it and even while they are moving up the financial scale to be ongoingly improving their standard of living. I doubt that anyone can move from poor to not poor to well to do and then to rich if they are not ongoingly exercising good habits at each stage and/or step up that they are doing... So there likely is ongoing value to make sure that we have our money working for us in ways in which we are mostly spending from our passive income from that money and not from the principle, and if the passive income from the money is not enough, then we have to cut back on our expenses so that we are living within our means rather than depleting principle

That's true, one thing again is that most time getting rich isn't the problem, is having a good habit that will help one to stay rich. That's why sometimes you can hear that a man was once wealthy , but due to some poor management habit he got himself reckt. So is all about having a principle, with a good principle you will be able to balance your finance and same time your bitcoin investment.

Due to such (having the wrong habit or principle) that's why most people always remain poor sometimes or even get poorer.

To some extent I disagree with you on the fact that "most time getting rich isn't the problem, is having a good habit that will help one to stay rich"as you've said. For me Getting rich is one of the major issues on earth, as there are only handful of people that are rich,

It seems to me that if you are able to live within your means, you are already rich.. and if you are also able to put some of that aside into investing, and in this case bitcoin, then you are likely rich in the sense that your investment is going to have great chances to help to supplement your income into the future.. .. so you likely want to get to a state in which you no longer have to work and your income from your investments can completely sustain your living standard... so surely getting to fuck you status can take a decently long time.. 30-40 years or longer and most people never make it there.

I do agree with your overall point that getting there is also a challenge, and the more that we get closer to getting there, it likely becomes easier and easier and easier since our path to getting rich would also likely involve ongoingly building wealth and/or back up system cushions.

Quote from: Spaceman1000$ on Today at 03:54:56 PM

I understand that there are harmful of people too that find it difficult to sustain wealth but they are not in the majority as they are few, however the most difficult part is to create wealth,

I think that creating and maintaining are similar difficulties and habit building systems. So yeah, we may well be continuing to measure how much wealth that we have built in order to figure out if we have enough wealth to sustain ourselves, so how many months would we be able to live off of the wealth that we had accumulated up to the measuring point. I would imagine that we want our number of months (or time) that we are able to sustain ourselves without income to continuously be growing with the passage of time...and ideally the amount gets to a point that it is perpetually able to sustain ourselves, so then at that point, we would truly be able to recognize that we have reached entry-level fuck you status.

Quote from: Spaceman1000$ on Today at 03:54:56 PM

as majority of earth dwellers find it difficult to break through that Threshold, as some will say let me get the wealth first then i can bother later about sustainability.

Sure. You have to keep building it, and if whatever you are doing is not resulting in increased quantity of months that your wealth can sustain you, then you would not be making progress. One good thing is that we have bitcoin as something that is available to everyone and so it seems like a great and generally open place that we can put our excess value.. and that with the passage of time it is likely to continue to hold our purchasing power and to grow.. especially if we are able to appreciate it on a longer time line, such as 4-12 years or longer, and yeah, maybe we have to look 20 to 30 to 40 years or more into the future.. . Hopefully, the shorter the timeline, then the more confidence that we can have that we are making progress towards something that is somewhat sustainable (even if down the road) and can give up peace of mind.

Quote from: Spaceman1000$ on Today at 03:54:56 PM

As for the poor persons, one of the major issues that affects them is the limitations of opportunities including financial constraints, which has a way of affecting how they think or approach issues, it takes a lot of courage and determination for some of them to pull out of their situation as they always feel overwhelmed about life issues.

The more poor a person, the greater the challenges, so one positive is that at least bitcoin is available, yet bitcoin is not going to help very much if the poor person does not have a discretionary income. So there is a need for anyone, whether poor or otherwise, to figure out how to establish a discretionary income and to maintain one in order to maintain their investment into bitcoin, and yeah the more poor the person the more difficult it becomes to both establish and maintain a discretionary income that facilitates the ability to invest into bitcoin. If a person does not have and cannot establish discretionary income, then it would not be a good idea to invest into bitcoin (since that would be trading and/or gambling, which is not a good idea).