Quote from: DubemIfedigbo001 on Today at 06:25:24 PM

Quote from: JayJuanGee on Today at 05:01:21 PM

Quote from: Wind_FURY on Today at 08:51:24 AM

Quote from: JayJuanGee on January 26, 2025, 08:54:45 PM

[edited out]

The point is, stupid or smart, whatever viewpoint a person may have in shitcoining, they would STILL too hold those profits in Bitcoin. Because what kind of mental decay is a person having if he insists that he/she should HODL a shitcoin or, Oh My God, a stupid MEMECOIN of a dog with a hat shilled by the most mentally decayed people in the cryptocurrency community.

Or they probably are not stupid. They probably sold they're memecoins at their ATH and left their "community" to HODL those worthless shitcoins.

I am not going to presume that shitcoiners are smart enough to put their value in bitcoin. Sure some shitcoiners figure out that they need to store most of their value in bitcoin, yet many of them fall into the camp of degenerate and/or misinformed gamblers, so they end up wrongly concluding that they are not going to end up richie unless they put enough value into whatever shitcoin of the day they happen to be chasing, so almost no matter what, they will end up overallocating to various kinds of shitcoins and shit projects, and potentially even consider that wherever they are holding their value is merely temporary and rotating and sure, they may well be correct that their intention was to move it in and then move it out, yet no one wants to sell at a loss so sometimes (or perhaps frequently) they get their value locked into various pieces of shit with ongoing dilemmas regarding when to get out or even whether to put more value into their already existing shitcoins when the price is going down rather than their anticipated UP. Getting lured into shitcoins tends to be a trap in which they suck more and more and more value out of the gullible ones who are investing into them, and so yeah, bitcoin is too boring for them, and they end up with pretty high odds of underperforming as compared to if they had just focused 90% or more of their time, energies and value on bitcoin... but they can't and they cannot control themselves, even if they might have been intending to limit their shitcoin involvement it devolves into greater and greater and greater value and ultimate losses prior to their potentially learning their lesson (and sure not all of them learn their lesson, they stay in the world of shitcoins, dumb, trading and/or gambling).

Some of these shitcoiners don't learn from their mistakes, even after being kicked on the ass by shitcoins, they still remain greedy. My sister who was fucked up by the crash of late 2022, called recently and asked of promising projects to invest into since she knows I'm into the crypto world. Knowing she loves investing considerably I asked her to buy Bitcoin with 90% of the funds and scatter the other 10% in few promising projects I'll recommend, but she refused claiming that she needs projects with high yield, like 200x or more in a short while. I explained how risky it is and how it's not advisable to use all capital to chase shitcoins, but she wasn't listening.

I just told her I'll get back to her on that, but never did because I don't want to be the one to take the blame if her greed ruins her. I think it's better not to offer any suggestions since she's not ready to do the right thing and also better she doesn't invest at all than gamble with so much money.

Of course, sometimes it can be difficult with family members since we want to keep our relationship with them, yet at the same time, we also have to be concerned about how to spend our own time and energies, and most likely I would not have had told her that I would call her back, and I would not even get into any details of talking about any shitcoin, since it is a slippery slope into more conversation, yet sure, maybe you could have had a couple of shitcoins that you considered to potentially have some abilities to go up, yet at the same time, it is way too messy to be getting involved with any shitcoins, but instead stick with a blanket recommendation for her to stay away from shitcoins, yet if she could not resist then at least she should limit her involvement in them to no more than 10%, and yeah, she is not even close to being within the same kind of thinking as you, so you likely just have to let her venture off into her own seemingly quasi-desperate kind of gambling thinking.

It is like you are not even close to being on the same page, and you could even talk with the person about investing 4-10 years or longer, and if you already know your sister to not be an old person and/or she is not with any kind of known health conditions, then you likely need to telling her that she should be thinking about bitcoin in terms of 10 years or longer and not between 4-10 years, even though sure sometimes the folks are just so maniacally focused on short returns (of perhaps a few months or maybe a year at most), so they cannot even relate to what you are saying.

Accordingly, my practice has been to just stick to my guns and say that I cannot really help with shitcoin practices, trading, gambling and/or short term recommendations. In the end, she can do what she likes, but you are mostly suggesting at minimum a 4-year timeline, and perhaps better 10 years or more.. and also you are recommending ongoing, persistent, consistent, regular and perhaps even regular buying of bitcoin that may well last more than a whole cycle before she might be able to let off on the buying of bitcoin - depending on where she is at and/or if she is able to front load invest into bitcoin. We know that many folks are not really able to front load into bitcoin, even though they might have some modest abilities to front load perhaps 3-6 months worth in advance.. but yeah, if her budget is something like $100 to $200 per week, then 6 months might be having cash in the ballpark of $3k to $5k to front load inject into bitcoin. whether DCA, lump sum and/or buying on dips..

Surely some guys might have more patience to spend with their family members or friends, but frequently it is a pretty BIG ASS waste of time to be talking with someone who has almost totally a different way of considering the matter, so they either have to figure it out on their own or perhaps find someone with a similar kind of framework... and sure, maybe they will get lucky, but the odds are not really in their favor... but you never know.. .. and that is on them including that if you might not even be able to get her to put 50% into bitcoin.. and she is not able to come even close, and perhaps she will end up with absolutely nothing in bitcoin, as Moreno233 described to be a tendency that he is seeing with the shitcoiners...and sure I have seen that too.. complete rejection of bitcoin and fantasies about the pumpamental potentials of various other coins/projects. These folks likely just have to figure out on their own.. and see what happens (aka fuck around and find out). Your sister is too smart for you DubemIfedigbo001 (or so she believes).

Quote from: SmartCharpa on Today at 07:08:05 PM

Though some people might find it difficult to set aside funds for an emergency if they are already accumulating Bitcoin, it is best for them to do so before they begin to accumulate Bitcoin.

There is no reason to set up an emergency fund prior to getting started investing in bitcoin, and the only reason to delay investing into bitcoin would be if a newbie's finances are so messed up such newbie cannot clearly figure out whether they have any discretionary income.

If such newbie has some ideas about their discretionary income but they just cannot figure out exactly how much discretionary income they have, then they can still start to invest into bitcoin from the part of the discretionary income that they know that they have and they are not going to need for 4-10 years or longer - whether that is $10 or some other amount to get started.

Sure it is possible that some newbies who get into bitcoin are not going to be able to commit to investing into bitcoin for at least 4 years, and sure, we have to meet them where they are at, and even if we are recommending that they are investing into bitcoin rather than trading it.. we cannot necessarily commit them to a timeline of 4-10 years or longer, so in that sense, they can figure out their own timeline and make their own decisions about whether they are investing into bitcoin or they are trading it and how they are doing it.. even contrary to our recommendation.. .. They are ultimately responsible for their own actions even if they might have had been seeking recommendations from us... . We just might not consider a less than 4 year timeline as trading rather than investing, and we don't recommend trading.... but ultimately the choice of whether to buy bitcoin and how to go about it is theirs.

I recall one point selling something like 0.3 BTC to a person (who was recommended to me by a friend), and the BTC price was around $15k in 2017, and then about 6-8 months later he came back to me and he wanted me to buy his 0.3 BTC back and the BTC price was ONLY around $6k, and I tried to tell him that he should just hold onto it for a whole cycle, and he said that he could not hold any longer, and that he needed the money. I said o.k, and I bought back his 0.3-ish bitcoin...so surely people can do some strange things...and sure the BTC price largely ended up staying down through most of 2018 and it even crashed further down to $3.2k-ish in late 2018, and we had a price bump from $4k to $13.8 k in early to mid-2019, but the price did not really recover above $15k until around late 2020... so yeah, it can sometimes take a while for the BTC price to go above our buy price, and yeah, we know in 2022, the BTC price ended up revisiting $15k again.. so a lot of those kinds of considerable BTC price moves can be scary for folks who do not have conviction about BTC.

Quote from: MusaPk on Today at 07:21:15 PM

Quote from: JayJuanGee on January 26, 2025, 08:54:45 PM

One thing that is so advantageous to retrospectively analyzing DCA is that we can plug in some numbers to see how they play out during such time and get a bit of an automated and standard output.
~snip

I have one thing going on in my mind for quite long i.e. DCA is also a form of lump sum investment. Like if a person is investing 10$ per week then he is like investing a lump sum of 10$ in week one and then a lump sum 10$ in week two and so on. DCA is also a kind of accumulation of Lump Sum investment that are made over a period of time. It's my own interpretation, it may or may not be correct.

There is nothing wrong with that interpretation, except that sometimes we need to be able to distinguish between different kinds of practices in order that we can clearly communicate what we are talking about, yet surely a guy can structure his finances (cashflow) in such a way that he invests as much as he can into bitcoin every single time that he receives pay. He calculates out the amount that he has to set aside for his expenses, and then he attempts to maximize his BTC buys with whatever he has available, and sure sometimes the amounts might be regular and weekly or every couple of weeks, but every once in a while he might receive amounts that are way larger than his regular amount, so perhaps every week he is getting around $10 extra that he can spend on BTC, but every 3-4 months he has some side project that he receives somewhere between $150 and $300 - depending on details of how the project ended up going, so at that time, when he gets those larger payment amounts, he suddenly has 15x to 30x his usual weekly DCA amounts, so he knows that he could still choose to treat the amount as a DCA amount and buy right away, even though he also knows that when he gets those larger amounts, he has more options during the times that he ends up receiving those larger than usual amounts.

Quote from: MusaPk on Today at 07:21:15 PM

You also have a valid point that anyone who invested a huge money several years ago and is ignorant about Bitcoin that he didn't invest at later stage, such are just hypothetical assumptions. The person who is investing a lump sum money into bitcoin is well aware about Bitcoin and will continue to invest in Bitcoin over a period of time.

From time to time, there are still going to be some strange situations that end up happening in terms of guys sometimes forgetting about their BTC or even forgetting how to access it.. and then maybe remembering at some later point...... .so even a person might buy a few hundred dollars worth of bitcoin, and then maybe the price goes up 8x or more, so the guy goes to try to figure out how to access his BTC, but he cannot figure it out, and then maybe the price drops back down, so then he thinks that he will just get back to the problem of trying to access his coins later, and maybe he keeps procrastinating because he is not even sure he can figure it out, and maybe the BTC price goes up again, and then it is 20x or more higher than his earlier price, so then he becomes even more inspired to try to figure out how to access his coins.. and yeah, maybe it sounds weird.. but there can sometimes be weird kinds of situations that may also relate to a person who has a variety of other things going on in their lives and maybe even some explanation why they are not putting more effort into monitoring and/or managing their BTC in a more reasonable (or normal) way.

Quote from: bitzizzix on Today at 07:56:31 PM

Quote from: SmartCharpa on Today at 07:08:05 PM

Quote from: Mayor of ogba on January 26, 2025, 10:34:04 PM

As far as bitcoin investment is concerned, both the poor and the rich investors need to set aside an emergency fund because it is what will help them to solve their unforeseen problems that may occur along their bitcoin accumulation journey. Even if they don't build up their emergency fund at the beginning of their bitcoin investment, there is no problem with it; they can go ahead and start their bitcoin investment, but they should make sure to build it up as they are accumulating bitcoin. Surely bitcoin investment is applicable on a long-term basis, so anyone who is interested in investing in bitcoin should understand that bitcoin investment is about being patient because it is only in the long run that someone can actually achieve success in bitcoin investment.

I agree with you, this is the knowledge some individuals lack before beginning their Bitcoin investment. Many people believe that the Bitcoin they are holding will serve as the funds they will spend in times of emergency, but this is not the case when it comes to Bitcoin accumulation; one must have an emergency fund separate from their Bitcoin holdings because selling part of their holding will affect their accumulation. Though some people might find it difficult to set aside funds for an emergency if they are already accumulating Bitcoin, it is best for them to do so before they begin to accumulate Bitcoin.

Of course, anyone who believes they can succeed in a Bitcoin investment needs patience. As long as an individual is prepared to invest in Bitcoin, regardless of their financial situation, they must set aside emergency funds since Bitcoin is not a way to get quick money to meet our needs or to escape poverty.

In my opinion, emergency funds are important and mandatory for long-term Bitcoin holders in any way, especially DCA, and they should prepare or set aside money so that they can continue to buy Bitcoin regularly and also set aside for emergency funds, so that investment plans that are carried out in the long term can run well and also generate large profits because the Bitcoin they own remains intact without being touched for other interests for whatever reason even though it is very important.

And if emergency funds are an obstacle, then what must be done is to try to find a side job or additional income so that you can meet the emergency fund. And besides that, with this additional income, you can increase the nominal purchase of Bitcoin that you usually buy periodically and this is a smart way and most people succeed in any investment and if this method can be practiced with Bitcoin, the results will be more satisfying in the future.

Even though a side job can provide more discretionary income and even more comfort in regards to having back up sources of funds, a side job does not negate the need to build up an emergency fund.

So emergency funds tend to specifically relate to loss of income or some outrageously large and unexpected expenses. Most people should have other kinds of back up funds that they would use for other purposes that would be used prior to the emergency funds ever being touched.. so in an ideal world a person goes 20-30 years or more without ever having to touch their emergency funds. Of course, the longer that we invest, the more likely that we are going to build up a variety of assets besides just bitcoin, and some of the assets could serve as emergency funds to the extent that they are liquid and potentially similar to cash - yet also once we get through 2-3 or more bitcoin cycles, we might end up getting our BTC investment up to a certain size that changes the way that we think about the balancing of our various kinds of funds and investments.. and also figuring out how much cash we might have on hand, including considering if we might also start to figure out ways to cash out of our BTC in sustainable ways, especially if we might have had ended up reaching a status of overaccumulation of BTC.