Quote from: Tungbulu on June 26, 2025, 02:30:13 PM

Quote from: JayJuanGee on June 25, 2025, 02:05:49 AM

Quote from: Tungbulu on June 24, 2025, 03:11:34 PM

Quote from: sotelorene on June 24, 2025, 11:39:48 AM

The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment.

That's right. Nativity can indeed be a major barrier and can hinder the progress of an investment. This is why it is always good to always stay updated on matters that concerns your asset class (in this very case Bitcoin) as an investor. Some people rush into Bitcoin without truly understanding the technology, yes it's true that one cannot acquire all the knowledge from the beginning, it's a gradual process, but it's crucial to first understand the investment you're going into, even before you make the first step of entering, because you might end up failing even before you started.

In order not to fall prey to making naive and ignorant decisions, investors or enthusiasts need to first understand the technology, as well as how it works, then you can start and develop your strategy and also acquiring some necessary knowledge on the process.

I have had these arguments with members previously, and surely I believe that there isn't a need to know details of bitcoin's technology prior to getting started investing into it, and one of the most important things to know is your own personal cashflow management and if you have discretionary income.

You can learn various aspects of bitcoin's technology as you go, and surely if you are uncomfortable with the level of your technical knowledge of bitcoin, then you likely would ned to adjust your position size down until you reach a higher level of confidence about your level of knowledge being aligned with your level of investment.

Sure, it can be helpful to understand some of the basics or maybe some of the overview ideas that bitcoin solved the double spend problem and/or that bitcoin becomes difficult to attack in regards to computing power because there are guesses being made and the difficulty of guessing right number adjusts every two weeks to keep the blocks approximately every 10 minutes...and the details might not need to be known, especially in the beginning...and especially in terms of getting started buying $100 per week or $10 per week or whatever amount seems reasonable to the person and within their discretionary income.

Yeah, one doesn't necessarily need to be an expert in Bitcoin's technology or have all the knowledge before they can get started, what I meant was that, to get started, there are some basic knowledge that one needs, and without having these basic knowledge it'll become difficult to make better investment decisions. It's just like you said in your previous post some time ago, that one needs basic maths knowledge, and few other things, I believe that's exactly what I'm trying to say. There are a few other basic knowledge that are essential before one gets started, like understanding your personal cash flow, knowing how to set aside your discretionary income, amongst others, and as you advance in your investment, so will your knowledge too and you can also get better.

I still get the sense that you are expecting more out of beginners than me, since I would suggest that a newbie to bitcoin ONLY needs to do a quick browse at the historical bitcoin charts and see that it is quite volatile and perhaps recognize that the number is tending to go up.. especially on a longer timeline.. yet the extremes in the historical volatility could temper how much they are inclined to start out with.. $100 or $10 or some other amount.. and even if they straight out know that they could start out with investing $100 per week into bitcoin, they might purposefully choose to limit their starting out with $30 per week while they figure out various details - especially in regards to themselves and their general cashflows.. or even perhaps to give further thoughts to their overall budget and how they are spending their money, which they might not have had previously delved into those kinds of thoughts, even though delving into personal budget details does tend to become more important if we start to invest in something like bitcoin and it becomes even more important the more aggressive that we might choose to become in regards to our bitcoin investment (if we go down such a path).

It seems to me that if we were to grab any person off the street or run into them in the isle of a grocery market or we meet them at a birthday party or at an outdoor festival, and if we start to talk with them about their personal budget and the extent to which they have discretionary income. Off the top of their head, many of them likely would be able to tell us if they have some discretionary income or not and they might even be able to tell us how many weeks it would take before they completely run out of money for their monthly expenses if they were to immediately lose their job or their main source of income suddenly dried up due to some force outside of their control (or maybe even if they were struck by a bus or some other kind of surprise event caused them to not be able to work for some amount of time.. then how long would it take before they run out of money and what would they do regarding housing, food, transportation, and/or various essentials.. and perhaps if they were trying to stay self-sufficient and only relying on their own, or if they might have family that mmight step up to the plate for part of those expenses for a few weeks? or maybe other contingencies.

I would suggest that perhaps after a couple of hours of conversation (and maybe access to their bank accounts and various records that are somewhat at their tip - maybe some folks would say that they would have to look at the money jar/box that they keep in blah blah blah location) more than 80% would be able to give quite a few details in order to establish whether or not they have a discretionary income and to give some general ideas about if they are spending less than their income. .maybe being able to generally outline their various income pieces and their various expenses for each month.

So what I am suggesting is that an overwhelming majority of folks likely already have basic math skills enough in order to fairly quickly (within a few hours) figure out the extent to which they have discretionary income for 1-2 weeks or some reasonable period into the future. So then if they were to invest into bitcoin, they already mostly have the skills and they can fairly quickly figure out the matters, and if they were to invest into bitcoin, they would largely be honing skills that they already have.. and perhaps improving on their already existing skills through practice that perhaps many do not practice the skills that are required to invest in bitcoin, even though they have the skills and are able to sufficiently develop them if they were to conclude that it is important to prioritize investing into bitcoin.

Sure, you can operate from differing assumptions, yet largely my assumption is that 80%ish of random normies already have enough skills to get started investing into bitcoin.. perhaps within a few hours or maybe merely a day or two to just figure the matter out, so then it is just a matter of whether they have discretionary income or not...and yeah, if they are fairly lost in the whole thing but they know that they have $100 per week of discretionary income, maybe they just start out with $30 per week and then they can work on figuring out matters and even fitting bitcoin into their schedule and their lives and yeah any new thing that is added to anyone's life may take a bit of time to make space and to prioritize it and once someone starts investing into bitcoin then they will become more motivated to learn about it whether they are starting by investing $30 per week or some other amount.

Quote from: Tungbulu on June 26, 2025, 02:30:13 PM

It's more than okay to learn about Bitcoin's technology as one advances in his investment, and one can also choose to make certain adjustments in their position size, based on how much confidence they've been able to build in the knowledge they've acquired along the way. All it takes is just to have the basic understanding of the key concepts of Bitcoin, such as securing their asset to avoid losses. It's really not important to know everything, especially when you're just a beginner.

I cannot disagree with any of that... and sometimes when I hear people to suggest that newbies have some "technical knowledge" at the time they start bitcoin, and then they proclaim that newbies need to know how to set up a private wallet and to think about the trade-offs between various kinds of self-custody solutions and blah blah blah.. I think that is way too fucking much, even though surely there are going to be some newbies who already are fairly technical in their nature and they get excited about technical challenges, I think that there are not as many of these technical nerds as people would like to presume, and I really doubt that there are needs to know self-custody and even other various technical matters related to bitcoin that distinguishes bitcoin from shitcoins and blah blah blah..

and even if some guys might already be ready (and want to learn those things) it is not necessary to get into technical weeds in order to get started mostly by figuring out that the newbie has enough basic math skills to figure out that he has discretionary income and he has enough common sense to have a general understanding of how much income he has coming in and if it is greater than his expenses and various other common sensical basics of having some general ideas about month to month cashflows and how much of a cushion might exist. None of those are advanced (and I believe not very technical at all) in order to get the fuck started... even though surely getting started might have some cumbrances in regards to where the first coins will be sourced, and will there be a private transaction or signing up for some exchange and what options are available in the geographical area of this particular bitcoin newbie person.

Quote from: Tungbulu on June 26, 2025, 02:30:13 PM

And for someone planning to get started or have already gotten started with a regular investment plan, like choosing to buy $10 or $100 worth of Bitcoin on a weekly basis, I believe the most important thing in this situation would be to understand their own financial situations, as well as their risk tolerance level, and then maybe refine their strategy or plan as they advance to suit their current financial situation.

They might already have a superficial view of their 9 individual factors, yet I doubt that they need to know them in detail in the very beginning when they are getting started in bitcoin investing beyond the extent to which they have a discretionary income/funds and how much bitcoin are they going to buy on their first bitcoin purchase.. .

Of course, if they have an income of around $25k per year, then they may be able to know if they have $100 available or even $100 per week, but if they are considering investig $10k right from the start, then surely that would show that they are either a very quick study.. or that they have a gamblers mindset, since even if they were to have $10k available, it may well be good right from the start to divide that $10k into three parts (DCA, lump sum and buying dips).. and at least to consider the three ways of accumulating bitcoin.

Quote from: Tungbulu on June 26, 2025, 02:30:13 PM

Quote from: CryptopreneurBrainboss on June 26, 2025, 08:33:46 AM

Quote from: sotelorene on June 24, 2025, 11:39:48 AM

The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment. The reason why some investors won't go forward or make progress in their investments is covetousness, some of them are not always contented with what they have even though that is the only thing they can afford at that point in time and anyone who wants to exceed there capability or capacity will definitely learn in the hard way because there is a saying that " you can not be faster than your shadow"

People are investing above their limits and this causes them to panic when the market is experiencing some discomfort. Investing isn't supposed to be fast so you can't be think about't investing today and be expecting to be cashing out tomorrow. I won't say people don't understand this but they're just too greedy to care, they want to make money so fast without giving it time to mature and it's not like when they get the money that they'll be able to manage it well to multiply it further instead they burn the whole money and go back to square one to start hustling again. Your Bitcoin accumulation pool shouldn't be extravagant that you go broke because you'll still get to sell your stash prematurely and that's the biggest problem of Bitcoin investors this days.

I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.

I think that a lot of folks (whether in Nigeria or any other place) have gotten fucked up mentally by the various ways that fiat money incentives contribute towards folks feeling desperate. and it may well be an intentional design of fiat systems that are reinforced in a variety of ways, and even rich people within any society get worried about holding money in fiat once it gets over a certain amount beyond regularly spending, but if someone were to know that he got a bonus of 5 months salary (maybe some surprise deal in which all of a sudden he receives an extra five months of his salary).. and maybe he has a specific thing that he knows that he can buy with it in 2 years.. .. He is likely going to get nervous holding 5 months of his salary in cash for 2 years, so then at that point, he is trying to consider places that he can put the money so that it does not lose value over the next 2 years.