Quote from: Greyhats on Today at 01:57:39 AM

Quote from: JayJuanGee on Today at 01:01:02 AM

I doubt that you are making any meaningful and/or important point OrbitalX - since the ways that guys use either term would depend upon the context inht which he is using such term... so at first there were guys who were seeming to proclaim that guys should not be investing into bitcoin unless they have a steady income (which they might have had referred to as a source of income or source income.. either way).

Something else to ponder here, I don’t necessarily agree with you can’t invest in bitcoin if you have no income source. When you consider your emergency funds include your dca amount as per the term; 3,6,9,12,18 etc months of funding/living. Technically you don’t have an income but you planned for the worst and can continue to DCA too with the emergency funds include kicking in, in your time of need.

We can use the terms

Back up funds

reserve funds

emergency funds

and these communicate similar ideas, yet at the same time, I like to consider that the concept of emergency funds likely means that we can ONLY be using that money for actual living (perhaps only the basics/essentials?) expenses, so by the time we deplete all of our funds (such as back up funds and/or reserve funds) and all that we have remaining is emergency funds, then we are likely in a pretty bad situation since all that we have left is our emergency funds and then bitcoin.. and if we have no foresight of income coming in in the future, then our situation is even worse.. Surely, sometimes we might do work and we know that we have a check coming on Friday.. or within 4 days.. or some level of certainty, yet until that money is in the bank, we likely should be treating the actual receipt of that money somewhat tangentially as a probability rather than as a certainty... Once the funds are in our bank, then we might have more confidence that the bank is not going to lock our account..

But anyhow, if we have abilities to live off of our emergency funds beyond 3 months, then likely those excessive funds are not really emergency funds, they are more like reserve funds and/or back up funds and can be used for purposes other than emergencies (and/or beyond using them for just basic living expenses). There tends to be more flexibility in regards to how we use funds that are beyond our emergency funds, so we may well have a lot of flexibility in those funds, and probably we should not be referring to funds that go beyond emergency funds, and perhaps that might be why we might refer to the excessive funds (beyond emergency funds) as reserve funds or other kinds of back up funds.. not emergency funds.. .. since we might even confuse ourselves if we fail/refuse to distinguish between the kinds of back up funds that we might have.. and what kinds of purposes that such back up funds might be used and if matters get so dire, then we may well need to constrain ourselves.. for our own good.

At some point in time when we are depleting so many of our various back up funds and/or reserve funds, then all that we end up having remaining is our emergency funds, and at some point, we cannot buy bitcoin anymore with those funds.. since we hardly have any money left and we are down to the bare morsels and we will run out of whatever we have soon..

I tend to think that once we get to our emergency funds, our status/situation is devolving so badly that it is possible that we are going to end up having to start to sell from our bitcoin since our emergency funds are getting close to running out.. so it does not seem to make any sense by the time we get down to only having emergency funds to continue buying bitcoin with our soon to be depleted funds.. especially if we have a lot of uncertainty regarding the timing or the amount of our next incoming funds...

It seems to me that getting down to a point of having to dip into emergency funds indicates that our situation has gotten to a pretty bad (and perhaps even bordering on desperate?) place.

If anyone is counting reserve funds and other back up funds as emergency funds, then surely they have more flexibility with those funds that are not the emergency funds... since from my own thinking getting into dipping into emergency funds is an indication of a pretty dire place that none of us should want to be... and we should be attempting to engage in cashflow management and/or investing practices to avoid getting there. and surely not putting ourselves into such a place due to sloppiness and/or recklessness.

Quote from: SmartCharpa on Today at 10:13:43 AM

Quote from: JayJuanGee on Today at 01:01:02 AM

[edited out]

However, I agree with what you said about emergency funds, before investing a lot in Bitcoin, it is wise to first save money for emergencies. So if something happens, you won't have to sell your Bitcoin at the wrong time. You will already have money to deal with the problems. Aside from having a steady source of income, it's important to plan for the future, understand your financial condition, and only spend money you don't need right now. Even if you do not buy Bitcoin every week, we can still grow little by little.

You will not find me saying that there is a need to establish emergency funds before starting to invest in bitcoin, and I think that the building of an emergency fund and the building of a bitcoin investment can happen at the same time.

Sure it may well be true that the more bitcoin that we have, then the more that we might want to make sure that we have some kind of an emergency fund, and perhaps many of us would not want our bitcoin to be serving as our emergency fund.. .. so yeah, of course, we have to assess where we are at, and if we have absolutely no back up funds (that could constitute as an emergency fund) and we have absolutely no bitcoin investment, it may well be the case that we can figure out how to work on developing both at the same time rather than deferring our getting started investing in bitcoin.

Of course, if a person is having difficulties figuring out if he has discretionary income or not, then he has to figure that part out first, since if a guy's finances are in such a bad place that he does not have discretionary income, then he needs to have discretionary income before he is even able to invest into bitcoin, since bitcoin is a 4-10 years or longer commitment, so if someone is NOT able to commit money to bitcoin for 4-10 years or longer, then he may well be planning on trading (or gambling) in his bitcoin rather than investing, and I don't recommend trading/gambling with bitcoin, especially for poor people.