Quote from: Bigjoe33 on Today at 05:43:39 AM

Yea, you are actually right @Dogedegen. One bad shitcoin investment can mess your financial life up. I have a friend who believes so much in shitcoins investment. Just last week he chartted me up, complaining of how he lost 700k Nigerian currency to an online shitcoins investment scheme, and the loss has drastically and/or completely drained his physical business. It is at this point of regret he spoke of a better and more reliable investment means, which is Bitcoin, but according to him, waiting for so long for the investment has always been his problem.

At this point I asked him, would he rather invest in shitcoins and expect quick returns and loose all your money just like what happened now, or it's better you invest in Bitcoin gradually and Hodl and be sure of your future gains? He thought about it for a while and then said the one that provides assurance for future worth and value is the best, then I told him welcome.

Thanks, you understand it. People tend to preach this unaware that this is the definition of survivorship bias. For every successful story there is a huge number of failed stories. Most people who diversified from Bitcoin to shitcoins have lost money, few are the lucky ones that are preaching the stories of success to the average folk. These stories have their reason, the people who believe them will be the exit liquidity for those who bought shitcoins early. Almost anyone who has even bought Bitcoin in any point in history is in profit. This can be said only about a few altcoins and this fact also makes this bias worse. If BNB recently reached an ATH people focus on the fact that it is possible, and not on the fact that more than 4 million other altcoins or tokens have a negative price performance!

Quote from: JayJuanGee on Today at 03:39:10 AM

You make it sound as if poor people have moral problems.

Sure, there sometimes are reasons why people are poor that relate to individual responsibility, but other times, they might have had started out in a position in which it might not have had been very likely that they would have had been able to get out of their poverty status.

Not moral, mental issues. This is most often the case for people who have grown up in poverty. They wanted many things but they could get practically nothing and they could see other children and getting these things. This is normal though, it is scientifically documented. Some of them avoid this issue completely and stay humble, others cure it through a few sprees if they get money later in life, and some remain this coping through wasteful spending till the end of their lives. It is actually one of the ways people become hoarders.

Quote from: JayJuanGee on Today at 03:39:10 AM

If someone has poor habits and also a bad mindset , they might not know how to manage their money and their emotions and they might not even know where to put their money and to live off of the stream of it, rather than spending down the principle.

So for example in traditional investments, if you have $2 million and if you can put it somewhere that you are on average able to earn at least 4% per year, then you would be able to withdraw 4% per year without depleting the principle.. So that would be an income of $6,666 per month or $80k per year.

If you put that $2 million into bitcoin right now, then that would get you right around 17.8 BTC, which I personally believe that you could withdraw $94k per year in a sustainable and perpetual way, since bitcoin is a better investment than most places that you could put your money.

Woah, I was not aware of that strategy or website. Very interesting stuff. In this case the principle is also valued in USD then since you will be slowly spending the BTC amount but the expectation is that the USD value will remain. Did I get this right?

Quote from: Joy- maker on Today at 06:25:34 PM

Quote from: Tamaperdana on Today at 06:20:37 AM

Therefore, I believe delaying investing in Bitcoin until we have discretionary funds is a bad idea. Time is ticking and can't be undone. Rather than training our mentality first, it's better to just start investing. I emphasize again that this mentality will naturally develop once we start investing, and a naturally formed mentality is better. Because, the real test lies in real-world situations.

your going to mislead newbies with this your statement above, because bitcoin investment is suppose to be done within your Discretionary income and not outside your Discretionary income, if you invest in bitcoin with money meant for settling your basic needs and your expenses, buddy you will end up selling off your bitcoin investment at early stage of accumulation and in lost in other to attend to basic needs and your expenses, so you have to figure out if you have discretionary income first if you can get started with bitcoin, because from your discretionary income you will invest in bitcoin and also from your discretionary income you will build up your emergency fund and backup fund to avoid dipping hand into your bitcoin investment to settle emergencies when they arises, sine there be emergency fund and backup fund to handle those emergencies.

Sounds good, except that it is not that simple either. Excluding poor people, pretty much everyone has room to create discretionary income. Deduct drinking, smoking, drugs, gambling. How much money is being wasted there? How many subscriptions does the average person have? Just alone Netflix says more than 300m subscribers. How many people have the new iPhone? How many of those need it? Less than 0.01%. There is room to create discretionary income if you want to. A lot of the things that people consider as basic needs are not basic, they are just bad financial management and spending habits.

Quote from: JayJuanGee on Today at 06:34:32 PM

We are talking about bitcoin in this thread - not shitcoins.

It is confusing and misleading to suggest that investing into shitcoins is the same or even similar to investing into bitcoin, even if you mght be striving to ONLY focus on the top 10 to 20 shitcoins (in terms of their supposed market cap).

Some posters here are ridiculous. Pretty much all altcoins are centralized shitcoins with a few exceptions. To compare investing between the two is ridiculous, something like comparing investing in Gold and investing in air. I know you don't like gold but let me have my comparisons. Grin