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Re: Discretionary Income vs Emergency Funds: Why It Matters for Bitcoin Investing
Is very important to able to differentiate between Emergency funds, reserve funds and discretionary.especially when you are into bitcoin investment. They all have their roles to play when comes to investing in bitcoin , emergency funds just like the name implies is to take care of emergency like unexpected expenses, so is not for accumulating or being aggressive whenever there’s a dip that’s where reserves funds comes in , which can literally help to buy the dip while keeping pace with your normal dca method, discretionary income which plays the role of money you can spare for investing, or money you can choose to save but as an bitcoin investor is best for accumulating.
Re: Yet Another Scam Attempt, Impersonating Users on Telegram
Normally telegram is a home for scammers, not only telegram though even x and some other big platform. They usually message on X (twitter) . But I don't bother striking any conversation with them I just ignore it because have already know that they are not here with good intentions. That's why if a friend contact you like the screenshot op posted the best thing to do is to call that same friend and make sure he was truly the one that contacted you via the platform.
⭐ Merited by JayJuanGee (1)
Many have the resources to invest in bitcoin but not the knowledge, like a friend of mine he was literally interested in digital currency but don't have much knowledge about it so someone told him that bitcoin price is too expensive, that he should start with some shitcoin so few days back I found out my friend mentioned something concerning a coin that it's waiting for the bulletin to hit the coin , I was like you gave so e digital currency, and he was like yeah that is a eth meme coin I was like what... That he should sell it fast because he told me that he had already made X2 of his money invested but wanted more (this is where problem usually comes from ) , he was like he needed x5 , and I told him that you might end up not having anything at all if that coin dip , that better to invest in a well known coin like bitcoin, that's more ensuring that those shitcoins .
So some folks are just being mislead by others especially those that called themselves degen traders that focus on trading shit coins , now is now meant for me to clean up those wrong mindset and try to make learn the proper way when comes to investment, because am always happy seeing folk coming to bitcoin investment.
So some folks are just being mislead by others especially those that called themselves degen traders that focus on trading shit coins , now is now meant for me to clean up those wrong mindset and try to make learn the proper way when comes to investment, because am always happy seeing folk coming to bitcoin investment.
I bet you that even if that your friend sells that memecoin and buy bitcoin, he will still come back to invest in that memecoin again because he has already been enticed by seeing his investment grow x2 of which his bitcoin investment cannot give him x2 of his principal amount within a short term so his mind has already been corrupted so you should really settle down and tell him everything he needs to know about bitcoin investment so that he doesn't get bored when his investment don't grow suddenly as the way he would wish. Telling or advising people not to invest in shitcoins is good but are you able to give them orientation on what they need to know about bitcoin investment? because most people come to the market simply because they are interested in short term gain so if you advise such people to invest in bitcoin without telling them the basic things they should know about investing it bitcoin you will see that they will still make their way to invest on shitcoins.
This is why there's no different between memes trading and gambling, there are always beginners luck . To lure you completely in thinking you can keep making that same wins continuesly , tbh i don't want him to learn the hard way though experience is the best teacher, the truth is that one trading memes doesn't mean his a trader rather a gambler, memes are usually fuel with hype and most folk that usually initiate the hype are being paid for it to lure in investors that will later get rug pulled. This crypto space ain't no friendly one most folk are here to make money no matter the cost , they are ready to put others finances on the line. So the only advice I have for those that are into shitcoins is to find ways to reduce or stop the habits of trading shitcoins and start playing it safe by investing in something that's more trust worthy like BTC .
Alright everyone pls don't wonder why it took me long to reply because I was busy with some important stuff off forum and I locked it so I could reply when convenient for me.
As for the answers.....
For the first paragraph where the issue starts, payment B disappeared for 2 reasons based on the story which are you spent the coins on a fee rate below purge fee becomes of this miners dropped it and it didn't reflect in your balance because when you came to recheck as a "Nigerian "
Naija network do their own so your wallet couldn't sync...
Both of them were still pending in paragraph 3 because currently they were in low priority on the mempool because of congestion. They landed in the same block because they were placed at same depth.
Some of you were close but didn't hit the nail on the head in some parts.
Replies were very few as expected.... Anyways discussions can come in concerning this topic.
As for the answers.....
For the first paragraph where the issue starts, payment B disappeared for 2 reasons based on the story which are you spent the coins on a fee rate below purge fee becomes of this miners dropped it and it didn't reflect in your balance because when you came to recheck as a "Nigerian "
Naija network do their own so your wallet couldn't sync... Both of them were still pending in paragraph 3 because currently they were in low priority on the mempool because of congestion. They landed in the same block because they were placed at same depth.
Some of you were close but didn't hit the nail on the head in some parts.
Replies were very few as expected.... Anyways discussions can come in concerning this topic.
This is a nice post op , literally pains me that I didn't see the post on time I would have like to give it a try , though am not a tech expert or anything, but I do find it interesting and amusing too . To me is like an opportunity to learn something new and after going through this post I had to go through some replies and made some research and I learnt something new which is cool .
The puzzle is a catchy one , I guess the reason why the B transaction was rejected at first was because miners did not find the fee attractive, they prioritise higher frees just as you mentioned, have experienced this same thing though especially that pending part , then was due to congestion my transaction was pending for days . It will be nice if post like this (technical related topic ) been post in our LB more often, like the way op break it down , because sometimes am a bit confused whenever I visit technical board in this forum.
It is quite likely that an overwhelming number of normal adults (sure some teenagers might have enough knowledge/skills and maturity to get involved in bitcoin investing, too, yet sometimes teenagers are lacking in abilities to focus. .which might overly-distract them into trading and/or shitcoins.. yet their focus might develop/improve with maturity and/or practice) have enough skills and knowledge to get started in bitcoin, and they will learn along the way with practice and studying, and surely people learn in different ways, but an overwhelming number of normal people have enough skills to invest in bitcoin and to figure out, build and improve their cashflow management systems/practices
Many have the resources to invest in bitcoin but not the knowledge, like a friend of mine he was literally interested in digital currency but don't have much knowledge about it so someone told him that bitcoin price is too expensive, that he should start with some shitcoin so few days back I found out my friend mentioned something concerning a coin that it's waiting for the bulletin to hit the coin , I was like you gave so e digital currency, and he was like yeah that is a eth meme coin I was like what... That he should sell it fast because he told me that he had already made X2 of his money invested but wanted more (this is where problem usually comes from ) , he was like he needed x5 , and I told him that you might end up not having anything at all if that coin dip , that better to invest in a well known coin like bitcoin, that's more ensuring that those shitcoins .
So some folks are just being mislead by others especially those that called themselves degen traders that focus on trading shit coins , now is now meant for me to clean up those wrong mindset and try to make learn the proper way when comes to investment, because am always happy seeing folk coming to bitcoin investment.
Re: [ALERT] Pace of P2P Scam on Exchanges is Increasing Part 2
Base on the look on things most of this issues is from bybit exchange , those guys really need to work on their exchange have seen folks complaining on twitter concerning this same issue , and have seen some when millions of Naira are in the lines , pains me i can't access those post again I would have drop some images here .
The folk had to post it on twitter and start begging folks to help him to keep tagging bybit till they eventually responded and lucky him they where able to rectify the issues , I usually make use of bitget and I haven't heard such complaining them , this why binance remains the best exchange also we have to be careful during the process of P2P.
The folk had to post it on twitter and start begging folks to help him to keep tagging bybit till they eventually responded and lucky him they where able to rectify the issues , I usually make use of bitget and I haven't heard such complaining them , this why binance remains the best exchange also we have to be careful during the process of P2P.
Already gambling is more of losses than winning, so is quite a normal thing. That is why is always necessary for us to understand that gambling is not a get rich quick scheme, because it is only when you gamble with a huge amount that you can not enjoy gambling. However, apart from that gambling is still enjoyable because is pretty obvious that losing is part of the game, so whether a gambler likes it or not there would definitely going to be losses in gambling.
Yeah is normal that losses are more in gambling, that's why we have to apply proper risk management. Which will help to folk to handle their budget when gambling, because if you are a reckless gambler you will only make things worse .
Because most of them are fond of going all out whenever they are gambling, they believe higher the higher the return without thinking of the worse case scenario (that they could lose or Win ) , so as a gambler just set your mind for the worse .
Don’t let others influence your trading habits, because most folk believe that trading is like a tool for showing off . As a newbie trading erase that mindset that trading is for short term profits and focus on building your knowledge about it now internet has made things easier that you can learn just by researching and without paying for any mentorship, but if you see someone that’s very knowledgeable when comes to trading with some nice strategy, you can turn he or she to your mentor if such folk is offering mentorship , because going into trading with halfsize knowledge will cost you more than paying for mentorship.
I know that not everyone that can handle losses , the reason it usually lead to sleepless night , is because some folk are fond of gambling with what they can afford to lose. Due to that fear that despite they are winning there’s still chances the game is going to go against them . Because someone that literally gambling with what he or she could won’t have any problem sleeping he or she may even sleep like a baby that night waiting for the outcomes of the game.
Despite placing a smaller amount, the gamer would want his eyes clearly open to see the end of their winning game. Unless it's slot, where the player chooses when to stop, that's for a responsible person, sport keeps us awake and in suspense to be sure if we'd walk out as winners or not. Viewers who didn't wager on the game can go to bed, but it'll be difficult for a player to sleep while a match he placed bet on is ongoing.
I understand your point but base on what op trying to say is not someone that’s trying to watch the game and can’t get some sleep due to the excitement of the game , if someone that’s like booking the game and heading for bed but couldn’t sleep because he or she already knew the game is going for their Favour, and could not sleep because his also scared that game can go against him . That’s how I understood the content of the post , because is quite common some folk, and to my understanding again Is not someone that’s gambling for fun is someone that’s into gambling for the money totally , that’s why such folk didn’t bother to watch the game rather in for the outcome.
Re: If cryptocurrencies disappear - how will your life change ?
If cryptocurrencies disappear - how will your life change ?
Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
I haven’t thought of it before because I know that cryptocurrency won’t cease to exist because they are here to stay . But in such scenario it would be bad for everyone that are into , not for only the money aspect but because is just usually sound cool to me whenever am doing or talking about things related to cryptocurrency, the thing is that you won’t just let it be the end of everything, but just like they say is not smart to put your eggs in one basket , so you suppose to have some source outside this space , or some lucrative skill , like trades can change from trading cryptocurrencies pair to forex pair where he or she will start trading different currencies.
Always bet on greed, people will hold forever because they want more.
It's hard not to exploit this, and the herd mentality that likes to follow rich people.
Meanwhile, my old friend Michael will sell everything at some point and live happily ever after, while ordinary folks will drown.
Never count the money when you're at the table.
Everyone who wants to get rich instead of pursuing utility and simply using it is being played.
Not once in the whole history of the world has anyone become rich by following the herd or by copying a rich person.
There's nothing wrong with using money to live the life, remember that the most valuable asset is time. You can't buy more of it, and every day you're losing it.
Have fun while you can and don't look back, that's my advice.
It's hard not to exploit this, and the herd mentality that likes to follow rich people.
Meanwhile, my old friend Michael will sell everything at some point and live happily ever after, while ordinary folks will drown.
Never count the money when you're at the table.
Everyone who wants to get rich instead of pursuing utility and simply using it is being played.
Not once in the whole history of the world has anyone become rich by following the herd or by copying a rich person.
If it is a car? It is not as smart as buying a home but it is still close as long as it is not a luxury car which I consider a liability.
There's nothing wrong with using money to live the life, remember that the most valuable asset is time. You can't buy more of it, and every day you're losing it.
Have fun while you can and don't look back, that's my advice.
I won’t say is greed not everyone was familiar to bitcoin during its early stage , now bitcoin quite expensive is not everyone that can afford a bitcoin once , so they had to go into dca hoping to build some thing nice at of the little quantity they are accumulating, you just see a post on X and then you conclude strategy are going to sell their coins , those guys are ready to hold for long , and if comes to the worse they sold their bitcoin, bitcoin will only bleed for a while but it won’t crash it nor stop it from growing .
I have seen one interview of a former gambler and what he is saying caught my attention. He says that "when you're winning you can't sleep". I'm not sure if others have experience it or if this make sense. In any case though, one explanation is that we are really in a heightened alert, meaning it's like gambling is like a drugs that keeps up alive and awake and then the human emotions of greed takes in as we want to win for. But the problem is that after that, and in worse case if our luck turns bad, then this drug will like shoot to 100->0 in a instant. Or like when we are about to go to bed and suddenly that inch comes along and let's say that we go on sports bet, but the game will start in the next couple of hours, then we might have difficulty in sleeping and as if we take like 4 cups of coffee or a energy drink because we will for sure can't wait to see that game and hope that our stakes is going to win.
I know that not everyone that can handle losses , the reason it usually lead to sleepless night , is because some folk are fond of gambling with what they can afford to lose. Due to that fear that despite they are winning there’s still chances the game is going to go against them . Because someone that literally gambling with what he or she could won’t have any problem sleeping he or she may even sleep like a baby that night waiting for the outcomes of the game .
Well it is practically impossible for an investor to be investing daily unless the investor earns daily and even if he does, I don't think it will be convenient with the Investor and I think this can only work ideally. Additionally, investing daily, weekly or monthly with discretionary is not an aggressive investment perhaps you should use the word intermittent investment because aggressive investment is when an investor used a good amount of money that is beyond their normal weekly or monthly investment money (DCA money) to invest in Bitcoin and this is the reason why I said it can not be possible to do that because aggressive investment amount is always bigger than DCA amount.
If a person invests 80% or the entire amount of discretionary income, then we can call them aggressive investors. If they invest through the DCA method, we can still call them aggressive investors. Because they are investing the entire amount of their discretionary income, which cannot be called a normal investment at all. Buying only through DIP or buying outside the DCA method is not something that will make them aggressive investors.
The thing is that your emergency funds and reserve funds does not come from your discretionary income. Discretionary income the.amount of money remaining after taken care of your essential expenses, is like leftover after you have done splitting your earning with different percentages to handle some expenses and same time , your emergency funds and reserve funds .
So if you can choose to use your discretionary income as you please because is money you can just spend that's not meant for any fixed expenses just there it can be seen as a back up funds if you don't have any investment, but for someone that's investing in Bitcoin your discretionary income can serve for such purposes ( investing in Bitcoin).without any need of going over board even to the extent of using your emergency or reserve funds .
1. Bitcoin helps Nigerians escape inflation and protect their wealth:
Bitcoin helps Nigerians escape inflation by allowing them to save money in Bitcoin which holds value better than the Naira, that loses value due to rising prices and devaluation.
For example:
If you were saving 500 thousand naira in a bank in Nigeria far back 2019 till now the money has lost value however saving that same amount in Bitcoin and holding it till date would have added more value to the money equaling it to millions of Naira today.
2. access global financial opportunities:
Bitcoin helps Nigerians to do online business, or freelance globally without needing foreign bank accounts or dollar approval.
A lot of people in Nigeria are now working online and in different countries while still based in Nigeria and payment of salary is then made easy, most of us here receive payment from our different campaign through Bitcoin.
Bitcoin helps Nigerians escape inflation by allowing them to save money in Bitcoin which holds value better than the Naira, that loses value due to rising prices and devaluation.
For example:
If you were saving 500 thousand naira in a bank in Nigeria far back 2019 till now the money has lost value however saving that same amount in Bitcoin and holding it till date would have added more value to the money equaling it to millions of Naira today.
2. access global financial opportunities:
Bitcoin helps Nigerians to do online business, or freelance globally without needing foreign bank accounts or dollar approval.
A lot of people in Nigeria are now working online and in different countries while still based in Nigeria and payment of salary is then made easy, most of us here receive payment from our different campaign through Bitcoin.
Digital currency in a whole has been a big help to we Nigerian, especially in this out country wey e dey tough to find well paying job . E don give us the privilege to work from our comfort zone and same time don give us the opportunity to take charge in our asset without any third party involving .
Digital currency don make things easier we can now send any amount of money from wherever we like to wherever we like without going through any long process just to copy the required wallet address . And also it has served has a good means of investment buying a particular coin and holding it with the hope of it surging in price in long run .
Actually investing in Bitcoin should be a thing of beauty and also having a good mindset on how to invest with a good plan of investing for a longer term and hodl, but I think it’s best we encourage newbies and people who are just a pleb like me to invest for a long term and hodl purpose instead of discouraging people from investing in Bitcoin, we’re all here to learn and grow and we makes mistakes but the most important thing is to learn and grow from the mistakes that we’ve made, everyone will want to have a successful investment but either way it depends on our mindset, and some people too haven’t heard about holding bitcoin for a long term. So it’s better we tell them you can hodl your bitcoin, instead of telling them not to invest if you can’t hodl.
The good thing is that Bitcoin has kept proven itself to be among the best long-term investment so you don't have to talk much when convincing post to start investing in Bitcoin, one of the common complain though is that the price is to high for them or scare of buying from the top .
Yeah the price is high but doesn't stop you from buying, and you can make use of DCA method to start accumulating little portion of bitvoin till you hit a milestone, of having enough , your accumulation goal everyone have their own accumulation goal . So don't be like because Mr B is targeting 4 BTC you will have to target that also , no you can choose to go lesser than that or even more than that all boils than to your capacity.
Re: Have You Ever Felt Like Gambling Was Affecting Your Life Negatively?
I need dopamine in my life which is why I gamble a bit. I also like thriller/horror movies, I drive faster than I should, drink coffee... That said, all of that is done in moderation.
I'd never put my well being in danger by spending too much money. I'd never attack or kill someone for money, I'd never steal money to gamble. If you're willing to go that far, you need professional help.
These guys who murdered to get money for gambling weren't just gamblers. You need to be a sociopath, lack moral standards and empathy. A normal person, even addicted to gambling would not do that.
That said, all of that is done in moderation. I'd never put my well being in danger by spending too much money. I'd never attack or kill someone for money, I'd never steal money to gamble. If you're willing to go that far, you need professional help.
These guys who murdered to get money for gambling weren't just gamblers. You need to be a sociopath, lack moral standards and empathy. A normal person, even addicted to gambling would not do that.
Lol like your mindset concerning gambling, gambling for the excitement is just the best than doing it inorder to get rich . Gambling should be something for fun not to get rich quick, advice, if you start having the mindset of doing anything negative in the name of gambling , just stop before you do something you will later regret .
If you literally apply good principle in gambling you won't lose much , due to the fact that you will be gambling with what you can afford to lose and you will always know when to stop , to prevent yourself from going overboard.
Re: “Are you HODLing during this period of Bitcoin price volatility?”
Bitcoin's market price has suddenly dropped from a high of $123k to $118k. I don't think it's time to panic completely, but it's time to be cautious and patient.
Some in-depth economic or technical analysis, self-control and a risk-taking mindset, and confidence in long-term goals are the most effective steps to take during this price fluctuation.
Do you have a long-term plan in Bitcoin during these volatile times?
Some in-depth economic or technical analysis, self-control and a risk-taking mindset, and confidence in long-term goals are the most effective steps to take during this price fluctuation.
Do you have a long-term plan in Bitcoin during these volatile times?
The only plan I have now is to keep buying. Though the price is now more expensive compared to then but doesn’t mean am going to stop accumulating. Because this is just the beginning , and am so glad that bitcoin kept proving some folks especially those that kept speculating that bitcoin going to crash without knowing anything about it .
Is better to silent such folks and focus on taken the opportunity of accumulating more bitcoin has the price is still okay , I know most are scared of buying at the top but if you are really in for long term I don’t see any reason to panic.
For me to handle losing is to be able to accept reality, isn't the risk of losing an inevitable complement since the beginning of gambling? It doesn't matter if you are a small gambler or a big gambler as long as you can accept defeat, that is more than enough. There is no need to take difficult steps to vent, believe it or not if not you, who else can make you realize that gambling will always have something to lose.
That’s the truth ,losses is inevitable when come to gambling. So is not a new thing that’s why you need to be ready for any thing when come to gambling is not charity either you win or you lose . All boils down to how lucky you are .
Being able to handle losses should be among the attribute of a gambler , though is not easy . But some folk endup making things worse after experiencing losses they will start making rash decisions just to get those losses back and end up losing more .
"Time" is very important for the effect of compounding. The price of Bitcoin can suddenly fall and then rise. By investing systematically, knowing the position of the financial market with certainty, you will have the ability to deal with market risks, even if it becomes difficult and challenging at times. When investing, it is important to consider personal financial situation, trends and long-term investment, but these are not evidence and evidence, and informed decisions are the foundation of a stable investment strategy.
Considering the importance of time you will plan your investment in such a way that it can give you great results in the long. You should continue to save regardless of price fluctuations in Bitcoin investment. Keep yourself in tune with the market situation. You should only consider Bitcoin without considering the compounding effect. If you have a significant amount of floating cash and substantial income is added to your portfolio every week/every month. Then you will start Bitcoin without any confussion. Personal financial capacity does not always remain.You should ensure proper use of time when you have the amount of money available.
Most folk usually paint bitcoin investment as something complex , you don’t need to over planned things before into bitcoin investment if you continue to keep planning without taken action. You will just keep missing out while bitcoin tend to get more expensive.
Yes is good to plan but don’t let be an hinder to your investment. Just make things simple at first , Aslong you have the cashflow and some discretionary income to spare all you need to do is to keep to the basic first , have your emergency funds set and your reserve funds (if necessary) . And while you invest you can decide to think more on how to make your investments more better and smoother .
I find it very awkward that even in this day and time, most spot traders are still buying only when the market is green, they buys at the top and when the market starts retrace they sell at a loss in panic, without knowing that when trading the spot market, where the profit is, is where you buy, if you buy when the price is down, their is a higher probability that you will win that trade by selling when the market is green, but if you are buying at the top when it's not Bitcoin, their is a higher probability that you may sell in a loss if the asset you bought fails to recover in an extended period of time, so the earlier most spots trader understand that buying and selling has their own time the better.
Just buying and selling is not all you need for trading you can buy the dip and same coin will dip further that’s why we technical analysis. Which may take some time to master but still worth it . The honest truth is that what you really need in trading is to be discipline and patient , know when to trade and when not to trade , you are not in trading for getting rich over night you are there to build something nice over time . Work with the right mindset and eventually you will master the market .