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Showing 20 of 1,290 results by Tungbulu
Re: Best Storage Method for Bitcoin in a Post-Quantum World.
Nice write up OP, you sure did some research, although I've heard about these quantum computers and how powerful they are, but I didn't actually know they were powerful enough to easily break into encrypted algorithms.
Anyways, one way I believe a way to keep your BTC safe, and I was expecting it to be the first on your list is the use of Hardware or Cold storage wallets, because these wallets operate strictly offline, making it difficult or should I say impossible for hackers to infiltrate, even with the help of a quantum computer.
Anyways, one way I believe a way to keep your BTC safe, and I was expecting it to be the first on your list is the use of Hardware or Cold storage wallets, because these wallets operate strictly offline, making it difficult or should I say impossible for hackers to infiltrate, even with the help of a quantum computer.
I agree with you, Those who do not have much financial independence, that is, those whose income is limited and very low, their gambling mentality is only to win, because they never have the mentality of losing or accepting defeat, because they can't afford to lose that money. But if you think about a rich person, he does not need money, so he never thinks only about winning, even if he loses money, there is no problem, because he has no lack of money, so there is a difference in their thinking and humanity due to their situation, and this is why a rich person is usually not addicted to gambling.
Who told you a rich person doesn't need money? I mean who doesn't? And you're wrong to insinuate that all financially unstable gamblers gamble solely for the money. Every gambler regardless of their financial status all have their individual goals and expectations from gambling, the same way poor gamblers need money and turn to gambling for the money, that's also how some rich gamblers also gamble for the money, it has absolutely nothing to do with the financial situation/status alright?Re: Gang kidnaps "cryptomillionaire" with $9 on his balance :)
Why the hell would anyone even pretend to have a crypto fortune on social media in the first? My first guess would be to deceive people into believing what's not true, maybe to scam people or maybe not, but if not for anything, I'd say that serves him right and that he actually deserved what he got. At least that'll teach him to keep his mouth shut about his crypto holdings, maybe when he eventually manages to accumulate crypto in the future.
Not just him, this should serve as a lesson to people who go around bragging about their crypto holdings, even though some of them are actually telling the truth.
Not just him, this should serve as a lesson to people who go around bragging about their crypto holdings, even though some of them are actually telling the truth.
I will agree that some folks go down a wrong path and it can either take them a long time to learn or they might not be able to snap out of a kind of gambling mentality.
There is only so much that we can do but maybe try to share some of the better ideas and attempt to meet people where they are at, in the circumstances that they are interacting genuinely.
There are likely some members who are trolls or perhaps PsyOps.. so they are not being genuine. .and sure there are some who plagiarize and use bots to write their posts, and so sometimes it can be difficult to know if someone is actually being genuine or if he is not.
Those folks who use bots or other tools to write their posts here without actually genuinely engaging or comprehending with the contents and knowledge of this thread (or any other thread are indeed just hurting themselves, because by refusing to take out their time to grasp the concepts, ideas and knowledge being discussed here, they'll definitely end up applying misguided and flawed strategies, thereby leading to making several costly mistakes in their finances. Knowledge is power but entirely powerless when it's not well acknowledged. It's one thing to seek knowledge, help and guidance but entirely another thing to want to bypass the whole learning process altogether. The consequences of such actions will entirely be their own responsibility alone, considering the fact that every individual should take ownership of their financial decisions and education.There is only so much that we can do but maybe try to share some of the better ideas and attempt to meet people where they are at, in the circumstances that they are interacting genuinely.
There are likely some members who are trolls or perhaps PsyOps.. so they are not being genuine. .and sure there are some who plagiarize and use bots to write their posts, and so sometimes it can be difficult to know if someone is actually being genuine or if he is not.
I agree with everything that you said Tungbulu, yet I get a bit worried about ideas that any of us might be aiming for perfection in either our bitcoin investing practices or our cashflow management system and practices.
There are always going to be some amount of flexibility and also some amount of personal tailoring that might not always be easy to decide about options that might be available or dilemmas that might present themselves from time to time.
We likely can try to get our bitcoin investment going directionally in a good place, and we are trying to figure out how much to invest into bitcoin and how much to keep in our back up funds and whether we should buy every week even when our cashflows might be irregular, and even when the BTC price is changing a lot we might wonder if we might want to try to time our weekly buys or if we might just buy on a certain day of the week no matter what. These are not easy decisions, since sometimes we might have a bit of an inclination in one direction or another, but then other times we have difficulties figuring out how to move forward, and we may well not want to get preoccupied about being perfect but just having some measured, meaningful and ongoing actions that allow us to stack bitcoin persistently, consistently ongoingly and perhaps even aggressively, every week... and to keep doing it for likely a whole cycle or more, unless we might be able to front load our investment, but we may well be stacking pretty aggressively for a couple of cycles before we might start to let off and change or bitcoin accumulation style.
There's always need for folks to be flexible and for personalisation, and also very okay to adapt to changing circumstances. Rather than attempting to be perfect in one's approach, it'll be progressive and beneficial to get directionally right and also maintain a consistent approach in their well tailored approach.
I admire how you considered it to be having "measured, meaningful and ongoing actions" that helps folks attain a persistent Bitcoin accumulation. That's in fact a very unique and effective way to approach it, especially when folks have to deal with a market as volatile as the Bitcoin market and also an irregular cashflow. It's always about finding a balance or a rhythm that aligns with your unique financial situation and actually works for you and then sticking by it, and it doesn't have to be perfect. The best part of it is that, even if you think it's not good enough, as long as it works for you, you'll always have the chance to tailor it more as you proceed and make it as effective as you want it to be through acquired experience and confidence.
Front loading investments might not really be feasible for everybody, but what could be seen as a more solid and viable option is aggressively stacking up some sats over a couple of cycles. Investors' goals and financial situations can evolve with the passage of time and it's only natural for investors to also be flexible with their approach, being able to regularly evaluate and adjust their approach overtime whenever they notice a change in their goals and financial situations. Folks should try as much as possible to keep moving forward and making visible progress, rather than allowing themselves to be bogged down in trying to optimize every single details and steps.
Maybe some folks here already have a strong financial structure or consistent income that allows them to invest freely and not worry too much about these breakdowns.
These breakdowns are way more important when we are living them and/or practicing them. There are some guys who contribute to some of these threads who seem to be talking in theory and not actually practicing what they are writing about. So surely when guys have experiences, they can really start to engage with the theories and even tweak their practices from time to time based on their discussions in threads like this one. Another thing they can use some of the categories differently, but then maybe they come to realize that what they had been doing does not really fit within the category that they thought that it did.
Some times we might put our system in practice, and then we might realize that every month or maybe every couple of months, we are getting stressed out because some portion of our reserve funds is falling down to below $1k, and we had noticed that as long as it stays above $1,500, we don't really feel stress, but if it starts to go below $1,500 we get a bit nervous, but if it goes below $1k then we start to get really nervous. .. so then after we experience this for several months in a row, we decide that we are going to have to up our numbers by somewhere between $300 and $500 in order to start to feel more comfortable. At first we decide to put it at $300 more for the next month or two and then if that resolves the issue, then we can leave it at that position for the future, but if we are still feeling more stress than we want to feel, then we are already prepared to increase it by $200 more to put it at $500 more from the original amount. So in some sense, we have a combination of finances and emotions that are helping us to figure out our comfort level and balance.
But for others still trying to establish themselves or build towards stability, I think it is important to treat these intentionally. Like, someone can be DCAing into Bitcoin, have an emergency fund, and still be setting aside savings specifically for launching a business or going back to school or something else important. I think separating them mentally helps a person stay organized and avoid being forced to make poor decisions under pressure.
I think that you are correct in terms of describing the situation like that, and if a person has a goal to build his emergency funds up to 3 months, he might also have side projects that are going on that he needs to fund, like you said. It might not matter so much what we call these various funds, yet he might also end up getting himself into trouble if after a year or more of buying bitcoin, he has build his bitcoin investment up to 3-4 months of his expenses, and his emergency fund is still only 1 month, but he has various savings that he ends up spending for their designated purposes, so then that savings cannot serve as an emergency fund either.. Let's face it if push comes to shove, and you spend all of your emergency funds, then your savings might be the ONLY thing that is left and stopping you from spending your bitcoin, so it is up to you to figure out your priorities and to decide are you spending your bitcoin or are you spending from the savings that was meant to buy the birthday bicycle gift for your daughter. you have to figure it out, and part of the problem or dilemma you got yourself into is to run out of funds in the other categories. You can decide which ever way that you like, yet part of the reason that we discuss some of these matters is so that guys can hopefully figure out ways to better establish systems and practices to help themselves and to lessen the chances that they are going to put themselves in a dilemma that they would not want to be in.. yet when they get to that spot, they are the ONLY one who can decide from which funds are they going to spend first.. .
When something comes up, like an emergency or just something that requires financial attention, it's completely left for the individual in question to decide which fund he'll tap in first to attend to that issue. And this decision depends on the individual's priorities and unique circumstances. It's really crucial to have the discussions around these matters because it really helps folks to think through and examine their financial strategies in order to help them establish better systems that potentially minimizes the risks landing themselves into a complicated and difficult situation.
Another important thing that is worth considering is the fact that having a clear hierarchy of funds can really help. For example, avoid using the emergency fund on things that are not actually emergencies and also trying as much as possible to preserve other savings or backup funds for their actual and intended purposes. It's also very crucial for every investor to regularly review, evaluate and make necessary adjustments to their financial plans in order to make sure that their plans aligns perfectly well with changing needs and priorities.
⭐ Merited by JayJuanGee (1)
According to your suggestion, you're implying that it's way more better to invest in Bitcoin, even if it's actually whimpily or sluggishly done, than not investing at all, and I find this to be very true and agreeable. You know, there are a lot of investors or should I say those who plan to invest, but they've not been able to make any step towards getting started, maybe because their idea of Bitcoin accumulation is being aggressive, so they can reach their long term goals faster, and since they currently do not have the resources to invest in that pace,
I would think in the majority of cases it is not good to start out investing into bitcoin aggressively unless you already have a lot of investing experience and/or you are a fast learner when it comes to what would be a good approach to quickly getting a decently large position in bitcoin.
Most people are better off to hold back a bit in the very beginning and put some kind of a reasonable bitcoin accumulation plan into practice, so for example, a guy with $100k investment portfolio might want to get his bitcoin allocation to 15%, which would be $15k, so maybe he decides to invest around $1k per week for the next 15 weeks (3.5 months), and then to reassess at that time. There are other ways to exercise some conservativism in the beginning and surely a lot of folks might not be sure about what is their total budget and/or their discretionary income, so a guy who pretty much knows that he could invest $100 per week without having any problems, he might purposefully decide to start out at $30 per week while he is assessing the situation and then when he becomes more comfortable, he might increase his weekly investment amounts... maybe after a few weeks of studying the matter.
I also love the fact that you mentioned starting small and then gradually increasing your investment amount overtime. If a guy knows for sure that he can comfortably invest $100 every week without having a issues or being financially strained, then getting started with $30 per week to get comfortable and then gradually stepping up the investment amount makes a lot of sense. In the long run, it's just all about finding a balance and a plan that works for you and aligns perfectly with your own unique financial situation. It's one thing to have a plan and another to stick to those plans, but if you're able to develop a solid plan and also stick to those plans, especially in beginning of your accumulation journey, it'll definitely help you build some level of confidence and potentially reduce your chances of making impulsive decisions. And yeah, the key to determining and choosing how much you can realistically invest in Bitcoin without having to put yourself in touch position still remains figuring out your personal budget and of course your discretionary income, having a solid plan and also being disciplined enough to stick to those plans.
5. Emergency Fund First. Always. I know we’ve been hearing this a lot here on this forum, in fact it was when I joined this forum I started taking my emergency fund more serious.. Bcus it’s one of the most powerful steps. Maybe built at least 1–3 months of your basic expenses in cash or stable value.
When you are building up the amount that you invested in bitcoin to be at least 3 months of your expenses, then during those times, you may well be in position in which it is preferable to build up the emergency fund and the bitcoin holdings at around the same pace, yet once your bitcoin reaches more than 3 months or more that you have put in of your expenses (it might have had grown through bitcoin appreciation too), then you are likely going to be putting your bitcoin at risk if you are letting your emergency fund have less than 3 months - including 1 month of your expenses seems really risky, even though surely guys are free to judge their own situation and to figure out their risk levels. So many poor people get themselves into trouble because they fail/refuse to build anything close to a sufficient back up funds system, and then their bitcoin end up serving as their back up funds, which ends up leading to their having to sell some or all of their bitcoin at a time that was not of their own choosing, even when they could have had engaged in reasonable levels of back up funds that would have had saved them from such situation, so they end up having fun staying poor... and perhaps never being able to get back to the bitcoin position that they could have had or should have had with the establishment, keeping and maintaining of a bit more preventative precautionary measures in place, and adequate back up funds is one of them and not overdoing and/or shitcoining and/or trading (gambling) with their bitcoin is another those good practice measures that are likely even more important for poor people.Poor people might have ONLY a very narrow path of opportunities to get out of poverty, and if they spend several years building up something like a bitcoin portfolio, and then they end up screwing up their investment because of their own slopiness they might not be able to recover again... so there could be some poor persons who had spent one or two cycles building up his bitcoin holdings and he does not have much if any of an emergency fund, but then an emergency comes and his whole bitcoin is wiped out because his bitcoin was serving as his emergency fund. .and maybe if the BTC price is down at the same time as the emergency, he might never be able to recover from what he ended up losing. Sometimes also just a bit of cash can get someone over the rough periods and to prevent a bad situation from becoming even worse because the onhand cash was able to cover the expenses until the person got back on course and started earning an income and/or maybe resolved some expenses.
It's important, not just for poor people but every investors to have a strict rule about never touching their investment to cover for emergencies but rather, they should prioritize having a separate fund for future emergencies is a more solid strategy for investors in building up their Bitcoin portfolio, because this way, their Bitcoin will have all the chance to grow overtime which is initially meant to be part of the long term plans, and not having to to be pulled into short term financial disasters.
Having a separate cash somewhere can make a lot of difference in getting through rough periods without having to necessarily screw up their investment. those cash can potentially cover for those emergencies until the investor gets back on track and that way, the investment is completely safe and shielded. It also forces discipline in maintaining some kinda buffer for emergencies, which may potentially prevent subsequent problems from occurring down the line
⭐ Merited by JayJuanGee (1)
5. Emergency Fund First. Always. I know we’ve been hearing this a lot here on this forum, in fact it was when I joined this forum I started taking my emergency fund more serious.. Bcus it’s one of the most powerful steps. Maybe built at least 1–3 months of your basic expenses in cash or stable value.
When you are building up the amount that you invested in bitcoin to be at least 3 months of your expenses, then during those times, you may well be in position in which it is preferable to build up the emergency fund and the bitcoin holdings at around the same pace, yet once your bitcoin reaches more than 3 months or more that you have put in of your expenses (it might have had grown through bitcoin appreciation too), then you are likely going to be putting your bitcoin at risk if you are letting your emergency fund have less than 3 months - including 1 month of your expenses seems really risky, even though surely guys are free to judge their own situation and to figure out their risk levels. So many poor people get themselves into trouble because they fail/refuse to build anything close to a sufficient back up funds system, and then their bitcoin end up serving as their back up funds, which ends up leading to their having to sell some or all of their bitcoin at a time that was not of their own choosing, even when they could have had engaged in reasonable levels of back up funds that would have had saved them from such situation, so they end up having fun staying poor... and perhaps never being able to get back to the bitcoin position that they could have had or should have had with the establishment, keeping and maintaining of a bit more preventative precautionary measures in place, and adequate back up funds is one of them and not overdoing and/or shitcoining and/or trading (gambling) with their bitcoin is another those good practice measures that are likely even more important for poor people.
It's important for guys to build up a solid and sufficient backup fund, and the reason why poor people often get into lots of trouble with their investment is because they mostly fail to acknowledge this fact, and then they end up dipping into their investment whenever a real financial emergency arises. And this mostly leads to them selling off their Bitcoins at times that wasn't initially of their choosing, and this can potentially keep them stuck in poverty, defeating their original plans of attaining financial freedom through Bitcoin. Having sufficient backup funds and also avoiding getting involved with certain risky practices, like overdoing it, indulging in shitcoin investment, or trading/gambling with Bitcoin is a great way to approach Bitcoin investment, especially for those who are poor investors. In order to avoid getting into financial troubles with their investments, it's very crucial to observe these precautionary measures.
Re: Would you allow your underage kid to use your detail for KYC after a big win.
Did I hear you say after a big win?
Well that money can't waste in there, and for that reason alone, I'll be more than willing to provide my detains to claim that money. But that doesn't really mean I'm abating underage gambling.
But even if I noticed that my underaged kid is gambling, I won't actually try to stop him, especially if I know that they're already actively involved in it. Rather, I'll try to make sure that he does it responsibly.
Well that money can't waste in there, and for that reason alone, I'll be more than willing to provide my detains to claim that money. But that doesn't really mean I'm abating underage gambling.
But even if I noticed that my underaged kid is gambling, I won't actually try to stop him, especially if I know that they're already actively involved in it. Rather, I'll try to make sure that he does it responsibly.
Re: [ALERT] Pace of P2P Scam on Exchanges is Increasing Part 2
I think it's high time we start teaching these wolves in sheep clothings, shortpaying p2p users has suddenly become the newest way of reaping sellers of their money, below is an image containing one of my encounters with one of them.
I was shortpaid ₦700, yeah I know that amount is actually no much and some might say why didn't I just forget about it, even if it's just ₦50, and you decide to ignore it, thinking it's just a harmless mistake, the next one might be even more bigger and if you're not paying attention, you'll end up releasing the coins without getting your money in full. You'd be surprised by the negative feedback I gave this buyer for shortpaying me ₦700, this wasn't about the amount but to set an example, with such a review, I don't think there'll be anyone that'll want to trade with him as he'll be considered a scammer, inasmuch as I wanted to feel a bit bad for what I did, I really do not regret it because if we don't do anything about this, this will continue and even get out of hand.
I was shortpaid ₦700, yeah I know that amount is actually no much and some might say why didn't I just forget about it, even if it's just ₦50, and you decide to ignore it, thinking it's just a harmless mistake, the next one might be even more bigger and if you're not paying attention, you'll end up releasing the coins without getting your money in full. You'd be surprised by the negative feedback I gave this buyer for shortpaying me ₦700, this wasn't about the amount but to set an example, with such a review, I don't think there'll be anyone that'll want to trade with him as he'll be considered a scammer, inasmuch as I wanted to feel a bit bad for what I did, I really do not regret it because if we don't do anything about this, this will continue and even get out of hand.
Re: Can Bitcoin hold the leadership position for ever because the world changes?
Bitcoin is crypto but the difference is that blockchain exists because of bitcoin, the blockchain that is used by other coins and other areas today. This makes bitcoin more popular because other cryptocurrencies are copying it and not unique like bitcoin. The founder is not known, nobody know if Satoshi is a group, a man or woman, a Christian, Muslim, Buddhist etc. It has all the characters that can make it prosper.
I like it as the identity of the founder remains unknown, for many competitor's would have done everything within their power to make sure that Bitcoin would never exist anymore and even if it does, it won't be as popular as this, because Blockchain was made up through the creation of Bitcoin, which other cryptocurrencies uses Blockchain but Bitcoin is remains number one, which it won't be irreplaceable by any other coin's, because Bitcoin has done more good in people's lives and if the founder of Bitcoin was known, it would have be easier for the government to be part of it, either by negotiating with the founder or they stop the founder from functioning.
It's simple OP, have a solid Backup fund, and by backup funds, it should include emergency fund, reserve and float funds. These funds offers you financial cushion covers whenever you have financial needs, because the major reason why investors are mostly tempted to sell off their coins is due to emergencies, when an emergency arises and there's no backup fund to cover those emergencies, then certainly, the next option would be to dip into your investment for financial backup.
Another reason that'll make investors feel tempted to liquidate their investment would be to diversify to other investments, which I wouldn't recommend, especially when they're still in their accumulation stage, except maybe they've actually reached an overaccumulation.
Another reason that'll make investors feel tempted to liquidate their investment would be to diversify to other investments, which I wouldn't recommend, especially when they're still in their accumulation stage, except maybe they've actually reached an overaccumulation.
⭐ Merited by JayJuanGee (1)
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The evolving nature of Bitcoin means that people are continually learning about the impact of Bitcoin crosses so many disciplines. We're still learning various aspects of Bitcoin and I totally agree that lots of the world is in the early stages of understanding it, because Bitcoin is still relatively a new technology and so is the adoption. The dynamics and nature of Bitcoin are evolving overtime, and this means that strategies and approaches to investing in Bitcoin needs to also adapt overtime. Even if aspects of bitcoin evolve over time, that does not necessarily mean that we need to change our approach to bitcoin, even if we are studying bitcoin and trying to consider the extent to which bitcoin's investment thesis might change with the passage of time.
If we are in our BTC accumulation phase, we might decide if we want to invest more aggressively or more whimpily, yet that has to do more with our own finances and psychology rather than bitcoin, since bitcoin as compared with other investments is only one of the factors to consider.
Changes in bitcoin might affect how we hold it or protect it or transact with it, but it might not affect if we are in accumulation phase, maintenance phase or perhaps in sustainable withdrawal phase.
Over the past 11.5 years that I have been in bitcoin, I have made most of my changes based on my own circumstances, and sure aspects of bitcoin might have affected me on the margins (and in small sort of ways), but nothing really major since bitcoin's investment thesis has just gotten stronger through the years, even if some aspects of bitcoin has changed along the way too.
And yeah, there are certain factors that Changes in Bitcoin might be able to have direct impact or effect on, like the security aspect, transactions or even storage, but just like you rightly stated, it might have little to no effect on the investor's current phase, whether it's the accumulation phase, or the maintenance phase, or even the sustainable withdrawal phase. In your 11.5 years in Bitcoin, all the adjustments you've made must've indeed been based on your own circumstances. Yeah, aspects of Bitcoin may have had marginal effects, but over the years, the overall investment thesis of Bitcoin has indeed gotten even more stronger and that, is quite a solid take.
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That’s a very good breakdown. A lot of people don’t realize how their UTXOs can start to stack up and spread over time, especially if they have been using Bitcoin for a while across different cycles. What you explained is exactly how it happens..... one transaction here, another there, and before you know it, you have several small UTXOs in different wallets.
I also like the point about keeping some wallets as intermediate ones. It makes a lot of sense to have levels between hot and cold storage, depending on how often you plan to use the coins. Keeping track of all this might seem like a lot, but if someone is serious about holding long term, this kind of planning will really help later....
Yes. It is a good habit to keep track of wallets, especially the ones with larger transactions connected with them... And it can take a bit of time to figure out some organized way to keep track..... maybe keeping track of the colder storage or medium storage might be more important, and maybe the hot wallets might have more transactions and harder to keep track, so guys have to figure out if they are able to keep track of everything or just the transactions within certain wallets.
Some people suggest that the tax treatment of transactions to treat them as capital rather than currency can cause some accounting burdens which can disincentivize spending bitcoin or conducting smaller transactions... yet surely if a wallet is divided into accounts, then at least the accounts could be of certain categories including if you have an exchange that you use, then you might send all of the transaction from that exchange to the same account, so then at least you know that the transactions are related to that exchange within that account.
I also think the tax treatment stuff you mentioned above makes a lot of sense too. When guys treat Bitcoin as capital rather than just a mere currency can potentially create some accounting headaches, and this could also disincentivize the use of Bitcoin for smaller transactions, like using Bitcoin to pay for goods and services. Also, I feel it's also a smart move to divide a wallet into accounts for different categories, like one account for transactions from a particular Wallet, as it can be quite an effective way to keep things pretty much organised. This way, you'll be able to know that the transactions in that account are actually related to that particular exchange.
⭐ Merited by JayJuanGee (1)
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Remember, it is wise to take the time to carefully plan your investment before investing in Bitcoin. your investment today can bring a bright future. everything in the world is subject to decay, but if you keep some assets, their value or importance does not decrease with the change of time, but rather starts to increase. I see Bitcoin as a valuable asset whose importance and use will increase with the change of time. every investor should not take extra time when purchasing Bitcoin.You are contradicting yourself. You sai that it is important to plan your investment before investing in bitcoin but not to take extra time.
Most likely to get started in bitcoin, there is a need to merely have a superficial perspective of bitcoin, yet more importantly we have to know whether we have discretionary income or not. Once we get started we can learn and adjust our position size in accordance with our knowledge and confidence about bitcoin and also the strength of our cashflow management. There is nothing wrong with learning as we go and hopefully building additional conviction after we learn more about bitcoin. Getting started right away is important yet surely even if someone knows that he has $10 to buy bitcoin right away, he may also have to figure out from where he is going to source his bitcoin, and there could be more than one source location, yet he still has to start out with one at a time, and with any new activity, it can take a bit of time to incorporate in someones life and perhaps to be able to start to appreciate that the commitment should be for 4-10 years or longer, yet in the very first purchase, there might not need to be any commitment to 4-10 years or longer, even through ultimately it would be better for anyone to come to that kind of a 4-10 years or longer commitment so that they are understanding how they might approach their bitcoin accumulation practices and also how they might approach their cashflow management practices..
It's important to get started ASAP, even if you're simply getting started with a small amount like around $10. Figuring out where to source Bitcoin is actually part of the process, and yeah, you could actually be availed with several options, but you gotta just choose one and get started. It requires a bit or even a lot of time to successfully incorporate Bitcoin into your life, and also understanding the long term commitment, like 4 to 10 years, or even longer is something that mostly comes with experience. I agree with you that one may not even really need to have a long term commitment mindset initially during their first purchase, but it's way more better to actually have a long term as you proceed, as this will potentially help you with your accumulation and cashflow management practices.
Yeah, it'll make more sense if those gamblers who claim to be playing for fun would rather go play free or demo games, I mean that'd make more sense right? Now, the reason why these set of gamblers can't be seen playing mdemo or free games is simply because they ain't playing only or solely for fun, I mean what's the fun in playing a game without an outcome, the actual fun lies in the outcome of the bets, whether wins or losses, because these outcomes are already anticipated. Everyone wanna win and no one wanna lose, and since they already know that losses are inevitably an unavoidable aspect of gambling and so they also prepare for such outcomes by betting with an amount that they can actually afford to lose, while also preparing for the best part of it (winning). This way, they actually get rewarded whether they win or lose, when they lose, they're rewarded with the experience and when they win, with the money, but either ways, they still have fun at it.
⭐ Merited by JayJuanGee (1)
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Fair enough, I can agree with what you said..but I think still believe many folks throw around 100% of their discretionary income without a proper understanding of how disciplined they need to be over time. And yeah, if they got their basic need covered, and most importantly their emergency funds, savings etc. then putting all discretionary income wont be wrong. I can tell you that most folks dont even know what is discretionary income, they are only pretending to investing aggressively not minding the dangers of not settling every other thing when they get their income. Well many times we go back and forth in threads and we might not be clear about definitions, and surely there can be ways that guys can figure out how to be as aggressive as they can without overdoing it, yet if they develop systems in which they are categorizing their funds, then they might get some better handle on managing their own finances.
Managing finances becomes even more important for any of us who might have had decided to invest into something like bitcoin for 4-10 years or longer and we might have goals to try to accumulate as much bitcoin as we are able to accumulate, but we do not necessarily want to make mistakes of overdoing it.
So, yeah, sometimes we might not agree upon the terms - even if we might not disagree with some of the objectives.. even though surely every guy has to figure out his own objectives, since he is going to be responsible for figuring out how much to invest into bitcoin and how to manage his cashflows, and if he ends up screwing up and he says that he was following some suggestions from the internet, then no one is going to help him out if he ends up not figuring out his own balances, and hopefully when we are batting around ideas on threads like this, guys get better ideas in regards to how to manage their own situations better and even in their sharing of their ideas and experiences, they can frequently help other guys to figure out their own establishment of boundaries... whether bitcoin investment amounts or boundaries in terms of how much to put into their various back up funds.
Sometimes we will also give examples, and I frequently like to talk about $100 per week invested into bitcoin, yet surely in nigeria guys might have to adjust that down to $10 per week or maybe $30 to $50 per week, yet that might not even be very good for them, if they are not considering the rest of their finances and psychology, so guys have to adjust the numbers to their own circumstances, and surely if they are brand new, they may well have to start out a bit more conservatively while they are getting used to buying $20 worth of bitcoin every week.. which can feel like a lot of learning at first, but then after a while they may well start to get used to it and better understand the various terms and the reason that we might want to break down our back up funds into emergency funds and reserve funds and the idea of float can also be something that is helpful to discuss.
And, yeah, when we talk about cashflow management, and there can be guys who already are doing it, but they might not use the same terms. When we talk about the needs to have better cashflow management because of bitcoin, there may not be experiences investing into something so volatile, so they have to get used to it, and even going through the experience to figure out how they are going to manage their temptations to sell too much too soon or their temptations to stop accumulating BTC when the BTC price goes up, even though they are still in their earliest of stages of BTC accumulation.
Again, investing 5% to 25% of discretionary income might seem like they are playing it safe but if they are measuring that percentage to the actual income and not the discretionary income (money left after the basics), the its a different context altogether.
Of course, there are differences in how it plays out depending on which category is being discussed or considered. Guys might end up making mistakes thinking that we are talking about one category or framework and they misinterpret the framework, and so there still are needs for ownership and thinking through their plans to make sure that they understand the reasons for certain kinds of limitations, yet in the end they are the ones who need to understand and apply the limitations for themselves so that they don't end up overdoing it.. and surely there could be some guys who are very confused, yet if they start out more conservatively, then they may well be able to increase their level of aggressiveness as they become more confident, yet at the same time, they still could end up making mistakes, so it is god for the them to really practice and to even play around with some of the ideas until they really start to understand how to apply various kinds of practices that we discuss in these various bitcoin investment related threads...and yeah, of course, some guys come to bitcoin and they already have other investment experience, which should be helpful to them, but sometimes they can still make mistakes by trying to apply similar practices to bitcoin, which might not work out very well for them to misapply some of the concepts or even to think that they know more than the do merely because they have investment experience in other areas.
By the way, I recall when I started investing in bitcoin in late 2013, I had some interactions on a forum about bitcoin, and I had already had 20 years of investment experience at that time (yet all of that investment experience was outside of bitcoin), yet I still had to learn how to apply those things that I knew (or though that I knew) to bitcoin, and I ended up learning a lot from my experience after I came to bitcoin and adding bitcoin to my experiences, and even some of the kinds of ways that I applied things were different since bitcoin was a different kind of asset with various kind of ramifications throughout all parts of society and crossing over into many disciplines.. I feel that I am still learning various aspect of bitcoin and even bitcoin is not exactly staying the same, either. It is an evolving kind of a dynamic, and lots of the world is still just in their earliest of stages of learning about bitcoin..
I also believe that it makes sense to start out conservatively and then increasing aggressiveness with confidence. Bitcoin is totally different different from other forms of investments, so it really doesn't matter the amount of knowledge one has in those other investments, it can get really tricky to attempt applying those knowledge on Bitcoin, because the dynamics and concepts of investing in Bitcoin is total distinct. I see you also mentioned about having 20 years of investment experience outside of Bitcoin when you started investing in Bitcoin in late 2013, I think your experience best explains and proves the fact that even with broader experience, there's still a learning curve specific to Bitcoin.
The evolving nature of Bitcoin means that people are continually learning about the impact of Bitcoin crosses so many disciplines. We're still learning various aspects of Bitcoin and I totally agree that lots of the world is in the early stages of understanding it, because Bitcoin is still relatively a new technology and so is the adoption. The dynamics and nature of Bitcoin are evolving overtime, and this means that strategies and approaches to investing in Bitcoin needs to also adapt overtime.
Re: When your kid talk about Bitcoin don't assume it's all good
A lot is happening in the world today, especially in the online world, and it's quite unfortunate that scamming people have become very normal amongst youths in some part of the world and they even consider it as a source of livelihood, some even have some kind of schools where people go to learn how to do fraud, and thus why it's important to always monitor our kids' online activities and make sure that they don't get corrupted by these bad eggs in the society. Very soon, the fight against online scams would be way more serious that what we see today and those who are involved will definitely have serious penalties melted on them, and the least we could do is protect our young ones, and even when we find out that our kids are already involved, it's crucial to educate them, advice them and lead them towards a more better path.
You know what's even more pitiful in all of this? It's the fact that some parents knowing fully well that their children are actively involved in online scam, rather than trying to talk them out of it are even abating them and even supporting and financing them, like getting them sophisticated devices and tools to facilitate their work online. Sometime ago, I saw a post on Facebook, a young man was arrested for internet fraud, that wasn't all, I was shocked to see that his father and mother were also dragged into the case as accomplices of this young man and I ask myself what good morals would such parents impact in their children when they're the ones supporting them in their evil acts You are right because people worship their celebrities these days and will never doubt whatever they are told by those influences. So the government took a good decision in going after influner. If they must promote, they should remain with the legal and probably regulated casino as this will save them a lot of stress from the authorities.
Yeah, there's been several cases where a lot of gamblers has been misled by simply listening to online influencers who advertised the wrong casinos. The truth is that, some of these influencers may even end up advertising a brand without even knowing that they are inauthentic and only get to realise the implications of their actions after those casinos must've already swindled the general public, and sometimes some of these influencers even end up taking the fall for it. So I also think that the government is not only helping or protecting the general public but also the influencers too.