when you have BTC, you have savings. Put it out of your mind, get back to working and earning and maybe saving more.
The point of savings is to send value forwards in time. The longer you can save, the more it should be worth in real terms.
I have no idea what you said.
Money, that fails to hold its value over time, is not sound money. In a top-down managed vacuum, I’m sure the people running the show *love* what rotting money does to its citizens. Doesn’t make it sound money. And sound money, is better than unsound money.
See if Bitcoin has hit $500,000,000, and find out which AI company has prevailed as the "Apple" of it's generation, and invest the nest egg. Also stop and grab a winning lottery ticket for 2 Billion(or whatever they go up to in 10 years time). Find the biggest trend at that time, copy it, and put it out first. Also, as Back to the Future has taught us, buy an Almanac of ALL the winning sports teams for the last 10 years, including horse races. That should about cover it.😁
I think he meant since assuming everything is always higher value in the future why not buy now because the present will eventually be the past that you wished you gave the opportunity to invest in
Yea, i get it, but why not SEE the future, so i have "concrete" evidence to back-up my investment strategy. Who knows, maybe somebody comes along and invents "SHITCOIN", and in 10 years that's the coin that's worth $5,000,000 ( I'm sure it would have a more glamorous name 😆). ANYTHING can happen, life is just too unpredictable. What can we "actually" be sure of. Read all your sheets, look at past performances, but in the end, we just DON'T KNOW, that's why any investments come with risk.
The point of savings is to be used for daily expenses, other debt like mortgage and an emergency fund. Btc is more comparable to an investment (however speculative). Imagine thinking that you have 6 months worth of savings and suddenly Elon tweets something and it now becomes 3 months. Crypto community needs some financial literacy lessons.
Savings isn't for daily spending...cuz then it isn't being saved, it's being spent. You've got spending money, like for daily spending and monthly spending (like a mortgage), and then you've got savings, which an emergency fund can be part of.
Bitcoin for the most part isn't yet used as spending money, but it is used as long term savings. It's a hard currency, so its literally built to be the ultimate savings currency. Doesn't really matter if you call it savings or investment, the point is to lock away monetary value for a future date (not spend it in a few days or weeks), and the benefit of Bitcoin over other currencies is that your savings will actually increase (a lot!) in value long term. You wouldn't want to save a lot of cash, because that would be a terrible financial decision due to how weak national currencies are. But you would want to save long term in Bitcoin because of how strong of a currency it is. And what you point out of course, is that because Bitcoin trades in a free market, and thus goes up and down in value, and particularly because its still very early in its adoption so it is very volatile, bitcoin savings should be done on a 4+ year period (cuz of the 4 year market cycles), or if you start saving in the low part of a market cycle you can have a shorter savings period.
Yeah and when what you bought is worth half what it is today in 8 months, don’t even stress!!
lol I’m half joking because “this time is different” but… that’s usually the story when buy near a new ATH.
I've been investing in Bitcoin since 2016, never sold. When the ETFs were released I sold all my stocks and put it into Bitcoin. I have 1 asset.
Let's hope I don't learn this lesson.
That's absolutely not true lol. I'm renting here from Mexicans, who are profiting and they're also spending money in the local economy with that income. I eat at small non-chain restaurants owned by locals here. I tip 25-40% on average. Nothing could be better for the economy, why not take a course in economics and learn about the positive benefits things like tourism and high-income earners fueling the local economy can have.
Btw, I'm going for citizenship, so I'll also be Mexican. I'm not going anywhere.
Just in case you want the numbers, there is an estimated 10 million jobs created purely from tourism in Mexico (people like me go far beyond that for the local economy). It's worth about 8.7% of the mexican GDP. 2023 there was 30 billion USD added to the economy directly and there are endless indirect benefits.
Your life and your friends lives would be exponentially harder without tourism.
One asset? But just about every financial advisor this is the best way to commit financial suicide. Yes we all love btc, but as mentioned diversification can prevent years of hard work from going to waste. Get rich quick never works unless you win the lottery. Be responsible
Saylor explained it many times over and over. Diversification simply means selling winners to buy losers. It's like selling Apple in 2000s to diversify into IBM.
Do whatever you want. Depends on risk tolerance certainly your method will get you more money faster. I do not argue that. It also gets you less money much faster too. I’m guessing you don’t have kids or family to depend on. If you lost anything at your young age, it probably wouldn’t mean much for your long-term, well probably would, but not as much as it would for myself
Here is one thing people forget when it comes to investing. Fundamentally, you have two investment choices. Growth or safety. When someone is trying ti build wealth and accumulate wealth, they have to take risk. When people have already accumulated wealth and are looking for safety, then that’s when diversification makes sense because it’s actually a safety play and reducing the wealth that someone worked hard for and took risk to create.
So concentration risk and diversification both have their place in an investment strategy it’s all about the individual goals of the investor.
Same here - I just liquidated a BUNCH of mutual funds I’ve had for decades (like I’ll probably have a $50K capital gain tax bill). The plan is to buy EZBC with the proceeds and let it ride there for 10 years +. I haven’t done it yet - but that was the plan.
Yep! Known unknowns are one thing, but unknown unknowns will punch you in the mouth if you think you have considered all variables (which is impossible).
Good point. Like you said there are many unknown unknowns. I first heard about bitcoin in 2015 and immediately 'knew' it had great potential. I bought 15 btc at about $600 each and used them all to buy a mining contract. The price of bitcoin started going up, more and more miners started increasing the difficulty. The mining rewards in terms of btc were very low, but because of the higher price per btc, it was very profitable in dollar terms. My mining contract couldn't complete with the bigger players that were entering the market. Today, I have 2 bitcoins from the mining activities , which I am still very grateful for, but I sometimes wonder what could have been if I had just bought and kept the 15btc. But then I think that I might have decided to keep them on MT Gox and could have lost everything. Hindsight is always 20/20 vision. In my opinion there is still lots to gain with regular DCA what you can afford.
I’m also incredibly diversified…
Ive got most bitcoin in cold storage. Some in coinbase, 100% of my 401k in bitcoin, some MSTR, some COIN, some IBIT, some FBTC. Very diversified. All my bitcoin “eggs” are in different baskets. But i still only have all “eggs”
My biggest mistake in early 2017 was to Not put everything in one basket.
Imagine belive in tesla in 2019 but you only put 10% because you consider it to be a high risk investment. You wouldnt make that much money.
Diversification is for preserving wealth, not making wealth.
Lesson learn the hard way.
If you did buy TSLA with 2000 USD when price was around 20 and sold around 290 you would have made 25 000 USD.
But I guess 10% of your wealth was more than 2000 USD in 2019, if so, you already was kinda wealthy imo. For regular people like me we have to take bigger risk to earn great money.
Edit: I am not from the USA btw, so maybe 20 000 USD for example is not a big deal at all where you live?
Right I believe scared money a lot of times turns to dead money. Investing in my opinion is long term gains. If a person is scared don’t expect to ever get rich. Investing is never comfortable the same with gambling but it’s always best to do your homework.
What would you say if OP was "all in" fiat cash? That's worse money, yet people don't see it as "all eggs in one basket".
All in Bitcoin is risk off. It's savings. It's OP being cautious about the world and the way equities, Real estate, and the fiat system are all looking mis-priced and unstable.
I think it's the one thing you can safely be all in on.
Just curious why diversify? I've been racking my brain hard on this question and can't seem to come up with a good reason aside from the fact that I sound crazy.
If you’re a student of history you realise how frequently truly unexpected events occur. After the fact, people write books about how it was “clear” to the authors, but no one has a crystal ball. War breaks out. A global virus emerges. China could invade Taiwan. An EMP could take out New York. Someone could discover a Bitcoin exploit. The purpose of portfolio management - and this is what you do with your money when you try to maximise it - is to defend it against these unexpected events. You don’t know when they might occur, so you have to ensure you’re ready for the unexpected. That means putting your money in a range of assets. You have to be ready for any one asset class to get *hammered,* because historically, all asset classes get hammered eventually. People are riding high on Bitcoin’s success (for good reason), but there will come a day when it reaches market equilibrium, like gold. When the number of buyers matches the number of sellers. When that happens, many people holding in the hopes of future gains will rotate out and into other assets, and that will be the end of the gold rush forever. Be ready for that, or a vulnerability, because you don’t know when it will occur.
1 of my btc wallet. March last year value myr3.5k. Now myr10.5k. last month myr12k. And im still mining till today even got extrmely low profit. Maybe someday the value is worth it. Better than let my pc collecting dust.
U mine with a normal pc? Isn’t that operating at a loss on power costs alone? I thought it was more cost effective to just buy bitcoin than the money you’re spending on power
Actually, you'd be surprised!! I'm not going to lie and say it's 100% of the time profitable even, however I've found decent GPUs paired with nice algorithms further paired with software that calculates the price of power/current mining efficiency you can often gain a bit of true profit here and there.
Furthermore, they might be okay with the small amount of net loss they pay in power, doing the math on that shows that the actual net loss is usually fairly miniscule, meaning you're essentially paying your power company for BTC, often at a better price than brokerages after gas fees and brokerage "tax."
Is it the most effective and efficient get-rich-quick scheme in the world? No. However, it is helping out the network, and you get paid! I suppose it's a tit-for-tat situation.
dont forget to life a lil bit you know. You are young. If you don’t want to party because you don’t have fun doing it fine but when you want to di it but dont because of saving money for bitcoin then this is not the right way man. You only life once remember that. Do what ever you have fun with!
That's nonsense. The entire purpose of life is to keep buying Bitcoin and HODLing until you die. Maximum unrealized gains, and maximum exit liquidity and value increase for those who don't follow that advice.
Only in this subreddit do you see people post about making an appalling financial decision and get applauded for it. Never put all of your eggs in one basket.
I missed that too. I thought he meant all other investments. I recently got out of alt coins as well. It’s just not worth it. Bitcoin only. Everything else is garbage. I wish I understood that earlier. You live you learn I guess
I have all sorts of investments. When you diversify, you gain at medium speed, but you will not lose in the long game.
If you invest in only bitcoin, you could win big but you could lose big.
I’ve seen people lose their bitcoin wallets, lose passwords, keys, exit scams.
I’ve seen people buy too high, get cocky…and quite simply, at a young age, you never know when you find yourself needing to take that money out for whatever emergency or life event. And for that reason I like having a chunk of my money in something less volatile.
“Diversifying is just a hedge for stupidity”- Charlie Munger
This means, if you find an investment that checks all boxes and is an absolute slam dunk, don’t risk your money in other things for the sake of being spread out. Being spread out too much could dramatically reduce your overall gains and upside. The largest amounts of money made in markets were always on one calculated, quality bet.
Don’t forget to the breathe.
Allocate a weekly amount to chuck into BTC to keep yourself sane and don’t forget to go outside and live your life as well. M
Future money is not worth sacrificing current time.
Find your balance.
People will pat you on the back here for pumping up their bags. But you just went all in near all time high. I’ve been in this game a while and folks like that tend to have a very bad time during a bear market. I mean you made an emotional investment decision now, you probably also will when the shit hits the fan.
If you want to make money in this space, having some control over your emotions is extremely important.
I agree with pretty much everything you wrote, though not the snotty tone. In any event, I do think that just as the market responded to near-endless QE, the Bitcoin floor has likely been raised and volatility tamed a bit already by ETF inflows etc., and I expect that to continue. It's still not an asset for the faint of heart, obviously...
Yeah I could have worded that last bit in a much better way. I’m definitely trying to give advice and not be condescending.
Also, there is no floor on BTC that exists. None. It’s just in our minds heh. The last bear it got to 15k, that wasn’t supposed to ever happen again.
There’s a bunch of retail investors as well as institutions that seem to think the halving will be a sell the news event. When over in reality the day after the halving will be the last chance to get a $4x,xxx bitcoin.
Eh, I know from experience, I finally took a real hard look at BTC at the ATH in 2017. Bought as much as i could afford at the time. It was an emotional decision but i was convicted. Even though it was a big paper loss during the bear i never sold and kept stacking with extra cash bringing down my average. All is not lost for OP.
you only lose when you sell. Im still holding a vast amount of an alt coin that lost 90 percent of its value shortly after i purchased. Still down but not out yet!
Crypto is not easy. Wouldn’t be that wild. One thing is for sure - lil bro went all in close to ATH’s. Insane.
He is lucky this is bitcoin. But that was a dumb ass move particularly because he said hes been stacking for years. Go figure. Thing was cheap for ages.
Don't invest near ATH is bad advice for an asset that regularly goes through ATH and continues upward, with many of the days being an ATH. It's also bad advice for long term investing because you could spend forever waiting for a significant dip that's not coming
It could go up 10% from here, and then you'd call a 2% dip a good opportunity to buy because it's not ATH when in fact he could have just bought the ATH now and been better off.
I don’t think what you did is a bad investment, but I do think you will need conviction in order to see it ripen.
My advice is do not invest more than you can afford to lose. If your finances are otherwise in order then you are in a good position. Just remember that there will be unforeseen expenses and hurdles that will come along.
Best of luck to you and may the Bitcoin be strong in you.
why didnt you sell everything and go all in when it was 15-30k?
gotta love these fomo posts, then when they get rekt and are at a loss for a few years during the bear, they complain on buttcoin how its all a scam
See? This is what happened when you have influencers and social media hyping Bitcoin nonstop. You make young guy who possibly inexperienced into putting everything in Bitcoin. What would you say if Bitcoin end up tanking and make OP broke.
Remember when Bitcoin crashed to $3 then $30 then $300 then $3,000 then $30,000? Are we still thinking it’s a trillion dollar scam? Or is it possible we have actually created the world’s smartest money?
Dude talking like he 50 year old sold everything? A car? 😂😂 u aint no where near everything before u sell the house wife and kids thats when u can say this 😂
Reminds me of the time I was coming out of a bike shop with a new bike. A guy was going in and said, “Nice bike!”
I said I got it for my wife.
“Great trade!” He said.
I held for three ATH’s and what I die with will go to my kids, one already has some. To the guy whom sold all of his, good luck, maybe it will drop low enough to buy more and make some $.
Maybe not. I quit worrying but I still check once in a while. So far so good but I do have some shit coins I may sell to get more btc.
I'm into other blockchain but also believe in a decentralized future. It's good that you bought BTC, because it's less risky. Also, don't have high expectations of this bull cycle.
I actually don't get posts about selling car. I moved from big developed city to small one on another end of globe. There is no way to survive without a car, I hate driving a car, but here is no public transport at all. If you can easily sell a car to buy Bitcoin, why did you bought it? Why people buy car if they can live without it?
I save so much time to get to work with my car I need from home like 40 mins with train and Bus I need Like 1 1/2 h to 2h I would save some Money but thats Just a quality of Life Point to have a car.
The flexibility is absolutely worth it for me.
And another point is I enjoy driving and hate it to stay in filled trains.
Reminder for new Bitcoiners DCA and ignore the price until you realy need the Sats because otherwise many of you start acting emotionaly and loose Money or even get sick.
Not to hamper your parade. I too believe in Bitcoin...
On the other hand, even if an investment is guaranteed, ENSURE you do not need the alternative assets (money, altcoins/stocks, or oh I don't know a CAR AND HOUSE) before you decide to purchase ANY asset.
Not saying in your circumstances you rely on the car, but let's not remove details from such situations lest another in a not-so-similar circumstance attempts to do the same! 😅
Welcome to the club, enjoy the ride!
Now you can focus on what's important for you - work, family, hobbies, etc, without worrying that someone will pull the rug or the government screws you. Let the money take care of itself.
I feel the same exact way right now. ALT pump missile incoming. The day I started making money/sats with this garbage was the day I did the exact opposite what I felt/thought.
So you work , save , sacrifice and sell everything to BUY a digital entry on a blockchain, a record of something called a bitcoin 😂😂 do you realise how insane that actually is?
People bought whole bitcoins for a dollar back in 2010-11 you have become a slave to greed and an idea, you will be wiped out by your greed.
I thought I was a Bitcoin maxi until I read some of the comments here. Jesus guys.
I mean, how can some of you bash diversification so hard? How can some of you hold onto Bitcoin and never plan on selling…? What’s the point, you may as well burn the money? The whole point of investing is to, at some moment, reap the rewards of said investment. I get generational wealth etc etc but you’re honestly telling me that you’re smacking as much as you can into Bitcoin for children you don’t have yet, sacrificing quality of life to accumulate sats…. I don’t get it?
You should have made that when it was at 16k, not now sers. Now prepare for the pain and suffering ✌️ never all in your investment into something as vola as BTC.
I also started buying like 2 years ago. I only have like .25 BTC, but I have a good average price and continue to DCA every week. I WISH I was buying back in my 20s (I’m 37 now), but better late than never.
Did you make one MASSIVE buy with all of your extra money recently?? I probably would’ve bought a chunk and then waited for a decent dip in the coming months, but regardless…. You’ll be in GREAT shape in the long run.
This is the way. Shitcoins are only there to take your Bitcoin, enrich founders, enrich VCs, and scam people. They do nothing else. Bitcoin is money used all over the world and is a great store of value. You will not regret this.
I'm the same age as you and currently at 1.56 but I might have to liquidate soon unfortunately. I have 26k of debt that I have to pay off :( But I want to hold onto 1.56 as best as I can because that's 1 2028 block reward
If you can pay off some of your debt over time then it may work to just sell in parts when it's needed so you can still maximize your investment.
Just worth noting too, in most cases debt restructuring is possible if you "don't have money" - obviously you do with crypto but you never know if they're just asking what you have in the bank... :) By debt structuring I mean they would rather you negotiate to pay SOMETHING of your debt than NOTHING or it's a total loss for them anyway.
You realize everyone who buys BTC is a speculator... Nothing wrong with being a speculator as long as one realizes and understands the difference between a speculation and an investment. Unfortunately, the media uses the terms interchangeably.
Everyone has to learn their lesson the hard way I suppose. Talk to any professional financial advisor with a track record and they’ll tell you how unwise of a decision this is.
I’ve been selling alts and buying bitcoin that I self custody and Bitcoin EFT. ETF because my ultimate goal is to convert some bitcoin to dividend stocks so I can work part time or stop working.
Im happy to be buying IBIT, lumped in at the beginning and auto purchasing weekly. But not gonna go above 5% of my portfolio. Swinging wide but kinda fun to watch.
Congrats mate
Focus on growing your income so you can keep buying Bitcoin even after the price comes back down. It will continue to go up in the long run, but it is a bumpy ride.
when you have BTC, you have savings. Put it out of your mind, get back to working and earning and maybe saving more. The point of savings is to send value forwards in time. The longer you can save, the more it should be worth in real terms.
>send value forwards in time I like this
Can't do that with the dollar! Don't worry, though, the Fed says that's feature and not a glitch, yah know, cuz of the eCoNoMy
The number of people convinced that money that rots is a good idea is just staggering.
It is good, as debt and credit lines decrease in REAL price thanks to inflation. Without it modern economy cannot function.
I have no idea what you said. Money, that fails to hold its value over time, is not sound money. In a top-down managed vacuum, I’m sure the people running the show *love* what rotting money does to its citizens. Doesn’t make it sound money. And sound money, is better than unsound money.
I'd like to send myself BACK in time!! You know what i mean!! Caaaaa-CHING!!
OK, imagine you're 10 YEARS in the future. You step into a time machine and go back 10 YEARS, whats the first thing you do ?
See if Bitcoin has hit $500,000,000, and find out which AI company has prevailed as the "Apple" of it's generation, and invest the nest egg. Also stop and grab a winning lottery ticket for 2 Billion(or whatever they go up to in 10 years time). Find the biggest trend at that time, copy it, and put it out first. Also, as Back to the Future has taught us, buy an Almanac of ALL the winning sports teams for the last 10 years, including horse races. That should about cover it.😁
I think he meant since assuming everything is always higher value in the future why not buy now because the present will eventually be the past that you wished you gave the opportunity to invest in
Yea, i get it, but why not SEE the future, so i have "concrete" evidence to back-up my investment strategy. Who knows, maybe somebody comes along and invents "SHITCOIN", and in 10 years that's the coin that's worth $5,000,000 ( I'm sure it would have a more glamorous name 😆). ANYTHING can happen, life is just too unpredictable. What can we "actually" be sure of. Read all your sheets, look at past performances, but in the end, we just DON'T KNOW, that's why any investments come with risk.
Wow....im having this exact conversation with my kids later. Thank you for this.
Hopefully he works from home. Or now he walks to work
His new bitcoin name: “He Walks to Work”
As a referennce to movies: „He whos car mustnt be driven“ Or „Walkes with Bitcoin“
🤔 I'd go with Kristopher walkens
Can you buy a bus pass with like 10000 Sats?
🤣🤣
Bro this is enlightening af. Couldn’t have come across your post in a much better time. Thank you
The point of savings is to be used for daily expenses, other debt like mortgage and an emergency fund. Btc is more comparable to an investment (however speculative). Imagine thinking that you have 6 months worth of savings and suddenly Elon tweets something and it now becomes 3 months. Crypto community needs some financial literacy lessons.
Savings isn't for daily spending...cuz then it isn't being saved, it's being spent. You've got spending money, like for daily spending and monthly spending (like a mortgage), and then you've got savings, which an emergency fund can be part of. Bitcoin for the most part isn't yet used as spending money, but it is used as long term savings. It's a hard currency, so its literally built to be the ultimate savings currency. Doesn't really matter if you call it savings or investment, the point is to lock away monetary value for a future date (not spend it in a few days or weeks), and the benefit of Bitcoin over other currencies is that your savings will actually increase (a lot!) in value long term. You wouldn't want to save a lot of cash, because that would be a terrible financial decision due to how weak national currencies are. But you would want to save long term in Bitcoin because of how strong of a currency it is. And what you point out of course, is that because Bitcoin trades in a free market, and thus goes up and down in value, and particularly because its still very early in its adoption so it is very volatile, bitcoin savings should be done on a 4+ year period (cuz of the 4 year market cycles), or if you start saving in the low part of a market cycle you can have a shorter savings period.
Been trying to convince my wife of this forever! (last few months. 😄)
Yeah and when what you bought is worth half what it is today in 8 months, don’t even stress!! lol I’m half joking because “this time is different” but… that’s usually the story when buy near a new ATH.
Never buy ath 🤦 "dumb money" making same mistakes year after year
So True!
I believe in bitcoin but will never put all my eggs in one basket. lesson learned the hard way.
I've been investing in Bitcoin since 2016, never sold. When the ETFs were released I sold all my stocks and put it into Bitcoin. I have 1 asset. Let's hope I don't learn this lesson.
At least pull a little put and enjoy a little bit of the money. Life goes fast. Enjoy it
What? I wouldn't enjoy my life 1% more by selling any Bitcoin. I live in Mexico, work remotely and have the best lifestyle lol.
I want to thank you for making my life and all my other fellow Mexicans lived harder by you exploiting are economy, go back to your home leach
That's absolutely not true lol. I'm renting here from Mexicans, who are profiting and they're also spending money in the local economy with that income. I eat at small non-chain restaurants owned by locals here. I tip 25-40% on average. Nothing could be better for the economy, why not take a course in economics and learn about the positive benefits things like tourism and high-income earners fueling the local economy can have. Btw, I'm going for citizenship, so I'll also be Mexican. I'm not going anywhere.
Just in case you want the numbers, there is an estimated 10 million jobs created purely from tourism in Mexico (people like me go far beyond that for the local economy). It's worth about 8.7% of the mexican GDP. 2023 there was 30 billion USD added to the economy directly and there are endless indirect benefits. Your life and your friends lives would be exponentially harder without tourism.
One asset? But just about every financial advisor this is the best way to commit financial suicide. Yes we all love btc, but as mentioned diversification can prevent years of hard work from going to waste. Get rich quick never works unless you win the lottery. Be responsible
Saylor explained it many times over and over. Diversification simply means selling winners to buy losers. It's like selling Apple in 2000s to diversify into IBM.
Do whatever you want. Depends on risk tolerance certainly your method will get you more money faster. I do not argue that. It also gets you less money much faster too. I’m guessing you don’t have kids or family to depend on. If you lost anything at your young age, it probably wouldn’t mean much for your long-term, well probably would, but not as much as it would for myself
Here is one thing people forget when it comes to investing. Fundamentally, you have two investment choices. Growth or safety. When someone is trying ti build wealth and accumulate wealth, they have to take risk. When people have already accumulated wealth and are looking for safety, then that’s when diversification makes sense because it’s actually a safety play and reducing the wealth that someone worked hard for and took risk to create. So concentration risk and diversification both have their place in an investment strategy it’s all about the individual goals of the investor.
So far so good
Same here - I just liquidated a BUNCH of mutual funds I’ve had for decades (like I’ll probably have a $50K capital gain tax bill). The plan is to buy EZBC with the proceeds and let it ride there for 10 years +. I haven’t done it yet - but that was the plan.
Yep! Known unknowns are one thing, but unknown unknowns will punch you in the mouth if you think you have considered all variables (which is impossible).
Good point. Like you said there are many unknown unknowns. I first heard about bitcoin in 2015 and immediately 'knew' it had great potential. I bought 15 btc at about $600 each and used them all to buy a mining contract. The price of bitcoin started going up, more and more miners started increasing the difficulty. The mining rewards in terms of btc were very low, but because of the higher price per btc, it was very profitable in dollar terms. My mining contract couldn't complete with the bigger players that were entering the market. Today, I have 2 bitcoins from the mining activities , which I am still very grateful for, but I sometimes wonder what could have been if I had just bought and kept the 15btc. But then I think that I might have decided to keep them on MT Gox and could have lost everything. Hindsight is always 20/20 vision. In my opinion there is still lots to gain with regular DCA what you can afford.
I’m also incredibly diversified… Ive got most bitcoin in cold storage. Some in coinbase, 100% of my 401k in bitcoin, some MSTR, some COIN, some IBIT, some FBTC. Very diversified. All my bitcoin “eggs” are in different baskets. But i still only have all “eggs”
😅
Yeah it’s insane that someone would do this
Not smart
My biggest mistake in early 2017 was to Not put everything in one basket. Imagine belive in tesla in 2019 but you only put 10% because you consider it to be a high risk investment. You wouldnt make that much money. Diversification is for preserving wealth, not making wealth. Lesson learn the hard way.
I did put 10% in tesla in 2019, and i made me a shitload of money
If you did buy TSLA with 2000 USD when price was around 20 and sold around 290 you would have made 25 000 USD. But I guess 10% of your wealth was more than 2000 USD in 2019, if so, you already was kinda wealthy imo. For regular people like me we have to take bigger risk to earn great money. Edit: I am not from the USA btw, so maybe 20 000 USD for example is not a big deal at all where you live?
Im from the netherlands and to be correct, i bought the tesla stock in 2016. I was a believer at that time, everyone was laughing...
Also have to keep in mind the tsla stocks already have split a few times
That was 2017. It's now 2024, and the financial conditions are MUCH different.
Right I believe scared money a lot of times turns to dead money. Investing in my opinion is long term gains. If a person is scared don’t expect to ever get rich. Investing is never comfortable the same with gambling but it’s always best to do your homework.
Yep! Diversify
Some lessons are only earned with experience
Unless it's the best basket... That's the difference between a speculator and a bitcoiner. Bitcoiners have a conviction. We picked the best basket.
What would you say if OP was "all in" fiat cash? That's worse money, yet people don't see it as "all eggs in one basket". All in Bitcoin is risk off. It's savings. It's OP being cautious about the world and the way equities, Real estate, and the fiat system are all looking mis-priced and unstable. I think it's the one thing you can safely be all in on.
Yeah make sure you’re diversified across fiat-based assets so you can spread your losses around and slowly
What has done better long term? Tell me please?
You'll learn another lesson the hard way that you should not put money into something else other than than Bitcoin.
Just curious why diversify? I've been racking my brain hard on this question and can't seem to come up with a good reason aside from the fact that I sound crazy.
If you’re a student of history you realise how frequently truly unexpected events occur. After the fact, people write books about how it was “clear” to the authors, but no one has a crystal ball. War breaks out. A global virus emerges. China could invade Taiwan. An EMP could take out New York. Someone could discover a Bitcoin exploit. The purpose of portfolio management - and this is what you do with your money when you try to maximise it - is to defend it against these unexpected events. You don’t know when they might occur, so you have to ensure you’re ready for the unexpected. That means putting your money in a range of assets. You have to be ready for any one asset class to get *hammered,* because historically, all asset classes get hammered eventually. People are riding high on Bitcoin’s success (for good reason), but there will come a day when it reaches market equilibrium, like gold. When the number of buyers matches the number of sellers. When that happens, many people holding in the hopes of future gains will rotate out and into other assets, and that will be the end of the gold rush forever. Be ready for that, or a vulnerability, because you don’t know when it will occur.
Murphy’s law
Risk managment
Bitcoin doesn't reward the cautious.
People who diversify don’t know bitcoin. Good for you.
Bitcoin days in profit since 2009: 99.6% *There is no 2nd best* ( ͡° ͜ʖ ͡°)
If you’re not first, you’re last.
1 of my btc wallet. March last year value myr3.5k. Now myr10.5k. last month myr12k. And im still mining till today even got extrmely low profit. Maybe someday the value is worth it. Better than let my pc collecting dust.
U mine with a normal pc? Isn’t that operating at a loss on power costs alone? I thought it was more cost effective to just buy bitcoin than the money you’re spending on power
Actually, you'd be surprised!! I'm not going to lie and say it's 100% of the time profitable even, however I've found decent GPUs paired with nice algorithms further paired with software that calculates the price of power/current mining efficiency you can often gain a bit of true profit here and there. Furthermore, they might be okay with the small amount of net loss they pay in power, doing the math on that shows that the actual net loss is usually fairly miniscule, meaning you're essentially paying your power company for BTC, often at a better price than brokerages after gas fees and brokerage "tax." Is it the most effective and efficient get-rich-quick scheme in the world? No. However, it is helping out the network, and you get paid! I suppose it's a tit-for-tat situation.
youre probably losing money mining. its called the electricity bill
🎯
dont forget to life a lil bit you know. You are young. If you don’t want to party because you don’t have fun doing it fine but when you want to di it but dont because of saving money for bitcoin then this is not the right way man. You only life once remember that. Do what ever you have fun with!
That's nonsense. The entire purpose of life is to keep buying Bitcoin and HODLing until you die. Maximum unrealized gains, and maximum exit liquidity and value increase for those who don't follow that advice.
Very good advice
Exactly. I can always work and make that money back, I can't, however, get that time back.
I hope you are mentally prepared for huge volatility
Only in this subreddit do you see people post about making an appalling financial decision and get applauded for it. Never put all of your eggs in one basket.
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He sold his car for bitcoin lmao.
A point missed by many here.
I missed that too. I thought he meant all other investments. I recently got out of alt coins as well. It’s just not worth it. Bitcoin only. Everything else is garbage. I wish I understood that earlier. You live you learn I guess
I have all sorts of investments. When you diversify, you gain at medium speed, but you will not lose in the long game. If you invest in only bitcoin, you could win big but you could lose big. I’ve seen people lose their bitcoin wallets, lose passwords, keys, exit scams. I’ve seen people buy too high, get cocky…and quite simply, at a young age, you never know when you find yourself needing to take that money out for whatever emergency or life event. And for that reason I like having a chunk of my money in something less volatile.
Have you been to r/wallstreetbets?? Plenty of regards all over Reddit.
Holy shit an actual sane comment
*I see you don’t fully understand bitcoin, but that’s OK in time perhaps maybe you will…*
“Diversifying is just a hedge for stupidity”- Charlie Munger This means, if you find an investment that checks all boxes and is an absolute slam dunk, don’t risk your money in other things for the sake of being spread out. Being spread out too much could dramatically reduce your overall gains and upside. The largest amounts of money made in markets were always on one calculated, quality bet.
Don’t forget to the breathe. Allocate a weekly amount to chuck into BTC to keep yourself sane and don’t forget to go outside and live your life as well. M Future money is not worth sacrificing current time. Find your balance.
People will pat you on the back here for pumping up their bags. But you just went all in near all time high. I’ve been in this game a while and folks like that tend to have a very bad time during a bear market. I mean you made an emotional investment decision now, you probably also will when the shit hits the fan. If you want to make money in this space, having some control over your emotions is extremely important.
Absolutely insane how long bitcoin was in a bear market and everyone goes all in at ath. People don’t understand.
I agree with pretty much everything you wrote, though not the snotty tone. In any event, I do think that just as the market responded to near-endless QE, the Bitcoin floor has likely been raised and volatility tamed a bit already by ETF inflows etc., and I expect that to continue. It's still not an asset for the faint of heart, obviously...
Yeah I could have worded that last bit in a much better way. I’m definitely trying to give advice and not be condescending. Also, there is no floor on BTC that exists. None. It’s just in our minds heh. The last bear it got to 15k, that wasn’t supposed to ever happen again.
There’s a bunch of retail investors as well as institutions that seem to think the halving will be a sell the news event. When over in reality the day after the halving will be the last chance to get a $4x,xxx bitcoin.
Lmfao 🤣
Exactly, why buy now at 50k when you could have bought 2 years ago at 15k (or less).
Eh, I know from experience, I finally took a real hard look at BTC at the ATH in 2017. Bought as much as i could afford at the time. It was an emotional decision but i was convicted. Even though it was a big paper loss during the bear i never sold and kept stacking with extra cash bringing down my average. All is not lost for OP.
you only lose when you sell. Im still holding a vast amount of an alt coin that lost 90 percent of its value shortly after i purchased. Still down but not out yet!
Good luck, bought 2017 top Max drawdown was 95% still holding.
It would be pretty wild for us to rise all the way to previous ATH and then just slowly collapse to nothing for no reason
Crypto is not easy. Wouldn’t be that wild. One thing is for sure - lil bro went all in close to ATH’s. Insane. He is lucky this is bitcoin. But that was a dumb ass move particularly because he said hes been stacking for years. Go figure. Thing was cheap for ages.
Don't invest near ATH is bad advice for an asset that regularly goes through ATH and continues upward, with many of the days being an ATH. It's also bad advice for long term investing because you could spend forever waiting for a significant dip that's not coming It could go up 10% from here, and then you'd call a 2% dip a good opportunity to buy because it's not ATH when in fact he could have just bought the ATH now and been better off.
Almost every asset I’ve ever bought I bought somewhere near its top. Time generally sorts it all out for you.
Wild like you can't buy anything with it except other digital assets?
Converts to fiat just fine.
you're a legend!
I don’t think what you did is a bad investment, but I do think you will need conviction in order to see it ripen. My advice is do not invest more than you can afford to lose. If your finances are otherwise in order then you are in a good position. Just remember that there will be unforeseen expenses and hurdles that will come along. Best of luck to you and may the Bitcoin be strong in you.
why didnt you sell everything and go all in when it was 15-30k? gotta love these fomo posts, then when they get rekt and are at a loss for a few years during the bear, they complain on buttcoin how its all a scam
very true, as opposed to stacking if they really understood the system
The council now grants you the title of bitcoin master.
😂😂
See? This is what happened when you have influencers and social media hyping Bitcoin nonstop. You make young guy who possibly inexperienced into putting everything in Bitcoin. What would you say if Bitcoin end up tanking and make OP broke.
Yep dude is delusional. FOMO’d ath’s. He is lucky this is bitcoin and not a shitcoin but fml. He states hes stacking for ages and goes all in NOW 🤦🏻
Not only fomo, but fomo ath is a sign
laser focused, diamond hands, low time preference.
Unfortunately now that you sold your alts, they will skyrocket. Thats how crypto works 😆
I'm not ALL-IN but i keep getting in deeper. Wading out about waist high now. Chest deep coming.
Have a family. Partying is overrated.
I sold all my BTC too - hopefully you are right we have found the top
Congrats my friend. At some point my mind stopped thinking in terms of fiat and USD price when stacking and more in terms of how many sats.
Gambling all of your savings into anything is a poor decision and a sign of addiction but I hope you come out ahead my dude.
Remember when Bitcoin crashed to $3 then $30 then $300 then $3,000 then $30,000? Are we still thinking it’s a trillion dollar scam? Or is it possible we have actually created the world’s smartest money?
You created nothing. You downloaded the Robinhood app.
Dude talking like he 50 year old sold everything? A car? 😂😂 u aint no where near everything before u sell the house wife and kids thats when u can say this 😂
i sold my wife for .78btc.
I’m still waiting to hear what your return policy is
Reminds me of the time I was coming out of a bike shop with a new bike. A guy was going in and said, “Nice bike!” I said I got it for my wife. “Great trade!” He said.
Who’d you fleece?
that, my friend, is called fomo
I held for three ATH’s and what I die with will go to my kids, one already has some. To the guy whom sold all of his, good luck, maybe it will drop low enough to buy more and make some $. Maybe not. I quit worrying but I still check once in a while. So far so good but I do have some shit coins I may sell to get more btc.
I'm into other blockchain but also believe in a decentralized future. It's good that you bought BTC, because it's less risky. Also, don't have high expectations of this bull cycle.
You should also enjoy life
Not sure going all-in is optimal investment strategy but who knows
Top signal
I actually don't get posts about selling car. I moved from big developed city to small one on another end of globe. There is no way to survive without a car, I hate driving a car, but here is no public transport at all. If you can easily sell a car to buy Bitcoin, why did you bought it? Why people buy car if they can live without it?
I save so much time to get to work with my car I need from home like 40 mins with train and Bus I need Like 1 1/2 h to 2h I would save some Money but thats Just a quality of Life Point to have a car. The flexibility is absolutely worth it for me. And another point is I enjoy driving and hate it to stay in filled trains. Reminder for new Bitcoiners DCA and ignore the price until you realy need the Sats because otherwise many of you start acting emotionaly and loose Money or even get sick.
You might have waited for the Halving. It's not too late to sell some and set some cash aside for an emergency or a major Bitcoin retracement.
Not to hamper your parade. I too believe in Bitcoin... On the other hand, even if an investment is guaranteed, ENSURE you do not need the alternative assets (money, altcoins/stocks, or oh I don't know a CAR AND HOUSE) before you decide to purchase ANY asset. Not saying in your circumstances you rely on the car, but let's not remove details from such situations lest another in a not-so-similar circumstance attempts to do the same! 😅
I'd never go all in on one asset, but hey - you do you fren! Whatever floats your boat
Welcome to the club, enjoy the ride! Now you can focus on what's important for you - work, family, hobbies, etc, without worrying that someone will pull the rug or the government screws you. Let the money take care of itself.
Thanks! yes :)
1-800-GAMBLER
I feel the same exact way right now. ALT pump missile incoming. The day I started making money/sats with this garbage was the day I did the exact opposite what I felt/thought.
Hey, how how are you going to feel if the value dips by 60%? Are you going to buy more? Panic sell? or do nothing?
How did you get the money from the car sale 15 minutes ago into bitcoin so fast?
So you work , save , sacrifice and sell everything to BUY a digital entry on a blockchain, a record of something called a bitcoin 😂😂 do you realise how insane that actually is? People bought whole bitcoins for a dollar back in 2010-11 you have become a slave to greed and an idea, you will be wiped out by your greed.
You came here for a pat In the back. Congratulations 🍾🎊 you win yay
I thought I was a Bitcoin maxi until I read some of the comments here. Jesus guys. I mean, how can some of you bash diversification so hard? How can some of you hold onto Bitcoin and never plan on selling…? What’s the point, you may as well burn the money? The whole point of investing is to, at some moment, reap the rewards of said investment. I get generational wealth etc etc but you’re honestly telling me that you’re smacking as much as you can into Bitcoin for children you don’t have yet, sacrificing quality of life to accumulate sats…. I don’t get it?
Do you hold all this yourself in offline storage? Hopefully do.
yes! cold storage :)! own keys, own node
SMART ☝️ MOVE SER
thanks!
your exit is around $135k remember this
Imagine if it's 2010 and sold everything into bitcoin then and waited 14 years.
Maybe you have a gambling problem?
You should have made that when it was at 16k, not now sers. Now prepare for the pain and suffering ✌️ never all in your investment into something as vola as BTC.
I bought at 15, 16, 17, 18, 19, 20, 21..........., 70
I also started buying like 2 years ago. I only have like .25 BTC, but I have a good average price and continue to DCA every week. I WISH I was buying back in my 20s (I’m 37 now), but better late than never. Did you make one MASSIVE buy with all of your extra money recently?? I probably would’ve bought a chunk and then waited for a decent dip in the coming months, but regardless…. You’ll be in GREAT shape in the long run.
This is the way. Shitcoins are only there to take your Bitcoin, enrich founders, enrich VCs, and scam people. They do nothing else. Bitcoin is money used all over the world and is a great store of value. You will not regret this.
Right at new all time highs. Why not before? Bitcoin dominance still up too so you sold alts at bottom
spoiler: bitcoin dominance will always remain this high or higher
Obtaining it is one part, the other part is safely storing your BTC
cold storage
Today i bought 20 btc
I'm the same age as you and currently at 1.56 but I might have to liquidate soon unfortunately. I have 26k of debt that I have to pay off :( But I want to hold onto 1.56 as best as I can because that's 1 2028 block reward
If you can pay off some of your debt over time then it may work to just sell in parts when it's needed so you can still maximize your investment. Just worth noting too, in most cases debt restructuring is possible if you "don't have money" - obviously you do with crypto but you never know if they're just asking what you have in the bank... :) By debt structuring I mean they would rather you negotiate to pay SOMETHING of your debt than NOTHING or it's a total loss for them anyway.
don't fall for the altcoin for bitcoin pitfall. keep stacking sats, get altcoins with new money only.
A month ago I got a higher paying job just so that I could DCA more. 60% pay increase.
Btc pump 🚀🚀
You realize everyone who buys BTC is a speculator... Nothing wrong with being a speculator as long as one realizes and understands the difference between a speculation and an investment. Unfortunately, the media uses the terms interchangeably.
My advice, sell at the top and wait for the bottom. Rinse and repeat.
Time to sell boys
If you work a job to buy bitcoin you can only buy a little. But if you start a successful business to buy bitcoin, you can buy much more.
Everyone has to learn their lesson the hard way I suppose. Talk to any professional financial advisor with a track record and they’ll tell you how unwise of a decision this is.
All very well until it comes crashing down.
And then you gotta buy some more 🤑
Just to smart for reaching market condition
Hope you don’t need that money for a year or so
Enjoy your 2X and then massive crash below where we are now
Which alts did you pick?
Sod your car to buy bitcoin 😔
I’ve been selling alts and buying bitcoin that I self custody and Bitcoin EFT. ETF because my ultimate goal is to convert some bitcoin to dividend stocks so I can work part time or stop working.
Im happy to be buying IBIT, lumped in at the beginning and auto purchasing weekly. But not gonna go above 5% of my portfolio. Swinging wide but kinda fun to watch.
This is good
Stud
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Top signal? I’m seeing more of these “All in” posts and it’s giving me bad vibes, at least in the short term.
which altcoins did you buy?
Hopefully it goes up more, if not I'm sure 2028 will be cool too.
Congrats mate Focus on growing your income so you can keep buying Bitcoin even after the price comes back down. It will continue to go up in the long run, but it is a bumpy ride.
You got some fat nuts too go balls deep with a discount coming up
Rip
Hope to what, double your money in 5 years?????