Following up on
the most stupid bearish move made to date:
You can call me stupid, but being bearish in a bull market usually doesn't pay out, imho.
That's all, have a nice day, i'm going to work now, doing things very similar to what Phil did in the videos, while the war against Buddy silently rages on
I was going to act like you did not say that, but I couldn't help my lil selfie.
From my point of view selling at whatever price because you need the money, that is fine, and sure sometimes we might even trim off a few percentages of our stack.
However, selling to buy back cheaper those are rookie moves, whether we have reached over accumulation status or not.
Sure if you have reached over accumulation status, you have more liberty to throw away money, but still there really seems to be no need for that.
I know there are some guys in these here parts who do believe (and practice) selling to buy back cheaper, and there may be a few who end up getting lucky with such a strategy, yet it does not seem like a good mindset... even though last time I checked we live in a free world when it comes to our choices of how to allocate to bitcoin and the extent to which we are buying, selling or HODLing it.
Life's needs come first—Selling to take profit or to save up some of your savings doesn't mean losing; it can be called a move.
My reading is that OOM was selling in order to buy back cheaper. In my book, that is a different thing from living your life, and sure many of us would like to be able to have more bitcoin without having to cough out more money for them.. Yes.. Free bitcoin is a pleasurable thing, yet any time we sell any of our bitcoin with an expectation of buying back cheaper, we are going down a presumptive road that might not work out how we had expected it to.
Selling when the price drops and buying back later—this is only a novice mistake. If you have already accumulated wealth by buying regularly in the crypto or stock market
Yeah, but we are not talking about the crypto or the stock market here.
We are talking about king daddy, aka dee cornz... aka honey badger.. aka my lil precious...
So why we gonna be fucking around with it?
For "dollar profits?"
Sure some guys are trying to get more corn for free.. so I understand the temptation.. but it is still a gamble to sell some or all of dee cornz with an expectation of buying back cheaper.
Call me (and perhaps some of the other guys here) biased.
and reaching a high level, then holding will be the real power move.
You have been registered on the forum for 1 month.
Have you been into bitcoin longer than that?
Many guys, includiing the one that I was criticizing (OOM) have been around these here parts for more than a whole cycle... so they have ben through the ups and downs already, so likely know part of the drill of getting through a whole cycle.
At the same time, we know that there are always guys coming to bitcoin, yet it seems to be a bit presumptuous for a guy who is just getting started to be theorizing about how to manage a bitcoin portfolio, since I would imagine that newer guys are still way more likely to be even earlier in their bitcoin accumulation phase.
I am not even suggesting that OOM is for sure out of his BTC accumulation phase, but he likely has a lot more options since he has been in bitcoin for at least 1.5 cycles.. since I am pretty sure that he has been in bitcoin around a year longer than his forum registration date.. but yeah, he surely does seem to be selling coins a lot more than me, and even trading coins too.. at least more than me and at least he just admitted to his having had engaged in some trading attempts since maybe (perhaps?) he likes to have fun staying poor? hahahahahahaha
That's why—buying regularly in the crypto or stock market
Fuck crypto and stock.. who needs any of that crap.
and saving up wealth gives you freedom of spending, but it doesn't mean you have to reduce your savings unnecessarily."
Savings is generally a term used for cash and/or fiat, so there is a need to stay away from that, too.
Nothing wrong with having some cash/fiat on hands to be able to pay bills (since many times bills are denominated in local currencies).
Since we are talking about bitcoin in this thread, it is likely that each of us has to consider our
9 individual factors when it comes to whether and how we might go about investing in bitcoin.. Which surely from my perspective guys who are in their first 4 years of bitcoin accumulation likely need to focus on ongoing buying of bitcoin, since it tends to take a long time to build up a bitcoin stash, unless a guy might have had been able to greatly front load their bitcoin investment, and even then, it can take a bit of time before any of us will start to feel comfortable with our bitcoin investment, even if the BTC price ended up going up in value after we had already largely established our stake in it.
Another thing is that we can come to bitcoin after having had already built up other investments in other areas, and so sometimes having other investments when we come to bitcoin would potentially give us some options to reallocate some of the value from our other investments into bitcoin.. which may or may not be convenient for some folks to want to do.
I am not going to presume that you completely don't know what the fuck you are talking about based on your using some terms that bitcoiners do not tend to use, and surely guys who have already had been investing might already have good ideas about cashflow management practices and also knowing about the three ways of buying bitcoin, such as DCA, lump sum and/or buying on dips. Of course some guys want to use financial management tools, leveraging, playing with margin and options, which surely are more advanced techniques that are not necessarily needed in bitcoin, yet sure people can use those kinds of tools and/or options in order to otherwise turn a winning long term investment into a loser.
It's okay to sell to meet your needs, but playing the sell-back buy game cheaply is often fraught with psychological risks.
Psychological risks and also the risk of bitcoin's s-curve exponential adoption showing itself from time to time.
From time to time BTC's prices go shooting up in a stair-stepping kind of a way and they either never come back down or they take quite a bit of time before they finally come back down.
Guys can have all kinds of luck selling and buying back cheaper, and then at one point (or maybe various points) they sell chunks of bitcoin at various places on the way up and they end up having little or no bitcoin as the BTC price keeps going up much further than they had expected it to go.
Some people may get lucky, but it's not a winning strategy in the long run. Ultimately, everyone will decide with their own BTC allocation that the HODL mentality is a proven strength over time.
I cannot disagree with you on this point.. I frequently suggest that guys ongoingly accumulate bitcoin until they have enough or more than enough, and surely there might be some times in which HODL might count too, especially if guys might have had run out of money... but yeah guys who are getting close to their accumulation goals (or exceeding them) then they sometimes don't want to keep buying regularly, so they may well end up buying on the dip.. so then during times that the bitcoin price keeps dipping they might run out of money and then it keeps dipping, which in those cases HODL until you get more money coming in might be a good idea.
Phil was busy fixing a miner for a customer.
Phil will also be busy tonight as I am taking my wife out to dinner for our 39th year
anniversary.
Enjoy the dinner and happy anniversary to both of you.
I just have my 6th last week. Don't know whether I will last that long to celebrate my 39th anniversary. Wish me luck
Best of luck.
I want to make it past 50 I would be 79 so it is not impossible.
Sure.
Lets hope to celebrate 50th and 17th anniversary together. When Bitcoin will be 1M.
That is pretty bearish, WatChe.
Bitcoin could get to $1 million as early as this cycle or alternatively, there seem to be good odds to make it to $1 million or more by next cycle, so 4-5 years from now.
Now you are referring to 11 more years from now in terms of Phil's potential 50th anniversary.. so $1 million would be pretty bearish.. even though
my 200-WMA projection is just crossing over into $1million around that time, which I consider the 200-WMA to be a projected bottom price.
So this current buddy state will last for how long ?
don't know as Richie_t has not told us.
Will be worse in a long dip
I think it needs fixing and will get it one day.
And you are correct that a correction in prices dropping us 20 to 40 k would suck to see doubled doubled
Sure. $20k to $40k is right around 16% to 26%, which is totally normal in bitcoin, even in bull markets.
Getting down to $83k from here might be a bit of wishful-thinking, but if we go up to $150k, then correcting back to $110k would not be unusual, even though we cannot count on those kinds of things to happen, even if that is what we would like and even if we are employing trading practices when we should be employing investment practices.
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