My favorite holding time for an investment is forever - Warren Buffett
@peter I have been along for the ride for a very short time now but I just wanted to thank you for the way you share you information and your passion ! It is very refreshing and great to be enthused by your positivity and scientific approach !
I know this is an edeavour which is probably filled with regret, particularly feelings of missed opportunities… but I guess one has to manage those feelings.
Had I known just 3 months ago what I know now I would be in a very different position, but hey I guess that in a few months time I will hopefully be saying thank goodness I made the decisions I am making now
From Sunny South Africa
@peter So I am with you all the way and having done the research an capacitated myself as much as possible in a relatively short space of time thanks to you and the rest of the awesome peeps here in the cryptonation I have adopted the sound principal of consistently investing in the mother-ship over time.
That being said I, like you, have decided to extract myself out of the Fiat currency world in terms of some policies and shares that I have … So my question is this … If one has lump sum capital coming available is there any speculative advice you, or others, have in terms of when to buy some bitcoin (in whole numbers ha ha ha ha ) …
To put this in a South African perspective we are at somewhat of a disadvantage / challenged in terms of buying in, in that we are sitting at a bout R65,000 to 1 BTC so that’s like 3 or 4 months salary for most people here. Given this one obviously wants to buy wisely (I know if everyone knew for sure it would be an exact science) but I also know that your experience, research and being closer to this than what we are or can be counts for something, and at the end of the day is just an opinion. Despite it being just an opinion, it is never the less a very valued one from our perspective.
The answer is always NOW!!
Start with the documents that we have in the forum. There are plenty of trackers that we’ve created that can help one keep a schedule.
While I preach getting 1BTC asap, I know that it’s also not feasible to just jump right in.
Take your time. Set a schedule of investment, enjoy the ride and know that the goal is more BTC.
It’s a lofty one, but one that will reward you so well in the long game.
Disciplined, small, increments over time. That’s the real goal.
Good advice, I have set up reoccurring weekly buys (fixed USD amount) of BTC, ETH and LTC on Coinbase. I like that it is automatic and I don’t have to remember to do it.
would you put your eth in btc rn?
@peter, reassuring sensible advice as always, thank you kindly. Time for me to settle in, get comfy and as you say, enjoy the ride
Is it not a bit scary that BTC is constantly mooning?
not gonna lie freaks me out a little bit too but i just keep long term picture in mind. were not even really in early adoption phase yet, trillions of $ yet to come into market.
I love that quote, hadn’t heard that one before
Why would it be? …
The above treatise does not make sense if you do not sell ever (literally ever). Bitcoin like any store of value needs to be used to make sense (at least in part like a retirement account you want to spend it to live a good life, if you die holding the full balance of your retirement account it may benefit your loved ones but still seems like a temptation to their irresponsibility as they wont have earned it).
I want to open up the discussion to the strategy of disposing of bitcoin to accomplish moon goals at a later date. How and when does one sell and in what proportions and for what reasons. If BTC goes to 1 million or some large number in a decade or so, (A) what will be the purchasing power of that 1M and (B) will the alternative to BTC be dollars or any fiat or will the paradigm have changed to some state backed crypto or a state backed digital currency backed by gold?
except when the answer is tomorrow
I just bought 2k towards my first bitcoin at (4200). nervous and excited lol…
You must set goals, I think it’s a bit of hyperbole to say I’ll never sell. I will sell, when I’ve hit my goals.
Each of us must set our own goals of what we’d like to accomplish.
The other idea around never selling is what a lot of people do: trade bitcoin. That’s too much energy. Just hold through the storm.
Maybe good goals would be something like:
When bitcoin hits $X I’m willing to do Y with it.
Well done …
My goal is not to sell it ever, but SPEND it instead. You will be able to pay for more and more things using BTC, there are even cards you can use to pay anything with BTC via visa or mastercard (check TenX).
If you believe in BTC, you want to use it eventually. If you sell it, your message is “I prefer fiat”.