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    Bitcoin Daily Discussion, January 02, 2021

    Bitcoin Daily Discussion, January 02, 2021


    Daily Discussion, January 02, 2021

    Posted: 01 Jan 2021 11:01 PM PST

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    I bought Bitcoin in 2005. My journey..

    Posted: 01 Jan 2021 10:30 PM PST

    That's right. I bought Bitcoin before it even existed. All these posts on here about people buying bitcoin so early, I figured I better share my heart warming, humble story of success.

    I've always been sort of an economics expert. I watched the movie 'The Big Short', and understood literally everything they talked about. Our banking system is really easy for me to comprehend, even though for most people, it can be quite confusing. If you have questions, feel free to ask me.

    I anticipated Bitcoin being invented, so I paid people 3 years ahead of time for their future holdings, at a guarantied fixed price. I actually used an Ethereum smart contract back in 2005, to lock in these business contracts. I'm so ahead of the game. This might come off as a little arrogant, but I have to face the truth - I'm probably the smartest person out of everyone I know. I figured I needed to post it on the subreddit so you all have a chance to meet and get to know me, and you can be inspired to try and be me. I have so much wisdom to share, because I make such incredible financial decisions. I guess you could say I'm a bit of a financial guru. I'm always giving my friends and family free financial tips, even if they don't ask for it, because I want them to succeed too.

    In dollar terms, I'm almost a bitcoin bazillionaire. It feels good, but not because I can brag about the accumulated wealth, it's more that the people who I told to invest whatever money they could afford to lose, back in early 2005, all told me I was an idiot. Those same people have now been humbled.

    I have too many tips to share from my experience. I'll save those for another post.

    submitted by /u/Lambull
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    If you’re buying Bitcoin at $29k, you’re buying it cheap!

    Posted: 01 Jan 2021 09:19 PM PST

    You didn't buy it at $1, and you didn't buy it at $1000. You said it was too expensive at $10,000, and said the same thing when it hit $20,000. When will you buy it? $50k? $100k?

    submitted by /u/Deathstaroperatorguy
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    My friends mocked me for not selling at $1200.

    Posted: 01 Jan 2021 06:04 AM PST

    I bought bitcoin. (A substantial amount) back in 2013 for $400. It ran up to $1200 before crashing down. I was mocked for not selling it. Today those bitcoin are worth $8 million. Note that I have sold a handful along the way and also covered calls but I still own 70% of my holdings.

    Edited: it doesn't matter if you believe me. The point is not to brag but rather teach you all a lesson to listen to your own instincts, and do your own research rather than listen to friends who want to say "I told ya so".

    My btc is in cold storage across two states and 4 locations. It's impossible to steal or hack. The key is broken into 4 parts and spread across these locations.

    submitted by /u/bklighthouse
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    The final pump up to 30K

    Posted: 01 Jan 2021 08:12 AM PST

    WE ABOUT TO SMASH 30k?!

    Posted: 01 Jan 2021 11:15 PM PST

    BOYS ARE WE TESTING 30k RIGHT NOW? 29.8k BTC!!

    submitted by /u/exposingtrashplayers
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    Bitcoin maximalism has won

    Posted: 01 Jan 2021 01:40 PM PST

    Let's not be delusional. I know that Bitcoin maxis are commonly ostracized as too toxic, but they have been right about everything.

    1) Bitcoin's dominance is at its early 2017 levels, and it keeps surging.

    2) Bitcoin Cash and Bitcoin SV are dead. Craig Wright and Jihan Wu are over.

    3) DeFi was a fad that lasted even shorter than the ICO craze.

    4) XRP has always been a scam. Bitcoin maximalists have always been parroting about it, but very few took them seriously until the SEC lawsuit.

    5) The S2F model, which was laughed off as tin-foil-hat nonsense, has been extremely accurate so far.

    6) Institutions don't care about altcoins.

    submitted by /u/CapitalString
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    My New Year's resolution? I will buy $1 of btc for every hour of 2021, $24 a day dollar cost averaging, $8760 total. Just letting y'all know before I run the price up too much. Are you planning to add more btc this year?

    Posted: 01 Jan 2021 02:12 PM PST

    BTC really edging 30k. Horny mf

    Posted: 01 Jan 2021 11:53 PM PST

    Is tonight the night? Could we hit 30k?

    Posted: 01 Jan 2021 11:01 PM PST

    Prepare your memes, bois.

    submitted by /u/FartBoi420_69
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    Just invested my first $200 in BTC!

    Posted: 01 Jan 2021 04:20 PM PST

    I've bought bitcoin in the past but immediately used it to purchase things. This time I'm holding on. Excited to see where it takes me.

    Edit: I understand I've bought at a high. But the 200 to me is inconsequential right now and I just wanted to get started and 30k could be its low now if it climbs to 100k. I will now buy at dips from kraken and transfer to a hardware wallet.

    Thank you!

    submitted by /u/standingonbenches
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    A well that sucks realization... Started my account on coinbase in 2014 and received a dollar in Bitcoin... Never bought because $370 for a coin was too expensive (and I wasn't rich, trying to survive in general). My how different my life would be... That $1 is now $77...

    Posted: 01 Jan 2021 07:45 PM PST

    2021 is the year of the bull. Get ready!!

    Posted: 02 Jan 2021 12:21 AM PST

    I made this to celebrate Bitcoin's market cap surpassing that of Berkshire Hathaway. Warren Buffett called Bitcoin Rat Poison Squared.

    Posted: 01 Jan 2021 12:41 PM PST

    100k by end of 2021?

    Posted: 01 Jan 2021 10:59 PM PST

    My bitcoin story, beginning in late 2012.

    Posted: 01 Jan 2021 05:22 AM PST

    Posting on a throwaway for obvious reasons.

    In dollar terms, I'm almost a bitcoin millionaire. It feels good, but not because I can brag about the accumulated wealth, it's more that the people who I told to invest whatever money they could afford to lose, back in early 2013, all told me I was an idiot. Those same people have now been humbled.

    The story starts back in late 2012. A guy I was on head-nodding terms with at the gym, got talking to me in the changing room about one of the podcasts he was listening to. He was talking about how he loved his weed and had heard about the Silk Road and how the only way to buy drugs on it was using this new "virtual" currency called bitcoin. It was in November 2012 and the price was hovering around $10-$11. I thought to myself, I love my weed - and I remember from years and years ago, a company in Canada called bud mail, used to operate an online weed store. That's where my thinking stopped - and I didn't bother looking into it any further.

    Acquiring my first coins
    In early Jan 2013 my mate had mentioned bitcoin to me, again - a big weed smoker and thought it'd be a good idea to grab a few coins and try it out for ourselves. We're in the UK, and Coinbase wasn't open for UK residents yet. The only way we could purchase bitcoins were on localbitcoins.com or bitstamp. We chose the latter, but had no idea what a SEPA transfer was. To be frank, there were a lot of hurdles to overcome in order to acquire bitcoin back then.

    We had to use TransferWise to send our money to some bank in Estonia (I think?). The money arrived a few days later, and bam - we were able to purchase our first coins in March 2013 at $57 a pop. The next few days, the price continued to rise - until it got to about $230. This was heavily fuelled by the Cyprus Haircut. The other two mates who I'd bought these coins with, and who I shared the bitstamp account with wanted to sell. I didn't. We decided that I would take my coins off the exchange, and they'd keep theirs together at bitstamp. It was at this stage that I was looking into bitcoin security.

    Paper Wallets
    Trusty bitcoinpaperwallet.com taught me all I needed to know. I ran a few tests first with very small amounts. Sending some to paper wallets, and then sweeping those paper wallets so that I could trust that it all worked. It did.

    Acquiring more knowledge, then more coins
    By now, I was deep into the rabbit hole, but I always felt it was important to invest as much (if not more) of my time into learning how bitcoin worked, and how to skill up on my bitcoin opsec. I should state, with bitcoin - you never stop learning. The beauty of this thing is it constantly evolves. As I got more comfortable with my knowledge, I bought more coins, still only ploughing in what I could afford to lose and not care about.

    2013 High
    It was December 2013, and the price had reached ~$1200. The friends and family I'd told about it were all screaming at me to sell - "you've made more than 20x your investment".

    I told them the same thing then as I tell them now - that they didn't understand that this was a new paradigm. This thing is going to change the world, and yes the price is volatile, but if you understand the fundamentals of bitcoin, and have even a tiny grasp of macro economics and how messed up the system was, it was obvious that bitcoin was born to absorb all of the endless money printing etc. Back then, money printing was nowhere near the scale we've seen in the past 12 months.

    Bear market until late 2017
    I had everyone telling me how stupid I was for not selling. After the 2013 high, we wouldn't see the price exceed it's previous ATH for another 4 years. Whilst everyone was telling me how stupid I was, I was continuing to buy. I was continuing to extol the fantastic qualities of bitcoin, and how it had previously had bull and bear cycles that was heavily influenced by the halved supply of coins every 4 years. They looked at me like I was talking a different language. They didn't want to invest their time understanding how things worked. All they knew was that every single news outlet was saying that Bitcoin was for terrorists and criminals. I continued going to as many bitcoin meetups as I could. Listening to some of the bitcoin veterans live on stage. It was still very fringe back then, but I was lucky to speak to people such as Andreas Antonopolous, Gavin Andresen, Mike Hearn, Jeremy Allaire, Jameson Lopp, and others. Some of these people will be remembered for the wrong reasons, but at the time - it seemed all of them had good intentions for bitcoin. I still follow Andreas and Jameson, and genuinely think they're some of the most intelligent and visionary minds out there.

    Christmas 2017
    I remember it well. I was with my family out for dinner and the price was close to $20k. "I can't believe you still haven't sold", they said. I blurted out the same mantra that I did back in 2013. I didn't sell.

    2018
    We all know how this year went. It wasn't pretty, the few people who knew I had bitcoin thought I was silly for not selling. I knew in my heart of hearts I wasn't. I stuck to the plan, and continued accumulating.

    2019 - IVF
    Me and my wife had struggled trying to conceive. I won't go into all the details but suffice to say, I don't come from a particularly wealthy background. That's not to say that I was a deprived kid - I wasn't, but I certainly didn't come from a wealthy background. In order for me and my wife to have our first child, it was becoming obvious that the only option left to us at this point was IVF. IVF was going to cost the best part of £30-£40k.

    I'm a true hodler, but I felt that I had been extremely lucky to find bitcoin at the time I did, and so I'd sold a decent amount of coins to fund the IVF. Yes, I could have sold some in late 2017, and liquidated fewer coins to get to the amount I needed - but I didn't know back then that we'd go down the IVF route.

    2020 - No regrets
    In January 2020, our little baby boy was born. Our bitcoin baby. A baby, that I honestly don't think we would have been able to have, had it not been for me stumbling across bitcoin and disregarding all of the naysayers along the way. He's the light of our lives, and if bitcoin went to zero, I'd still be an absolute winner! At this point, I've cashed out about 3x of all the money I've put into bitcoin, and still have a sizeable portion of my coins left.

    2021
    It's the first day of 2021, and whilst I'm not quite at $1m in terms of my btc holdings, I'm not far off, but better than that, the friends and family that told me to sell are no longer saying "why don't you sell?", but asking how they can buy. I could be an arsehole about it, but that's just not me. I continue to help anyone and everyone that shows any kind of interest in this.

    The Future
    I think the next 24 months are going to be extremely exciting. I'm hoping to get to a point whereby me, my wife and my son can move into our forever home. I have plans for a 50% equity payment, leaving the rest of my coins to hopefully accumulate more value so that at a later stage, I can pay the rest of the mortgage off, and live a debt free life.

    To conclude
    I never thought I'd accumulate the wealth I currently have. It's still peanuts in terms of what some people in this world have gained (looking at you Bezos), but if it means that I can quit my job, to spend more time with my family, and putting my precious time into learning new things, being more charitable with my time and generally living life to the max - then I'll be a very happy man.

    Peace, love and good luck to all of you in the future.

    submitted by /u/mybitcoinstory
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    Bitcoin cannot increase in value forever relative to everything else.

    Posted: 01 Jan 2021 04:12 PM PST

    does anyone here actually have a plan to sell at some point?

    models like s2f which if followed to their conclusion will have bitcoin worth more than all the real estate in the world in not too long a time. There is absolutely no way this will or can happen, the utlity value of real estate is always gonna be worth more than something like bitcoin. so there is no way this model or similar models can be accurate.

    ok lets say bitcoin completely replaces the entire banking system and gold (which it wont replace either ever, but for arguments sake lets say it 100% replaces them)..... im gonna round up that value to $20 trillion.

    which rounding up again is 1 million USD per bitcoin. is that the kind of number everyone here is waiting for?

    i have purchased bitcoin 3 times starting in 2013 and sold out completely 3 times. my last purchase was earlier this year at approx $6 XXX

    the most worrything thing to look at if you are long is how many wallets are worth more than 1 million USD vs say 6 months ago. the number is insanely larger, like 3x. at some point, there is going to be intense pressure for these millionaires to cash in. you can live in a brand new house your bitcoin buys and pass that on to your family for generations, you cannot live in your bitcoin.

    does the sell pressure happen at 30k? or 250k? i dont know.... im all ears on that one.

    submitted by /u/MonkeyMotoman
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    Stop telling your friends and family that you own Bitcoin

    Posted: 01 Jan 2021 04:07 PM PST

    We will likely see a surge in price in the next several months.

    I know, telling people "I told you so" feels good. However, when it will be more broadly accepted that Bitcoin is here to stay, those same people you bragged to might start harassing you for your wealth.

    Be smart and keep it for yourself.

    submitted by /u/lairt
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    My bitcoin journey from 2013 to 2021

    Posted: 01 Jan 2021 12:20 PM PST

    My bitcoin journey...so far…

    In December 2012 a friend of mine gave me a single bitcoin as a gift. Bitcoin was worth $13 at the time. My friend had done a little bit of bitcoin mining so he had some from that.

    I briefly looked into bitcoin, very briefly, and I dismissed it as just another kind of game currency, like world of warcraft gold, and I didn't take it seriously.

    A few months later that $13 bitcoin my friend had given me was worth $72 after the beginning of the first bull run of 2013.

    This was my first experience in life holding an 'investment' and having it grow by like 5x in value. I had literally never experienced anything like that in my life, having virtually no experience as an investor other than contributing to a 401k and some rando fund.

    So, I created a Coinbase account, transferred the one bitcoin my friend had given me, and then I sold it and used the money to go out for a nice dinner.

    This would have been the end of my bitcoin career except that the experience, of holding an investment and watching it go up in value, was such a new one that I kind of started messing around with it in 2013.

    From around April of 2013 until November I was buying bitcoin. By November the price of bitcoin had risen to $350 which was a substantial return on my investment over a short period of time (my average buy price was around $80). As I was new to any kind of speculative investing, I was constantly asking my friends who had large investment portfolios for advice. Their advice, universally, was that I was an idiot for not selling all of it immediately. They were constantly on me about it and, by that point, I had invested over $15,000 in bitcoin which, at the time, was a lot of money to me and my family; especially to have invested in something that seemed 'not entirely real' and extremely high risk.

    So, due to peer pressure, in November of 2013 I sold 50 bitcoin at around $350 apiece. This allowed me to take back my 'original investment' so no matter what, the remaining bitcoin I held would always be pure profit. I took the proceeds and bought myself the nicest sports car I had ever owned, a 1996 Acura NSX-T (the bitcoin I sold didn't pay for the entire car but it helped).

    Shortly after I sold those bitcoin the price skyrocketed and briefly touched $1,000 and then MtGox happened and it all collapsed. During this time period I started studying bitcoin seriously. I downloaded and reviewed the source code to the point that I felt like I had a reasonable understanding of it. I started writing my own software to analyze the bitcoin blockchain so I could better understand it as well.

    By this time I truly understood how revolutionary the invention was, but I always felt that it was at risk from government regulation or just outright being declared illegal.

    Another result of my having sold those bitcoin at a profit, was a realization on my part that I should take investing more seriously and also diversify what I was investing in.

    Around that same time I purchased two ounces of physical gold. I figured that for the same reason I was interested in bitcoin as sound money, I should also hold some physical gold too. So, I bought two ounces of gold at around $1,300 an ounce each; so a total of $2,600 which at the time could have bought me about seven bitcoin, which, today, would be worth $200k while the two ounces of gold (I still have to this day) are only worth $3,800.

    One of the most significant changes in my life at this same exact time, which I 100% credit to my friend Billy giving me that first bitcoin, was that I decided to start investing in the stock market. Until November of 2013 I had never directly owned a single share of stock in my life. I only had contributed to a 401k which offered me just some generic retirement fund which made barely any money at all.

    Had I not 'gotten into' bitcoin, I never would have 'gotten into' stock trading. Had I not learned the importance of holding, I would not have applied that to my stock holdings as well. Had I not learned about markets, and how markets are just reflections of the emotion and feelings of the investors, I would have never become such a confident investor and trader.

    The point here is that the biggest benefits I got from bitcoin were actually when I applied lessons learned from it onto markets in general. Bitcoin is a serious bootcamp in learning how markets behave. Raw, unfiltered, running 24/7 on pure hype and speculation. We have all heard about how stock traders moved over to bitcoin to translate their knowledge to this new market but, for some of us, it went the other way. We took the lessons we learned from the bitcoin markets and then applied them to speculative stocks in the stock market such as TSLA for example.

    Not much happened with me and bitcoin during the years 2014 and 2016. I pretty much just held bitcoin. During that time I was also trading stocks in the stock market and began taking over control of my entire company sponsored 401k and began trading it. I utilized TSLA, GBTC, and other speculative assets to churn a lot of profit. I started out with barely $100k in my 401k and managed to grow it each year with returns far, far, exceeding the market. I have now managed to grow my retirement accounts large enough that I should be able to retire comfortably without needing a single satoshi of bitcoin to back it up.

    Now, had I simply bought TSLA and GBTC, held it, and never touched it, I would have realized much greater returns, but since these were my retirement accounts I was much more cautious and I tried to limit the size and time I would spend exposed to the volatility of any single asset.

    In January 2017 bitcoin hit $1,000; three years for it to retake the all-time-high from the MtGox days. My bitcoin was now worth a lot of real-world money. At that time my two adult children had a substantial amount of student loan debt; over $100k between the two of them. And, here I was, sitting on more than that from my silly bitcoin investment.

    So, I made a big decision to sell enough bitcoin to pay off my kid's student loans. This truly was life changing for them. Student loans are extremely predatory and are designed to keep a young person in shackles for a lifetime. Being able to do this for my kids meant a great deal to me.

    This was the second time I sold a large chunk of bitcoin at once; the first being at $350 in November of 2013 to buy a sports car.

    In November of 2017 bitcoin was really on a tear. It hit $7,000 which was just mind boggling to me. Also, in November of 2017, Tesla announced the new Tesla Roadster. I had just recently purchased the original Tesla Roadster and I was in love with the car. To get a reservation for the new Tesla Roadster required a deposit of $50k. Now, I was sitting on a whole lot more than that in bitcoin. And I had now been holding it for over four years. I figured, I would get just as much enjoyment fantasizing about my new sports car as I would watching my bitcoin sit in cold storage. So, I sold six bitcoin at around $7k apiece to pay for the deposit on the new Tesla Roadster.

    A little math comparison:

    Had I held those six bitcoin until today, they would now be worth $174,000. But, if I had bought shares of TSLA instead it would be worth roughly $577,000. There's a lesson to be had here; and it is that you can make more money trading a speculative stock than you can bitcoin if you find the right stock at the right time.

    At the all-time-high price the bitcoin I held was worth almost three million dollars. This was enough money to retire for life with a really nice lifestyle even after taxes. The price was only that high for a very brief period of time. I wanted to sell a chunk at those high price levels, but I also wanted to wait until the new tax year. By the time 2018 came, the bitcoin price started going down and I thought, no point in selling now, wait until it goes back up again. Then it kept going down. And kept going down. And kept going down. Until Thanksgiving weekend 2018 when it crashed to nearly $3,000. And I watched my 'paper profit' slip away from enough to retire for life down to, not nearly enough to accomplish anything like that.

    I held through this entire period of time, the whole time fully expecting bitcoin could well go to zero. This was the hardest holding period of my time with bitcoin.

    So, I just stuck with it and kept holding. In the summer of 2019 the price of bitcoin finally started going up again. It got above $10k and then started climbing towards $14k. I was very excited with this development and I was enjoying watching my bitcoin paper-profit grow.

    Then, a series of events happened in a very short period of time which caused me to lose my nerve. It wasn't just one thing. It was a collection of them. During a single week period in the summer of 2019 the president of the United States made negative comments about bitcoin. Then the treasury secretary made extremely hostile remarks about bitcoin. Then the congress held hearings about bitcoin with the usual fear and demonization that comes with it. Then the IRS started sending out nasty letters to everyone who had cryptocurrency holdings.

    Then, coinciding with this series of events, the price of bitcoin started crashing. From $13k it started falling. It started dropping below $10k and was heading lower still. The letter from the IRS, the comments from the government, and now the price dropping reminding me of that fateful Thanksgiving weekend of 2018, and I was like 'not again'.

    Another thing that happens when you are a really long term holder without taking profit is that the bitcoin wealth sometimes doesn't 'seem real'. Until you have successfully transferred it to an exchange, executed a sell order, and had that money hit your checking account in the form of fiat that you can use to pay off debt or make other investments, it just doesn't always 'seem real'. You can even get paranoid. What happens if I lose my keys? What happens if I make a mistake? What happens if I get hacked?

    Another thing that was happening in my life at this same time is that I had made the decision to build a new house. With my bitcoin, I was going to be able to build my house and also be able to retire in a couple of years (I am 59 years old so it's not like I'm trying to retire obscenely early). I started imagining what would happen if my bitcoin became worthless. I realized that I wouldn't be able to retire. Yes, I could still finish my house but I might have to keep working for another five years or more, and I really didn't want to do that.

    All of these things together led me into a panic and for the first time I 'panic sold' some of my bitcoin. I ended up selling half of my bitcoin and successfully transferred the proceeds to pay off debt and diversify into other investments.

    I've had a lot of time to think about it, and at the end of the day I don't regret the decision. It was the right decision at that time. Also, the price of bitcoin did continue to drop after that, so I did after-all capture profit. And, with the money I received from selling half of my bitcoin, I paid off two mortgages and guaranteed that I could complete my new house and still retire on my original schedule.

    There was another side effect from that decision as well. I had always planned to take profit whenever bitcoin reached it's previous all time high around $20k. I ended up taking profit at $10k instead of $20k, but it was always my intention to take profit at some point.

    So, the bitcoin I have remaining, I have felt no temptation to sell even at the current price levels. In fact, I have no intention or need to sell any of my bitcoin at all. I can now hold forever. I never have to 'take profit' again. Also, if I woke up tomorrow and all of my bitcoin was gone, it would not affect my life at all. I have a sufficiently diversified portfolio that I would still be fine without it. All of this was possible because I did take profit before. So, the point here, is that sometimes taking profit at the right time can make holding your remaining bitcoin forever much easier.

    That said, I do plan to sell some bitcoin. Wealth that you never use is kind of pointless if you ask me. In retirement your budget is critical. And the single most important retirement budget item is also the easiest one to eliminate. One of the most important things to me in retirement is travel. But, your travel budget is the single most flexible item. Your travel budget could be limited to places you can drive in your car and stay somewhere cheap. Or, it could be a first class trip around the world staying in five star hotels. The budget for the first is measured in hundreds of dollars and the latter in tens of thousands. So, I have decided that my travel budget in retirement will come from bitcoin. The more bitcoin is worth, the better a vacation I can take each year. The less it is worth, well, I guess it's the local campground.

    As of today I hold about 30% of my entire investment portfolio in bitcoin; and I think that is quite enough for now. If I ever reached the point where bitcoin was about 60% of my portfolio again, I might sell some to diversify. But, for now, I'm back to just long term holding.

    Everyone's journey in bitcoin is different. I never really messed with alt-coins. Not that I didn't try a couple of times, but I quickly realized that anytime I bought an alt-coin I was just betting that it would do better than bitcoin and, frankly, I never believed that to be true. I only tried trading a couple of times, and I quickly realized that is just a way to end up with less bitcoin than you started with, so I stuck with holding. I most certainly never did any leveraged trading at all.

    What I have learned is that it's really, really, hard to hold long term. And, even though I constantly think about how much money I would have had I kept all of my bitcoin or made better trading decisions, the bottom line is that I came out way ahead of the game which is more than a lot of people can say.

    I guess the takeaway lessons of my experience boil down to:

    • Don't trade, just hold
    • Don't ever, ever, ever, sell all of your bitcoin. If your bitcoin is worth two million, then sell one million and keep the rest. But do not sell it all!
    • Take the lessons you learn from bitcoin and apply them to investing in general
    submitted by /u/jratcliff63367
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    I sold 7 bitcoin back in 2015, any tips on how to get over it? This is a daily occurrence in my head

    Posted: 01 Jan 2021 07:36 PM PST

    First purchase

    Posted: 01 Jan 2021 11:54 PM PST

    Finally bought $700 worth of bitcoin and plan on investing $100 more each week. Im glad to be apart of this community now.

    submitted by /u/Luckydekuuuu
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    First Bitcoin — tough lessons and moving beyond regret

    Posted: 01 Jan 2021 08:58 PM PST

    I'm one of those people who heard about Bitcoin earlier and dismissed it on the basis of it being de-legitimized by major investors who I respect. Moreover, I personally thought that I had enough confidence in the financial system to repair itself. A fantastic video series by Ray Dalio for example explains well how markets can function efficiently — in theory — on an abundance of credit.

    ...but I never investigated the theoretical foundations for crypto // blockchain in general, and this was a huge, huge mistake.

    Even this year, I remained focused on growing my company after the pandemic caused an immediate loss of 40% of our business. I did not want anyone on staff to lose a job and I wanted the company to survive, so I focused on the business and grew it by 300% by the end of the year. We hired more people and laid off no one.

    I am immensely proud of this accomplishment, but I am humbled by what was clearly hubris. Years ago, had I sat down and investigated for myself the cause for excitement of the brilliant community involved in crypto, I would have been incredibly bullish immediately.

    In fact, I would have been a dedicated HODLer and would have possibly gone into a crypto // blockchain related field. Man, I would have made a killing — I'm sure many of us feel this.

    It's a shitty feeling, but it's also the sort of feeling that can help one learn.

    The lessons, at least for me, are as follows: (1) listen and examine closely a passionate minority opinion, because the wisdom you learn could be incredibly valuable; (2) validate for yourself — earnestly — whether a minority opinion makes sense to you, and you can find yourself enlightened.

    Bitcoin has a lot in common with other social movements, including ones such as Black Lives Matter, in that it brings to the surface and proposes solutions to heinous problems in our civilization that require a progressive, innovative mindset and set of policy prescriptions. And not all of them will work out — for example, Bitcoin maybe isn't that immediate currency exchange system it intended to first become.

    However, Bitcoin reminds me of Netflix in that Netflix knew immediately it wanted to be the first in digital streaming, but it turned out that DVDs by mail was the gateway to being first to market in that eventual category based on the timing of the venture's launch.

    Well, Bitcoin CAN eventually function well as peer to peer currency exchange, but the store of value consensus as a replacement for gold seems to be Step 1 on a much longer journey.

    The people in charge and beneficiaries of the status quo don't like any of this. Honestly, had I simply heard that an Afghan woman saved herself through use of BTC and authoritarian governments were cracking down on miners — in order to protect their currencies — holy shit I would have bought in on that premise alone.

    Well, I'm proud to say that I made my BTC and ETH investments to start this past week. And, yes, I missed the wonderful ride thus far, and yes, I would NOT be surprised if there was a massive correction that short-term killed my investment — at least on paper.

    HOWEVER: I 100% BELIEVE in this movement for a fairer, more sensible financial future, and whether my latest investment crashes (and I hope it does so that I can buy more BTC and ETH!) I will continue to buy systematically every week in perpetuity with whatever I can.

    And I will HODL, HODL, and HODL some more until governments and society fucking get it: for fiscal and financial prudence now and in the future, convenient printing of money is not the same as creating value; an immutable consensus of value is what creates value.

    We're very close to $30k, and clearly the only answer is to buy with what you can afford to currently stake — and then to keep doing so on a regular basis regardless of the price. Why? Because you are investing in an inevitable future. Invest in the vision, not the coin.

    Thanks for reading.

    TLDR: Arrogance caused me to miss BTC // ETH for years. Tons of regret. Just made my first investments and I will HODL and keep investing no matter what. Lessons — listen closely to talented groups of people and investigate the potential wisdom for yourself, regardless of the unpopularity of the opinion.

    submitted by /u/Platotalks
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    My Car Mechanic Just Told Me That He Made His First Bitcoin Purchase.

    Posted: 01 Jan 2021 11:05 PM PST

    I´m adding portfolio page+widgets to my app

    Posted: 02 Jan 2021 01:44 AM PST

    The scams are out in FULL FORCE.

    Posted: 01 Jan 2021 05:49 PM PST

    Just want to remind everyone, that as Bitcoin rises in value as do the number of scammers. We may know the dangers, but please, please, let your family and friends who are perhaps not as comfortable or familiar with cryptocurrency know that there are predators out there. This is the wild west. I just had 7 emails come through on my website telling me (falsely) how to buy Bitcoin.

    submitted by /u/MyEnglishIsLow
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    Can someone explain to me why this is NOT a bubble?

    Posted: 01 Jan 2021 04:42 PM PST

    Or why 2017-18 won't repeat itself?

    submitted by /u/ppw0
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