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It was back in November, For those of you expecting for an ensuing rant about how terrible Bitcoin is, let me disappoint you. Well I now have 4 BTC and have an average price paid just under the current price. My advice is this: you can and should invest in BTC as much as you feel you should, but be smart about it, and don't expect instant results just like any mutual fund or stock or precious metals investor will tell you.
I'm glad and proud to own Bitcoin, and my only decision in the future will be how much to increase my auto-buy setup. If you're not already doing it, please take advantage of dollar cost averaging your BTC purchases, just like investing in other vehicles.
You can thank me later. It's certainly not a matter of slight exaggeration or rounding up. Math checks out. Why do people have to jump to the conclusion of liar all the time? I distrust anyone who feels the need to make these kinds of posts, especially when they can't get their facts straight. This post is clearly a complete fabrication designed to try and pump up the price by attracting fresh blood. You're not easy to bullshit and you tore apart his comment. The world needs more people like you.
Although I think you're probably right about his motives, it is possible he is simply trying to rationalize his purchases for himself.
Yeah that's a nice point. He would have to be a great timer. You have no idea when exactly he bought. You just pulled a fortnight schedule out of your ass and assumed he bought like a robot every 2 two weeks. What if it was approximately every 2 weeks? The point of this post is dollar cost averaging. I've been dollar cost averaging for the past 6 months too.
My account is waaaay up. If I approximate does that make me a liar? DCA is investing I also did something much smarter: I set up an automated BTC buy plan dollar cost averaging via Coinbase. Especially in this situation. He isn't karma whoring, nor is he trying to state that he's better than everyone else, just a friendly tip for people that may not know about DCA. And, sadly, a lot of Redditors lap it up.
Because the alternative is How is that smarter than looking at facts? Who knows what extenuating circumstances there are in any event Redditors are so quick to call "liar! The pitchfork brigade have been proven wrong time and time again, yet it continues because so many people - convinced in their own intellectual superiority - stupidly believe in black-and-white.
And most of the time, it doesn't make the damnedest difference. Investing time going to effort trying to prove someone didn't buy Bitcoin for the price they said they did is pointless, especially when this subreddit is built on lies and fanaticism. I'm not saying the maths adds up, I'm saying maybe he's wrong about something, or maybe he's forgotten he bought some manually when the price dipped.
I don't care why his story isn't correct, and I certainly don't jump to the conclusion that he's just flat-out lying.
Nor do I feel the need to make sure everyone on Reddit sees him as a villain, and I feel a little sad for the people that consider it important. I assume OP also works for coinbase, who is seeing lagging utilization of their cash cow auto-buy feature.
In Canada we say math, also an acceptable abbreviation of mathematics. It's absurd to argue that one is correct and the other isn't. Well I'm in a similar boat to the OP so I don't see it as being too far fetched.. I like to imagine that I'm not down as much as I am due to the cost averaging but I have also quadrupled my bitcoin holdings since I bought in at the height of the November bubble. I'm not sure what the total average but it's certainly much lower than when I first bought in.
I could have sold at any point but I am more of a believer than ever now. I use bitcoin daily, and I won't go back to the old system. It's too antiquated. Pointing out incorrect calculations is not being pedantic when the whole topic is so heavily based on the numbers. No, you all are missing the point. Its about dollar cost averaging and reducing risk. Which it seems no one understands around here. Captain pedantic busts a few back of the envelope calculations, calls the OP a liar and now everyone is circle jerking about math.
Talk about not being able to see the forest from the trees. I think we got the point. Dollar cost averaging is a good strategy. That doesn't change the fact that OP made up numbers that don't make sense. If btc goes to 0 tomorrow you'll be over the moon with that decision.
No different than buying in now and they 50x increase again Must have been longer than two years ago. At no point in was BTC worth less than several thousand dollars. Unlike Valve's hats:hats ratio. I am actually bitcoin-cost-average-buying EUR low volume, of course.
Sure as hell: all the fiats are going down on the same ship. I bitcoin-cost-average-buy food a lot via lieferservice. Can confirm too. The Bitcoin tip for a pat-on-the-back 0. DCA isn't magic, it just reduces variance. It's no more plus or minus expected value than buying in one go. Also, sounds more like you were averaging down than using DCA as an investment strategy.
You eventually quadrupled your risk when the price dropped and fortunately now have broken even. I'm not sure you had a plan from the outset. You are exactly right about dca. Most people, even those in the financial world, don't realize this. It makes absolutely no difference when determining expected gain or loss.
You referring to me? I'm just some random dude. I don't come on reddit every day, just think it's cool. I do not work for, not am I affiliated with any BTC services. Just a fan of common sense and honesty. And probably just get a new account and give up on this "m2guru" one.
So far bitcoin has gone in cycles where it spikes up, then settles at a higher level than before the last spike. Underlying this is the growth in user wallets, number of merchants, etc. The market price has gotten ahead of these fundamentals due to media hype feeding on itself. Some trigger is likely to set off another spike, perhaps bitcoin funds opening to the public on Wall Street. If not, increasing use by individuals will eventually drive up the price, but that will be a slower and bumpy climb.
Stability is not natural state and you can look at it as a gas station in a sense that longer period of low volatility means big move ahead up or down. Gratz, you're smarter than I am. But if it would've gone up all the way I would have been the smarter of us. Investing in general is risky and you cannot know in advance what the best strategy will be.
Even though I'm at loss, what I care about is what the long-term price will be. Right now I'm less confident than what I was in Mainly because of fear of centralization and fear of regulation. Also, I feel that the community has too many extreme political agendas which hurt the adaptation of Bitcoin.
Centralization is always a concern and we need to be vigilant on that front. I wouldn't worry so much about regulation, however. This technology is so much bigger than politicians and their edicts written on pieces of paper.
Satoshi Nakamoto are cryptoanarchists. Bitcoin's roots are firmly and unabashedly anarchistic. If you're going to be an early adopter, you need to be comfortable with that.
Luckily, it's a wonderful thing , considering what nation-states and their financial institutions have done to wreck the world. I was wondering the same. Not necessarily a misspelling. Adaptation would imply bitcoin has to change, but fails to tell why. It was a "typo". I meant adoption. Similar words, easy to confuse for non-native speakers writing in a hurry ;.
If you follow any of the above links, respect the rules of reddit and don't vote or comment. Message me here. If you can't use coinbase not in US set up standing order in your bank account to automatically transfer set ammount of fiat to a bitcoin exchange of your choice once a week. Most exchanges will inform you that you received new funds by e-mail, so it will work as a reminder that it is time to buy some bitcoins. Also, as soon as you buy bitcoins, transfer them to cold storage or Trezor lesson learned after MtGox collapse.
I was in a similar situation and did a similar thing. However, I bought substantially more in terms of dollars spent when price was below and I'm more or less even. Good man! Dont worry BTC is extremely underpriced now and it will be a slow and gradual increase.. Smart ppl stay amd realise this is something much bigger than a get rich quick.
This is a financial revolution and we are very lucky to be at the fork of a century. Money will never be the same again!! Or it's telling us that another 'bitcoin mania' needs to happen where there's even more press and more new users. One way for that to happen is a huge price jump. But we can't get the huge price jump with out the bitcoin mania. Don't forget, the Feds may end up selling dpr's bitcoin of k plus.
That could crush us. Yeah maybe. But the 27k or whatever that they sold already did get us a lot of good news coverage and positive stories about the people who were bidding on it.
Yeah, well we will need to see. They may not even sell it via an exchange, but rather an auction, which would be VERY interesting to have happen. Doubtful, Ulbricht made most of his bitcoin getting lucky filling buy orders during the mtgox flash crash, the majority of his holdings have absolutely nothing remotely to do with Silk Road, if he is even the guy in the first place.
If you took a chance on bitcoin early on , just a few years ago, your investment could have paid off in a big way. This estimate does not include any additional fees or transactional costs. If you were smart, or lucky, enough to invest even earlier, in , you could be in the company of the Winklevoss twins, who are reported to be the first bitcoin billionaires.
As bitcoin has gone more mainstream, some of the biggest names in finance are weighing in. Fundstrat's Tom Lee and value investor Bill Miller have embraced the trend. But even with many success stories surrounding bitcoin investments, seasoned investors are voicing caution. Legendary investor and index fund mogul Jack Bogle, at a recent Council on Foreign Relations event, told the audience, ". There is nothing to support bitcoin," he said, "except the hope that you will sell it to someone for more than you paid for it.
While big-names like Bogle have taken either pro- or anti-bitcoin stances, others, like self-made millionaire and best-selling author of " Money: Master the Game ," , haven't taken a firm position. Robbins told that he thinks bitcoin "is very iffy" and compared investing in the cryptocurrency to "going to Vegas. In his own portfolio, Robbins directs a certain amount of money to risky ventures, but he doesn't rely on them to work out.
For those investments, he said, "I know it is just for fun I'm investing, I know I could lose. If you are considering investing in cryptocurrencies, be careful.