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Was there ever a time where the volatility got to you? Where your feelings started overriding Bitcoin's fundamentals?
Im curious to know what the feelings like were at that time for you. What pushed you over the edge to sell, and more importantly, what have you learned since then to maintain unwavering confidence in Bitcoin?
Is getting shaken out purely just a lack of education problem?
Your perspective may help my cousin. I've been working on gradually orange pilling him (over the years), but he just isn't getting the Matrix "when you want to sell, you won't have to" meme. He isn't making the distinction between Bitcoin as savings and as an investment, and thus, consistently gets caught up in price, headlines, and all the typical nonsense keeping people out of Bitcoin.
Maybe it's a bad question. Perhaps most or all of stackers here have perfect diamond hands. I'm guilty too -- I've honestly never been scared out of my stack either. But would be interesting to hear from any OGs who maybe have.
I think it's an understanding of this meme that builds the true hodler mindset. What was your "aha" moment where you finally got it?
I watched bitcoin in late 2017 as a pure investment, Like the stocks I had been buying my whole life. Pure fiat mindset. I thought I was clever not buying the top and jumped in at 15k. I never sold that first stash, but I ignored it until the covid thing in early 2020. Looking back, my traditional investing mindset was a problem. I missed the 2018 bear market, and I missed the early 2020 covid crash too. I was focused on my fiat investments.
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Many such cases. I was always a bit of a gold bug and that helped me because I never sold physical gold only stacked more. I just ported that mindset over to bitcoin. Still hold my gold and silver but don't buy anymore.
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Identical here re gold and silver. Another example that I was really meant to be Canadian: Always bought the Maple Leafs over the Eagles. Nicer coin
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I still have ptsd thinking about the dumb blockchain real estate conversation I brushed off in 2013
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Volatility never got to me, sold my stack to get out of my parents basement....been trying to get back to my previous levels since.
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bitcoin got you out the basement - thats a victory bro.
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Life will always catch up with you. Understandable. Keep stacking, you will get there.
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Yes, I've sold multiple times and bought back lower. People who tell you it's impossible to do this are preserving you as exit liquidity.
I sold at 58k to fund a Miami trip. I thought I was making a mistake, but it ended up being a great decision and inspired this story. I rebuilt that stash and thensome.
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"The True Anarchist
"'Thatā€™s got seed oils in it, you stupid fuck.'"
I'm hooked
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Thanks, fren!
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Not quite, as I lived in both communist and hyperinflation inflation places, and I was aware of all the increasing restrictions with banks, but I would admit that I got distracted by shitcoins.
The "aha" moment is when I realized that I could go anywhere with 12 words in my head and knowing that I'm the only one can f*ck myself, it was so liberating šŸ«”
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No... I've never sold Bitcoin. I have used it to pay for things like gift cards, but I've never sold it directly for any fiat currencies.
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I'm naturally fairly cautious with my money. Thus, it wasn't until I really bought into the idea that, one day, "selling" bitcoin wouldn't make the slightest bit of sense, that I decided to dive headfirst into this economic ecosystem.
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What was your "aha" moment where you finally got it?
When I start earning it and not "buying" it anymore. Indeed is really hard to process this. Take time. Maybe for me was easier, because I came from a tumultuous background "anti-system" and wanted to be out of the system in any possible way.
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suddenly bitcoin as "money" becomes so much clearer when you're not scooping up dips like a stock
SN has been a small aha moment like that for me too. A clear tangible example of what bitcoin/LN can do
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I've starting earning it too now and it feels great. My process is that I have my company send a decent percent of my paycheck as a direct deposit to an account that buys bitcoin for me. I assume that is how most people are doing it right now since the chance of finding a company that has a bitcoin balance that it uses to pay employees is likely extremely rare.
I guess if you work for yourself you could request that people pay you direct in bitcoin or at least have that as an available option.
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42 sats \ 1 reply \ @ek 21 Sep 2023
I started very small and saw it as my first investment.
So I didn't know that the volatility with -20% drawdowns is not normal, lol. Took me some time to realize that a -5% drawdown in the S&P500 is already news worthy. Had no idea about market caps 'n stuff back then.
Also, I bought bitcoin around the peak early 2018 and then it crashed. The money I had in bitcoin (+ some shitcoins) was in fiat terms so little now that it wasn't even worth it to sell.
So I just hodled by forgetting about it until end of 2020.
I remember that I thought I would sell when I broke even again, but when that happened, I got interested and started to look at bitcoin more closely. Rest is history.
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honestly good move to forget for that period, so much fkery went down that could've shaken out anyone without sufficient knowlege
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Nope. Never sold bitcoin. When you sell bitcoin you're trading it for something that you find more valuable. While there can certainly be emergency situations where a shortterm solution is more important than holding bitcoin longterm (like food or shelter now), luckily I have not found myself in such a situation.
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Covid scared me out and the money printer brought me back but I didnt realize till it was over 20k in 2020.
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My main interest in Bitcoin, was not investment. It was rather, the ability to send and receive money without the need for intermediaries. Honestly, I was skeptical about the volatility thing. I thought I would lose everything, after the 2021 ATH.
But recently, I realized that Bitcoin is money, and should be regarded as such. Sending and receiving funds. Making or accepting payments. I think, if people stop relating Bitcoin against fiat price, there world be no worries
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"He isn't making the distinction between Bitcoin as savings and as an investment, and thus, consistently gets caught up in price, headlines, and all the typical nonsense keeping people out of Bitcoin."
it took @JimmySong 5 years to get bitcoin. Your cuz doesnt need bitcoin yet. So he'll understand bitcoin when he NEEDS it - 1 HALFINNING / cycle might do it lol
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It's always NgU ;(
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we all come for NGUā€¦
few stay for the revolutionšŸ˜…
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