I have jumped in with both of my feet. I told myself if I ever had an opportunity under 5k I would make sure I have an entire bitcoin. Last of my money for non essentials in and now have about 1.1 bitcoin.
I have 2 alt coins but they are worth less than 500 dollars in total. 6 months after the reward reduction I will just extract 2k dollars for the new opportunities fund. I am expecting this will result in still holding an entire bitcoin which I will hodl for my retirement fund or if it reaches the 500k USD level before I may extract 100k and use it to buy 50k gold and 50k silver.
The thing I really like about bitcoin is that they can will stick to 21 million. I am no longer worried about my fiat savings eroding now they are invested in other assets. These are high risk to some, but I view the risk to reward far easier to sleep with than the sure loss with no possible upside of accumulating fiat.
I will be watching this thread again because some members predictions had helped me increase my small bitcoin holdings by weaving in and out. I won't sell even .1 before 20k. This I believe will be in around 8 months.
The virus is a worry. I originally overreacted and purchased 200 n100 masks, 4 pairs of swimming goggles and 10 entire boxes of 12 x250ml hand sanitizer, this expensive water filter big berky, 400 dollars worth of cans, pasta,cereals and rice. I have some weaponry and even a thermal scope that i traded for a weird modern art kind of picture a while back. Only used it one time with my friend to search for his dog that escaped at night.
If things get really bad I will do my best to survive the virus or civil unrest. I hope things will not get crazy and that in a few months we get back on track.
The only thing of any possible future value that you can protect easily is your private key. In my area I expect nobody would really even consider the residents would have such a thing. The other thing is, if I didn't make it out of this, then that's another 1.1 btc deflation.
I do agree that when something like this happens, it does put investing and striving after an improved living standard into perspective. Although now I have a whole btc I am sitting here almost smug and happy. I don't even want to hear about covid19.
I finally become a member of the new wealthy elite in digital money
and we immediately get drive back to the barter system.
Overall, I like your plan.
The only supplemental suggestions that I would make is that 1) you consider NOT getting so caught up on round numbers or solely a BTC long term strategy that involves only buying BTC on the dip and limiting your entry points and 2) you consider some flexibility on your 6-8 month shaving off of profits plan..
In other words, I would suggest that create a plan to periodically invest in bitcoin, no matter what the price... (aka DCA) such as $100 per month.... or some other amount that you conclude to be both reasonable and an amount that you will not miss in the event that bitcoin were to go to shit...
Even $10 could be reasonable, though since you already have accumulated more than a whole bitcoin, I conjecture that you could reasonably afford much more than $10 per month for such DCA efforts (and not even miss it... the price of two fancy coffees).
Regarding your plan to shave off some profits at 6 months after the halvening, sure that might be a good plan.. but BTC price growth periods of the last couple of halvenings took well over a year to play out and arguably each of them took in the ballpark of 18months after the halvening to really show their stuff.. so you may be selling yourself quite short with such a short 6 month window, and really do you believe $2k is going to make you feel better? sure, maybe it will, but maybe it would make you feel even moar better if that $2k ends up being in the $10k to $20k region in 5-10 years .. which seems to be a way better investment horizon for someone who is just getting in with a bit more than 1 BTC currently.
Thanks for those suggestions and ideas.
The time of 6 to 8 months was just a guess really. I won't take 2k out until btc is at 20k. I will get use this 2k for a couple of alt projects that I was told are promising. I wish to buy my own apartment or home, renting is ok for my age but I would prefer to get a cheap house or apartment to work on.
Several times when bitcoin crashes hard it then reverses and reaches new ATH. I appreciate that the virus is a bit of a black swan.
I follow some of the things my older brother mentioned. He is quite a success ( for our family)and does spend some effort in helping me with useful advice. He told me he was trading some of his bitcoins and the news cadge that silk road was busted. He incorrectly panicked and sold the majority of his holdings. I think it was for around 60 dollars each or something that seems unthinkable now.
He said that he kept waiting to get back in near his exit price, but the price went crazy. Soon it was over 1000 USD. He said he was angry for panicking, and was angry at himself for willing and hoping for bitcoin to crash again each time the media talked about it going higher in value . He never got back in for 60. Even now his mood can darken if the subject comes up. Since then told me never sell. He has accumulated quite a few again by weaving in and out with no more than 10% at a time. He also does not spend on latest phone, car , and these things like before. Every spare dollar is invested in bitcoin, bullion or home improvement. I intended to do as you mention put all spare money each month and put some in bitcoin and other opportunities.
I am rather greedy with getting maximum gains
( now I Have something I really want like to own a house of my own) and impulsive which can lead me to gamble. I was even upset to have entered at just under 5k rather than 3.8k although I know it is still a superb entry that at one point I would have been very grateful for.
I will soon forget this when bitcoin is 20k.
Thanks Icygreen as well for the welcome. Now that I know I will be targeted with crossbow projectiles, I will keep the retired police vest that should repel or prevent the penetrstion required to destroy vital organs.
The silver spot price is incredibly tempting.
Bitcoin is still massively under priced.
Bitcoin may have more possible short term dips
Bitcoin should have larger long term returns
I want a little more gold. I do not have any amount that would be noticed in your pocket.
Loading my wallet up to admire my 1+ bitcoin never gets old.
I think we are in for a huge rise in many assets. Eventually, surely, all of these cash injections must find their way to these assets? Or am I wrong about this assumption? I didn't study economics or anything else really at school.
The bitcoin price increase is going to be huge since it is capped at 21m and new supply rate is going to be halved.
Will bitcoin hit 60k before silver hits 150 dollars ?
It seems very likely it will so even considering the gold silver ratio and huge drop in silver. I expect bitcoin is still the way to go?
In a shtf scenario silver may be better than both as I think producing a gold eagle would get you in trouble.
Cash or fiat for now is still the most convenient and useful.
Are most keeping cash in hand right now or still stacking bitcoin silver gold or alts? Stocks?
Would the price of bitcoin rise or fall if btc went pos like eth is planning?
Will covid blow over in 6 to 18 months? This could be important