Should I be buying bitcoin? Well Jimmy, Bitcoin and cryptocurrencies are a very volatile asset class. Buying Bitcoin could be quite risky and you might lose everything. But honestly, maybe it’s not the worst idea. The purchasing power of fiat currencies has been going down since before you were born, and at this rate you’ll still be working when your 9 feet under. I think the better question is should I keep my fiat in favor of Bitcoin. Well, fiat was meant to be spent and realistically, there is nothing I want nor need right now, so ya, taking some risk and buying Bitcoin doesn’t sound like too bad an idea if I’m to be quite honest with myself.
Should I be buying Bitcoin or Bitcoin Cash? Bitcoin Cash you say, ya 100%. Seems so much more forward thinking. That guy I talked to at the meet up last night said Bitcoin Cash is the real Bitcoin, and you know what, I think he is right. Why would I get Bitcoin at this price when Bitcoin Cash is better. There is a strong community with a face behind it, unified, working to make the blockchain faster, better, and more useful. Bitcoin had its run, and too many maximalists in that camp. They all think that Bitcoin is the only coin that matters and the others are just useless. Why should I be investing in Bitcoin when there is so many newer and better projects out there? Silly maximalists [circa late 2017]. Man, the market is dumping, and Bitcoin is getting hit hard. So glad I got Bitcoin Cash. It’s mooning. Should get some more before it’s too late. Not sure why I got Bitcoin, should have just went all in on Bitcoin Cash. [circa Alt season of early 2018]. Bitcoin Cash hardfork incoming. This is gonna be huge. Not sure who will win but always good to have both. I’m gonna get me some BCH and some BSV so what could go wrong [Before the fork]. All my mates are selling their BCH for BSV. Its going mental. I’m not so sure about Bitcoin SV. Maybe just hodl and see what happens. Wait, what?!? Craig Wright is Satoshi, ya, I’m not so sure about this anymore. And he is going to court, and the price of BSV has dumped and going to 0, ya, I’m out, at least I still have my BCHABC. [Next day] BSV on a tear. Still glad I got rid of it. Don’t need that kind of drama in my life. Tired of all this drama to be honest. Should have just held on to Bitcoin it’s going mental. Have I become a dual EOS Bitcoin maximalist? Nah, I still ocasionally buy some crap. Speaking of which, maybe I should check on all those airdrops I got from EOS and see if there are any good ones. Wha, look at PEOS go [circa present].
Should I be buying Bitcoin Diamond? The price on that thing sometimes just goes through the roof. Nah, I’m gonna get burned for sure. Just a one off lucky strike for those that had it. What, again. And again. Hmm, you know, I could buy just a little. But when I do the price will never recover. I’m gonna paper trade it. Wha, would have made a fortune. How about Bitcoin Gold? Maybe that would be something else to consider. Should you be investing in Bitcoin Gold or anything else with Bitcoin in the name? This stuff might just make a killing. Actually, I think I’m thinking with too much emotion on this. Hype in crypto is gonna be the downfall of many. Let’s just stick to a little Bitcoin for now. Well, maybe beyond Bitcoin coins would be good too. You know what, I’m gonna get some EOS. [1 year later] So glad I got the EOS. Diamonds cut deep.
Should I be buying Bitcoin today? Now where did I put that lucky quarter. Heads I buy today, tails tomorrow. Tails. Hmm, maybe best 2 out of 3. Tails again. Ok, I’ll buy tomorrow. What’s the price? Ok, tomorrow then. [Next day] Wow, look at that pump. Maybe I’ll just buy a little. [Next day] Wha, its going crazy. Green dildo party madness. Should have bought more. Hmm. Quarter time. Heads. Gonna buy just a little. Still going up. Ok, screw it. I’m all in. [Next day] So spending that quarter – Look at all that red !?!
Should I be selling Bitcoin? Not a chance. This red can’t last forever. I’ll sell on the pump. [6 months later] Still waiting on the pump. TA looking pretty grim. Ya ok, sell half. [Next day] What, exponentials crossed while I was sleeping. Man, this is a fake out. Should I be selling my Bitcoin now and buy back when it bottoms out? Hmm. Maybe I should trust the trend. Ya, that never works. Here is what I’ll do. I’ll buy a little to drive the price down, then I’ll buy more tomorrow. [Next day] Can’t believe that worked. I’m a genius.
Should I be mining Bitcoin? I must have had one too many, not thinking very clearly at all. I can’t even cook a proper European dinner with more than 2 courses because the breaker keeps going off when I have the stove, toaster oven, and oven on at the same time. Although, I have always wanted to try out one of those home made portable solar panel boxes I researched. Hmm, that could actually work. Should I be selling my Bitcoin today to fund a solar box to mine more? Ya, that’s not gonna happen. Look at that price. Way too cheap to sell. So cheap its crazy. Should I be buying Bitcoins today? Maybe just a few. [One week later] It’s a beautiful day and I wanna go to the beach, but I’m on shift. Normally I like being on shift but kind of in a bad mood today. Man I hate red dildo parties when I don’t have any money. Should have bought the solar panel, at least then I could work from the beach.
Should I be investing in Bitcoin mining? I really hate the environmental aspect of mining, hence my involvement in things like EOS. Then again, it seems that the whole market seems to follow Bitcoin, and if I’m gonna hold Bitcoin then maybe I should make a little extra by investing in the mining companies. That said though, its kind of like being a vegetarian and wearing a leather belt, maybe mining is not for me. Besides, if I don’t spend that money on mining I will have more to spend on that portable solar panel I want for camping. Maybe I should mine bitcoin with that. I’ll look into it again tomorrow.
Should I be buying gold or bitcoin? Bitcoin 100% When it goes to the moon I can take my solar panel and computer anywhere. Gold backed Bitcoin however, hmm. Where is my computer? Time to do some research. [1 hour later] What was I researching again? Hmm, what’s the price of Bitcoin? Well, well, well, will you look at that. Should I be buying Bitcoin right now? I’m really not sure – this one could go either way. Where is that lucky quarter? [5 min later] Oh ya, I spent it, that’s why I can’t find it. Let’s check the price one more time. Up 15% in the last 5 min, what?!? Well shit, shouldn’t have spent that lucky quarter.
Market crashing again. Should I be get into Bitcoin now? I’ve had that cash sitting there in wait for quite some time. Hmm. I think its gonna go lower. But then again the exponentials crossing seems to suggest that the bear is coming to an end. Realistically what do you think the price of Bitcoin will be in a year? Well, I don’t think it can go much lower. I mean if it goes to 0 which I highly doubt then thats not good, but I’m kinda ok with that. I think blockchain is here to stay and until the market decouples from Bitcoin that seems to be the place to be. Wait, whats the date? I get paid next week. Sweet. I’m in. Er, hold on, this is likely the worst buying strategy ever. Maybe I should do a little TA and check the charts again. Might be able to get a bit of a better deal. I’ll check after work and then maybe pick up a little just in case. [Post work] Well look at that, a giant green dildo. Not jumping in now, this is sure to come back at resistance. [2 days later] Hmm. Bitcoin seems to have stabilized. Looking like we are getting to the end of that triangle. Should I be buying Bitcoin today? Could just as easily go down than up. Maybe I’ll just wait. [1 week later after a break out to the upside] Well, that resistance has become support, and the one after that too. Screw it, I guess here is so much better than way up there. [1 week later] So glad I didn’t wait for the retracement. Bitcoin to the moon lol.
Cross of the exponentials and Bitcoin starting to tear it up again. Should I be investing in Bitcoin Cash again?Maybe I can recoup some of that loss from before. Bitcoin Cash always rallies after Bitcoin. That said, how many times have I said that only to lose more. Maybe I should just stick with Bitcoin. Actually, new plan. I’m gonna trade for sats. I made that plan a while back but couldn’t be bothered. Trading is a lot of work. I think maybe I’ll take it up again. [One month later] Wha, I’m crazy up on Bitcoin Cash. Look at those gains. Maybe I should go back into sats. Doh, I’m at a loss for sats, Bitcoin going up faster than almost anything else. Man oh man, when will I learn.
If it ever comes down to it, would I ever pay Bitcoin blackmail? I mean I really don’t get these people. I think people really need to make better decisions. Nothing I do is blackmail worthy. Am I an angel? Of course not. But people should not be doing things that they are not comfortable with divulging to the world at large. To be fair, I’m way more open about most things than almost everyone I know. And, it’s true that those that really know me have heard me say some pretty bizarre shit. But that is kind of the point. If you cannot be comfortable in your own skin then really what is the point? People just need to be more free with what they are about, or stop doing shit you are worried will get you into trouble. And yes, people make mistakes, but no need to not be open about your mistakes. People doing seedy stuff, well, I guess in a way you deserve to get blackmailed. Those ashamed of things just because they are not accepted by mainstream society, well, maybe its time to move to a place that is more accepting is all I’m saying. So no, you wont be getting Bitcoin blackmail money for me. In fact, I wont even give you the satisfaction of telling others what you got on me, because if you threaten me with it I’ll turn it into an awesome piece of writing and publish it here or elsewhere first. Likely I’ll laugh about it later, as it’s something I never thought people would care about, so screw you and thanks for tip.
Should I be mixing my Bitcoins across various exchanges for trading? Well, the more exchanges the better – opportunities for arbitrage, better pairings, and greater chance for rewards [circa mid 2018]. Let’s do a quick tally. Number of exchanges that have become unusable because of my jurisdiction: 3. Number of exchanges that have exit scammed or went under: too many to count. Amount of Bitcoin lost due to exchange hacks: 0 luckily. Total amount of Bitcoin lost because of the above: not too bad actually – just a little sitting lying in wait for trading when exchanges closed their doors. Could have been much worse. So glad that the majority of exchanges I registered for I rarely used and when I did, I always put in and took funds on the day. But ya, after Cryptopia I really need to be more cautious. Plus now with in wallet atomic swaps it’s not really necessary anymore. Best to maybe just support the exchanges such as Binance, KuCoin, Huobi, and ChainRift that have done me well in the past and seem to be doing good things for the space. That said, I really do like the decentralized models such as NewDex, and I must admit Nash is looking pretty sweet. I also wanna give Coss another shot not to mention play around a bit more with CoinMetro, and more advanced options on BitMex, ByBit, and especially Deribit. Maybe just keep a little on each so when I get liquidated on one because I’m busy in the real world I don’t have to worry about being out of the game. Actually, likely better to make some time get some more TA study in. Fundamentals are great for long term hodles, but they haven’t always been so kind to me in terms of trading. Besides, one can never know enough TA. What was I thinking about now before I got on this rant. Hmm, not too sure. It’ll come back sometime. In the meantime, wonder what the price of Bitcoin is. Now where did I leave my mobile?
Should I be buying Bitcoin right now? Just a sec, let me check the price. Hmm, kinda trending down right now, and I think its got a bit more to go. Ya, I’m ok to wait. I suspect I’ll wake up to a giant green dildo tomorrow morning – that seems to be pattern Bitcoin has found with me. Oh well, at least the Mrs. says one of the reasons she likes me is because I’d be good at being homeless…
- Image from Nease Cartoons
On A Slightly More Serious Note: Although this is just a lighter piece recounting, I’m sure, some very familiar territory for a lot of Bitcoin and cryptocurrency investors, the question of should you be investing in Bitcoin is at the best of times quite loaded. Personally I think that it is really important that you understand what it is that you wish to achieve in investing in such things, as investing just to make more money without a plan beyond that end goal is just as likely to end up losing you money as it is making you some. As per my disclaimer below, you need to be responsible for your own financial choices and must understand that Bitcoin and cryptocurrencies are like any other asset class, investment vehicles designed to make some and lose others money; for quite simply that is how markets work. The question of should you be buying Bitcoin, other cryptocurrencies, stocks, bonds, shares in a company, or anything designed to make you money sold by others is a question only you can answer. Furthermore, I strongly stress that should you decide to invest in anything really, that you do so only after delving deep into what the product that you are actually buying is and how it aligns with both your long term investment plans as well as you end goal of why you wish to hold such investments. Like all investors, I have wins and losses, but unlike many, the loses I have incurred although bruise the ego a bit are not that bothersome. These loses have taught me to make better decisions, learn more about before potential future investments, and in general, hone my scope on why it is I want to be a supporter of certain projects. I believe that blockchain and cryptocurrencies have potential not to make me a millionaire, but rather to change at a very fundamental level the way in which the structure of the world is organized. It is this that drew me to crypto and thus, when I am looking to invest my main driver is to support projects that I believe in in the hopes that someday the world will be a better place because of it. That is not to say that I am always right, for there have been cases in the past and I am sure will be in the future where I have been duped, but in the end, I accept responsibility for my own investments and my own action both in crypto and beyond, and I urge all of you to follow suit. Far too often in this space we see people taking credit for profits gained and blaming others for profits lost. Regardless of what a company or individual decides to do, it your investment and in my opinion you must take these things seriously. It is your money and your future, so please do do your due diligence and not listen to myself or anyone else when it comes to these things. It is those I find that take 100% responsibility for their research and actions that seem to do the best in this and almost any other space in life.
Jimmy D
Cover Image Source: Wise and Funny Bitcoin Quotes By Satoshi Nakamoto
Interested in some of my other pieces on Bitcoin, Blockchain, and Cryptocurrencies? If so, be sure to check out How to Get Bitcoins, Where to Trade Cryptocurrency, Best Places for Trading Bitcoin and Cryptocurrencies, How to Trade Bitcoin: A Not So Brief Nor Overtly Technical Overview, Ledger Nano S Cryptocurrency Hardware Wallet, How to Purchase Ripple XRP, How To Buy NEO, How to Buy Ethereum Decentralized and So Much More, Bitcoin Machine Near Me?!?, Should I Invest in Bitcoin?!? Past & Probable Future Conversations with Myself, Jimmy D’s Answers to Bitcoin FAQ’s Especially For You: What Can Be Done With Bitcoin?!?, How To Pay With Bitcoin, How to Send Bitcoin: The Basics, The Importance of Learning How to Create Bitcoin Wallet Private and Public Keys, Buy Bitcoin with Debit Card: The Basics, Buy Bitcoin with Bank Account Deposits and Transfers, BTC Numericalized: How Many Bitcoins Are There?, Buy Bitcoin with PayPal: An Overview, Best Options to Buy Bitcoin with USD, Jimmy D’s Answers to Bitcoin FAQ’s Especially For You: What Can You Buy with Bitcoin?!?, and Bitcoin How It Works.
- Please note: Although I have to the best of my ability done my due diligence in researching this piece, I am not a financial advisor and assume no responsibility for any losses incurred on the readers part for any investments or products supported obtained from this post. Please understand that it is the readers responsibility to look after and maintain their own finances and perform all due diligence on their own part for their personal and financial well being and safety and not rely on myself or others in this space to keep them safe.
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