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267 sats \ 5 replies \ @TheBTCManual 16 Aug 2023 \ on: What are the biggest DISTRACTIONS in Bitcoin? bitcoin
Unit bias, most people I talk to just can't accept that they won't be able to own 1 full BTC, so why even try, unfortunately that's how much thought many people put into it
I couple of years ago I set myself the lofty goal to own 1 full BTC. I'm not there yet and I might never make it but I can say the benefits of having this goal can be tremendous with the right mindset.
- Dips in dollar price are a blessing, not a curse. I can stack a little more that week.
- You stop wasting money on stuff you don't need. Alcohol, junk food, etc.
- More signal, less noise. With singular focus comes clarity. Most stuff doesn't matter.
- More motivation to work on side projects and make extra income.
That said, I should also stipulate that you still need to keep yourself grounded. I can imagine some people going too far. I have a few counter rules.
- I don't borrow dollars to buy BTC. This is one way to get there faster but adds stress.
- I don't use dollars already allocated for bills and stuff. As a side benefit, this made me better at managing the finances.
- I don't sacrifice health and wellbeing. A life not lived is not worth living.
- I invest in myself and my family before BTC (i.e. books, tools, good food, gym equipment, etc)
To put into more concrete terms how this works. Let's assume the average dollar price of BTC is about 21k in 2023. So in theory, if you could DCA about $400 per week you might get there.
Most people can't afford $400 per week, myself included. I can afford $100 per week though. So the goal is to start thinking about how I can get the extra $300. It seems like a lot, but it's in the realm of achievable if you think outside the box.
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It's a psychological threshold and it's understandable. Everybody wants to be a crab. But unless the population decreases significantly, not everyone can. Most are going to have to set themselves a lower target. And with each halving cycle, perhaps knock one zero off.
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If you're alluding to the golden ratio (which is closer to 0.618), I don't think the average normie has even heard of it.
0.1 is a more realistic goal for many, it also depends on where one lives etc. I'm in some FIRE-themed subreddits for example, where folks are generally well-off, with 6 figure jobs and brag about their net worth and celebrate hitting the milestone of $1m USD, but at the same time complain it's not even much of an achievement these days and you need at least $3m to retire. I don't think they own any BTC, because it's hardly ever mentioned, while they mention stocks, bonds and cash. So there are cohorts like that too.
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