The Most Boring Form Of Crypto Investing

in LeoFinance12 days ago

The Most Boring Form Of Crypto Investing.png

If you have followed me over the years, you'll know one of my favorite things to do on planet earth is...

Reading books!

I'm like on....Book Worm Level 10!

When I used to live in the city, you would find me at the local bookstore weekly going up and down the aisles...Coffee in hand...Trying to find another book to add to my collection.

However, over the past 6-8 months my priorities have been twisted to say the least and I really haven't been reading as much as I usually do...

Until last week!

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I picked up this gem just before I moved my family across the country in the summer of 2020...And it sat on my bookshelf since. However last week I really caught the urge to jump back into reading and dove head first into 'Blockchain For Everyone' by Sir John Hargrave.

This isn't really meant to be a book review...More of a huge nugget I found in the book and wanted to share it with you :)

(BTW the book is awesome, I enjoyed it a lot lol)

Anyways, in the book the author speaks about how to get into blockchains and crypto currency without breaking the bank!

What was so cool about the way he highlighted this point is he broke 'crypto investors' into 2 groups...

The Crypto Bros

The guys and gals that LOVE trading. The day traders. The 'When Lambo' crowd.

The Blockchain Pros

The 'in it for the long term' guys and gals. The people that weren't interested in the quick riches...But the generational wealth that crypto potential will bring.

I admit it....I would like to think I fall into the 'Blockchain Pro' category...Not because I'm the smartest guy in the room (some would argue the complete opposite)...But because my strategy for investing into crypto has been this...

  1. Dollar coast average
  2. Buy and HODL

Nothing sexy...Nothing exciting. Just super boring habits that one day, I hope pay off big time....

And as soon as I got to this part of the book, I smiled from ear to ear:

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He called it 'steady drip investing' or as it's commonly known as...

Dollar cost averaging!

Not sexy at all.

Literally, the most boring form of investing known to mankind.

And I love it :)

Hey look, some people do really good with numbers, charts and that's their thing...They have such an awesome gift and at times I'm very envious of it. They geek out to the numbers and can do technical analysis for the next decade without stopping.

But then there's...The rest of us!

Dollar cost averaging is attractive to us because...We find a project or projects we believe in...And have a long term strategy which usually means increasing one's holdings of the crypto.

The old saying goes...Time in the market, beats the timing of the market. And we subscribe to that!

We're not sure when something is going to moon....Or when something is going to tank. We jut love the project and want to be a part of it....

That's why since early 2018, I got rid of all the noise and focused....Here!

The Hive blockchain and it's amazing eco-system!

I believe in this project, this community and everything being built here...So no matter what, each and every day...I just accumulate. I buy each and every week, and whether Hive is $1 or 11 cents...I just keep the drip steady!

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Do what others won’t so you achieve what others can’t.

A lot of people like to stick this onto inspirational quotes about buying lambos but it’s even more true when it comes to things like reading.

The contrarian life is the good life! Keep grinding brotha

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Thanks man, too stubborn to stop now LOL

And I'm glad I caught the fire again to dive into the books. Got about 6 blockchain ones to get through LOL

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When it comes to investing boring is often what makes money. Gamblers end up losing in the end because the house always wins. The market will giveth but it can really taketh.

People who are easily separated from their money are the ones buying in bubble type situations, only to watch the crash believing things will bounce back.

Simple and consistent wins the game.

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And it just makes sense for me.

I basically failed every math class I ever took LOL

So for me, it's just sticking to something I believe in...And riding it out.

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1 + 1 = 2

Write it down and memorize it.

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ha ha ha ha ha ha I'm working on that formula. I need to check my work and make sure it's legit!!!

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Most millionaires got that way doing "boring" things like running restaurants, building houses, making and selling stuff, living decent lives. Society has the wrong idea that all millionaires are playboys or celebrities. They need to read "The Millionaire Next Door."

DCA crowd here! I sometimes change the day I buy if there's a dip (like in the past few days) but other than the plan is simple. btc and eth. 50/50 split. HODL coins unless I need them. Luckily I've put enough into hive now that I can freely move around the hive ecosystem with the dividends.

That graph is great though, more people should understand it! I had to read an entire book from Tony Robbins "Unshakeable" to understand dollar cost averaging and the benefits!

LOL Dude....I have that on my bookshelf....havent read it yet.

Welp....Get to reading Jongo!

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T.Robbins duh real MVP. #SlayTheBear

I honestly don't get how people day trade lol The buy and HODL has worked wonders for me over the years. When it seemed like everything was over last year and the stock market crash I did what I told myself I would do the next time that happened and I BOUGHT and held on to what I had.

The outcome of that... Big gains not in just dividends but also the value of the stocks.

Not all where wonders of course one of them even filed for Chapter 11 bankruptcy but that's where spreading your wealth across many sectors helps so you can take that hit when it comes (hopefully it never does)

Same for crypto, Just yesterday I sat back and looked at when I got into Crypto by looking up a domain name I registered a few months after I got started. That was 2013! I couldn't believe it's been about 8 years since I fight started getting bitcoin blew my mind!

Dollar cost averaging is also a smart play, I do the same but also hold some in reserve for when flash crashes happen or flash gains happen in crypto which we all know happens a lot! Keep stackin and spreading the knowledge!

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Yeah I admit it, when things dip I always try to scoop up a few extra....But for me, DCA is just...Easy to understand.

I'll never been smart enough to time the market....So I just buy and hold lol

8 years lol Unreal it's been that long...But it goes quickly for sure.

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Well I have been thinking about buying a book to read about blockchain and I know which one to buy now.

It's really good. More of a story though, but really good basic information.

My favorite over the past few years was 'Blockchain The Next Everything' by Stephen P. Williams.

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I see. I will check that out too.
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I guess only thing you do is not to invest in projects/coins which you do not want to hold. You will never lose anything.(No sell ,No loss)

That's how I think for sure....If I can't use it, I'm not even going to bother.

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Your hive power savings and earnings is proof enough to me you are in the blockchains pro group.

LOL Or the 'Blockchain Stubborn' lol

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I agree 100%, hodling is so boring LOL. I have been a trader in my youth. Not only did I win 1 out of 2 but it stressed me tremendously. One bad trade could spoil my day.

I then changed to holding. Now that I have discoverd staking, holding takes a whole new dimension! My holdings are actually growing by themselves!

I think that's the best thing right...When you hold and stake, it grows!

You don't need to try to flip it every day for profits.

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To buy and hold because of the trust you have for the system is surely the best option.

I do love reading books too but I have been slacking during this lockdown. Just got through a book by Dale Carnegie (how to win friends and influence people).

That's the only one I have been able to read during this lockdown.

I'll like to get a pdf of that book too, if possible, so as to gain more knowledge. I'll look it up if I can find one online

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Great book. I loved reading that books years ago. Such timely and important messages on how to live life and do business!

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Yes it is a great book.

It's like reprogramming your approach about life. It's a must for everyone to read at least once in a lifetime

I'm reading it all over again so I can digest more information perfectly.

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It is true what you say about some people being good with charts and numbers, but these are usually also the people who really put in the time to study the patterns and history of the charts. They never open positions on impulse.

The image in this post is really a good representation of the bigger picture. All those elements for the "typical investor" point to the facts of(1)FOMO and then (2)hope it's going to work.

If you base your investment strategy on "hope" fueled by hype, you might as well go to the casino...

But because my strategy for investing into crypto has been this...

  1. Dollar coast average
  2. Buy and HODL
    Nothing sexy...Nothing exciting. Just super boring habits that one day, I hope pay off big time....

I like your strategy. Slow and steady. It gives you enough time to "test the waters" and decide if it's safe to continue building or rather get out.

Yeah and I mean for me...I tested the waters on Hive (Steem) way before I put a penny into it.

That's what is so cool about this blockchain...You can learn first and then invest.

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I need to really do some more of this. I finally got an account attached to my Coinbase and I am looking at starting to do some regular buys. They won't be huge, but it will be something. Another boring investor here!

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LOL Man it's the best!

Everything just seems to rise...Your stake every single day!

As for the price....Meh lol

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Hahaha!

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Right now I'm a crypto-bro but I haven't really seen my lambo yet and if I keep going that way I don't think I'll ever see it and it just stresses me out because I don't have good results like the others. That's why I have to change the strategy and start to be a blockchain pro, I have to swim with the current not against it and really learn.

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The best thing about this blockchain...Is that you learn from doing...The more active you are, the more people you meet, the more you will learn about it all!

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You're right in all.

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Well you sold me (not that selling me a book is at all difficult.) Just downloaded it to my Kindle.

ha ha ha ha I hear that...People just post photos of books these days and I end up buying them LOL

@jongolson, I know your enthusiasm towards Books but looks like this book really took you on different levels. Keep accumulating and stay blessed.

Thank you sir!

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Welcome.

I just might have to read this one ;)

It's pretty good, I really enjoyed it!