Siberia01:



Sorry about that , I hope to make it big this cycle
I promise myself I will never trade anything apart from BTC/ETH

Alts are scams

Wisdom. We learn from our mistakes and vow never to make them again.

He should show us his passport before we can believe him.

Here we go again

Chingyyy878:
I’m thinking of buying 500k in bitcoin and add to my wallet, is this advisable?

Everyday is a buying opportunity for bitcoin.

author=GMBuHarry post=129904448]Fellow Nigerians,

I would like to use this opportunity once again to urge you all to please stop doing Futures Trading on Crypto Exchanges.

The allure of daytrading is so enticing and that's why people venture into it only to realize that the odds are stacked against them. Only 1% of daytraders are consistently profitable for at least 2 years. I've been buying bitcoin since 2013 and I have met so many traders during this time and I don't know one person that has been profitable daytrading crypto. Some of these people had several hundreds and thousands of bitcoins as far back as 2013, had they just held, they will be billionaires but they thought they could time the market.

If you check social media, most of these traders like to post screenshots when they made money but nobody post their loss. The so called trading gurus like to post pictures of nice cars and luxurious vacations as if they are making money from trading but when you check their profile, they are selling discord or patreon memberships. All their gains are made from selling memberships and not from trading.

Nobody posts their broker statements to prove they are profitable, but they are quick to post any good trade that worked out In their favor. What surprises me the most about daytraders is the lack of accountability in the community. Why isn't anyone asking to see proof before even taking someone's advice? If I'm paying someone money to teach me trading, I would like to know you are legitimately making your money from trading before teaching others.

Three reasons why I've always had a long term horizon and dislike daytrading. (1) I remember the story of the California 1850 gold rush; most people who flocked to California to mine gold ended up broke while the companies selling the shovels made so much money. Those selling the dream AKA trading platforms and gurus are reaping billions in profit while 99% of traders lose money. This is the very reason why my first bitcoin thread on nairaland was about creating a remittance business model similar to Western Union where we would charge less than WU and still turn a massive profit. I wasn't even interested in holding bitcoin at first, the idea was to send bitcoin instantly with virtually no fees, but still charge customers a fee that's significantly less than what WU would charge.

Second reason for my long term horizon has to do with a news article I read sometime in 2011 about Warren Buffet challenging hedge fund managers into taking a bet that they can beat the performance of the S&P 500 index in 10years time. Warren Buffet promised to give $1million to any hedgefund manager who could beat the S&P in 10years time. The challenge was actually started in 2008 and in 2018, the S&P outperformed the hedgefund manager who took the bet so he had to pay Buffet $1million. Just the fact that Buffet was willing to risk his reputation as one of the greatest investor of our time just to prove that actively managed portfolios perform worse than simply buying and holding made me really abstain from trading anything, crypto, stocks or forex.

Thirdly,I was sold on bitcoin's limited supply. 21 million bitcoins is all the bitcoins the world will ever have. In 2013 I remember people saying 1 bitcoin will be as high as $1,000 someday but most of us didn't even believe it was possible. Then along the years crazy investors like Cathie Woods said one bitcoin will be $144k, I think she has since revised her future prediction from $1.5 million to $3.8 million. While it feels good to see these lofty price predictions, nobody really knows how high it will get. Back in 2015 or so when she said it will hit over $100k, it seemed far fetched, but after hitting an all time high of over $73k, it doesn't seem so far away now. Just buy and hold, it could hit $1billion in your lifetime, or $1 million, nobody really knows. But the biggest mistake will be trying to time the market by selling because you think that's the high or buying because you think that's the low. Like I always say, everyday is a buying opportunity for crypto. You can buy every month as a form of dollar cost averaging. Like they say 'time in the market beats timing the market.' Sorry for the long reply.

davien:
It's nice seeing all these speculation, really takes me back to when i was more or less doing the same.

I come here to watch the roller-coaster of emotions between panic and euphoria.

Is Binance still to blame?

Raylight2:
I thought crypto is prohibited on NL. Why make front-page?

Seun

Bandwagon mentality. I remember back in 2014 when I would open threads to teach people about the potential of bitcoin only for some moderator to delete them. At that time, very few people knew about crypto in Nigeria or anywhere in the world even. A lot of people could've also bought when it was $200 or less. Notwithstanding, this is still a change in the right direction. I can't fault them too much as even many world renowned Noble Prize winners in economics also denounced bitcoin. Famous billionaires, financial analysts and bank CEOs called it a ponzi scheme or fraud. I guess Nairaland felt they were protecting the masses. It's all good, we are still heading up and If you have a long term horizon, everyday is a buying opportunity for bitcoin.

A welcomed development. I will never support currency manipulation. We are all Nigerians afterall and our common goal is to see naira gain some strength. Still bullish on bitcoin. None of this will stop us from going to the moon.

ogawisdom:
Government has declared war on binance. Premium tears loading in the coming days.

Here we go again. Governments never learn. Please only use exchanges to buy and sell your coins. Convert your holdings to a cold wallet where you have total control of your coins. This too shall pass.

Terrible. I hate to say it, but it will only get worse.

1-1 now this is the type of game I like. I want to be entertained up until the last minute. We will still win.

Tolu1992:
Seems bitcoin etf have just been approved. To the moooooooon

Today is such a surreal moment. I remember back in 2013 When I started buying bitcoin. Many people called it Beanie babies while others compared it to the Dutch Tulips mania. Many governments "banned" it and caused multiple crashes. Many crypto exchanges stole customers funds, all the hacks, constant attacks from reputable investors like Warren Buffet, Jamie Damon etc.
To see Wall Street heavy weights like Fidelity, Blackrock, Inversco, ARK etc offering Bitcoin ETF trading just brings everything full circle. We got the last laugh. I'M just happy to be on this journey to the moon!

doyin01:


Would have missed out on a 5% profi on my investment if I listened to you......price is what creates chart , not the chart creating price..

😂

Bitcoin:
Day traders make me laugh. Statistics have shown that 90% of day traders lose money. Thinking you can time the top or bottom is pure fantasy. The only proven way to be profitable in crypto is to buy small amounts of BTC and ETH every month and hold for the long run. This recent crash is just one of many throughout bitcoin's nascent history. Once you have the mindset that you intend to hold btc long into your retirement, you wouldn't even care If it dropped to $5, because by buying every month, you are dollar cost averaging and you are accumulating more coins.


The mentality of trying to get rich quick off crypto will be the demise of so many new investors. Real estate gives you maybe 5% annual return, stocks 7%, but people invest in crypto expecting to make 50% overnight because we've had crazy exponential bull runs. They say crypto takes the stairs to climb up and takes the elevator to fall. I see bitcoin as a long term investment I hope to give my kids and grand kids, this longterm horizon has kept me sane for the past 9yrs.

Never forget this.

OgogoroFreak:
I love bitcoin

Oh yeah?

It's only going to get worse. If you haven't already, convert your savings to bitcoin and stop hoping on the government to fix this mess. For almost a decade, I've been advising anyone and everyone I know to ditch all fiat currencies (naira, dollar, etc) and just hold bitcoin. It's not too late to do so.

Geez

I denounce Hamas terrorists, but I thought in a democracy, citizens have a right to freedom of speech and right to protest.

I've been shouting buy and hold bitcoin for almost a decade now as a way to protect yourself from Naira's devaluation.

There's more money in Politics than in football. Congrats to him.

I think you are generalizing.

Womb transplant

As always, the team who has more to prove always loses in penalty shootout. The pressure consumes them.Argentina will lose the penalty shootout.

Nice, a Nigerian police commander.

narite:
Honestly, I cannot believe deflavor with all his mouth, he could not even post one, just one day of screenshot that he his doing well and achieving results. He probably blow the account on the same day he made deposit into it.

That's 95% of day traders. Ask any prominent trader to show you their brokerage statement so you can see their profit or know their win rate, you will be shocked to find out that they are in a loss or have blown several accounts. Don't belive the hype.

Winning the world cup is no country's birthright. Besides they lost to country that shocked the world in France 98 when they finished 3rd. A nation that was also in the Worldcup final In 2018. So this isn't some fluke team they lost to. Moreover they didn't lose in regular time, they lost in penalty kick which can go any way.

Congrats to Croatia.

Bono is the best keeper in the world!!!

GAME OVER. Morocco wins. The team with the least pressure and nothing to prove, always wins the penalty shootout.

Morroco making us proud

Buhari's cousin have scored.

This Jordan Ayew that came in for Ghana is a fraud. He lost the ball twice leading to 2 Portugal goals.