Post/stackingem

Stacking ’em Volume 1 (June 2020)

Posted on by Bitster Money Mustache / 9 Comments

This is the first post mentioning how much I’ve been able to stack. This post summarizes the last 3 years of religious stacking. Going forward I’m gonna make monthly posts basically updating the number with the amount my monthly purchase of 500€ yielded. I’m gonna keep track of the BTC amount, but also the € amount in these posts (maybe even the $ amount since it’s natural to think in dollars with BTC). The BTC amount is the most important. You always wanna have more BTC and every BTC purchase is a happy moment as it increases your ‘real’ wealth (fiat money is fake) and takes you one step closer to the goal. The € amount, however, is needed to evaluate my success in the outside world. Not everybody has adopted Bitcoin yet so even though I might feel like a millionaire with only a few Bitcoin today, that does not reflect to the outside world right now. It’s also a nice win-win situation, actually. When the price crashes, good – I get more Bitcoin with my monthly purchases. When the price jumps 100% – can’t really say I’m sad because my monthly purchases now give me less. Whatever the price action, I will stack. Whatever the price action, the closer to the goal I get.

At this point I just wanna say that I’m a complete semi average man. Certainly don’t hold enough Bitcoin to do anything significant right now in my life with it. Average paying job that only lets me invest this amount with some frugality involved. But in the spirit of ‘get rich or die trying’ I’m gonna stack these sats until I’m a millionaire. 3 years in, how many more to go? – lets see. I certainly couldn’t care less about investing in the scam of a stock market, even less about holding my money in some bank account. Not interested in YOLO-type spending of everything you earn. Bitcoin, however, is something of genuine interest to me, something I wanna see succeed in this world and something real – even though it’s only magic internet money backed by nothing 😉 In fact, it is one of the most real things in this world which sounds kinda funny but that’s the way I see it:

Bitcoin is when money meets reality.

If there’s anything I can do to help Bitcoin succeed, I will do it. This is me joining the battlefield with a shitty pistol or a bow and an arrow.

Back to the topic. Almost 3 years in, 500€ a month, at the start I sold all my stocks (not much), some bonus payments from work and so far I have 3.51 BTC. This translates to ~30k€ (not bad actually). But of course, no where near the 1 mil target, 3% to be precise. But Rome wasn’t built in a day and I don’t believe in get rich quick, I believe in get rich slowly. Game on!

Cut Costs, Stack Sats

-Bitster Money Mustache

Post

Reflections on 2017 – 2020

Posted on by Bitster Money Mustache / 12 Comments

So I started to invest in Bitcoin after the summer of 2017. This was in the middle of the bull market and it was pretty hard watching the price go up and only afford the monthly buys when the salary hits bank account. I did have a small stash of stocks which I of course immediately sold for Bitcoin so there was a slight top heavy approach to my Bitcoin stacking.

However, it did strongly feel like I should go into debt and buy Bitcoin straight away and pay the debt off instead. I’m happy I didn’t do that because Bitcoin is not something you wanna buy with borrowed money, mostly because you are not going to handle the crashes, you will panic sell and dig your own grave. Only buy with your own money that you can afford to lose. This expression goes around a lot:

‘money that you can afford to lose’

Don’t get it wrong. It doesn’t mean you are likely to lose that money. It means that WHEN the market crashes you will have the stomach to keep going as normal. The crashes don’t affect your mood, you don’t panic sell. Quite the opposite – you will buy with watering mouth because you have longterm conviction and you realise the lower the price the more Bitcoin you can get. Current price / short term price never matters. Your time horizon for any kind of selling is at least 5 years so every market crash is actually welcome so that you can get as big a stack as possible.

However, don’t wait for the crash. When the salary hits bank account that’s when you buy. We have no way of knowing what the price will do and waiting for a crash is just another way of playing a trader, most of who will lose money anyway.

Emotionally, the first crash is the worst, even though on paper I ‘lost’ most money in the most recent crash. I’d say you need to experience large daily dips in price to get prepared for a long bear market (although a noob is never prepared for his first bear market) and you need to experience a true long term bear market with -80% style drop in price in order to get your zen and make you a true hodler. No way around it, everybody needs to suffer these emotions themselves in order to develop strong hands. But it will be worth it.

Cut Costs, Stack Sats

-Bitster Money Mustache

Resources

Bitcoin resources

Posted on by Bitster Money Mustache / 10 Comments

I’m just gonna start with this:

Bullish case for Bitcoin by Vijay Boyapati

BOOM, start by reading it.

It’s actually quite hard to put down a comprehensive list of Bitcoin resources as it also depends on how new you are to the subject. For example, when I was a noob, I found Andreas Antonopoulos content (Youtube, Podcasts) very helpful and listened / watched countless hours of him only. However, nowadays he’s nonexistent in my Bitcoin resources circle and I view his opinions a bit naive sometimes. But he was useful for me so he might be useful for you. Just remember that he is only the beginning, the rabbit hole goes a lot deeper.

Trace Mayer was a god among men. But turned into a shitcoiner early this year, cannot understand why. Maybe he gambled the money away, I don’t know. But pre 2020 content from Trace is golden. Watch it, listen to it, he was super. However, don’t check for new content from him, a compromised soul, a scammer.

Below I give a short list of Twitter accounts, Podcasts, Medium articles, Books that I recommend for your Bitcoin content. The list is not comprehensive and you shouldn’t take my word for granted, so better to just start somewhere and find / verify the good content by yourself + find a ton of new stuff I haven’t mentioned here.

Twitter:

@NickSzabo4 @adam3us @BitcoinIsSaving @bitstein @saylor @saifedean @jimmysong @TuurDemeester @giacomozucco @real_vijay @stephanlivera @MartyBent @matt_odell @danheld @BitcoinErrorLog @BitcoinTina @_ConnerBrown_ @notgrubles @100trillionUSD @StopAndDecrypt @dergigi @hodl_american @Breedlove22 @evoskuil @PrestonPysh

Podcasts:

Tales from the Crypt – Noded – Stephan Livera – Bitcoin Rapid Fire – Once Bitten

Articles, Books, Websites, Movies:

Nakamoto Institute

21 Lessons by Gigi

Hope.com (Bitcoin resources by Microstrategy)

Bitcoin For Everybody (free online course by Saylor.org)

Gradually, then suddenly by Parker Lewis

The Bitcoin Standard by Saifedean Ammous

Human B (movie)

There you go! Most likely I forgot to list some awesome content but there’s plenty to do here already and you will end up finding the others by yourself. I’ll also update this page every now and then.

Cut Costs, Stack Sats

-Mr. ERB