Bitcoins/Litecoins/Virtual Currencies

Khane

Khane

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I met a Bitcoin true believer this weekend. I like to golf, it's one of the few things I spend money excessively on. Actually it's the only thing. There is a private golf club association called The Fliers Club which essentially allows like minded golfers who are members at private country clubs to coordinate trips with each other to visit and play at courses all over the world. What's the point of this story?

This club has allowed me to meet all kinds of interesting, and obscenely wealthy and sometimes very fucking weird people. This weekend I met a guy who was a forklift Salesman, anti-government conspiracy theorist. He was weirdly kind of a normal guy as long as you didn't trigger his economic sensibilities.

Anyway this guy did not trust fiat money and was an early adopter of Bitcoin. And over the years he dumped roughly 100k into BTC (starting from when it was still under a dollar a coin). Today... this absolute fucking maniac, holds roughly 300 million in BTC and has liquidated almost none of it. He said he's probably sold less than 100 of the coins he has just to "live on" and he won't touch it outside of that.

That is insane. Who the fuck would own BTC with a cost basis of under a dollar and hold it all the way until today?
 
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Seananigans

Seananigans

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Khane said:
Today... this absolute fucking maniac, holds roughly 300 million in BTC and has liquidated almost none of it. He said he's probably sold less than 100 of the coins he has just to "live on" and he won't touch it outside of that.

That is insane. Who the fuck would own BTC with a cost basis of under a dollar and hold it all the way until today?
Click to expand...

I mean, who the fuck would sell more than they need to of the obvious superior store of wealth that will definitely continue to increase in value relative to the dollar because it hasn't hit critical mass yet? If he doesn't need $300 million today for some reason, why would he liquidate it when it will be worth $3 billion at some point in the future?
 
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Khane

Khane

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Seananigans said:
I mean, who the fuck would sell more than they need to of the obvious superior store of wealth that will definitely continue to increase in value relative to the dollar because it hasn't hit critical mass yet? If he doesn't need $300 million today for some reason, why would he liquidate it when it will be worth $3 billion at some point in the future?
Click to expand...

Yes, it's definitely not out of the ordinary for someone to just throw money at a brand new unknown entity and continue to just let it sit there at 10x or 20x or 50x+ (and way more now) without ever selling. That's definitely something people do all the time.

Hahahaha.
 
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Seananigans

Seananigans

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Khane said:
Yes, it's definitely not out of the ordinary for someone to just throw money at a brand new unknown entity and continue to just let it sit there at 10x or 20x or 50x+ (and way more now) without ever selling. That's definitely something people do all the time.

Hahahaha.
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You have a strange definition of “brand new unknown.” If you’re interested, there are plenty of resources you could use to learn about it. If all you want to do is laugh from a perceived state of intellectual superiority then carry on, you’re doing great.
 
Flobee

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Khane said:
Yes, it's definitely not out of the ordinary for someone to just throw money at a brand new unknown entity and continue to just let it sit there at 10x or 20x or 50x+ (and way more now) without ever selling. That's definitely something people do all the time.

Hahahaha.
Click to expand...
You clearly don't know anything about Bitcoiners. The only unusual thing he did was tell you how much he has. Not very smart. If you understand Bitcoin the way he is using it is 100% rational
 
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Kithani

Kithani

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Seananigans said:
I mean, who the fuck would sell more than they need to of the obvious superior store of wealth that will definitely continue to increase in value relative to the dollar because it hasn't hit critical mass yet? If he doesn't need $300 million today for some reason, why would he liquidate it when it will be worth $3 billion at some point in the future?
Click to expand...
What do you think this anti-government forklift salesman plans to do with $3 billion in the future that he could not be doing today using $300 million?

Or even better, how about $2 billion future dollars and $100 million today?
 
Arden

Arden

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Khane said:
Yes, it's definitely not out of the ordinary for someone to just throw money at a brand new unknown entity and continue to just let it sit there at 10x or 20x or 50x+ (and way more now) without ever selling. That's definitely something people do all the time.

Hahahaha.
Click to expand...

True believers believe that fiat currency (such as USD) is rapidly losing value due to inflation, while Bitcoin, a decentralized currency with a limited supply, is rapidly gaining value. A TRUE believer also believes that fiat currencies will essentially become worthless in the near future, and the only currency worth anything will be Bitcoin.

IF you believed that, why on earth would you trade your valuable BTC currency for a much less valuable (and swiftly declining) USD currency? You'd have to be an idiot.

FWIW, I'm not a TRUE believer, mainly because I don't believe the second part of that scenario is likely (at least not in my lifetime). However, the first part of the equation is pretty much undeniable at this point-- so I'm definitely a BTC holder.
 
Seananigans

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Kithani said:
What do you think this anti-government forklift salesman plans to do with $3 billion in the future that he could not be doing today using $300 million?

Or even better, how about $2 billion future dollars and $100 million today?
Click to expand...

Don't know and don't care, was just addressing the retarded take.

If I were him, I'd probably liquidate $50-$100m worth because I have things I want to build. But no way I would liquidate it all, because where else could I put the remaining balance that would get 50-100%+ average annual return (until critical mass)?
 
Khane

Khane

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Flobee said:
You clearly don't know anything about Bitcoiners. The only unusual thing he did was tell you how much he has. Not very smart. If you understand Bitcoin the way he is using it is 100% rational
Click to expand...

You guys are seriously suggesting that this person is a typical BTC story? You're suggesting his behavior and his actual, legitimate HODL philosophy is a story you can find all over the world? Tons of people like him that started buying BTC incredibly early (as in immediately) never, ever sold even when it hit $100, or $500... or $1000?

Come on now... the entire point of the story is "Jesus, I never expected to meet someone who would actually behave this way out in the wild".
 
Seananigans

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Khane said:
You guys are seriously suggesting that this person is a typical BTC story? You're suggesting his behavior and his actual, legitimate HODL philosophy is a story you can find all over the world? Tons of people like him that started buying BTC incredibly early (as in immediately) never, ever sold even when it hit $100, or $500... or $1000?

Come on now... the entire point of the story is "Jesus, I never expected to meet someone who would actually behave this way out in the wild".
Click to expand...

Nobody suggested it was typical or atypical. You tried to imply that it was stupid. Some of us disagree it's stupid.

If your intention was NOT to imply he was stupid, I don't think you got your point across very well.
 
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Khane

Khane

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Seananigans said:
Nobody suggested it was typical or atypical. You tried to imply that it was stupid. Some of us disagree it's stupid.

If your intention was NOT to imply he was stupid, I don't think you got your point across very well.
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No, I called him a maniac. I didn't "imply" anything. I said exactly what I meant to say.
 
Khane

Khane

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Yes, insane, maniacal, not normal. Who actually would do that? Do you know anyone, at all, anywhere that would actually do that? It's crazy.
 
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Tuco

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Khane said:
That is insane. Who the fuck would own BTC with a cost basis of under a dollar and hold it all the way until today?
Click to expand...
Hodlers are kind of a self-selecting process. The only early adopting holders are ones who wouldn't sell for $100, $1,000, $10,000, so why would they ever sell?
Izo said:
I just want to know when Tuco Tuco trades in his 1 btc for a tray of eggs.
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I've been saying for years I'll sell when my 1 BTC hits $1 or $1million. It stopped being a joke a while ago.
 
Tuco

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Khane said:
You guys are seriously suggesting that this person is a typical BTC story? You're suggesting his behavior and his actual, legitimate HODL philosophy is a story you can find all over the world? Tons of people like him that started buying BTC incredibly early (as in immediately) never, ever sold even when it hit $100, or $500... or $1000?

Come on now... the entire point of the story is "Jesus, I never expected to meet someone who would actually behave this way out in the wild".
Click to expand...
There are a lot of people like this out there, but it's rare enough that I wouldn't believe I was talking to one of them unless they showed proof.
 
Flobee

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Actual Bitcoiners are rare, yes. The behavior you described is exactly how a Bitcoiner acts. No it's not normal for an average person, but an early adopting true believer isn't average.

If I was in their shoes I would do exactly the same thing. Why hold more value in USD than you have to when you're holding an asset with a ~50% cagr. If you were used to that as something you've personally experienced why would you hold anything else?
 
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Seananigans

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Tuco said:
Hodlers are kind of a self-selecting process. The only early adopting holders are ones who wouldn't sell for $100, $1,000, $10,000, so why would they ever sell?

I've been saying for years I'll sell when my 1 BTC hits $1 or $1million. It stopped being a joke a while ago.
Click to expand...

$1 million seems to be a good inevitable strike point, but people like Mike Saylor seem to have their targets set quite a bit higher. $1m is a solid haul for sure, but you might think about selling only half!
 
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