Flobee
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Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Flobee
Vyemm Raider
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So how many of you guys here have bitcoin stashed away from 12+ years ago and are millionaires now? I’m so mad at myself for not buying coins back in the day. I was so close many times too but back then I was poor and couldn’t fathom “wasting” $100 on it. Who has the most coins stashed away on FoH I wonder?
OU Ariakas
Diet Dr. Pepper Enjoyer
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tugofpeace
Pronouns: zie/zhem/zer
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Crazy how much better my financial situation would be if I invested but hindsight is always 20/20
Jysin
Bronze Baronet of the Realm
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It’s always fun playing these mental games, but the chances anyone would be holding after a 10x or 100x etc are pretty slim.
I literally have an email I keep from a friend when we were discussing buying Facebook when it was $27 and debating if it was overpriced or not. Even if I were to have bought it then, it’s extremely doubtful I’d still be holding today. Most would have exited the ride some time ago.
Another case in point, I had a sizable chunk of Micron (MU) stock at $9 ages ago. Made decent returns on that, but not the 10x+ it could have been.
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Tmac
Adventurer
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Don't you mean, it's crazy how much better your financial situation would be if you'd spent a ton of time and effort getting educated on the weaknesses of fiat and why BTC is a better form of money, so that you had enough conviction to go hard on it?
You could've also said, "I wish I was better at guessing where the ball lands on an infinite roulette wheel!". It's an insane fantasy.
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Flobee
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Nah, I didn't even look at Bitcoin until 2019. I think my first little buy was at $6k though which was sweet. In fact my earliest posts in this thread were likely around that time and I was all in on Ethereum lol. Got lucky with my timing there and it took me a bit to learn my lesson. Hindsight is 20/20 and wish I had gone harder, I'm definitely not in quit my job territory much less 12 year hodler status. I was very poor, now I'm just a little less poorIf it is notFlobee then I don't know what to think of this thread anymore.
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Burns
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Exactly this. I had at least two opportunities to get into bitcoin "on the ground floor" but it doesn't depress me knowing that I passed them up.
One or two dudes in my WotLK WoW guild used to farm coins while he/they slept, I think they were less than $1 dollar a coin at the time (fuzzy memory). They did it because they were interested in the tech and explained it from the tech side, so it didn't seem that interesting and it certainly didn't look like it would make enough money to bother with it. The next time it came up was from my mom's boss, of all people (who is the same age as her), when it was around $50 dollars a coin.
Bitcoin is volatile now, but it was extremely volatile then. If I had made/bought 100 coins for 50$ or less, I would have probably sold them before they reached $100 and certainly sold them before they reached $1000. Sure, I could have tried to day trade them, buying the dip, but with the wild swings and working a full time job, getting the timing right would have been hell, leading to burn out long before making enough to retire (if I didn't slowly lose it all on mistakes/being too busy to watch the market).
People full of regrets often seem to fantasizes that they would have made the perfect calls in the past and made a fortune, instead of just being one of the bag holders.
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Seananigans
Honorary Shit-PhD
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Not sure why Bitcoin is being compared to stocks, or anything else really. It’s fundamentally different from anything else.
Holy shit I wish I had learned about bitcoin 5-10 years ago, I’d be insanely wealthy and still be sitting on most of it.
Holy shit I wish I had learned about bitcoin 5-10 years ago, I’d be insanely wealthy and still be sitting on most of it.
OU Ariakas
Diet Dr. Pepper Enjoyer
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The biggest thing I need to remind people is how hard it was to actually buy and sell bitcoin more than 5 years ago. If you didnt know ehat you were doing it was super easy to get scammed or just lose track of it completely.
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Arden
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Part of the reason BTC seems like such a missed opportunity for some people is because of how fast and how far it has gone up.
If you bought apple in 1985 you'd have had to hold the stock 40 years to get a 250,000% increase.
If you bought BTC in 2011 you'd have only had to wait 14 years for a 40,000,000% increase.
I'd take either obviously, and as others have mentioned it would be very very difficult to let either sit long enough to get to that point. But some people have.
(That, and most of us weren't buying stock in 1985, but most of us could have tossed $100 at BTC in 2011).
If you bought apple in 1985 you'd have had to hold the stock 40 years to get a 250,000% increase.
If you bought BTC in 2011 you'd have only had to wait 14 years for a 40,000,000% increase.
I'd take either obviously, and as others have mentioned it would be very very difficult to let either sit long enough to get to that point. But some people have.
(That, and most of us weren't buying stock in 1985, but most of us could have tossed $100 at BTC in 2011).
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Burns
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Because currency trading has been a thing since forever and people have made fortunes doing it (and also lost fortunes doing it). Buying and selling Bitcoin works the same way.
Seananigans
Honorary Shit-PhD
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Yeah I get now why BTC has taken so long to get where it is today. If people think it’s a currency that explains a lot.
Burns
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What do you think it is? Adoption as a currency has been the number one driving factor of Bitcoin for as long as I remember. The community pushed that narrative hard and some nations have actually made it an officially accepted currency.
Kithani
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Flobee
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Bitcoin is a currency. It's mainly seen as an asset right now because of where we are in the adoption curve (See Greshams Law). If it weren't for its attributes as a 100x superior currency it would be no better than NFTs. Bitcoin is pristine collateral for trade because it requires zero trust between parties for transactions, similar but superior to gold in this way, is nearly instant settlement, permissionless, decentralized, and uncensorable.
In the digital age there is absolutely no competitor to BTC for international trade
Seananigans
Honorary Shit-PhD
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I disagree, unless you draw no distinction between currency and money.
Bitcoin is hard money, the hardest yet “discovered.” That is something entirely different from a simple currency.
Burns
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It's more clear to use FIAT and non-FIAT as differentiating terms. Currency and money are used interchangeable in the vast majority of the English speakers lexicon. Even the word FIAT has gone though changes over the decades, but most people are more likely to understand your thoughts using those terms.
Regardless, merchants were currency trading non-FIAT currencies for thousands of years before modern monetary theorists convinced the world to use FIAT.
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