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Who keeps passing on bitcoin?

Who keeps passing on bitcoin?

ForwardWebForwardWeb Member, Provider

I remember when bitcoin first came out, my initial thoughts at around $14 were "meh" its just a fad that will surely fade. I dont think I would have put much money in, maybe a couple grand and in all reality probably would have sold at around $400 (or maybe after the first major bubble). But it is crazy to think how much money someone could have made had they invested around 5k into bitcoin back then and hung onto it now?

Even this past summer when it was at around 1k, I had thought about investing again and also passed, then again at 5k. Now that its at 10k I am surely not going to invest at this point.

Anyone else in the same boat? or how many of you are still invested?

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Comments

  • Vova1234Vova1234 Member, Provider
    edited December 1

    I trade on the stock exchange. In summer traded on the btc-e exchange which was closed by the FBI. In late August, the exchange opened under a different name WEX.

    Now on Exmo. In the summer I bought litecoin for thousands of dollars, sold it in 1 September and made x2.5.

    I was right about moon: https://www.lowendtalk.com/discussion/comment/2393651/#Comment_2393651

    My Hosting: ABCVG.net

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  • randvegetarandvegeta Member, Provider
    edited December 1

    Few people would have bought $5k back when they were a few bucks or pennies and still held onto it.

    Most people would sell when they need money or if they are too scared to lose what they already have.

    Imagine you are some kid working at a fast food joint, pulling down $15k /yr and decided to buy a $100 worth of BTC back in 2010 at $0.08 each. That's 1,250 BTC at that time. Now worth over $10M.

    Do you seriously think that kid would have held onto it while working a minimum wage job? The fear of losing out exists also for those who hold BTC. If you don't sell at the right time, you also lose out on REAL cash.

    My thoughts are it will probably keep rising as the hype is still in early days and few people are actually actively buying it. But the days of 1000x returns are over. Maybe 10x..

    But I wouldn't risk what I couldn't afford to lose. You don't INVEST in crypto, you gamble!

  • I am pretty risk averse, so no I dont invest in Bitcoin. If I need to use it for some reason I buy however many I need and spend them immediately.

  • AnthonySmithAnthonySmith Member, Provider
    edited December 1

    imagine you were a big enough of an idiot to sell 27 of them when that was worth about $300 (total) because you thought it was a waste of time... just imagine that.

  • ForwardWebForwardWeb Member, Provider

    @randvegeta said: Few people would have bought $5k back when they were a few bucks or pennies and still held onto it.

    Most people would sell when they need money or if they are too scared to lose what they already have.

    Imagine you are some kid working at a fast food joint, pulling down $15k /yr and decided to buy a $100 worth of BTC back in 2010 at $0.08 each. That's 1,250 BTC at that time. Now worth over $10M.

    Do you seriously think that kid would have held onto it while working a minimum wage job? The fear of losing out exists also for those who hold BTC. If you don't sell at the right time, you also lose out on REAL cash.

    My thoughts are it will probably keep rising as the hype is still in early days and few people are actually actively buying it. But the days of 1000x returns are over. Maybe 10x..

    But I wouldn't risk what I couldn't afford to lose. You don't INVEST in crypto, you gamble!

    Lol, goodness if it heads to 100k that will truly be remarkable. I haven't looked into it in awhile, but this summer I had a feeling it was going from 1k to 5k and also saw it eventually going to 10k but decided to keep our money in other more "safer" investments. Looking back it was definitely one of those scared money, does not make money situations. But then again I prefer slow and steady money (even when only investing what I can afford to lose mindset, I think the greedy in me never wants to lose anything).

  • ForwardWebForwardWeb Member, Provider

    @AnthonySmith said: imagine you were a big enough of an idiot to sell 27 of them when that was worth about $300 (total) because you thought it was a waste of time... just imagine that.

    Ouch, those would have been some pretty nice margins.

  • AnthonySmithAnthonySmith Member, Provider

    ForwardWeb said: Ouch, those would have been some pretty nice margins.

    I wake up thinking about it at least once a week now.

  • There will be a lot of people who sold out early. Hindsight is a beautiful thing eh.

    I'm mining a little Monero just now. If I wanted to speculate, I'd pick 5-10 non-BTC coins and invest a few hundred bucks each. Not sure if anyone is 'in the loop' wrt their potential but I'm certainly out of it.

  • AnthonySmithAnthonySmith Member, Provider

    I bought 1 BTC, I am keeping hold of it for 12 years to see if I can retire at 50 :) thats my plan.

  • randvegetarandvegeta Member, Provider

    AnthonySmith said: imagine you were a big enough of an idiot to sell 27 of them when that was worth about $300 (total) because you thought it was a waste of time... just imagine that.

    I think many of us have sold a lot of BTC. I've sold at least 20 in the last 2 years alone. I don't even want to think about the number of coins sold pre-2015.

    I think it was @William who had 5,000 coins at one point? Sold them for $8 each? Don't remember.

    But there really is no use in fretting. This ain't an investment. It's a gamble. It's like regretting not betting on 21 Red at roulette.

    Crypto is like a giant Ponzi scheme that POTENTIALLY may not ever collapse. Best case scenario is that growth stabilizes... Which make it a gamble that puts the odds in your favor. But it's still a gamble.

  • hostdarehostdare Member, Provider
    edited December 1

    randvegeta said: Crypto is like a giant Ponzi scheme that POTENTIALLY may not ever collapse. Best case scenario is that growth stabilizes... Which make it a gamble that puts the odds in your favor. But it's still a gamble.

    Most bigger crypto users are underworld criminals,hackers,ddosers and such . So as long as there are such people in the world , it will keep running . It has given them unlimited potential now . Like for kidnapping , some gang will start charging you 2 bitcoins :D

    HostDare - One of the cheapest and coolest providers online! :) | Our premium unmanaged vps plans | Cheap Shared Hosting

  • WSSWSS Member

    Me. I keep passing on Buttcoin.

    Thanked by 2netomx dedicados
  • I eat buttcoins, chew them and make them stew in the evening if that even makes any sense at all

    dying.

  • How much is Enron stock going for nowadays?

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  • WSSWSS Member

    @MasonR said: How much is Enron stock going for nowadays?

    $7

    Thanked by 2MasonR kalimov622
  • jarlandjarland Administrator
    edited December 1

    ricardo said: Not sure if anyone is 'in the loop' wrt their potential but I'm certainly out of it

    It was said here recently that vultr blocked minexmr pool at the network level. You should assume that what led them to do so is also impacting other providers, and combine that with the brief success of that "interesting" website that helped people embed code into their websites that utilized visitor's computers to mine for Monero while they were on the site, and then make a reasonable conclusion about what's coming next.

    The pieces have crossed paths with us here in the low end, for once we can see ahead on something, and it's that Monero has a higher value in it's near future. I'm not big on these bets. I don't even regret not mining bitcoin. This one I think I would regret not mining because I actually see the signs in front of me.

    Thanked by 1ricardo
  • Shortly after the first real-world bitcoin transaction in 2010 (2 pizzas for 10,000 bitcoin) i passed on buying 10,000 bitcoin for $50 because it seemed too much hassle. Been kicking myself ever since.

    I made the same mistake with Ethereum in early 2016. Need to keep a beady eye out for the big thing (IPFS-related?).

    Thanked by 2dedipromo Pwner
  • @ricardo said:

    I'm mining a little Monero just now.

    Hi @ricardo. What software/pool are you using to mine Monero?

  • trewqtrewq Moderator, Provider

    @AnthonySmith said: imagine you were a big enough of an idiot to sell 27 of them when that was worth about $300 (total) because you thought it was a waste of time... just imagine that.

    Hindsight is always 20/20. I like to think if I hadn't of sold my hundreds of thousands of litecoin when they went up $.01 I would have when they went up a touch more. Definitely would have sold way before now and made nowhere near as much.

    For me "investing" in bitcoin or altcoins now isn't worth it. All the fundamentals are wrong. I have fun sometimes mining but that's about it, keeping up with the tech.

    1 vCPU | 1GB RAM | 10GB NVMe | 250GB Data | $9 AUD/month (~$6.89 USD) | Melbourne AU | ORDER NOW! | Looking Glass

  • nqservices said: What software/pool are you using to mine Monero?

    supportxmr.com

    Thanked by 1nqservices
  • trewq said: Hindsight is always 20/20.

    Depends on your memory.

    Thanked by 2trewq WSS
  • WSSWSS Member

    @Ole_Juul said:

    trewq said: Hindsight is always 20/20.

    Depends on your memory.

    No wonder so many people here go completely batshit when they find you don't care if a machine is ECC or not.

  • WilliamWilliam Member, Provider

    randvegeta said: I think it was @William who had 5,000 coins at one point? Sold them for $8 each? Don't remember.

    1000 @ 8EUR, around. More at less, less at more, but all below 10EUR. I did not pay for them, or far less, so whatever.

    Still have more but the data recovery chances are low, the cost is high and the flight to Taiwan long.

    jarland said: It was said here recently that vultr blocked minexmr pool at the network level.

    Sorry, but DNS resolvers not resolving != Network level. At all. Very far from it.

    jarland said: and then make a reasonable conclusion about what's coming next.

    Leverage smartphones and IoT devices in botnets, legal or not. At last with a coin that is profitable to mine on ARM or low end Adreno GPUs (Adreno = Radeon Mobile = AMD, but not GCN yet, few generations behind).

    Thanked by 1uptime
  • It would be nice to see here on LET a special promotion of servers "dedicated" to mining crypto..

  • layclayc Member
    edited December 4

    I missed the early BTC hype and just used it as payment option when it was at $100-200 but I never held a big amount. But I was lucky enough bought in ETH at $8 and IOTA at $0.10 ... Bitcoin may goes up in price but lost all his great advantages. It's slow af, it's not anonymous and expensive to use (transaction fees) so I probably won't join the BTC train again, there are some cryptos with way more potential and even better revenue.

  • @layc said: here are some cryptos with way more potential and even better revenue.

    Like ? :P

  • ForwardWebForwardWeb Member, Provider

    @Junkless said:

    @layc said: here are some cryptos with way more potential and even better revenue.

    Like ? :P

    I agree, do tell. I am totally out of the loop with cryptos.

  • randvegetarandvegeta Member, Provider

    @Junkless said:

    @layc said: here are some cryptos with way more potential and even better revenue.

    Like ? :P

    Monero? :D

    @nqservices said: It would be nice to see here on LET a special promotion of servers "dedicated" to mining crypto..

    Doesn't make any sense what so ever.

  • jarland said: The pieces have crossed paths with us here in the low end, for once we can see ahead on something, and it's that Monero has a higher value in it's near future.

    You're a market shaker, Jarland.

    It seems the alts have moved up lately, Monero has had a nice bump.

  • jlayjlay Member
    edited December 5

    I've been on a hell of a hunt trying to find a hard drive that has a wallet worth a small fortune. I'm not sure if it'd still be useful at this point - either because of the fork or because it may have been compromised by now. I collected them when it was feasible to mine the things on a single core Athlon 64, before GPU mining or ASICs became commonplace and the difficulty shot to the sky.

    I can't be bothered to start trading alt coins or otherwise gaming the system, honestly. A few years ago I had a nice farm going on alt coins and trading, and was paying my electricity and about half of my rent in ATX (which is pretty damn steep!), but it's mostly lost my interest. I'm not hurting for cash and the time investment at this point isn't worth it for me as I haven't really kept up with it in recent years.

    edit: With that said, I am intrigued by the market and what options are available - I just don't want to do it personally. By the time I get out of work I barely want to computer at all lol

    Site Reliability Engineer - happy to help with anything Linux!

  • JanevskiJanevski Member
    edited December 6

    randvegeta said: That's 1,250 BTC at that time. Now worth over $10M.

    Nobody is going to cash out that money. That millionaire gets poor the moment he cashes out - figuratively speaking.

    If all or at least significant number of people decide to pull out their dollars at once, there won't be anyone willing to give them that kind of money, exchanges will decide they have something better to do in their lives and bail out with negligible consequences towards themselves, thus the value of the bitcoin will fall. (And most likely rise again someday, after a while.)

    Because of already caused hype, even more and more people want to have bitcoins while evidently the number of bitcoins doesn't get significantly bigger and by watching their past action consequences they are creating an even bigger hype and so the perpetual fucking machine works.

    I guess the "right" way would be to live off bitcoin and milk the new investors out of their money, for as long and as much as possible, in this trapezoid scheme.

    Greed perpetuated by more greed. "Big money Ralphie, big money..."

    I might be wrong, but this is what i think. Now don't get me wrong, i don't have much positive opinion about real money and inflation for example, someone stealing your money from your own house, right from under your own bed, while you're sleeping, by not even entering your house at all. But then again, i've heard of some interesting fictional monetary model concepts, based on devaluation which force people to work and spend money...

    Anyhow...

    tl;dr: Gamble, i'm staying out.

    Monetary problems are for the ones that have money to begin with.

  • randvegetarandvegeta Member, Provider

    @Janevski said:

    randvegeta said: That's 1,250 BTC at that time. Now worth over $10M.

    Nobody is going to cash out that money. That millionaire gets poor the moment he cashes out - figuratively speaking.

    If all or at least significant number of people decide to pull out their dollars at once, there won't be anyone willing to give them that kind of money, exchanges will decide they have something better to do in their lives and bail out with negligible consequences towards themselves, thus the value of the bitcoin will fall. (And most likely rise again someday, after a while.)

    Because of already caused hype, even more and more people want to have bitcoins while evidently the number of bitcoins doesn't get significantly bigger and by watching their past action consequences they are creating an even bigger hype and so the perpetual fucking machine works.

    I guess the "right" way would be to live off bitcoin and milk the new investors out of their money, for as long and as much as possible, in this trapezoid scheme.

    Greed perpetuated by more greed. "Big money Ralphie, big money..."

    I might be wrong, but this is what i think. Now don't get me wrong, i don't have much positive opinion about real money and inflation for example, someone stealing your money from your own house, right from under your own bed, while you're sleeping, by not even entering your house at all. But then again, i've heard of some interesting fictional monetary model concepts, based on devaluation which force people to work and spend money...

    Anyhow...

    tl;dr: Gamble, i'm staying out.

    Monetary problems are for the ones that have money to begin with.

    My point was that no kid would have held on for so long that they would become millionaires in the real world. The temptation to sell is strong when your gamble starts looking to have big gains.

    I also don't see any problem with a bit of inflation. Inflation generally encourages things like consumption and investment, both of which are good for economic growth. It also helps those with debt by reducing the amount of real-terms money they owe to lenders. Since most people have debt, this benefits a lot of people.

    And for those who have money, they probably already have other assets that are inflation-proof anyway, like property or stocks Etc.

    I don't think inflation really hurts anyone.

    Crypto currencies are deflationary. And that is harmful in the real world.

  • I'm wishing I bought more at 9.4 last week, just pushed through $14k.

    Idle Server Monero Hypeeeee

  • NeoonNeoon Member

    Well, the TRAIN is gone.

    Even when you do invest 0.01 Bitcoin and it would rise to like 100k you would get 1k out of it.

    Better jump on other alt coins like XMR and stuff.

  • @Neoon said: Well, the TRAIN is gone.

    Even when you do invest 0.01 Bitcoin and it would rise to like 100k you would get 1k out of it.

    Better jump on other alt coins like XMR and stuff.

    Yeah, no more 10x returns in a short period. Hopefully pans out to be a good store of value though longer term.

    XMR probably isn't going to 10x either though, almost hit $300 today. Right now I think IOTA is the one that's going to keep moving. Looking at XRP for longer term as well.

    Idle Server Monero Hypeeeee

  • NeoonNeoon Member

    @Harambe said:

    @Neoon said: Well, the TRAIN is gone.

    Even when you do invest 0.01 Bitcoin and it would rise to like 100k you would get 1k out of it.

    Better jump on other alt coins like XMR and stuff.

    Yeah, no more 10x returns in a short period. Hopefully pans out to be a good store of value though longer term.

    XMR probably isn't going to 10x either though, almost hit $300 today. Right now I think IOTA is the one that's going to keep moving. Looking at XRP for longer term as well.

    Well, I am looking for a place to buy some IOTA but I can't find anyone most of them want to see my ID + Residential proof and do not support Paypal.

  • @Neoon said:

    Well, I am looking for a place to buy some IOTA but I can't find anyone most of them want to see my ID + Residential proof and do not support Paypal.

    Almost all of them are going to ID verify if you're putting in dollars/euros/etc, and I haven't seen an exchange that takes Paypal yet. You're better off buying BTC (maybe just get some locally) and then trading that to IOTA, trade fees will be lower.

    Here are the main markets: https://coinmarketcap.com/currencies/iota/#markets

    Idle Server Monero Hypeeeee

  • NeoonNeoon Member

    @Harambe said:

    @Neoon said:

    Well, I am looking for a place to buy some IOTA but I can't find anyone most of them want to see my ID + Residential proof and do not support Paypal.

    Almost all of them are going to ID verify if you're putting in dollars/euros/etc, and I haven't seen an exchange that takes Paypal yet. You're better off buying BTC (maybe just get some locally) and then trading that to IOTA, trade fees will be lower.

    Here are the main markets: https://coinmarketcap.com/currencies/iota/#markets

    There is the issue, they say due to the high amount, verification can be delayed up to 3 weeks.

  • WSSWSS Member
    edited December 7

    Still pissing on buttcoins..

  • ForwardWebForwardWeb Member, Provider

    Ended up hopping on the Etho and IOTA bandwagons yesterday, Cryptos seem to be hot right now. Anyone else currently playing any of the cryptos?

  • randvegetarandvegeta Member, Provider

    @ForwardWeb said: Ended up hopping on the Etho and IOTA bandwagons yesterday, Cryptos seem to be hot right now. Anyone else currently playing any of the cryptos?

    I think just about every host probably dabbles in it. It's a relatively easy way to accept payment.

  • ForwardWebForwardWeb Member, Provider

    @randvegeta said:

    @ForwardWeb said: Ended up hopping on the Etho and IOTA bandwagons yesterday, Cryptos seem to be hot right now. Anyone else currently playing any of the cryptos?

    I think just about every host probably dabbles in it. It's a relatively easy way to accept payment.

    We've accepted bitcoin for awhile, but I was more or less referring to as an investor. Lite Coin has been on fire the past 24 hours or so.

  • @ForwardWeb said: Lite Coin has been on fire the past 24 hours or so.

    No kidding. Almost hit $400 on Coinbase. Currently in the $320-ish range on most exchanges. Nuts. In about 72 hours it went from $85 to $320+.

    Idle Server Monero Hypeeeee

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  • randvegetarandvegeta Member, Provider

    Harambe said: No kidding. Almost hit $400 on Coinbase. Currently in the $320-ish range on most exchanges. Nuts. In about 72 hours it went from $85 to $320+.

    Herd mentality. People think it's the beginning of a rally so they all hop on, which inevitably makes the belief come true.

  • @randvegeta said:

    Harambe said: No kidding. Almost hit $400 on Coinbase. Currently in the $320-ish range on most exchanges. Nuts. In about 72 hours it went from $85 to $320+.

    Herd mentality. People think it's the beginning of a rally so they all hop on, which inevitably makes the belief come true.

    I'm not complaining :) sold off what I originally put in. Everything extra is just icing on the cake

  • WSSWSS Member

    @randvegeta said: Herd mentality. People think it's the beginning of a rally so they all hop on, which inevitably makes the belief come true.

    Kind of like LET in the last couple weeks. It's a Monero-mystery!

  • cassacassa Member, Provider

    I lost a paper wallet with 5BTC on it. It was in my vault but I lost it somehow. The stock graph pretty much represents how unhappy I am.

    ik moet poepen

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  • randvegetarandvegeta Member, Provider

    @cassa said: I lost a paper wallet with 5BTC on it. It was in my vault but I lost it somehow. The stock graph pretty much represents how unhappy I am.

    You're saying you lost $85k? And if the rally continues, possibly more? :D

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