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Who keeps passing on bitcoin?
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Who keeps passing on bitcoin?

ForwardWebForwardWeb Member, Host Rep

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, Patron Provider
    edited December 2017

    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

    Thanked by 1desperand
  • randvegetarandvegeta Member, Host Rep
    edited December 2017

    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, Patron Provider
    edited December 2017

    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, Host Rep

    @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, Host Rep

    @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, Patron 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, Patron 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, Host Rep

    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, Patron Provider
    edited December 2017

    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

  • 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

  • MasonRMasonR Community Contributor

    How much is Enron stock going for nowadays?

    Thanked by 1netomx
  • @MasonR said:
    How much is Enron stock going for nowadays?

    $7

    Thanked by 2MasonR kalimov622
  • jarjar Patron Provider, Top Host, Veteran
    edited December 2017

    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 Administrator, Patron 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.

  • 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
  • @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.

  • 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
  • Gotta get in on that XMR train

    to the moon!

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

  • layclayc Member
    edited December 2017

    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, Host Rep

    @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, Host Rep

    @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.

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