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Bitcoin surpasses $50K as major companies jump into crypto

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Re: Bitcoin surpasses $50K as major companies jump into crypto

#131

Post by Zhyl »

sperma wrote: post #122
georgyo wrote: post #80

Earlier quoted context omitted.

A long long time ago, I mined 3650 coins on a single cpu in a month. Bitcoin was worthless at the time, and I thought the idea was interesting. After a month, I went back to folding at home. A little over a year later bitcoin hit a dollar and I sold it all. On one hand I made a few thousand from nothing. However if I held it I would have been a pretty rich right now. I truly believe that bitcoin is something that can…

Do you ever think that you losing out on tens of millions of dollars might have affected your desire to challenge your believes that "bitcoin is something that cannot work"? I know I'd probably cope in a similar manner

It's also a possible butterfly effect. Would Bitcoin have taken off without those specific few thousand coins in the economy?

If even half of Bitcoin holders at the time thought they'd make it big and held, how could Bitcoin have had the liquidity to gain value?

Re: Bitcoin surpasses $50K as major companies jump into crypto

#132

Post by sky_rw »

Cthulhu_ wrote: post #64
superbcarrot wrote: post #28

Does anyone else feel like: - they've missed an opportunity to get rich with minimal effort from crypto - still have absolutely no interest in jumping in at this point?

Kind of. But it's a thing with a lot of investments; if one invested in Apple ten years ago their investment would have been 10x now. If one invested in Tesla ten years ago it would be worth 100x now (I think? there was a split at some point. Yahoo Finance's chart indicates it's gone up 10x in a year). Jumping in now is a bad idea because it's at peak hype; never buy at peak hype. It MIGHT go up a bit more, but it wo…

Judging by the sentiment in this thread it is definitely not at peak hype.

That's what everybody said when it was $17k and crashed to $5k. I loaded up on it, now its $50k. I bet there were a lot of similar comments saying that it would never be 10x. I also seem to recall a lot of people 10 years ago saying TSLA was overpriced and they would never hit their production goals. Time will tell.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#133

Post by lazide »

ur-whale wrote: post #126
syrgian wrote: post #98

Earlier quoted context omitted.

I would have slept a lot worse if people thought that I held millions in an asset that can be easily stolen by invading my home and putting my family at risk. I would only be happy if I was very careful with not revealing who I was, ever (hard to do if a exchange gets compromised). It helps that I have all my necessities well covered.

>I would have slept a lot worse if people thought that I held millions in an asset That scenario only holds if you go around blabbing about your BTC holdings ... why would you ever do something like that?

I mean, that was a trend for a long time hah. Even in this thread we’ve got folks talking about the 3k+ Bitcoin they used to have.

There were a number of robberies of people somewhat prominent in the early movement even on the assumption they still held some.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#134

Post by sprash »

CyberDildonics wrote: post #119
tromp wrote: post #112

Earlier quoted context omitted.

Speculation could be discouraged by having a fixed block reward, so that it takes all of a century to bring yearly inflation below rate 1%...

How would that discourage speculation?

It doesn't. Doge works that way and is highly volatile.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#135

Post by ffggvv »

the saddest thing is people see it as a success because its price has gone up.

But the entire idea behind it was to be a decentralized currency. Its absolutely failed at that. What its succeeded at is being a speculative gambling instrument like beanie babies or tulips.

So yes, it's "successful" currently in that its price is going up, but no, no one actually uses or cares about using it as a currency or buys it for any other reason than they think they can sell it to a greater fool sometime later.

wonder what satoshi would think

Re: Bitcoin surpasses $50K as major companies jump into crypto

#136

Post by sky_rw »

Cthulhu_ wrote: post #68
seibelj wrote: post #5

Earlier quoted context omitted.

I agree, GME was bad enough but no way I’ll touch TSLA.

TSLA is high now, it might go higher but it's past peak hype at this point so even if you jump in now, you might end up with 2x your investment if it keeps going, but not 10 or 100x.

TSLA has been at peak hype for 5+ years.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#137

Post by adamisom »

akvadrako wrote: post #93
wodenokoto wrote: post #52

Earlier quoted context omitted.

When it reached 100, I thought, this is the apex, it is not gonna grow anymore, it is too late to jump on. And I've repeated that thought on 1.000, 10.000, 20.000 and again now. So yes, you are not alone in feeling this is a missed opportunity.

Why not just buy a small amount of bitcoins now, something you won't mind losing? If they increase 100 fold you won't feel like you're missing out. And if they don't just think of it as insurance. I personally hate the idea of bitcoin and avoided it for a long time, but I feel better having a little just to avoid the thought I let my personal feelings get in the way of an opportunity with a good risk/reward ratio.

This doesn't necessarily mean you're invalid, but if BTC increased 100x, they'd exceed the world's GDP. So... yeah, though maybe you can't say that's impossible, if by some miracle BTC became the dominant currency in a (much richer) future.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#138

Post by petercooper »

kungito wrote: post #42
superbcarrot wrote: post #28

Does anyone else feel like: - they've missed an opportunity to get rich with minimal effort from crypto - still have absolutely no interest in jumping in at this point?

What helps me sleep at night is that even had I entered all this time ago with BTC I would have exited 100 times by now. There have indeed been many 2x,3x,5x multipliers with BTC but there have been so many instances when it was unclear how everything is going to turn out which would personally prompt me to consider exiting with what I had. As my friend nicely put it: only way we could have gotten rich from BTC is ha…

That's exactly my attitude towards it too. But this has also given me a strong lesson for the future. If I get in on the ground floor of anything and decide to sell out, always keep a little skin the game that you don't touch.. because you never know if it'll go big.

If the GP had sold 99% of his 3650 coins and kept 1% till now, that would still be $1.8m.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#139

Post by dawnerd »

superbcarrot wrote: post #28

Does anyone else feel like: - they've missed an opportunity to get rich with minimal effort from crypto - still have absolutely no interest in jumping in at this point?

I gave up after multiple attempts to get in at the wrong time.

I'm not exactly interested in risking enough money for it to be worth it long term anyways.

Now if only I still had my original wallet...

Re: Bitcoin surpasses $50K as major companies jump into crypto

#140

Post by UncleMeat »

adhoc32 wrote: post #121
azinman2 wrote: post #120

So it sounds like lemming group think. It seems like someone one should hold “just in case,” but no real valid reason to do so yet (that I’ve heard). We know transactions are slow and expensive, so it’s not a good replacement for ordinary commerce. It can be used to transfer across borders, but there often is asymmetry in capital movement that makes this difficult in the places you need it most (poor countries with r…

That it is a hedge against inflation because of the network effect and vice versa.

Isn’t everything other than cash a hedge against inflation?
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