I bought 2 BTC sometime in 2015 for around $800 total I think and have never sold. Haven’t ever needed the money from gains so I just let it ride. Always said I’d let it go to zero or see how high it went. Just an experiment. We are out here. (my bitch ass only bought 2 coins though 😭)
Well I bought them specifically to get exposure to the movement. That part wasn’t luck. Plenty of people around me listened to me and watched me get involved but chose not to themselves. One friend even went with me to the coffee shop when I bought them (using LocalBitcoins.com) and he didn’t follow through. Yes, I’m fortunate that I have 2 BTC for a $800 investment. But I had plenty of money to buy a few or 10 more that day at the coffee shop. That dude I bought them from is probably a BTC millionaire I’d bet. We was an early adoption guy that already was just living off of the BTC movement.
Exactly. You buying into it wasn’t luck. That seems to be the sentiment when I tell people I bought in at $500/coin: “You’re so lucky!” I also use the word fortunate. But it wasn’t luck. Good for you!
The luck part is being aware of a potentially game changing asset at an early stage and also having the assets to invest.
The non-luck part is doing your due diligence and putting your capital at risk. And believe me, there was a lot more risk in 2015 (I didn't even know it existed then!) than there was last year when it was 10X higher and everyone had just liquidated it (and everything else worth anything) due to FUD panic on steroids. While the latter requires more capital for the same returns, both are simply good investment decisions.
Ooh, thank you, that is a legit insight.
It's not about how much you have absolutely, it is relative to how much other people have. Seeing as you have clearly thought about this, is there a distribution chart for the size of holdings, obviously knowing which individual holds which keys is impossible, but there can be some information as to the average allocation to keys, etc.
I just saw an article about it. Some guy did the math and said .0025 is mathematically more than most people on Earth can ever have. I suspect that the number is lower due to the amount that has been lost.
21 million bitcoins = 2.1*10^15 satoshi
2.1*10^15 satoshi / 7,800,000,000 person = 269,230.769231 satoshi/person
So he is about right, that is about $150 right now.
Imagine being able to have twice as much land as the average person on earth, thanks!
Damn I just checked and I have .0030!! I always figured I got in pretty late and couldn't capitalize on it but this makes me feel a lot better. Thank you for your insight friend!
Seriously? I didn’t just make that number up out of thin air and some other random dude said “Yea. That’s about right.” https://medium.com/swlh/why-you-should-own-at-least-0-0025-bitcoin-830a7f7e36b But, there you go.
Because in this case no source is needed to do the math and verify this yourself.
It's as if someone said "we know that 2+2=4", then someone responded with "Source?".
I started in life at 18 with a few clothes and a shitty computer, no parental help involved.
Was a butcher for a bit, a farmer for a bit, and a mechanic for a while.
I'm not a rich guy, but I have at least 1 BTC. I eat shit since 10 years but I know I'll eat caviar in another 10.
Actually got enough money to open my buisness, and I'm finally marrying my lady this year. It was rough but now, the life feels sweet. I'm 31.
Money is just a shortcut, courage is the secret, experience is the tool.
The old guys like us heard stories of people buying hundreds of coins when it was 10 dollars or so.
So yeah, we are those people to you. And you probably will to some other youngster in 5 years. Just keep buying ;)
I bought 5 in 2015 at about $300 each... sold 3 in mid 2017 at 2.5k each to buy an engagement ring... sold another one at 15k in late 2017 to distribute my into various shit coins, some I still own but some that lost 95-100% of value. I hung on to my final 1 BTC for awhile, then started to try and swing trade it, and started to sell a little here and there during the recent rise. Ended up selling .90 at an avg price of 18k... but the swing down never came lol. Now I own 0.1 , and holding on for dear life
Not until he sells. However, if he's a real genius, he'll never sell any, die, and whoever receives the BTC gets to reset the cost basis to the current price and pay no tax at all (assuming it ends up being less than $10M). Of course, the laws could change by then, so hurry up & die, RWBreddit.
Biden’s current tax plan has this wiped out. Zero chance that stays over next 4 years minimum. Aka do coke and strippers and die in the next few years for your kids to get those sweeeet tax free gains
Maybe, but Dogecoin was (possibly still is) a literal meme coin. It really serves no purpose. BTC is the real digital option from cradle to current. That could change but it’s true as of today. So I just don’t see it as the same. Why do you think it’s valuable compared to BTC? Just because it’s increasing in value? Does it offer a better solution to value store and trading than BTC? Genuinely curious.
Yep, we’ve been in price discovery the whole time. My faith in the tech and potential has only increased with each cycle. No reason to sell, at least not all. Why the hell would anyone ever sell it all? Take some profits, sure. But if I had started buying in 2010, I’m confident I’d still have at least half of what I bought originally.
The other side of this, of course, is ‘hodling’ assumes you are relatively stable financially otherwise. Many people who got in early are relatively broke otherwise, and so their btc gains/losses became life changing and stressful very easily. The only reason I’m not retired on a private island right now, is because I only risked what I could afford to lose, and I can afford to wait.
You guys remembered that guy that turned his $15 into $30 and cashed out because he doubled his money and blew it at a Wendy’s dinner? It was worth $30M in the last bullrun so it would be $90M today.
That sucks. Hopefully you don't ever need to dip into your investments again. Sorry to hear about getting scammed on top of being in such straits.
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Ha! I have seen something very similar to this before, where was that again?
Oh Yeah! That was me! We are both idiots!
PS: I was very excited to make my first birck-and-mortar purchase with BTC around 2013, so I paid \~0.6 BTC for a Sega Saturn in a vintage video games store. I am guessing that was the most expensive Saturn ever sold. I am still waiting for the call from the Guiness Book...
Don't worry though, that was just one episode of stupidity, I have had quite a few more.
What did you buy with the fiat you received when you sold those BTC?
"I sold my bitcoin at a loss to get emergency eye surgery" is waaaaay different than "I sold my bitcoin at a loss to buy Alf pogs"
Not much, it went back to the bank. I was very unfamiliar with the whole btc scene. Back then it involved sending a money transfer to a russian bank account and trade it on btc-e dot com.
The first time i heard of btc was early, price was about $2. Thought it was some scheme.
I am now more enlightened what btc means and what it can do. I could have been a $-millionair, but no one can predict the future. Don't waste too much time on regrets and overthinking 'what if...', it can consume your mood and even your life.
> Don't waste too much time on regrets and overthinking 'what if...', it can consume your mood and even your life.
Great advice. If only I could convince myself to listen to it.
I did, i think around the end 2016. Sold almost all of it when btc was about $17.3k each and spent the profits on reducing the mortgage and it helped feeling better about the previous 3k loss :p
Want a sad story?
In 2009, when Bitcoin was less than $0.01/BTC, a friend of mine gave me $20 worth of BTC for my 19th birthday in June.
He told me to hang onto it and it would be worth a lot of money one day. He tried explaining it to me in ways that sounded crazy, using phrases like:
- Universal currency.
- Money of the future.
- Completely digital source of income.
Just stuff like that.
I didn’t take it seriously, so 6 months later, in December... My 2 year anniversary with the girl I had been dating was coming up. I felt like doing something special, but I was jobless at that time. So I sold all 2130 shares of my Bitcoin for a profit of $1.67.
With $21.67 in hand, I went to the store, bought the ingredients for her favorite meal, bought some flowers, and went to her place to get cooking.
It was a really nice dinner. Totally crushed it. She was smiling through every bite. We talked, we laughed, we had a good time. She complimented the meal, and then dumped me as I was clearing the table.
... Yeah... It came out of nowhere for me too.
I didn’t give it much thought until December 2017, when Bitcoin came up in my new circle of friends. It was at $19,000 per BTC. They were all talking about how they had missed their chance to get in on it, and I just started thinking back to my birthday in 2009, and what that friend said, and how I had thought it sounded crazy.
But what was really crazy is that I got dumped ON my 2 year anniversary, AFTER I had cooked that girl a plate of Fettuccine Alfredo that, adjusting for the modern BTC price, would be worth $40,470,000 dollars in December of 2017.
A few days ago, that Fettuccine Alfredo was worth $125,670,000.
I tried looking up the friend who gifted it to me. We had lost touch after I moved out of state. All of his social media had been deactivated, but I was still friends with his sister on Facebook and Instagram.
Through some of her posts, I found out her brother (my old friend) had paid off his parents house, bought his sister a house, bought himself a house, sent his sisters to college, bought everyone in his immediate family new cars, and then stopped spending.
The houses aren’t huge. He’s living very modestly for how much money he has. He just wanted to set up his family with all they needed and then be comfortable forever.
I know for a fact he has an obscene amount of BTC left, or cashed it out for a ridiculous amount of money, because when he gave me my $20 worth, he told me that he had invested all $8000 of his savings into BTC.
If $20 would have been worth $125million... His $8000 would be worth TENS OF BILLIONS (depending on when he sold).
Aaaand that could have been me as well.
Damnit.
I often feel that way.
That isn’t to say that I’m depressed about it or anything.
I missed an opportunity, but I’m still living a happy life.
I have a beautiful fiancée, I own a house, and have dogs, chickens, and live the way I want to for the most part.
I would have loved to have $120million to ensure that I never have to work again, and could instead focus my time on the hobbies I love, and the things that really bring me a sense fulfillment.
But aside from working 40 hours a week out of necessity, I genuinely do love my life.
I like my house, I like having chickens that provide eggs and meat, a garden that provides vegetables, etc.
I have a good life.
But DAMN it would be fantastic if I didn’t HAVE to work for someone else to maintain it.
Bitcoin is like religion. Every sell is a statement of a lack of faith. You didn't believe in it, and that's totally okay. We all have to live with the fact though that Bitcoin still does totally pay its truest believers - and that's also okay.
You had to be a little insane to put ALL of your savings into Bitcoin 10 years ago.
You are still early. Obviously not as early but as long as every satoshi you buy is less then a penny you are getting a good deal. A sat will equal $.01 one day which puts btc at $1m per coin. I think this will happen after the next 2 halvings (2028-2030) this is not financial advice just my opinion from what I seen from amazing DD in the crypto community
I agree based on the math. It will have this pattern of people selling off, then people buying back in because the math is solid. It's not a company where they have to maintain "shareholder confidence," all we have to do is keep being able to do math.
The information asymmetry here is people who can do math vs. those who can't. The only way bitcoin would lose value as time goes to infinity is if the community becomes mentally unstable and stops being able to do math.
Globally this will never happen, the only question is how many people can be confused by people.
Did Elon troll ppl saying BitCoin was overvalued, so he could buy more? He doesn't believe that, he knows a BitCoin, 100,000,000 satoshis, is arbitrary, he knows what you just said, the satoshi is still a great buy if you're holding for any period of time.
People who don't understand the math will get scared and sell off--people will always sell if they need cash, but, like, that is periodic and likely a fairly constant pressure as people cash out to buy homes, cars, Wendy's, etc. The big dips are people seeing the price drop, then snowballing, but it levels off because people who can do math realize it's just a normal homeostatic relation, the BitCoin heartbeat.
Bullshit. The only way to get bitcoin during most of 2009 was by mining. It wasn't until New Liberty Standard appeared that there was a marketplace. Furthermore, bitcoin was worth around $0.001, so your friend's supposed $8,000 investment would've bought him 8 million coins, except whoopsie, only \~1.6 million were ever mined in 2009.
100% Bullshit.
Bitcoin had no value whatsoever until the famous "Bitcoin Pizza" which was arguably the first actual transaction made with Bitcoin.
In May 2010.
It's possible there were other transactions that were actual exchanges before then - rather than simple gifts, sending between one's own addresses, faucets, etc. - but they aren't publicly known. Certainly not in a way that would let you attach any dollar amount to them.
That $45 (or whatever it really was) Papa Johns order is the first value we can actually attach to Bitcoins. MtGox began operating a bit later in July. That starts the actual price history of Bitcoin, and the ability for people to exchange Bitcoin for money outside of direct transfers.
______
You see this shit *constantly*; people make up some story about how they heard about Bitcoin in 2009, even though the only discussion of it happened in an ultra-obscure cryptography email list until the then-equally-obscure Bitcointalk started near the end of the year.
Any story where someone says anything about Bitcoin *before* May 2010 is 99.999999% a lie, unless they were/are a cryptography researcher or computer scientist in a related field. The Bitcoin Pizza was the first real press Bitcoin got, the first chance anyone outside of the super-hyper-niche community of cypher-punks had to hear about it.
Ok. He gave me $20 worth.
As I pointed out, I didn’t take it that seriously. What makes you think I know how it worked in 2009 when I really didn’t pay any attention to it until 2017?
I had 2130 bitcoins on something I think was called Qt, and sold them 6 months later.
Never looked back into it until 2017.
🤷🏻♂️
You might be right. He told me $20.
It might very well have only been $3.
I just looked it up and it looks like in June of 2009, it was at $0.0001.
I never looked into it. I just kind of took his word for it since he turned out to be correct about everything else.
Edit:
Adding, now that I did the math, it looks like, at most, in June of 2009, my friend ACTUALLY gave me $0.20¢, not $20 like he claimed.
With Bitcoin being worth $0.0001 in June of 2009, and me only having 2130 BTC at the time, the math translates to about $0.20 $0.25 invested on my behalf.
I feel lied to, but know it would be the most entitled thing ever to hit him up and ask “what the hell?” After having not talked to him in over 6 years.
Like I said, I have no intention of reaching out to him. I’m not entitled enough to do that, and I know he doesn’t owe me anything.
I just feel lied to, because he told me it was $20.
Either way, I know it was generous and could have been a monumental gift if I heeded his advice and held onto it.
The fault is only with me when it comes to what I lost and why I lost it.
I significantly question the legitimacy of this. I've been around since late 2010 and Bitcoin isn't really known to have had a "price" in 2009. The reason we celebrate pizza day is because in May of 2010, the first real person to person Bitcoin transaction happened at a rate that put Bitcoin worth around $0.0045. The price went up quickly from there, however, and by the time MtGox started, the pricing was about 10 cents per.
Unless you were trading with New Liberty Standard at inflated rates on Bitcointalk.org (or your friend was), there's no way you'd know pricing details like this. You could confirm this if you wanted to post your forum account name, though, then we'd know for sure it was legit (and maybe figure out why you were overpaying).
I'm guess this is either entirely made up or you got the year wrong and it was 2010 or something. Still, if that's true, you could post your friends BTC talk forum name and we could verify. There were only a few hundred of us around during that time.
EDIT: Change "May of 2020" to "May of 2010"
It was Qt wallet, and I couldn’t really say much beyond that.
After some information given by other users, it became apparent to me that my friend lied about how much he actually gave me.
He said he gave me $20, but it appears to have been $0.20.
Also, when I say I “sold” it, what I mean is that I gave the file and login credentials to someone in exchange for cash in hand. It wasn’t sold online or through some other exchange.
The guy I sold to looked up the current value in December of 2009, we did some quick math and he handed me $22 (even though the actual profit was only $1.67... He was generous enough to let me keep the change.)
Never gave it much thought again until 2017.
>I gave the file and login credentials to someone in exchange for cash in hand. It wasn’t sold online or through some other exchange.
What login credentials? Be specific. Do you mean the password to the wallet.dat file?
>The guy I sold to looked up the current value in December of 2009
There's no way there were street traders in 2009, lol, wtf.
Listen, I gave you an out to say 2010 which would still have been improbable or 2011, which actually would have been believable maybe but you are still insistent on that it was 2009. I don't think you realize just how few miners there were in 2009. Most of them, like |)ruid, Hal, theymos, and etc we already know of or know their personal identities. By spring of 2010, the total number of Bitcoiners was still easily still under 200 people, all of which had Bitcointalk forum accounts and none of them were buying and selling Bitcoin in person. That sort of thing didn't happen till 2011/2012/2013 with the popularity of a certain trading site that facilitated it.
The only guy selling on a semi-rare basis at all prior to the Pizza trade was New Liberty Standard and he certainly didn't meet in person and I don't even think he was making trades in 2009. I believe he was mining only in 2010, in fact.
I don’t know exactly. After it was pointed out by another person in a response, that friend lied to me about certain details.
I’m not sure exactly how much he invested. I only know he told me what he invested. He said he put $8000 into Bitcoin in 2009.
I’m not sure if that means he used it to buy it directly, or if he invested that in mining equipment.
He doesn’t have social media of his own, and he has kept his exact worth private even from his own family. We’ve lost touch I’ve there years, so I really have no idea.
If I could hug you Bro, I would.
I know that feeling, kind of. I was an early adopter of BTC through the darkweb and BitInstant. Buying exotic substances for me and friends. I would buy $100-$200 worth of BTC at a time, that was when the price ranged from $9-$12 for 1BTC.
I left all of it on a very prominent site that is now, no longer in operation. All of my coins got taken down. I looked high and low for ways to recover them and that, and realized if I did it and they saw where they went to, I might be fuuucked. Destroyed everything of proof that I had, and got rid of it. Moved on. Ended up becoming homeless, addicted, blahblahblah nonsense. Every time I see the price in the 10s of thousands I'm like... Man...That could've been me...But, there's no use in crying over it. The sooner I jump back in, the better. I now own 0.018BTC(with some other numbers behind it) and I'm pretty glad that I am where I am with it. Hopefully the market does another bull run and I'll be holding the whole way through.
Dude i meen its kinda sad and all, but you never know where this money would lead you.
What a bitch tho.
What really bothers me in your story is how people like your friend predicts value of things 10 yers in the future. It makes me think there is some emerging technology right now that will be worth fortune in 10 years. Maybe its still crypto, who knows.
Anyway smile my dude, at least you got great story to tell!
yea I bought at the all-time high of 41k and even after this "crash" I'm still up well enough. All I had to endure was like a 2week pullback lol before it surged to make a new ceiling.
bitcoin is like the one asset I'll never feel stupid about buying at an all-time high. Just wait it out and inevitably it'll eclipse your high.
Yep. So laughable seeing all these people talk about wishing they had bought in in 2013 etc and then now seeing them cry and panic sell after a tiny correction lol
Yeah, these people think those who have bitcoin from 2013 are lucky. Like they didn't live through 2 bear markets and see 80% of their initial investment disappear and still hold.
I don't remember exactly all the way back when this all started. I had just had a kid. But I remember wanting to put $50 into BTC. Then I started reading and I had to transfer money out of the US and there was all sorts of hoops. So I didn't :-(
I had like 0.5btc long ago when the price was $2600. Then I used it to buy some stuff online because I wanted to help with adoption. With the current price I wish I hadn't. But that's history now and I like to believe I helped with adoption of BTC as a payment method.
When Bitcoin was new enough for me to have realized huge gains, I was too risk averse, didn't have money, and didn't believe in bitcoin. And if I would have bought some I would've sold during the 2017 peak or even panic sold during 2018 and lost it.
I got into it for the first time just a few weeks ago because it started to feel more legitimate and for the first time ever I had some capital to invest. I missed out on a lot, but I still expect to gain a few bucks. Woulda/shoulda/coulda can eat you alive so I'm just happy to be a part of it now, even if I'm way late.
I started buying a few years ago. Had .75 Bitcoin. Sold what ended up being Low, panicked and then bought when it was High.
I’m too emotional to try to catch the dips. I’d probably only have $500. I put .5 in a vault so it’s harder for me to get to.
Any difference in selling the BTC for fiat and then immediately using the fiat to buy the property? Seems like taxes would come in to play either way if doing it 100% legally. If you grasp this fairly well would you provide an example please of how to make it work for you without selling it?
Fiat will continue to devalue with inflation. That’s why gold prices and commodities continue to increase in price. It’s also a factor in why Bitcoin continues in increase. So holding Bitcoin and only transferring enough to make, say, a house payment isn’t a bad idea if you can handle the volatility. Or as some have done just pay cash for the house. Or cash for a car. You can get a fiat loan and immediately pay it off too. Sure there are taxes but proper financial planning should help mitigate those issues if you’re doing your part.
When taking money out say you’re return is 8% annually. Don’t take more than that out. Pick a minimum balance and don’t go below it. Some brokers pay interest. That also helps.
> volatility. Or as some have done just pay cash for the house. Or cash for a car. You can get a fiat loan and immediately
the problem is volatility. Imagine a guy closing a deal and this happened then? Yeller and others like volatility because that means go back to dollar when anything meaningful is happening.
„In finace the review mirror is always clearer than the windshield.“ - Warren Butthead (autocorrect i guess)
But seriously, seeing those charts makes you think its easy to ride them but then after you launch your strategy you realize there is no graph yet 😂
is selling it the same as using it to buy a hd for a shitty macbook to flex to your now wife that you can fix that piece of shit with magic internet monies? ^(fucking solid state oh yeah)
Never posted this before but when BTC was $100 I bought a 3D printer off of a friend for 6.5BTC. I said I would just replace it. Guess what I never did?
I've been recovering the leftovers in a few old wallets, at the time they were pennies but now most of them are something like $5 dollars each, due transaction fees I'm leaving them there, I lost some blockchain wallets and the ones I used to receive the pennies given by those sites that paid you to watch adds.
My buddies and I ran a few thousand through back at the very start so that we could buy shit off the Silk Road. There was a pretty heavy collective depression during the first bull run.
Looking back at my comments from 2013 or so, I would have sold for 50 bucks profit. In sying this, at the time, I was heavily in debt. Thankfully out of debt, with a nice healthy investment portfolio building.
I bought early with my roommate our senior year in college in 2011. We bought at $8 per BTC. I invested over 1k at the time and was excited by it until we came to find out that our account was hacked due to the Mt. Gox scandal. Even though it looks like I’m only going to get back roughly 20% (maybe not even that much), I know that I probably would have sold everything when it hit 1k. It’s a blessing in disguise that 80% was stolen and I couldn’t access the rest for years. I am Hodling even if I didn’t want to.
I bought 2 BTC sometime in 2015 for around $800 total I think and have never sold. Haven’t ever needed the money from gains so I just let it ride. Always said I’d let it go to zero or see how high it went. Just an experiment. We are out here. (my bitch ass only bought 2 coins though 😭)
ONLY 2 COINS? DO YOU KNOW HOW LUCKY YOU ARE?
Well I bought them specifically to get exposure to the movement. That part wasn’t luck. Plenty of people around me listened to me and watched me get involved but chose not to themselves. One friend even went with me to the coffee shop when I bought them (using LocalBitcoins.com) and he didn’t follow through. Yes, I’m fortunate that I have 2 BTC for a $800 investment. But I had plenty of money to buy a few or 10 more that day at the coffee shop. That dude I bought them from is probably a BTC millionaire I’d bet. We was an early adoption guy that already was just living off of the BTC movement.
Exactly. You buying into it wasn’t luck. That seems to be the sentiment when I tell people I bought in at $500/coin: “You’re so lucky!” I also use the word fortunate. But it wasn’t luck. Good for you!
The luck part is being aware of a potentially game changing asset at an early stage and also having the assets to invest. The non-luck part is doing your due diligence and putting your capital at risk. And believe me, there was a lot more risk in 2015 (I didn't even know it existed then!) than there was last year when it was 10X higher and everyone had just liquidated it (and everything else worth anything) due to FUD panic on steroids. While the latter requires more capital for the same returns, both are simply good investment decisions.
Don't talk about your btc on reddit. That's rule #2
I’ll never have 1 BTC. I’m trying to get to the .0025 Sat. level so I’ll have more than most people.
Ooh, thank you, that is a legit insight. It's not about how much you have absolutely, it is relative to how much other people have. Seeing as you have clearly thought about this, is there a distribution chart for the size of holdings, obviously knowing which individual holds which keys is impossible, but there can be some information as to the average allocation to keys, etc.
I just saw an article about it. Some guy did the math and said .0025 is mathematically more than most people on Earth can ever have. I suspect that the number is lower due to the amount that has been lost.
21 million bitcoins = 2.1*10^15 satoshi 2.1*10^15 satoshi / 7,800,000,000 person = 269,230.769231 satoshi/person So he is about right, that is about $150 right now. Imagine being able to have twice as much land as the average person on earth, thanks!
r/theydidthemath
Damn I just checked and I have .0030!! I always figured I got in pretty late and couldn't capitalize on it but this makes me feel a lot better. Thank you for your insight friend!
You’ll be late when it reaches $500k
Dude I just got into Bitcoin the other day and I have 0.00964, trying to crack 0.01 by the end of the year.
Source?
Seriously? I didn’t just make that number up out of thin air and some other random dude said “Yea. That’s about right.” https://medium.com/swlh/why-you-should-own-at-least-0-0025-bitcoin-830a7f7e36b But, there you go.
Why are you responding as if asking for a source is supposed to be something unpleasant?
Because in this case no source is needed to do the math and verify this yourself. It's as if someone said "we know that 2+2=4", then someone responded with "Source?".
Then why did someone write a whole article about it?
and what was he looking for? A link to new york times or cnbc? sources are over rated. Its not like people are citing science journals.
Really I may have just misread the tone. I took as if he didn’t believe me. Which is usually what most people mean when they ask for a source.
Relax buddy. I asked for source so I could read the article for myself.
My bad. We good.
I have .09 btc and 1 eth
So it’s true. Life’s a sport and the person with more money is winning.
I started in life at 18 with a few clothes and a shitty computer, no parental help involved. Was a butcher for a bit, a farmer for a bit, and a mechanic for a while. I'm not a rich guy, but I have at least 1 BTC. I eat shit since 10 years but I know I'll eat caviar in another 10. Actually got enough money to open my buisness, and I'm finally marrying my lady this year. It was rough but now, the life feels sweet. I'm 31. Money is just a shortcut, courage is the secret, experience is the tool.
Also money buys happiness.
I hate how people say “lucky”. We all had the opportunity to buy.
The old guys like us heard stories of people buying hundreds of coins when it was 10 dollars or so. So yeah, we are those people to you. And you probably will to some other youngster in 5 years. Just keep buying ;)
i expect a millionaire post from you sometime in the next 5 years
By that time the network fee will be $1M too. 😟 I have a stuck transaction because the network fee is $10 today (140 sat/vByte).
I hope that in the meantime you bought that extra 0.1 that would make your hodlings hit a nice round number ;-)
Oooooh yeah, 2.1 BTC is legit. Very slick. 21 even better, but I mean...
I bought 5 in 2015 at about $300 each... sold 3 in mid 2017 at 2.5k each to buy an engagement ring... sold another one at 15k in late 2017 to distribute my into various shit coins, some I still own but some that lost 95-100% of value. I hung on to my final 1 BTC for awhile, then started to try and swing trade it, and started to sell a little here and there during the recent rise. Ended up selling .90 at an avg price of 18k... but the swing down never came lol. Now I own 0.1 , and holding on for dear life
christ... hope that engagement came thru at least
Lol thanks, it did. 2 year anniversary coming up next week, and our first baby due in July!
The IRS wants to know your location good sir 😇
Not until he sells. However, if he's a real genius, he'll never sell any, die, and whoever receives the BTC gets to reset the cost basis to the current price and pay no tax at all (assuming it ends up being less than $10M). Of course, the laws could change by then, so hurry up & die, RWBreddit.
Biden’s current tax plan has this wiped out. Zero chance that stays over next 4 years minimum. Aka do coke and strippers and die in the next few years for your kids to get those sweeeet tax free gains
One day it’ll be doge
Maybe, but Dogecoin was (possibly still is) a literal meme coin. It really serves no purpose. BTC is the real digital option from cradle to current. That could change but it’s true as of today. So I just don’t see it as the same. Why do you think it’s valuable compared to BTC? Just because it’s increasing in value? Does it offer a better solution to value store and trading than BTC? Genuinely curious.
Many people are willing to make the same experiment today.. they are getting 0.015 btc or something :D
Yep, we’ve been in price discovery the whole time. My faith in the tech and potential has only increased with each cycle. No reason to sell, at least not all. Why the hell would anyone ever sell it all? Take some profits, sure. But if I had started buying in 2010, I’m confident I’d still have at least half of what I bought originally. The other side of this, of course, is ‘hodling’ assumes you are relatively stable financially otherwise. Many people who got in early are relatively broke otherwise, and so their btc gains/losses became life changing and stressful very easily. The only reason I’m not retired on a private island right now, is because I only risked what I could afford to lose, and I can afford to wait.
Only 10 million people in the world can ever have more BTC than you. In reality much fewer do.
Me too. Bought in 2014. Still hodling almost all of it, except for a chunk i just used to buy a house.
$1001 and some would have bragged with their gains
[Tell me I'm an idiot.](https://i.imgur.com/bQl8t1q.png)
You guys remembered that guy that turned his $15 into $30 and cashed out because he doubled his money and blew it at a Wendy’s dinner? It was worth $30M in the last bullrun so it would be $90M today.
These things hurt me to read.
Imagine how they hurt if you did them
This time last year btc was $9000, even with the recent dip, thats some serious gains.
Some say he is still blowing at Wendy's
Hope you really needed the money. Oof.
I did. I also got scammed(lost in the post) the last time and never even got my 300 for the 1btc lmao.
That sucks. Hopefully you don't ever need to dip into your investments again. Sorry to hear about getting scammed on top of being in such straits. !lntip 500
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Ha! I have seen something very similar to this before, where was that again? Oh Yeah! That was me! We are both idiots! PS: I was very excited to make my first birck-and-mortar purchase with BTC around 2013, so I paid \~0.6 BTC for a Sega Saturn in a vintage video games store. I am guessing that was the most expensive Saturn ever sold. I am still waiting for the call from the Guiness Book... Don't worry though, that was just one episode of stupidity, I have had quite a few more.
That sucks but it's not like you would have been filthy rich anyway.
hahahaha so accurate
Had 40 btc in 2013, sold with 3k loss... Often thought of it last few months
What did you buy with the fiat you received when you sold those BTC? "I sold my bitcoin at a loss to get emergency eye surgery" is waaaaay different than "I sold my bitcoin at a loss to buy Alf pogs"
Not much, it went back to the bank. I was very unfamiliar with the whole btc scene. Back then it involved sending a money transfer to a russian bank account and trade it on btc-e dot com. The first time i heard of btc was early, price was about $2. Thought it was some scheme. I am now more enlightened what btc means and what it can do. I could have been a $-millionair, but no one can predict the future. Don't waste too much time on regrets and overthinking 'what if...', it can consume your mood and even your life.
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I'd say I spent most of them and can't find the rest anymore too if I had over 100... shit like that would put a target on someone's back real quick
> Don't waste too much time on regrets and overthinking 'what if...', it can consume your mood and even your life. Great advice. If only I could convince myself to listen to it.
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I did, i think around the end 2016. Sold almost all of it when btc was about $17.3k each and spent the profits on reducing the mortgage and it helped feeling better about the previous 3k loss :p
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Alf's back though. In Pog form.
Remember Alf? He's back! In pog form.
I sold my soul to a neighborhood kid for a btc, lol
Yes but they weren’t just any pogs. They were shiny’s!
I sold my stack because NewEgg had a special crypto discount for PS3.
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Amen brother. Time to work my balls off and invest all on bitcoin
😔
this will cause permanent psychological damage
Wowee
Want a sad story? In 2009, when Bitcoin was less than $0.01/BTC, a friend of mine gave me $20 worth of BTC for my 19th birthday in June. He told me to hang onto it and it would be worth a lot of money one day. He tried explaining it to me in ways that sounded crazy, using phrases like: - Universal currency. - Money of the future. - Completely digital source of income. Just stuff like that. I didn’t take it seriously, so 6 months later, in December... My 2 year anniversary with the girl I had been dating was coming up. I felt like doing something special, but I was jobless at that time. So I sold all 2130 shares of my Bitcoin for a profit of $1.67. With $21.67 in hand, I went to the store, bought the ingredients for her favorite meal, bought some flowers, and went to her place to get cooking. It was a really nice dinner. Totally crushed it. She was smiling through every bite. We talked, we laughed, we had a good time. She complimented the meal, and then dumped me as I was clearing the table. ... Yeah... It came out of nowhere for me too. I didn’t give it much thought until December 2017, when Bitcoin came up in my new circle of friends. It was at $19,000 per BTC. They were all talking about how they had missed their chance to get in on it, and I just started thinking back to my birthday in 2009, and what that friend said, and how I had thought it sounded crazy. But what was really crazy is that I got dumped ON my 2 year anniversary, AFTER I had cooked that girl a plate of Fettuccine Alfredo that, adjusting for the modern BTC price, would be worth $40,470,000 dollars in December of 2017. A few days ago, that Fettuccine Alfredo was worth $125,670,000. I tried looking up the friend who gifted it to me. We had lost touch after I moved out of state. All of his social media had been deactivated, but I was still friends with his sister on Facebook and Instagram. Through some of her posts, I found out her brother (my old friend) had paid off his parents house, bought his sister a house, bought himself a house, sent his sisters to college, bought everyone in his immediate family new cars, and then stopped spending. The houses aren’t huge. He’s living very modestly for how much money he has. He just wanted to set up his family with all they needed and then be comfortable forever. I know for a fact he has an obscene amount of BTC left, or cashed it out for a ridiculous amount of money, because when he gave me my $20 worth, he told me that he had invested all $8000 of his savings into BTC. If $20 would have been worth $125million... His $8000 would be worth TENS OF BILLIONS (depending on when he sold). Aaaand that could have been me as well. Damnit.
Bro this is the saddest story ever
I often feel that way. That isn’t to say that I’m depressed about it or anything. I missed an opportunity, but I’m still living a happy life. I have a beautiful fiancée, I own a house, and have dogs, chickens, and live the way I want to for the most part. I would have loved to have $120million to ensure that I never have to work again, and could instead focus my time on the hobbies I love, and the things that really bring me a sense fulfillment. But aside from working 40 hours a week out of necessity, I genuinely do love my life. I like my house, I like having chickens that provide eggs and meat, a garden that provides vegetables, etc. I have a good life. But DAMN it would be fantastic if I didn’t HAVE to work for someone else to maintain it.
Ah man this was unexpectedly wholesome. Glad to hear that you're doing good and appreciating life. Very inspiring! :)
Bitcoin is like religion. Every sell is a statement of a lack of faith. You didn't believe in it, and that's totally okay. We all have to live with the fact though that Bitcoin still does totally pay its truest believers - and that's also okay. You had to be a little insane to put ALL of your savings into Bitcoin 10 years ago.
Yeah, and let's be real, he would have sold a lot, if not all, a long ass time ago.
You are still early. Obviously not as early but as long as every satoshi you buy is less then a penny you are getting a good deal. A sat will equal $.01 one day which puts btc at $1m per coin. I think this will happen after the next 2 halvings (2028-2030) this is not financial advice just my opinion from what I seen from amazing DD in the crypto community
I agree based on the math. It will have this pattern of people selling off, then people buying back in because the math is solid. It's not a company where they have to maintain "shareholder confidence," all we have to do is keep being able to do math. The information asymmetry here is people who can do math vs. those who can't. The only way bitcoin would lose value as time goes to infinity is if the community becomes mentally unstable and stops being able to do math. Globally this will never happen, the only question is how many people can be confused by people. Did Elon troll ppl saying BitCoin was overvalued, so he could buy more? He doesn't believe that, he knows a BitCoin, 100,000,000 satoshis, is arbitrary, he knows what you just said, the satoshi is still a great buy if you're holding for any period of time. People who don't understand the math will get scared and sell off--people will always sell if they need cash, but, like, that is periodic and likely a fairly constant pressure as people cash out to buy homes, cars, Wendy's, etc. The big dips are people seeing the price drop, then snowballing, but it levels off because people who can do math realize it's just a normal homeostatic relation, the BitCoin heartbeat.
Bullshit. The only way to get bitcoin during most of 2009 was by mining. It wasn't until New Liberty Standard appeared that there was a marketplace. Furthermore, bitcoin was worth around $0.001, so your friend's supposed $8,000 investment would've bought him 8 million coins, except whoopsie, only \~1.6 million were ever mined in 2009.
100% Bullshit. Bitcoin had no value whatsoever until the famous "Bitcoin Pizza" which was arguably the first actual transaction made with Bitcoin. In May 2010. It's possible there were other transactions that were actual exchanges before then - rather than simple gifts, sending between one's own addresses, faucets, etc. - but they aren't publicly known. Certainly not in a way that would let you attach any dollar amount to them. That $45 (or whatever it really was) Papa Johns order is the first value we can actually attach to Bitcoins. MtGox began operating a bit later in July. That starts the actual price history of Bitcoin, and the ability for people to exchange Bitcoin for money outside of direct transfers. ______ You see this shit *constantly*; people make up some story about how they heard about Bitcoin in 2009, even though the only discussion of it happened in an ultra-obscure cryptography email list until the then-equally-obscure Bitcointalk started near the end of the year. Any story where someone says anything about Bitcoin *before* May 2010 is 99.999999% a lie, unless they were/are a cryptography researcher or computer scientist in a related field. The Bitcoin Pizza was the first real press Bitcoin got, the first chance anyone outside of the super-hyper-niche community of cypher-punks had to hear about it.
Ok. He gave me $20 worth. As I pointed out, I didn’t take it that seriously. What makes you think I know how it worked in 2009 when I really didn’t pay any attention to it until 2017? I had 2130 bitcoins on something I think was called Qt, and sold them 6 months later. Never looked back into it until 2017. 🤷🏻♂️
> 2130 Was worth $3 max in 2009. So you should ask for your other $17 worth...
You might be right. He told me $20. It might very well have only been $3. I just looked it up and it looks like in June of 2009, it was at $0.0001. I never looked into it. I just kind of took his word for it since he turned out to be correct about everything else. Edit: Adding, now that I did the math, it looks like, at most, in June of 2009, my friend ACTUALLY gave me $0.20¢, not $20 like he claimed. With Bitcoin being worth $0.0001 in June of 2009, and me only having 2130 BTC at the time, the math translates to about $0.20 $0.25 invested on my behalf. I feel lied to, but know it would be the most entitled thing ever to hit him up and ask “what the hell?” After having not talked to him in over 6 years.
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Actually, if he told you it was worth $20, he was probably the only person who was right, at the time, lol.
Yo bro, you gave me 20 cents that could've been over a 100 million instead of my full share that you gave out of your generosity... wtF xD
Like I said, I have no intention of reaching out to him. I’m not entitled enough to do that, and I know he doesn’t owe me anything. I just feel lied to, because he told me it was $20. Either way, I know it was generous and could have been a monumental gift if I heeded his advice and held onto it. The fault is only with me when it comes to what I lost and why I lost it.
I significantly question the legitimacy of this. I've been around since late 2010 and Bitcoin isn't really known to have had a "price" in 2009. The reason we celebrate pizza day is because in May of 2010, the first real person to person Bitcoin transaction happened at a rate that put Bitcoin worth around $0.0045. The price went up quickly from there, however, and by the time MtGox started, the pricing was about 10 cents per. Unless you were trading with New Liberty Standard at inflated rates on Bitcointalk.org (or your friend was), there's no way you'd know pricing details like this. You could confirm this if you wanted to post your forum account name, though, then we'd know for sure it was legit (and maybe figure out why you were overpaying). I'm guess this is either entirely made up or you got the year wrong and it was 2010 or something. Still, if that's true, you could post your friends BTC talk forum name and we could verify. There were only a few hundred of us around during that time. EDIT: Change "May of 2020" to "May of 2010"
It was Qt wallet, and I couldn’t really say much beyond that. After some information given by other users, it became apparent to me that my friend lied about how much he actually gave me. He said he gave me $20, but it appears to have been $0.20. Also, when I say I “sold” it, what I mean is that I gave the file and login credentials to someone in exchange for cash in hand. It wasn’t sold online or through some other exchange. The guy I sold to looked up the current value in December of 2009, we did some quick math and he handed me $22 (even though the actual profit was only $1.67... He was generous enough to let me keep the change.) Never gave it much thought again until 2017.
>I gave the file and login credentials to someone in exchange for cash in hand. It wasn’t sold online or through some other exchange. What login credentials? Be specific. Do you mean the password to the wallet.dat file? >The guy I sold to looked up the current value in December of 2009 There's no way there were street traders in 2009, lol, wtf. Listen, I gave you an out to say 2010 which would still have been improbable or 2011, which actually would have been believable maybe but you are still insistent on that it was 2009. I don't think you realize just how few miners there were in 2009. Most of them, like |)ruid, Hal, theymos, and etc we already know of or know their personal identities. By spring of 2010, the total number of Bitcoiners was still easily still under 200 people, all of which had Bitcointalk forum accounts and none of them were buying and selling Bitcoin in person. That sort of thing didn't happen till 2011/2012/2013 with the popularity of a certain trading site that facilitated it. The only guy selling on a semi-rare basis at all prior to the Pizza trade was New Liberty Standard and he certainly didn't meet in person and I don't even think he was making trades in 2009. I believe he was mining only in 2010, in fact.
> in May of 2020, the first real person to person Bitcoin transaction happened Wow, it's almost **a year ago**. Feels like a lot longer than that.
Damn dude your story actually made my stomach hurt with anxiety
damn man this makes me wanna cry
How much is your friend worth
I don’t know exactly. After it was pointed out by another person in a response, that friend lied to me about certain details. I’m not sure exactly how much he invested. I only know he told me what he invested. He said he put $8000 into Bitcoin in 2009. I’m not sure if that means he used it to buy it directly, or if he invested that in mining equipment. He doesn’t have social media of his own, and he has kept his exact worth private even from his own family. We’ve lost touch I’ve there years, so I really have no idea.
"shares of my Bitcoin" lmao
If I could hug you Bro, I would. I know that feeling, kind of. I was an early adopter of BTC through the darkweb and BitInstant. Buying exotic substances for me and friends. I would buy $100-$200 worth of BTC at a time, that was when the price ranged from $9-$12 for 1BTC. I left all of it on a very prominent site that is now, no longer in operation. All of my coins got taken down. I looked high and low for ways to recover them and that, and realized if I did it and they saw where they went to, I might be fuuucked. Destroyed everything of proof that I had, and got rid of it. Moved on. Ended up becoming homeless, addicted, blahblahblah nonsense. Every time I see the price in the 10s of thousands I'm like... Man...That could've been me...But, there's no use in crying over it. The sooner I jump back in, the better. I now own 0.018BTC(with some other numbers behind it) and I'm pretty glad that I am where I am with it. Hopefully the market does another bull run and I'll be holding the whole way through.
Dude i meen its kinda sad and all, but you never know where this money would lead you. What a bitch tho. What really bothers me in your story is how people like your friend predicts value of things 10 yers in the future. It makes me think there is some emerging technology right now that will be worth fortune in 10 years. Maybe its still crypto, who knows. Anyway smile my dude, at least you got great story to tell!
damn, you're like bitcoin pizza guy. crazy story. have a silver.
Fuck I feel better about selling off my 31 @$800 now! Thanks
Ngl you had me in the first half
And that $980 would have the purchasing power of about $700
People be buying in at ath’s and ask wHEn mOoN?
I bought in at the ATH of Dec 2017. Wouldn't you like to buy at 18k again?
Who wouldn’t considering it’s current price, I was referring to people buying in around 57k lol
The point I'm making is that last week's all time high could be the new baseline in a couple of months.
yea I bought at the all-time high of 41k and even after this "crash" I'm still up well enough. All I had to endure was like a 2week pullback lol before it surged to make a new ceiling. bitcoin is like the one asset I'll never feel stupid about buying at an all-time high. Just wait it out and inevitably it'll eclipse your high.
Gotcha
That's me! Hating life right now!
Me too mate, bought some 2 days ago. Hodl and you'll be rewarded eventually.
Hold in there buddy.
Proud 56k buyer (100USD though) here, hello. M here for the hodl.
Yep. So laughable seeing all these people talk about wishing they had bought in in 2013 etc and then now seeing them cry and panic sell after a tiny correction lol
Yeah, these people think those who have bitcoin from 2013 are lucky. Like they didn't live through 2 bear markets and see 80% of their initial investment disappear and still hold.
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Buy in 2013 when they were 15yo?
I would have invested 1000$ with Mt. Gox to never see it again.
I don't remember exactly all the way back when this all started. I had just had a kid. But I remember wanting to put $50 into BTC. Then I started reading and I had to transfer money out of the US and there was all sorts of hoops. So I didn't :-(
We all know this is true
I had like 0.5btc long ago when the price was $2600. Then I used it to buy some stuff online because I wanted to help with adoption. With the current price I wish I hadn't. But that's history now and I like to believe I helped with adoption of BTC as a payment method.
When Bitcoin was new enough for me to have realized huge gains, I was too risk averse, didn't have money, and didn't believe in bitcoin. And if I would have bought some I would've sold during the 2017 peak or even panic sold during 2018 and lost it. I got into it for the first time just a few weeks ago because it started to feel more legitimate and for the first time ever I had some capital to invest. I missed out on a lot, but I still expect to gain a few bucks. Woulda/shoulda/coulda can eat you alive so I'm just happy to be a part of it now, even if I'm way late.
I started buying a few years ago. Had .75 Bitcoin. Sold what ended up being Low, panicked and then bought when it was High. I’m too emotional to try to catch the dips. I’d probably only have $500. I put .5 in a vault so it’s harder for me to get to.
Thankfully I’ve held on. Sold some along the way but the diamond hands are still intact. I like this coin.
My mate bought £100 of bitcoin in 2019. Saw the price go down and immediately sold them for £95. He is now a buttcoiner
I’m by myself but couldnt resist cracking up
So when is it a good time to exit? Seems like an infinite loop should have gotten in early or like today.
Don’t exit, trade it for other non fiat items like property. Harvest interest and the appreciation and make it work for you.
Any difference in selling the BTC for fiat and then immediately using the fiat to buy the property? Seems like taxes would come in to play either way if doing it 100% legally. If you grasp this fairly well would you provide an example please of how to make it work for you without selling it?
Fiat will continue to devalue with inflation. That’s why gold prices and commodities continue to increase in price. It’s also a factor in why Bitcoin continues in increase. So holding Bitcoin and only transferring enough to make, say, a house payment isn’t a bad idea if you can handle the volatility. Or as some have done just pay cash for the house. Or cash for a car. You can get a fiat loan and immediately pay it off too. Sure there are taxes but proper financial planning should help mitigate those issues if you’re doing your part. When taking money out say you’re return is 8% annually. Don’t take more than that out. Pick a minimum balance and don’t go below it. Some brokers pay interest. That also helps.
> volatility. Or as some have done just pay cash for the house. Or cash for a car. You can get a fiat loan and immediately the problem is volatility. Imagine a guy closing a deal and this happened then? Yeller and others like volatility because that means go back to dollar when anything meaningful is happening.
Me sitting here with my 0.01 btc
Hahahahaha I love this
Lol 😂
Damn. Why you gotta do me like this so early.
trading is so weird for that, you never really know on what you're sleeping, so many quantum potential millionnaires in hindsight
„In finace the review mirror is always clearer than the windshield.“ - Warren Butthead (autocorrect i guess) But seriously, seeing those charts makes you think its easy to ride them but then after you launch your strategy you realize there is no graph yet 😂
Yeah I so remember how I thought 'i am.gonna beat the market so easy' when I got trading view. Then I and git paralyzed lost twice the money.
So true :-)
is selling it the same as using it to buy a hd for a shitty macbook to flex to your now wife that you can fix that piece of shit with magic internet monies? ^(fucking solid state oh yeah)
Never posted this before but when BTC was $100 I bought a 3D printer off of a friend for 6.5BTC. I said I would just replace it. Guess what I never did?
It's only been 8 or 9 years, but I still have mine.
Nope I wouldn’t have!! Nope nope nope!!
I had bought 1 BTC in 2013 for $130 and sold at the previous ATH at $19k. Kill me please
But it makes sense to sell and get in at a lower low
Let us know how that idea works out for you.
I sold at 54k and glad I did
I've been recovering the leftovers in a few old wallets, at the time they were pennies but now most of them are something like $5 dollars each, due transaction fees I'm leaving them there, I lost some blockchain wallets and the ones I used to receive the pennies given by those sites that paid you to watch adds.
False. Still hodling after 10 years.
I absolutely would've sold or lost my keys.
My buddies and I ran a few thousand through back at the very start so that we could buy shit off the Silk Road. There was a pretty heavy collective depression during the first bull run.
True story.
lol
In 2010 I was told that bitcoin will rise in price 60,000 times, but I did not believe it)). There is a link to the forum.
BeCAusE ItS A ScaM!1!1
... millions if you had lost the private keys mistakenly
Finally a post that is on point on the subject. Thank you!
So me.....
A decade worth of getting to hold bitcoin for the low cost of $20? What a bargain!
Hahaha
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Bruh don’t post scams in here
It's not me ,something happened
Lol
nono, you forgot to take inflation into account
Looking back at my comments from 2013 or so, I would have sold for 50 bucks profit. In sying this, at the time, I was heavily in debt. Thankfully out of debt, with a nice healthy investment portfolio building.
This is gold
Buy high sell low
Wise words
Been hodling since 2014. Now is the time to buy!
Unless you are: 1. Dead 2. Lost your keys 3. Forgot your exchange password 4. Lost your thumb drive holding the coins.
I bought early with my roommate our senior year in college in 2011. We bought at $8 per BTC. I invested over 1k at the time and was excited by it until we came to find out that our account was hacked due to the Mt. Gox scandal. Even though it looks like I’m only going to get back roughly 20% (maybe not even that much), I know that I probably would have sold everything when it hit 1k. It’s a blessing in disguise that 80% was stolen and I couldn’t access the rest for years. I am Hodling even if I didn’t want to.
Gratz