Bitcoin Forum

Note: The author of this article, Velaciela, aka V酱, was the Co-founder of Yibite, a bitcoin news site that was founded in 2014 but finished in 2015. The story below is a vivid description of his gains and pains when working for a bitcoin startup. Not every early adopter can take fortune-making ride of bitcoin.

-------------------------------------------------------------------------

Bitcoin soared over $1000, hitting a record high as it happened at the end of 2013 and the beginning of 2014.
As an early bitcoin user and investor, or even a so-called entrepreneur, it would be lying to say that I didn’t make a profit from it. But honestly speaking，I am not financially independent or a successful investor though I indeed invested a lot of money in bitcoin and got some opportunities to learn something about the bitcoin blockchain. Therefore, it can be said without exaggeration that my investment in bitcoin is a big disaster.
I never thought I would share my experience with anyone, but it’s just not right to do that, so I’d like to say something about bitcoin and what I have learned from it.

http://news.8btc.com/why-i-failed-to-make-a-fortune-as-an-early-bitcoin-adopter

I can relate to that, I too am an early adopter and saw bitcoin in the ~$60, I am not rich.

And I lost my coins in a lot of scams and made poorly trade decisions.

It sucks.

That is a sad story, I am good at holding my bitcoin, that is why I still own 3-figure bitcoin now. It is a wonderful dream which I made it come true.

is it just me or is the article vague and weird?
he says "i was one of the early investors before 2013 when price was $100" and i understand that he made a large investment at that price.
the he continues by saying:

what does that even mean? just because some other group of people bought bitcoin at $0.1 and less doesn't mean HE didn't make a fortune!
someone who has bought right before the Mtgox pump at $100 has obviously made 1100% profit in a very short time.
all i can see is him crying that he made 1100% profit in half a year while others made 10 times that amount in 3 years! i wish i could be sad about such profits in such short period of time!!!!

then in the end
this is bullshit.
faith is only for idiots and old women in a nunnery.
you need knowledge and experience to be successful.

Do you want us to pity you OP? You haven't made a fortune, but you made money. You haven't said how much, but I expect working in that big Chinese company has brought you significant profits. You're probably dreaming of becoming a bitcoin millionaire, but if everyone could easily become one we'd be living in a world full of millionaires, dreaming of becoming multimillionaires.

Let me quote a few snippets from the article:

"It’s all about me being too greedy."

"I failed not for lacking skills, but for my thoughts."

Pretty much sums up what OP's mistakes were, but don't worry, you only fail when you stop trying. Get back up. I'm an early adopter too, but I'm not a millionaire.

to be the earlier adopters, I think it should be difficult because the tech was developing, and of course there would be money loss. however, it is the risk in business field. there are loss and profit. it depends on your destiny. there will be the good thing beyond that.

Being an early adopter of bitcoin itself something a great thing. Due to some sort of failure he was unable to cope with technology that advanced from the scratch. Now realizing and thinking the past doesn't gonna make things better. Even now the time is not too late to grow with bitcoin and other digital currencies.

I think early adopters who have kept their coins long enough and made good predictions about Bitcoin future are rich now. But there is just a few of them and besides you also have to have some luck too.
There is no point in regretting now, just think on the future and be prepared for future opportunities.

early adopter for my definition is
Buy Bitcoin under 20$ , mine bitcoin from your desktop computer using your cpu, if you done all this and still not being rich, then you have made a hell of wrong moves with your free money,  :-\

i always wish that had i been entered the bitcoin network back in 2013 or so  because bitcoin was so so  cheap at that time and now i were owner of at least 5 6 bitcoin easily. but its my misfortune that i hadn't did so. but you guys are lucky that you entered the bitcoin network long back but its too your misfortune that you couldn't make a good fortune.

All you have is misfortune and your misunderstanding with bitcoin. You could have made a huge profit in this course of time and you probably could have been become a rich guys.

so, a person that it has bid gold in 2000 at 200 USD ... and sell it at 1300 USD ... have no faith ?

http://imagizer.imageshack.us/a/img924/2964/VoGuD8.gif

stockholder have faith to keep a thing more than 10 years.

What he is feeling right now is pretty common to investors who missed an opportunity or realize they have taken profit early. But the good thing is he had a good experience with it and that experience have thought him greatly about investing. Me as an investor I need to believe in my investments that it will go too the places I expect it too be. One good advice is to control your emotions about your investments.

I wish that I bought some bitcoins before it was few cents per piece. This is my daily regrets ;)

Not fully in the same boat but I was a currency exchanger around the time when Bitcoin was around the $300-$500 USD per bitcoin mark. It's pretty upsetting to look at it now and see that if I just put the amount of money and time I put into trading into just buying and holding I would've made the same amount of money plus a couple thousand.

Plus, I wouldn't have even needed to do anything and just let the bitcoin sit till now. I guess we can't ponder on the past and we just must look towards the future, it's the only way ONWARDS

I'm not an early bitcoin adopter but I know what you feels, a friend of mine, is an early bitcoin adopter, he started doing bitcoin when it was almost free in the FAUCETS giving 1-3 bitcoin, something like that, but he didn't pay attention on bitcoin that time, he lost his interest and just got back again on bitcoin just this last year, and he do really regretted it. He said to me this If I only didn't quit doing bitcoin in the first place, probably I am a millionaire right now. and he is right, it is really regretful, but he also said to me that we don't to live in the past and keep always reminiscing our mistakes, because it won't help.

What we need to do, is to focus on the present, we are still lucky because in all of the people around the world, we, bitcoiners knows about bitcoin and others don't. We earn money in an easy way, and they don't, that is why instead of regretting the past, why not enjoy the present. :)

That's elite adopter. Only a few people could hold that long. I just cashed out 10 coins for my friend yesterday. 150% gain within a year is more than good enough for him.

Cents would be too greedy to ask. I think @100 dollars would be fair to be qualified as early adopter.

Everything is based on luck, maybe we are not that risk takers that time, it's really a big failure if you know bitcoin at early stage and you do try to risk and hold it. Now that the price is going to hit the all time high, it will really hurt and especially when the price keeps rising. But don't just end our dreams because we failed in the past, bitcoin still offers great opportunity to invest and hold now, I hope you see it, it's not too late yet.

Is pre $100 considered an early adopters then? I'm not sure what the consensus is on the time frame. Either way I don't think I'll be lumped into that category because I started using bitcoins in 2015.

I think it's pretty sad that a lot of early adopters didn't invest much or got scammed out of their coins. Reading about bitcoins before I used them helped me a lot but that was probably because I read up on what others had done wrong in the past. I'd suggest that to anyone getting into bitcoins now.

I think it is a common misconception that all early adopters have gotten rich off bitcoin, there have been a few but i have also read many stories like the one in the OP over the years. People don't just get rich for being the first one through the door.

One of the oldest stories about an early adopter that is apparently btc broke now is laslo, he may have spent 10k btc on a couple of pizzas but he did get his 15min of fame out of it and will always be in the history books for being making the first recorded bitcoin purchase.

I cant really forget that 10k pizza guys on which this is really stuck on our minds or parts of the history regarding on the events that happens on bitcoin ecosystem and the feeling of regret cant really be removed to us but those early adopters didnt still expect that they would become rich because of bitcoin.

How I wish I'm in the one who is early adopter too, I think the reason is you already use your BTC in too many way  at that time the price of BTC is still cheaper and not expecting the price will go higher as now. you spent it all time base on your need and not savings some of it, because  you still believe you will easily have it again and not trusting too much in BTC

You mean now? even when it is @1200 USD?

Usually in Chinese startup, a co-founder get shares instead of money. If the startup dies, then no shares, no money.

im not an early adopter but got in around 280 - 300 wish I would have bought more of these magical internet coins. lol

Lol if you only read the article, it was not the OP but rather he shared a story about a person who invested much in Bitcoin when it was at a very low price, have an insight that it will increase 10x in price but failed to earn from it. This somehow tell us some lesson as what was posted earlier than this comment.

I was a newbie here in bitcoin. But as far as I know, it need a good mindset and wisdom to become successful in bitcoin.. There's no easy money. We need to pursue everything that we do. Never give up, failing doesnt mean you have to stop bitcoin. Try to be more sensitive in every transaction you do. I think those will help us to get a brighter future with bitcoin.

I'm not an early adopter, but I did have some bitcoins prior to the ATH and after the ATH but I was poor on handling them and out of greed, I invested them some in HYIPs not knowing what they were before and some cloud mining sites due to my laziness. However, that downturn doesn't end my continuous struggle to earn more and profit more, that's why after I got a decent-paying job, I bought bitcoin every paycheck starting 2014 up until now. Currently holding 2-figures in btc and I consider myself a millionaire (due to its prices here in our country) but not that totally rich.

That's right. Thanks for pointing out.

I am always inspired by the story of the founder of KFC. Mr. Sanders was 65 and reliant on a $105-a-month Social Security check when he incorporated Kentucky Fried Chicken and began driving his 1946 Ford around the country signing up new franchisees. {Most people his age goes on pension at that age}

If you are down and out, you fight the hardest to come back again, no matter what the outcome was of any of your previous failures. Learn from your mistakes and improve on your methods.

It is never too late to start over. { The price is $1200+ now and in 5 years the price might be $4000 or more, what will you say then, if you did not invest now? }

i wouldn't call that "faith", it is an educated investment. and stockholders don't keep a thing, they keep whatever they find profitable.
investing in bitcoin is an educated investment.
investing in this gold (https://coinmarketcap.com/currencies/goldcoin/) (pun intended) is dumb faith :D

I think you re watching it the wrong way. What if current $1200 s a price where people who enter now can still be considered as early adopters? Maybe not that early, but still pioneers of the industry?

Those so called "early adopters" of bitcoin failed because of one simple reason,
they didn't see a good future on bitcoin that's why they either sold every bitcoin
they have or did not invest on it in the long run  But who would predict that bitcoin
will rise its popularity as what we are experiencing right now?

I think if ever I'm one of the lucky one who adopted bitcoin early, I would not
expect to be rich as well. It is up to each individual to make a proper evaluation
and the risks involved investing in bitcoin.



 

That what I'd think, I've bought Bitcoin less than 200 dollars, but also didn't get rich doing that. But I still consider myself an early adopter.
I just didn't have enough capital back then to invest.

I think we all have similar stories and if we had taken advantage of what we had earlier would have been Bitcoin whales by now, but it's a learning curve and in all this we have to learn to critically make the right choices going forward so as not to rue our fate in future.

That's a great point to make, i would consider everyone here now who is using bitcoins an early adopter, we have a long long way to go yet.

I bet you're right and so we need to join the Bitcoin wagon now and not wait again to discuss this thread three years to come. We are in for massive pump fellow members, don't be afraid to buy more bitcoins and hold them down.

There were people who bought or mined Bitcoin when it was worth $1!
And they sold as the price was $10 because "that's the ultimate price".
The same with people who bought at $20 and sold at $100!!

These people had hundreds, thousands and some tens of thousands of coins!!!
No one at that time, even the guys with incredible financial and IT knowledge and background knew what could be possible with Bitcoin.
Only a very small group of people saw it and had the courage to hold or accumulate more.
You can not blame the really early  adopters to have done something wrong.
In hindsight it's always easy to say what someone should have done and what not.

i think the article was either poorly translated to English or the author is poorly telling the story, maybe my Inglish Soks.

in any case instead of talking about why we didn't invest while price was $100 and regretting the years gone by we should start thinking that yesterday price was lower than today and tomorrow price will be higher than today for at least a couple of more years.

if you care about profit invest today and become a BitcoinHodler instead of being afraid and postponing it until you find a dip!!!

For who believes in bitcoin , maybe even an investment now at ~$1200 might be a good thing , if we think that BTC will go higher and higher as projects appear and businesses accept it as payment.
But as well , there might be a price correction in the next year , that could lead to a price of 500-700 and that would certainly be a point where "early investors" can get in!

lots of us that are here today have missed the chance to buy bitcoin at very cheap prices either for stupidity or lack of awareness. but we have had so many good opportunities for about 2 or 3 years to become a part of bitcoin's early adopters. there has been super cheap prices 6 times less than today.
the only reason why anyone misses the chance of becoming an early adopter of bitcoin is laziness and nothing else.

It honestly hurts how some Bitcoin (earlier) supporters such as myself miss out on opportunities because of the scams we invest in - that or just the necessities in life call for us to use up the investments we put into Bitcoin. Right now, like f*** man, why haven't I found success yet? ... It's a cycle, I'm just hustling and striving to make an income online where I don't have to break my principles.

All of a sudden it became a long term investment. The first time I looked at bitcoin I only saw a short time investment because of its history. It falls so quick then go way up also fast. With that kind of movement people are thinking buy then sell again but you will have to guard it.
But who is really more profitable here. Is it those who put their faith and just HODL or those who buy and sell although risky?
I dont regret selling when it was too early and I dont call that a failure also.

I think it's the same with most things in life. Afterwards people are always smarter. Not just in economic things.
If I had know how things would end up with my wife, I would have surely taken another one...
I have found out, at least for myself, never to bee to greedy, that makes you blind.
And be happy with the things you have, that gives you satisfaction.

bitcoin surely has a volatile market but also don't forget that price is also rising in the long term because of the potential of bitcoin.
in other words a rising volatile market can be used both for short term and long term investment just as easily. it depends on you to choose one of these methods that suites your strategy.

The more profitable here is those people who put their faith in Bitcoin as Bitcoin strives im votality. We shouldn't regret if we sell bitcoin as we used it for our needs and assistance. Holding bitcoin isn't risky in my opinion as it was popular to the market which make it stronger, hence it won't fall so much. What risky in Bitcoin as it continure rising up is to trade it to other currencies.

Indeed, because everyone of us have different fortune in life, being an early adopter of bitcoin doesn't mean that you are going to be reach, because just like what I've said, we do have different fortune. If someone, an early bitcoin adopter, is a millionaire right now, and you are envying him, or insecure or whatever you are feeling towards that person, it is wrong, because instead of getting envy because that certain person is a millionaire right now, we should idolize him, ask a piece of advice that will helps us to be someone like them in the future.

Who knows, maybe next year OP would become a millionaire because he have learned from his mistakes and change the way he use bitcoins, we just have to wait for the right time, because God have plans to each of us, and He knows when He is going to give it to us. :)

Hindsight is 20/20.

I first bought btc at $11 each. I made quick and easy money trading them locally. There wasn't many people who had an exchange account back then, so you could make 20% on each transaction. At the time this was a great bit of business as a small side hobby. I carried on trading and making money on the arbitrage right up through the first bubble... So when the bubble popped I was left with a massively reduced value inventory!

This week is the first time in 3 years that I have broken even :D

My claim to fame is that I was almost the second ever hodler as I was about to post a reply to the hodl post but wasn't logged in.

That's quite a story. Thanks for sharing.

I don't think even now it is too late for long-term investments in Bitcoins. There are many more countries who haven't used Bitcoin for it's potential yet. So prices will climb up as they start using it and still you can make fortune with Bitcoins. We must accept finite disappointment, But never loose infinite Hope.  :)

I would agree on that. Some governments are reviewing bitcoin to legalized for public. If it was approved and be supported by government bitcoin's value would increase as many people would use it for legal transaction. It's very significant to behold for its potential.

That's the thing with BTC-those who got it early weren't neccessarily the ones who made a profit-there were and there are still a thousand ways you could lose your BTC or sell them below the profit margin-and to have been able to avoid all these and end up in the profit zone is something which a small percentage of people have been able to do.That's why it's hard to find someone who made a huge profit

I wish I was in your shoe then as I come to know about bitcoin when is over value. I came across crypto currencies in 2015 and started making few satoshi in 2016. We humans being will always think rationally when ever we come across an investment opportunity. I am happy for you as now you have invest in bitcoin related site now.

If I came at the right time as you did I must be rich by now.There arenfew some causes why you didn't profit on it.One is maybe you're doing some wrong thing while trying to grow your bitcoins.You must know what you are investing in to be secured and make profit through it

Whatever he said on his story, whether you find some parts of it doesn't make sense, doesn't really matter for me.
I just get the big picture of it ; I realized that I failed because I am too greedy. In other words, one need to be mentally wealthy in order to make a fortune.
Bitcoiners or early adopters who can make Million of dollars > they must be have faith that bitcoin price will skyrocket someday and they are right as now the price reach $1180 and still climb up. And the point for us : keep our bitcoin save and wait for 5-10 years later.

What you describe is a common problem with investing  :)

You think wow, i got already +10% and take your money but then it rises to +20% or it could fall down to +0% too.

Have already experienced both scenarios  :D

some of the are indeed rich, you would be a moron to spend 10k bitcoin or more and don't hold anything until real value kick in, not all of them are asshole that would dump at the first pump and lose the possibility for a real gain

intelligent people should always hold at least 50% of something that has the potential like bitcoin, there still "medium size" early adopters out there, what make you a real early adopter is the ability to hold your coins until the real opportunity come in

I don't understand how difficult it is not to get scammed and lost your Bitcoins through gambling and other means. That is why I am always confused when people say they didn't make a fortune by being an early investor of Bitcoin. You literally just have to be patient and wait for the right time to sell, then sell the Bitcoins and make a huge amount of profit, it doesn't seem too hard to me. The author of the article made profit and probably a lot of it, and yet he is still saying that it was a failed investment. I just don't understand. Maybe someone can explain it to me.

Yes. It may be a problem for government's because of the decentralized feature of Bitcoin but politicians and other big names have understood the importance and value of Bitcoin much early and invested in it. Most of them know about Bitcoin but kept it secret.   ::)

There are ups and down in bitcoin due to its volatile nature and of course when the bubble pops the price of bitcoin will fall back to the ground. But if you just let your bitcoin sleep in your wallet it will go back again in price. The only way for us to really make bitcoin stable and make sure that such event never happened is when the price of bitcoin will rise up to 100k $ each per coin.

It's impossible to project yourself back to the mind set of people who were around in the earliest days. It could easily have turned to dust so anyone selling at $1 having paid 1c thought they were being sensible and financial ninjas.

As for the gullibility for scamminess, no, I don't understand that. I don't care if it's magic internet money, I'm not giving it to anonymous pricks with no comebacks who make ludicrous promises.

I got into BTC in 2013. Everywhere told me Gox was the place to go. I spent five minutes researching it and thought 'what the fuck is wrong with people? Why would they trust this shithole?' and shopped elsewhere.

And everyone here right now is still an early adopter.

Yeah i get your point i am came away form reading this article thinking the same.  i dont get the point of it really,  what was it like just go with what you think is right because thats what your brain tells you?  strange.  and yeah the with faith bit is BS.  ???

Looks promising today with gold parity being the headline today.

Very promising but despite the fact that I am not one of the early adopter, I was able to manage to ride with the success. Making money in short term trade is very good at this moment as seems like the price is very predictable which mostly moves in one direction only which is UP.
Time to hold on a little bit and though temptation is out there to sell but I am keeping my promise to hold on for better return.