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21  Bitcoin / Bitcoin Discussion / Re: Any runescapers here? on: July 16, 2014, 05:47:04 AM
Old School Merchant here, merchanted from 50k to 100b lol.

It is was what got me interested in bitcoin -- if rsgp can facilitate the runescape economy so well, i figured virtual currencies would be very important in the future. And i figured that out well before 2009, i just wish it did not take me 2 years after 2009 to hear about bitcoin lol. It seems my success trading in runescape translates to doing very well with bitcoin, i feel like the crypto market is closer to mmorpg markets than it is to the stock market, so it is an advantage over most people.  Roll Eyes Roll Eyes
22  Bitcoin / Bitcoin Discussion / Re: My $11k bitcoin odyssey on: July 16, 2014, 04:20:49 AM
Here is my story too i feel like doing the same lol:

I first learned about bitcoin in 2011 through a story on yahoo as the price skyrocketed to $31. Not wanting to buy into a bubble, I limited myself to learning about bitcoin only, determined it was great, and decided to try to time the bottom. In December of 2011/January 2012 I figured it was about at the bottom, and my plan was to buy 200-300 btc, then slowly increase that amount to 1000 btc if the prices stayed low.

Well, I bought 200 btc for about $1200, and kept them on mtgox. Because I am such an idiot, I did not learn about paper wallets, and someone hacked my mtgox account. Thankfully they did not know what bitcoin was and did not take them, but I was scared someone else would hack me, and so I sold eneough bitcoins in order to withdraw my initial investment. I had about 40 bitcoins left at a price around $10 each. Essentially I kept them "just in case", so I would not end up kicking myself if they were to rise. Well, I did great with those 40 bitcoins, multiplying that investment by over 200 so it all turned out good.

HOWEVER,

I can distinctly remember, when bitcoin fell from $31 to $2, thinking to myself "Well this is probably the last time I can afford 10k bitcoin if I really really wanted to go all in" And I was almost 100% sure it was a perfect investment. (Would now be worth $20m if I had went in and traded the same, going x200)

Then later, as the price rebounded and was about to hit the 2011 ath of $31, I remember saying "Well this is the last time I will ever be able to afford 1k bitcoins", being almost 100% sure again that the price would spike once the ath was broken. (Would have been worth $1m+ if I went in at this point, from my trading)

And the whole time I held just the 40 bitcoins (increasing it slightly with litecoins). This was all while being a college student who really had no expenses, so the rest of my money just sat in a bank when it would have been so easy to put like x10 more in.

And the worst part is that I recognized that putting $10k or $20k in at such a young age would be perfectly fine... If i lost it all it would not really change my life at all, but it could have turned into a life changing sum. And the only thing that really stopped me was not figuring out how to use a damn paper wallet and being paranoid about someone hacking my mtgox account LOL   Cry Cry Cry (Or simply just adding 1 more zero on my initial fiat deposit)

I should say that turning $400 into $80k while in college feels like a life changing amount of money, but in the grand scheme of things, it is not when you live in a first world country. It's also interesting looking for an entry level job after just graduating college, when you were so close to not even needing a full-time job for a while, and then trying to explain in interviews what bitcoin is in order to avoid the "why didn't you have an internship" questions.

Anyway, heres to hoping we enter another bubble/adoption wave, which I think will start the instant we break $700. Maybe this time i'll hold 50 bitcoins instead of 40 haha.

Anyway, i think everyone that has been involved with bitcoin for a while has a similar story and some regret, no matter how much they made. Maybe it is the case that they earlier you got into bitcoin, in general, the more money you made and the more you regret not buying more, so by no means am i complaining. The key to investing/speculating though is to realize that there is ALWAYS another opportunity, and I am confident bitcoin still has massive upside potential.  You may be able to sell your 6.5 bitcoin for much more than $11k in total, hopefully sooner than you think  Roll Eyes

TLDR: Hindsight is always 20/20 and everyone involved with bitcoins has at least some regret. Perhaps many bitcoin buyers are just hoping to hedge against future regret, which is perfectly fine.


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