The key is to have as many bitcoins as possible

[dropt]

The poor guy was in the right place at the right time and did the right thing.  He was probably set for life but for the fact that he ran himself into cash flow issues and dumped at a bad time.  Then he had to go back to a real job and start to re-build.  Mercenary, IIRC, as are at least a few of the early well known Bitcoiners interestingly.  Hopefully others can learn from his lesson.  DON'T put oneself into a situation where one cannot be economically viable without touching their BTC stash.

It's unfortunate that has occurred for Elwar, although it has always perplexed me the concept of early retirement due to BTC gains.  I'm sitting on a pile of my own, but I still go to work everyday.  I also have trouble spending any of my Bitcoin related earnings because I don't earn anywhere near the kind of money that would be required to maintain the type of life I could buy my way into.  One needs to be smart rather than reckless: easy come, easy go.

A corollary might be to not take the above rule as gospel.  If something goes terribly wrong which is always a possibility, don't get crowded out trying to get through the escape hatch.  If this happens it will be tricky and probably technical to obtain high quality information and much of it will probably need to be self-generated.  It's one of the things which makes Bitcoin appropriate for only a sub-set of speculators.

Sage advice, thanks for posting.

[K128kevin]

5 Years from now 1 bitcoin will be worth approximately 2 mansions and a lamborghini.

But seriously what do you guys think bitcoin would be worth 5 years from today?

If you assume 21 million bitcoins exist (although I know it will still be much less than that in 5 years) and they were to replace all world currency, then the value of each bitcoin comes to something around $640,000 per coin. However I guess it would be a bit more since there will be less than 21 million in existence... maybe even close to $1 million per coin.

Just to clarify though, I don't think this will ever happen, or certainly not in 5 years anyway. I could see bitcoin becoming very commonly used and being valued very highly, but I think there will always be other currencies. If it ever reached the hundreds of thousands of dollars range, I think it would take at least another 10-15 years.

Oh I did forget about inflation though, so if you account for inflation then bitcoin definitely could be worth millions (theoretically), but millions at that time will be worth much less than today.

[aminorex]

If you assume 21 million bitcoins ...

There are many more uses for bitcoin besides currency.  The vast majority of available bitcoins will never circulate as currency.  Your 21 million working float should be more lke 1 million.  Possibly significantly less.

[slapper]

5 Years from now 1 bitcoin will be worth approximately 2 mansions and a lamborghini.

But seriously what do you guys think bitcoin would be worth 5 years from today?

If you assume 21 million bitcoins exist (although I know it will still be much less than that in 5 years) and they were to replace all world currency, then the value of each bitcoin comes to something around $640,000 per coin. However I guess it would be a bit more since there will be less than 21 million in existence... maybe even close to $1 million per coin.

Just to clarify though, I don't think this will ever happen, or certainly not in 5 years anyway. I could see bitcoin becoming very commonly used and being valued very highly, but I think there will always be other currencies. If it ever reached the hundreds of thousands of dollars range, I think it would take at least another 10-15 years.

Oh I did forget about inflation though, so if you account for inflation then bitcoin definitely could be worth millions (theoretically), but millions at that time will be worth much less than today.

I guess even the real optimists will wake up and smell the coffee one day. It just depends how much of the hype you have married yourself into because of what you read on r/bitcoin or other propaganda outlets. I guess China, Russia, India, Australia don't matter. We just need to keep finding minions and buy them into the scheme.

[BitchicksHusband]

Australia?  Didn't hear that one.

[leopard2]

is anyone willing to search the forum for bearish newbie asshole rants during the $30->$1 crash and again the $266->$50 crash?

that would be the best way to determine if it is different this time or not  

Ah its easy, just click thru the old messages 200+ you will find stuff like this

https://bitcointalk.org/index.php?topic=33873.0

later this

https://bitcointalk.org/index.php?topic=173464.0

AND SO ON.........BUT THIS TIME IT IS THE END FOR SURE SO PANIC SELL

It will need to get worse before it gets better :-)

[ampere9765]

is anyone willing to search the forum for bearish newbie asshole rants during the $30->$1 crash and again the $266->$50 crash?

that would be the best way to determine if it is different this time or not  

Ah its easy, just click thru the old messages 200+ you will find stuff like this

https://bitcointalk.org/index.php?topic=33873.0

later this

https://bitcointalk.org/index.php?topic=173464.0

AND SO ON.........BUT THIS TIME IT IS THE END FOR SURE SO PANIC SELL

It will need to get worse before it gets better :-)

This will give a general sense, but only the technicals will confirm

[eoJ]

Having seen a couple of these massive sell offs in the year I have been involved, OP is correct.  Today is a great day to buy.  Understandably it is really hard to do so.  It gets depressing and there is almost a fear that sets in in which we think "maybe this isn't going anywhere after all."  Or, "Maybe I should just cut my losses and bail." 

I have felt that way but decided to ride it out.  Having only invested what I could afford to lose 100% off put me in a position to do that and I have absolutely no regrets and realize that days like today are the perfect days to buy.

I put in orders expecting this point about a week or two ago, bought a decent amount, 60% of my orders, if we hit $300 that'll be ~80% Sold late December, my number of BTC has gone up nicely.

"Be fearful when others are greedy, and greedy when others are fearful" - Warren Buffett

[Elwar]

The poor guy was in the right place at the right time and did the right thing.  He was probably set for life but for the fact that he ran himself into cash flow issues and dumped at a bad time.  Then he had to go back to a real job and start to re-build.  Mercenary, IIRC, as are at least a few of the early well known Bitcoiners interestingly.  Hopefully others can learn from his lesson.  DON'T put oneself into a situation where one cannot be economically viable without touching their BTC stash.

It's unfortunate that has occurred for Elwar, although it has always perplexed me the concept of early retirement due to BTC gains.  I'm sitting on a pile of my own, but I still go to work everyday.  I also have trouble spending any of my Bitcoin related earnings because I don't earn anywhere near the kind of money that would be required to maintain the type of life I could buy my way into.  One needs to be smart rather than reckless: easy come, easy go.

A corollary might be to not take the above rule as gospel.  If something goes terribly wrong which is always a possibility, don't get crowded out trying to get through the escape hatch.  If this happens it will be tricky and probably technical to obtain high quality information and much of it will probably need to be self-generated.  It's one of the things which makes Bitcoin appropriate for only a sub-set of speculators.

Sage advice, thanks for posting.

Heh, no I did not retire. I was actually in at $17 with $10k back in 2011, sold it at $12 as part of a downpayment on a house in 2012.

I am still in Afghanistan (not a mercenary, I don't fight) making great money. The low price is actually wonderful for me and I am putting almost every cent into bitcoins.

4 days

[Jonivdb]

Maybe I should just cut my losses and bail.

Smartest comment on this post. Bail while you still can, price is going to fall even harder, starting tonight or tomorow and it won't stop until it hits 10$!

[tvbcof]

...
I am still in Afghanistan (not a mercenary, I don't fight) making great money.
...

I looked up the definition and I was wrong on at least two counts (fighting which I had figured that you probably did not do) and also the U.S. is a party to a current conflict there.  I think you are an American.  My apologies.

Looks like whatever Blackwater is called these days is having troubles in that the U.S. is no longer technically a party to a war in Iraq.  And they certainly fight...if shooting at civilians counts at least.

[Elwar]

...
I am still in Afghanistan (not a mercenary, I don't fight) making great money.
...

I looked up the definition and I was wrong on at least two counts (fighting which I had figured that you probably did not do) and also the U.S. is a party to a current conflict there.  I think you are an American.  My apologies.

Looks like whatever Blackwater is called these days is having troubles in that the U.S. is no longer technically a party to a war in Iraq.  And they certainly fight...if shooting at civilians counts at least.

No problem, I think Blackwater changed their name. Though I haven't seen any since Iraq. The US is still at war in Afghanistan. Supposedly until December. And yes, I am a US citizen.

The new era of wars is just using drones to kill anyone in the world.

[piramida]

Maybe I should just cut my losses and bail.

Smartest comment on this post. Bail while you still can, price is going to fall even harder, starting tonight or tomorow and it won't stop until it hits 10$!

or it hits $300 and does not go lower; but you must know something we don't as you joined couple of months ago and didn't contribute anything to the community but begging in all alt giveaways; that makes you a wizard immediately, besides verifying your rich trading experience and intricate knowledge of the bitcoin market.

[BitChick]

Maybe I should just cut my losses and bail.

Smartest comment on this post. Bail while you still can, price is going to fall even harder, starting tonight or tomorow and it won't stop until it hits 10$!

or it hits $300 and does not go lower; but you must know something we don't as you joined couple of months ago and didn't contribute anything to the community but begging in all alt giveaways; that makes you a wizard immediately, besides verifying your rich trading experience and intricate knowledge of the bitcoin market.

I have been quoted out of context.  I said, "Today is a great day to buy.  Understandably it is really hard to do so.  It gets depressing and there is almost a fear that sets in in which we think "maybe this isn't going anywhere after all."  Or, "Maybe I should just cut my losses and bail."

I am a long time holder.  Still holding.  Bought more yesterday and don't regret it. 

[BittBurger]

It is time to stop worrying about price and work on getting as many bitcoins as possible.

FINALLY!!!   Someone is talking some sense.  You should be stockpiling BTC right now.  Not playing the system.   Gather them, collect them, mine them directly, mine DOGE and sell to BTC, sell your body, sell your children, give someone a handjob, perform a service and get paid for it.   You are early adopters and you are going to look back on these days WISHING you had simply piled up your coins, and locked them on a paper wallet in a safe deposit box at a bank.   Trust me on this.

All the OGs care about is increasing their BTC holdings.  All the noobs, like yourself, care about is padding their fiat wallets.

Bingo.

[aminorex]

No problem, I think Blackwater changed their name.

XE

[Amph]

would be good if it was possible without buying it....