Bitcoiners from 2012: What are you doing now?

[thejaytiesto]

hodling forevah

From 2012?  My guess is sailing around the world on a yacht right now

Nah. Coins weren't *that* cheap, unless you were already wealthy. Assume "sailing around world on yacht" level of wealth is $1mil (perhaps an underestimate), assume you sold at $1000, and call the 2012 price $5. You would have still needed to have purchased 1000 BTC and spent $5000 on them.

So to have become a millionaire from Bitcoin, you would have to have:
- had several thousand $ of disposable income, and the willingness to throw it away on worthless magical internet money that all mainstream media and economists are mocking
- been lucky enough to sell exactly at the peak
- been willing to sell *all* your bitcoins at that point (ignoring greed to go higher or actual belief in Bitcoin as the currency of the future to HODL)

Let's try some more realistic numbers:
- idealistic tech nerd in college or recent grad in low paid job with maybe $1000 spare cash, decides to blow a whole $200 on bitcoins
- 40 BTC
- gets excited by huge increases and sells 50% at $500 (or more likely, spends it at multiple points on the way up on videogames and computer hardware)
- $10K!! The most money that kid has ever had.
- (optional greedy idiot addendum: then loses most of it on altcoins trying to replicate the previous success, spends next few years hating all crypto and trolling bitcointalk)

Yeah, that's nice. But not quite yacht level monies.

The only people who are early retirement level rich are those who (A) got in in 2010 or earlier, and still had the great foresight to hold for years or (B) Were already in a position where they could risk many 10s of thousands.

And I think it's fairly obvious who these people are if you read Bitcoin related news. (Think: key developers who work on crypto projects without other sources of funding, guys like Roger Ver and others splashing money around on Bitcoin startups and bounties, and a few peripheral types who seem to do nothing but give interviews about Bitcoin)

1m$ is definitely an understimate for a life of sailing the sea on a yatch. You would need a solid 10+ for that.

As for the people that got legit rich, they were extremely lucky, thats all. They bought tons of BTC for peanuts in 2009, and the ones that bought less (but still a decent amount) hold by accident because they forgot about BTC for 3 years and sold when they heard about it again on the news as the big pump happened. It's being at the right time doing the right thing. I wish we could all become rich with BTC at this point, but we would need BTC to take the lead as the #1 electronic payment method. For this, the blocksize problem is a big problem, and im not sure if Bitcoin will ever be able to achieve that technically, someone correct me if im wrong.
Did satoshi design Bitcoin in a way that it couldn't deal with tons of transactions per second, or it was a design flaw?

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[ilyasilyaso]

i used the bitcoin this year and i am learning about it i want be a good bitcoiner 

[pissedoff]

I got into Bitcoin in 2011 but only really started to believe in 2012 and mounted up my Bitcoin during mid 2012. I'm unsure what im going to do at the moment. I might just sell 50% of my coins to avoid losing too much money. wait until the dust settles and if I feel that the economy is going to pick back up I'll buy back in. but ill keep my other 50% coins just for holding.

[Pecunia non olet]

Maybe exchang some for good altcoins?
This Bitcoin is too much drama.

[pissedoff]

Maybe exchang some for good altcoins?
This Bitcoin is too much drama.

Dont listen to this guy most alt coins at the moment are useless and not most are a direct copy of bitcoin or another alt coin. If Bitcoin doesnt succeed then I cant see any other candidates at the moment doing what bitcoin couldn't.

[C10H15N]

really TF? You say you're for bitcoin but we all remember what happened with inputs.io   I wonder how many are still wanting their refund.

All of them.

It really sucks when the bitcoin you scammed won't go up.  

[bornil267645]

Well not much to tell about, because still Bitcoin is banned in my country. So apart from some online gaming and shopping, I don't have a much to do with my coin. Hopefully my country will accept it someday and new stores will open.

[fryarminer]

I didn't cash out at $1000. Nobody was talking about cashing out at that time (at least that I know of). We thought that it was going up from there and so I was still buying more - not a lot, but still buying. People nowadays all talk about "should have" and stuff, but that wasn't the general feel at the time.
Then when it went down, there was no way I was going to dump the coin, because I know it will go back up again and further.

That being said I use the Bitcoin I have, I don't hodl all of it. I have a good amount in cold storage, but I've been buying and spending it like I would fiat.

[manselr]

I got into Bitcoin in 2011 but only really started to believe in 2012 and mounted up my Bitcoin during mid 2012. I'm unsure what im going to do at the moment. I might just sell 50% of my coins to avoid losing too much money. wait until the dust settles and if I feel that the economy is going to pick back up I'll buy back in. but ill keep my other 50% coins just for holding.

I may move some of my coins until the blocksize thing is changed and guaranteed a stable future of transaction volume capacity. May get more XMR , looking pretty cheap now and shouldn't be a victim o the same problem.

[G6trader]

I'm still holding, even though the price just keeps going down. I believe in bitcoin -- I'm heavily against modern monetary theory.

Hey good to see people like you. Could you share your future projections for BTC? Or you may PM them to me... I think there is not that much upside for BTC unless the bitcoin economy expands more & btc  regains the trust, which has been lost after MtGox. Volumes have been quite down recently...

Regards,
G6trader

PS: Could you pls PM me?

[knight22]

Still holding and accumulating some more at these rates.

[QuestionAuthority]

really TF? You say you're for bitcoin but we all remember what happened with inputs.io   I wonder how many are still wanting their refund.

All of them.

It really sucks when the bitcoin you scammed won't go up.  

Don't give TradeFortress too much shit. He's one of the only remaining true entrepreneurs left on this forum. It's a pity that the most successful and wealthiest Bitcoiners can never be talked to again because they're not welcome here. Don't you wish you could still talk to Mark Karpeles/MagicalTux? The first thing I'd ask him is if he walks around laughing at all the dumbasses he fucked over to make himself rich. I'm sure TradeFortress does the same thing. Every time someone calls him out for being a crook he probably just starts wildly laughing while thinking to himself, "yeah, but I got yo money muthafucka". LOL

[ebliever]

Did satoshi design Bitcoin in a way that it couldn't deal with tons of transactions per second, or it was a design flaw?

I wouldn't call it a flaw, more a reflection of the limits of technology. Hard drives and RAM are limited, bandwidth is limited, blocks and the blockchain can only be so large before Bitcoin starts choking.

You can increase the transaction capacity but it requires more investment in the mining equipment, which is just what this 20 MB fork civil war and fears of centralization is about. I'm brainstorming away on a pet project that, if I can ever get a conceptual model working, would involve the use of a customized cryptocurrency. But it requires dramatically higher transaction capacity than bitcoin (if it simply replaced what we are doing today globally, I'd need to be able to maintain 1,000,000+ transactions/second), and I've not found a means to cope with this yet. If anyone has any ideas on that, drop me a line...

[C10H15N]

really TF? You say you're for bitcoin but we all remember what happened with inputs.io   I wonder how many are still wanting their refund.

All of them.

It really sucks when the bitcoin you scammed won't go up.  

Don't give TradeFortress too much shit. He's one of the only remaining true entrepreneurs left on this forum. It's a pity that the most successful and wealthiest Bitcoiners can never be talked to again because they're not welcome here. Don't you wish you could still talk to Mark Karpeles/MagicalTux? The first thing I'd ask him is if he walks around laughing at all the dumbasses he fucked over to make himself rich. I'm sure TradeFortress does the same thing. Every time someone calls him out for being a crook he probably just starts wildly laughing while thinking to himself, "yeah, but I got yo money muthafucka". LOL

True, but to live the rest of your life looking over your shoulder really has to suck.   

[fcmatt]

Sold everything I had left around 600-800.

But I have always mined and sold. Probably have handled 1500 bitcoins over the last few years.
I never put cash into an exchange but I did buy mining hardware (AMD).

I did OK!

Now I pop into the forum every once in a while to catch big news, watch the price a bit, and check out the asian girls are hot thread in the off topic area. lol.
No plans to buy anytime soon.

[QuestionAuthority]

really TF? You say you're for bitcoin but we all remember what happened with inputs.io   I wonder how many are still wanting their refund.

All of them.

It really sucks when the bitcoin you scammed won't go up.  

Don't give TradeFortress too much shit. He's one of the only remaining true entrepreneurs left on this forum. It's a pity that the most successful and wealthiest Bitcoiners can never be talked to again because they're not welcome here. Don't you wish you could still talk to Mark Karpeles/MagicalTux? The first thing I'd ask him is if he walks around laughing at all the dumbasses he fucked over to make himself rich. I'm sure TradeFortress does the same thing. Every time someone calls him out for being a crook he probably just starts wildly laughing while thinking to himself, "yeah, but I got yo money muthafucka". LOL

True, but to live the rest of your life looking over your shoulder really has to suck.   

Nah, this is a geek forum. No one here has enough balls to hurt anyone or Karpeles would be long dead.

[C10H15N]

really TF? You say you're for bitcoin but we all remember what happened with inputs.io   I wonder how many are still wanting their refund.

All of them.

It really sucks when the bitcoin you scammed won't go up.  

Don't give TradeFortress too much shit. He's one of the only remaining true entrepreneurs left on this forum. It's a pity that the most successful and wealthiest Bitcoiners can never be talked to again because they're not welcome here. Don't you wish you could still talk to Mark Karpeles/MagicalTux? The first thing I'd ask him is if he walks around laughing at all the dumbasses he fucked over to make himself rich. I'm sure TradeFortress does the same thing. Every time someone calls him out for being a crook he probably just starts wildly laughing while thinking to himself, "yeah, but I got yo money muthafucka". LOL

True, but to live the rest of your life looking over your shoulder really has to suck.   

Nah, this is a geek forum. No one here has enough balls to hurt anyone or Karpeles would be long dead.

It only takes one. 

[defaced]

really TF? You say you're for bitcoin but we all remember what happened with inputs.io  I wonder how many are still wanting their refund.

I'd love mine!

[pbj sammich]

Sold it all for peanut butter futures...

[C10H15N]

Sold it all for peanut butter futures...

Goober!