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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508046 times)
JayJuanGee
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June 02, 2014, 08:58:06 AM
 #1421

It's probably far too late for anyone joining in 2014 to be part of the "wealthy elite". That opportunity existed in 2009, 2010, 2011, 2012, and early 2013. But not anymore.

That being said, my plan is to get up to 2 BTC. I have about 0.25 BTC now. I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it). The other coin I'll hodl till the end no matter what happens.

Some people could afford to invest $50 to 100 per month on BTC (or some larger amount), and just build up their BTC portfolio over the years.. with their spare income.  That is using a dollar cost averaging method to invest into BTC by using a specific amount of fiat at set intervals.. as you earn it. 

However, if people know about BTC and believe that BTC will be going up in value, then they have the ability to create hybrid dollar cost averaging, and that would be to attempt to front-load their investment and/or to time the market to buy more BTC when the prices are lower. 

Accordingly, NOW, seems to be a good time to buy at a lower relative rate b/c BTC prices seem to be on a precipice of advancing into a $1,000+ price range within the next few months, if NOT sooner.

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June 02, 2014, 09:12:48 AM
 #1422

I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it). The other coin I'll hodl till the end no matter what happens.

Sell bitcoin so that you can buy something with fiat?

I do not understand this concept.

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June 02, 2014, 09:16:49 AM
 #1423

now I seriously believe each btc will trade more than 500,000 us $.
so yes, I believe I will also join this new wealthy elite eventually

Do you have any logic behind this quote, or did you just quoted a random figure out of the blue? IMO, exchange rates of $500,000 will only be reached as a result of extensive market manipulation.

I could see it hitting this number easily depending on what it displaces.  The gold market has a total value of $6 trillion last I checked, remittances at $300 billion, and e-commerce at $300 billion as well.  If bitcoin could supplant even 1% of these markets it could be valued at about $300k.
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June 02, 2014, 09:20:46 AM
 #1424

It's probably far too late for anyone joining in 2014 to be part of the "wealthy elite". That opportunity existed in 2009, 2010, 2011, 2012, and early 2013. But not anymore.

That being said, my plan is to get up to 2 BTC. I have about 0.25 BTC now. I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it). The other coin I'll hodl till the end no matter what happens.

Some people could afford to invest $50 to 100 per month on BTC (or some larger amount), and just build up their BTC portfolio over the years.. with their spare income.

That's pretty much what I've been doing. I put in $20 two weeks ago, $50 about a month or two ago, and about $100 during the Mt. Gox crisis earlier this year.


I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it). The other coin I'll hodl till the end no matter what happens.

Sell bitcoin so that you can buy something with fiat?

I do not understand this concept.

I'll let go of one of my bitcoins when 1 BTC buys you a small house. The fiat would just be the intermediate step unless the seller also happens to be into Bitcoin as well.

EDIT: some minor rewording
MegaHustlr
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June 02, 2014, 10:11:04 AM
 #1425

Wish i was a part of this thread early long before the boom..

I would have been happy realizing that i am also a new wealthy elite....

Quoted for future fun, btc@566$

3 days later, and we just saw the price crash from $683 to $640 and it's still 13% higher than after cuddaloreappu missed the boom...

What we find out from this is that there is never a bad time to buy in
DolanDuck
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June 02, 2014, 10:28:15 AM
 #1426

I think this year a good time for buy is whenever the price is under $1000, it can only go up from here in the following months,
exept some correction weeks which could always happen.

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bryant.coleman
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June 02, 2014, 10:51:05 AM
 #1427

I could see it hitting this number easily depending on what it displaces.  The gold market has a total value of $6 trillion last I checked, remittances at $300 billion, and e-commerce at $300 billion as well.  If bitcoin could supplant even 1% of these markets it could be valued at about $300k.

OK. According to your figures, gold+remittances+ e-commerce = 6.6 trillion USD.

1% of that = 66 billion USD

Right now, Bitcoin is having a market cap of around $9 billion. Even if 66 billion is added to it, the total market cap is increased only to $75 billion.

And that is $5,700 per coin, not $300,000 per coin.

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June 02, 2014, 12:01:46 PM
 #1428

now I seriously believe each btc will trade more than 500,000 us $.
so yes, I believe I will also join this new wealthy elite eventually

Do you have any logic behind this quote, or did you just quoted a random figure out of the blue?
He would like to have much money, and completely fails to understand that if everyone is rich nobody is.
Typical idiot bitcoiner's fallacy.

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June 02, 2014, 12:06:43 PM
 #1429

I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it).
Out of curiosity, where do you live, that houses are so cheap?

That being said, sorry but you are deluding yourself.
There are not enough houses in the world for the price to go so up.

The other coin I'll hodl till the end no matter what happens.
The only thing money is good for is spending it, it only matters on how you spend it.

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El Cabron
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June 02, 2014, 12:08:27 PM
 #1430

I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it).
Out of curiosity, where do you live, that houses are so cheap?

That being said, sorry but you are deluding yourself.
There are not enough houses in the world for the price to go so up.

The other coin I'll hodl till the end no matter what happens.
The only thing money is good for is spending it, it only matters on how you spend it.


You can buy a decent but small house in thailand for $50,000

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
Trolling
https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
roslinpl
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June 02, 2014, 12:19:11 PM
 #1431

hey guys I don't want to bother you too much Smiley But if you are  
Quote
the new wealthy elite, gentlemen
you can help to build up a very interesting Bitcoin project ... Smiley I don't want this post to be an advertising .. so if you want to help and you want more informations you can PM me Smiley or/and visit a web page from my profile.

Thanks. (ps. If you don't like this post to stay here you don't need to report anything - send me a PM I will delete it)
zimmah
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June 02, 2014, 12:22:47 PM
 #1432

Wish i was a part of this thread early long before the boom..

I would have been happy realizing that i am also a new wealthy elite....

Quoted for future fun, btc@566$

3 days later, and we just saw the price crash from $683 to $640 and it's still 13% higher than after cuddaloreappu missed the boom...

now I seriously believe each btc will trade more than 500000 us $.

so yes, I believe I will also join this new wealthy elite eventually

In 2016 people will look back at this tread and say: "all you guys are so lucky to have been buying bitcoin before you needed a 5 digit amount of fiat to buy one bitcoin"

boymilk
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June 02, 2014, 12:35:06 PM
 #1433

I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it).
Out of curiosity, where do you live, that houses are so cheap?

I live in the Australasia region. A nice small house in a semi-rural area down south would set you back about $40,000-$80,000 USD.
GTA
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June 02, 2014, 01:16:47 PM
 #1434

the first pages of this thread are great. entertaining and inspiring reading!
JayJuanGee
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June 02, 2014, 06:13:23 PM
 #1435

It's probably far too late for anyone joining in 2014 to be part of the "wealthy elite". That opportunity existed in 2009, 2010, 2011, 2012, and early 2013. But not anymore.

That being said, my plan is to get up to 2 BTC. I have about 0.25 BTC now. I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it). The other coin I'll hodl till the end no matter what happens.

Some people could afford to invest $50 to 100 per month on BTC (or some larger amount), and just build up their BTC portfolio over the years.. with their spare income.

That's pretty much what I've been doing. I put in $20 two weeks ago, $50 about a month or two ago, and about $100 during the Mt. Gox crisis earlier this year.

 

Well.  I suppose that each of us can only do what s/he can in the investment allocation department.  And, if you are fairly confident that BTC prices will be going up dramatically in the coming years, it may be good to figure out ways to acquire more fiat for such investments (and maybe make more regular investments more frequently - such as $10 or $20 per week).

Currently, I'm in my 40s, and I have improved my finances considerably from when I was in my 20s; however, nearly always I had maintained an investment plan in which I incorporated routine investments into various assets, even when my budget was pretty tiny.  Bitcoin is much better than any of my investments in my 20s (for example, I had invested in US savings bonds) b/c with bitcoin there is considerable increased ability to control the timing and amount of your investment with fewer hassles (24/7 - and you can shop around for pretty low fees)



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A Great Time to Start Something!


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June 02, 2014, 06:27:16 PM
 #1436

the first pages of this thread are great. entertaining and inspiring reading!

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:
"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."
https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Posted on "June 04, 2011" near the peak of the first great up move.
That first Rally was so exciting since BTC prices had never moved like that before........and many of us thought BTC wasn't "about the money" but we were part of an important project to give people more freedom.*
*This can still be true for anyone, if you want it to be.

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SlipperySlope
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Stephen Reed


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June 02, 2014, 07:01:17 PM
 #1437


One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:

"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."

https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Awesome. Thanks for pointing that one out.
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June 02, 2014, 07:26:51 PM
 #1438

the first pages of this thread are great. entertaining and inspiring reading!

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:
"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."
https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Posted on "June 04, 2011" near the peak of the first great up move.
That first Rally was so exciting since BTC prices had never moved like that before........and many of us thought BTC wasn't "about the money" but we were part of an important project to give people more freedom.*
*This can still be true for anyone, if you want it to be.

This is essentially the main difference between the traders here and the holders here.

Traders go in and out hoping to earn more fiat.

Holders are basically taking an all-or-none approach, where the amount held will either be worth a lot, or go to zero. Most holders (myself included) view every crash as an excuse/opportunity to acquire more and will never sell on the way down regardless of the price, traders on the other hand have a limit price below which the smart ones exit.
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June 02, 2014, 07:38:02 PM
 #1439


One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:

"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."

https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Awesome. Thanks for pointing that one out.

Your are welcome, it is a great quote.  Smiley




This is essentially the main difference between the traders here and the holders here.

Traders go in and out hoping to earn more fiat.

Holders are basically taking an all-or-none approach, where the amount held will either be worth a lot, or go to zero. Most holders (myself included) view every crash as an excuse/opportunity to acquire more and will never sell on the way down regardless of the price, traders on the other hand have a limit price below which the smart ones exit.

There is also a hybrid approach where holders try to make extra profits by selling "a bit" on large rallies and buying back a larger amount of BTC on corrections. This works really well only if you can avoid selling too much at the wrong times* and still do large enough trades to make it worth the time spent.
*For example, Not selling at ~$550 last week and instead able to catch the short-term high near $660+ early yesterday, and buy back near ~$600 later the same day/night.

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zimmah
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June 02, 2014, 09:57:17 PM
 #1440

the first pages of this thread are great. entertaining and inspiring reading!

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:
"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."
https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Posted on "June 04, 2011" near the peak of the first great up move.
That first Rally was so exciting since BTC prices had never moved like that before........and many of us thought BTC wasn't "about the money" but we were part of an important project to give people more freedom.*
*This can still be true for anyone, if you want it to be.

This is essentially the main difference between the traders here and the holders here.

Traders go in and out hoping to earn more fiat.

Holders are basically taking an all-or-none approach, where the amount held will either be worth a lot, or go to zero. Most holders (myself included) view every crash as an excuse/opportunity to acquire more and will never sell on the way down regardless of the price, traders on the other hand have a limit price below which the smart ones exit.

I occasionally trade, but my purpose is not more fiat, but more BTC.  You can sell BTC on the highs and buy back once it's lower to get more bitcoins than you started with. Although it's a bit risky when the price unexpectedly skyrockets and does not dip back.

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