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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507936 times)
Arriemoller
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June 02, 2014, 10:03:12 PM
 #1441

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.

When I trade I do it to acquire more bitcoins.

Demokrati: Två vargar och ett lamm röstar om lunchmenyn.      Democracy: Two wolfes and a lamb votes about the lunch menu.
Frihet: Ett väl beväpnat lamm opponerar sig mot omröstningen.  Freedom: A well armed lamb opposes the outcome.
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findftp
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June 02, 2014, 10:10:42 PM
 #1442



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.

A poll I did show the sentiment you describe.
I feel exactly the same.
Each day I get more confidence to buy more.
And when I do, it's usually near the bottom.
I did a poll which show a lot more people are in this game all or nothing.
https://bitcointalk.org/index.php?topic=619621

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deloreanz
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June 03, 2014, 09:08:34 AM
 #1443

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.

I was missing a factor of 100 so yes that would be the right range for that estimate.  I don't expect btc to consume 100% of those markets but that scenario would put it at 300k per.  I'm sure there's many other areas I didn't mention which could push the estimated value well above 5k/each.
rpietila
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June 03, 2014, 10:24:00 AM
 #1444


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.

It is admirable that some go all-in but at this point with most of us having 1000% or more gains behind, starting to diversify is generally a prudent strategy. It develops you as a person when you have to deal with the outside world Smiley

I have been advocating selling 65-90% of what your top stash has been, methodically in our way to $1,000,000. After that there is no reason to "sell" any more as BTC will be a world currency. I believe that this is still the reasonable approach for most:

- Buy as many bitcoins as you want
- Wait 3 months
- Start selling a set percentage of the stash every time the price goes up X%, set the schedule such that you will still have a lot at $1M
- Do not sell or buy at the dips (<- traders can do what they want but most people do better by my method)

More discussion in the SSS thread
.




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June 03, 2014, 11:49:23 AM
 #1445

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.

Is it so cheap? I live in South Asia. It is very difficult to find decent looking rural houses for less than $100,000. During the last few years, the values shot up by something like 5-6 times. They are very expensive now.  Angry

Sandia
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June 03, 2014, 05:39:20 PM
 #1446


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"

Sad story for you: my friend struggles to get by, but has about $3,000 from a big earning month sitting in his house, in a drawer.  He knows about btc and knows that I own some.  He has watched the price go up since $400.

Now that he has money, he refuses to buy a coin because it is too expensive.  He could have made $900 in the past week, but just leaves the envelope in his kitchen drawer.

If btc reaches $10k, $20k, $50k, he will want to kill himself for trying to save $50.  And he will waste the money on drinking and computer games instead.
Baitty
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June 03, 2014, 05:40:55 PM
 #1447

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.

Is it so cheap? I live in South Asia. It is very difficult to find decent looking rural houses for less than $100,000. During the last few years, the values shot up by something like 5-6 times. They are very expensive now.  Angry

i wish I had houses going to 40k usd that would be amazing but im unfamilar with the australasia region.

Currently held as collateral by monbux
igorr
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June 03, 2014, 07:06:08 PM
 #1448

http://astrohacker.com/ahc/bitcoin-is-the-economic-singularity/

After reading this, the scale of black market and digital economies and the effect Bitcoin will have on them I am pretty certain we are going to be very wealthy men -- even with a sum as small as 10 Bitcoins. It's just so hard to believe. We are only in the beginning storms with these significant rallies from 10 to 20 dollars. I will not be surprised to see prices from hundreds to thousands in the coming months.

The world just isn't going to be the same and we have been blessed as the pioneers.

What are you going to do with your Bitcoin wealth once your coins hit upwards of $10,000 a pop?

And MtGox has rich elite, but impossible for the elite comes to their money.  Smiley

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June 03, 2014, 10:12:39 PM
 #1449

Sad story for you: my friend struggles to get by, but has about $3,000 from a big earning month sitting in his house, in a drawer.  He knows about btc and knows that I own some.  He has watched the price go up since $400.

Now that he has money, he refuses to buy a coin because it is too expensive.  He could have made $900 in the past week, but just leaves the envelope in his kitchen drawer.

If btc reaches $10k, $20k, $50k, he will want to kill himself for trying to save $50.  And he will waste the money on drinking and computer games instead.

Sounds a lot like me in 2012, when I refused to buy in the $5 to $6 range because I could have gotten 50% more coins for the same money just a few months earlier in 2011. And then later that year saw $10-$15 as an even worse price.

Not making that mistake again.
Ron~Popeil
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June 03, 2014, 10:21:34 PM
 #1450

Buy hold is my strategy. If the ship goes down I will be on the deck.
Bit_Happy
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June 03, 2014, 10:33:16 PM
 #1451

I am pretty confident we are the new wealthy elite, gentlemen.
What did happen to the OP, Atlas?
I remember he caused "trouble", but why was he actually banned forever/what big rule(s) did he break?


Buy hold is my strategy. If the ship goes down I will be on the deck.

I like to trade to increase my BTC, so does that mean I'll be down with the rats looking for crumbs?  Cheesy


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June 03, 2014, 10:46:40 PM
 #1452

I am pretty confident we are the new wealthy elite, gentlemen.
What did happen to the OP, Atlas?
I remember he caused "trouble", but why was he actually banned forever/what big rule(s) did he break?


He falsely claimed he was going to kill himself. Some people contacted the authorities about it. It wasn't the first time he was banned either.

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June 04, 2014, 02:09:51 AM
 #1453

I am pretty confident we are the new wealthy elite, gentlemen.
What did happen to the OP, Atlas?
I remember he caused "trouble", but why was he actually banned forever/what big rule(s) did he break?


He falsely claimed he was going to kill himself. Some people contacted the authorities about it. It wasn't the first time he was banned either.

Yes, that is worthy of a ban, thanks for filling me in. Let's hope he grew up a bit...

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June 04, 2014, 02:12:57 AM
 #1454

Wow, people from 2011 did become rich but not all. Regardless, it was worth investing them and some are wealthy.
Ron~Popeil
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June 04, 2014, 03:35:41 AM
 #1455

I am pretty confident we are the new wealthy elite, gentlemen.
What did happen to the OP, Atlas?
I remember he caused "trouble", but why was he actually banned forever/what big rule(s) did he break?


He falsely claimed he was going to kill himself. Some people contacted the authorities about it. It wasn't the first time he was banned either.

A drama king eh? I wonder what his current username is. 
bryant.coleman
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June 04, 2014, 06:52:29 AM
 #1456

i wish I had houses going to 40k usd that would be amazing but im unfamilar with the australasia region.

You will get some crappy house for 40k, but if you want to live in a decent house with electricity and running water, you might have to pay way more than that. Or you can buy a shitty house for 40k and then renovate it.

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June 04, 2014, 07:11:38 AM
 #1457

i wish I had houses going to 40k usd that would be amazing but im unfamilar with the australasia region.

You will get some crappy house for 40k, but if you want to live in a decent house with electricity and running water, you might have to pay way more than that. Or you can buy a shitty house for 40k and then renovate it.

"You will get some crappy house for 40k..."
When "we" are the new wealthy elite, then we can talk about huge houses with "minor upgrades" that cost over 40k.
I wish this picture was bigger, since the house looks amazing!



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June 04, 2014, 07:20:54 AM
 #1458

Nice house!

Price Poll: bitcointalk.org/index.php?topic=555609
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June 04, 2014, 12:15:20 PM
 #1459

i wish I had houses going to 40k usd that would be amazing but im unfamilar with the australasia region.

You will get some crappy house for 40k, but if you want to live in a decent house with electricity and running water, you might have to pay way more than that. Or you can buy a shitty house for 40k and then renovate it.

"You will get some crappy house for 40k..."
When "we" are the new wealthy elite, then we can talk about huge houses with "minor upgrades" that cost over 40k.
I wish this picture was bigger, since the house looks amazing!




like a gold plated shark tank?
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June 04, 2014, 12:16:26 PM
 #1460

Gold plated hookers into the love chamber


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