I am pretty confident we are the new wealthy elite, gentlemen.

[professionalboatmisser]

hopefully one day i will myself be a self made millionaire due to bitcoin, lets hope for the best because ive diserved it , its been a long time coming

How many bitcoin do you have? Im afraid we'll die poor, unless 1BTC = 100K or so, which it's not gonna happen, if you are realistic about things. You can't expect such price rise anymore. We are boat missers.

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[5000Bitcoins]

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

[professionalboatmisser]

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

Damn, do you own 5000 BTC? How many did you buy at $3? and how did you buy Bitcoin back then? what exchanges did exists? I wish I was as lucky

[Scamalert]

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

I would believe you if you can provide an addy and signed message of this text string.

[kingscrown]

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

and you have such new account?

[poxie]

  is it true we will become wealthy?

[JayJuanGee]

is it true we will become wealthy?

If you are a gentleman, yes.  Otherwise, i'm NOT sure.

[Bicknellski]

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?

Dare to believe.

[5000Bitcoins]

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

Damn, do you own 5000 BTC? How many did you buy at $3? and how did you buy Bitcoin back then? what exchanges did exists? I wish I was as lucky

I don't. I cashed out a lot way too early because I wanted to start my own company. I've had it, but then it wasn't worth $420.  

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

I would believe you if you can provide an addy and signed message of this text string.

blah blah blah, it is more likely I give you a toiletpaper with my shit on it.  

[5000Bitcoins]

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

and you have such new account?

yep if I had a member status I would have 5,00000,000000 bitcoins...  

[Scamalert]

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

Damn, do you own 5000 BTC? How many did you buy at $3? and how did you buy Bitcoin back then? what exchanges did exists? I wish I was as lucky

I don't. I cashed out a lot way too early because I wanted to start my own company. I've had it, but then it wasn't worth $420.  

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

I would believe you if you can provide an addy and signed message of this text string.

blah blah blah, it is more likely I give you a toiletpaper with my shit on it.  

[chopstick]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html

In my opinion, this is  just paranoia.

I don't even make 50k per year profit doing this. There are hundreds, if not thousands of people doing the exact same thing as I am, and a lot of them are professional full-time traders that don't have any problems.

And out of these thousands of people the only 2 cases we know about are the 2 in Florida.. who were both very high volume sellers, and who were also set-up by the cops where they apparently mentioned illegal activities (using stolen credit cards etc...) so obviously if you are a BTC seller you must not under any circumstances sell BTC to someone who mentions illegal activity.

Now, if we see a major crackdown on the  "unlicensed money transmitters" then things might change, and it would have a big impact on this whole industry. I think the outcome of the cases mentioned above, will have implications for the future on this.

But as it stands, I don't think a small fry like myself has much to worry about as long as I pay my frickin' taxes like everybody else.

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sad days when people are too scared of their govt. to trade a few bits of harmless electronic data between them without threat of jail time ... is it really this bad?

Yes, Marcus... that's kinda my point.

The original poster IS correct that trading a little btc person to person for cash from time to time actually does seem to be a decent way to make a little profit from holding bitcoin and being involved in the "BTC Scene" these days... especially as the price has been dipping last few months and we're all WAITING for the next big run-up to finally get started.

More people doing this also could enable MORE people to EASILY get a little bitcoin, getting MORE folks started using it and learning about it all and how it all works.  If that happened, it would help the overall bitcoin economy grow, and THAT in turn would improve the odds of the price increase we all want to see, actually happening.

But it seems like the "OMG If I Sell BTC For Cash Then Big Bad Scary John Law Is Gonna Break Down My Door And Throw My Ass In Federal Prison" kind of irrational fear is preventing more people from considering actually doing this.

What I wanna know is very simple: IS this fear really grounded in reality? or is it just as you say, people are "too scared of their govt"? 

It's not really an irrational fear but it's doubtful it will happen on really small amounts. It's just like all the thousands of people that used Silk Road to buy marijuana. Is it technically illegal - yes. Is the government going to go after you for buying a small quantity for personal use - probably not.

In order to exchange dollars for Bitcoin you need to have a license and follow AML/KYC laws. One of the great Bitcoin pioneers, Charlie Shrem, is going to jail because he did it but he was a big fish. You are a baby minnow. They won't do anything unless you rub their nose in it or they want you for something else and that's just a charge they tack on (don't smoke a joint in a police station go to the park around the corner).

[jbreher]

Will anybody here keep mining a $350 bitcoin? A $100 bitcoin? Thoughts?

The economics are clear. As long as there is someone, somewhere - anyone, anywhere - who wants to transact in Bitcoin, there will be a profit to be made in mining. Change in difficulty is designed to scale not only up, but down as well.

[Tirapon]

Will anybody here keep mining a $350 bitcoin? A $100 bitcoin? Thoughts?

The economics are clear. As long as there is someone, somewhere - anyone, anywhere - who wants to transact in Bitcoin, there will be a profit to be made in mining. Change in difficulty is designed to scale not only up, but down as well.

I'm sure there are enough people here who between them would happily buy all of the coins at, say, $1 each. So I think its fair to say BTC will always have value (short of some event which renders the protocol insecure). If that were to happen, the price would increase once again as it gets bought back up, thus it would seem that BTC should prove incredibly resilient despite the volatility.

I'm sure plenty of people realise this, hence the long term bullish outlook. But for any newbies who haven't considered this dynamic, have a think about the implications.

[JayJuanGee]

sad days when people are too scared of their govt. to trade a few bits of harmless electronic data between them without threat of jail time ... is it really this bad?

Yes, Marcus... that's kinda my point.

The original poster IS correct that trading a little btc person to person for cash from time to time actually does seem to be a decent way to make a little profit from holding bitcoin and being involved in the "BTC Scene" these days... especially as the price has been dipping last few months and we're all WAITING for the next big run-up to finally get started.

More people doing this also could enable MORE people to EASILY get a little bitcoin, getting MORE folks started using it and learning about it all and how it all works.  If that happened, it would help the overall bitcoin economy grow, and THAT in turn would improve the odds of the price increase we all want to see, actually happening.

But it seems like the "OMG If I Sell BTC For Cash Then Big Bad Scary John Law Is Gonna Break Down My Door And Throw My Ass In Federal Prison" kind of irrational fear is preventing more people from considering actually doing this.

What I wanna know is very simple: IS this fear really grounded in reality? or is it just as you say, people are "too scared of their govt"? 

It is a process.
Patience is a virtue, friend.

I may be wrong, I hope I am, but I don't see another run-up anytime soon; Bitcoin is a depreciating asset. Bagholding makes no sense at this point, and the leaking volume indicates the market agrees. Will anybody here keep mining a $350 bitcoin? A $100 bitcoin? Thoughts?

Good luck with your short-term vision, and apparent partial blindness regarding btc fundamentals. 

even if you have some doubts regarding the future of bitcoin, you will be safer, in my opinion, to take some stake in btc, even if its less than 1% of your wealth or alternatively 5-10 btc... otherwise you may find yourself left behind when the train leaves the station

[chopstick]

10K+ per coin next year IMO

[JayJuanGee]

10K+ per coin next year IMO

That's absurd

HELLO?  Get a grip?  What is absurd about $10k in a year-ish, explain yourself...

Do you understand BTC fundamentals and market cap, or you just spouting off various troll talking points? 

$10k-ish seem as likely as, if NOT more likely than your suggestion of an never ending downward projection leading us to $100-ish.

[BlindMayorBitcorn]

10K+ per coin next year IMO

That's absurd

HELLO?  Get a grip?  What is absurd about $10k in a year-ish, explain yourself...

Do you understand BTC fundamentals and market cap, or you just spouting off various troll talking points? 

$10k-ish seem as likely as, if NOT more likely than your suggestion of an never ending downward projection leading us to $100-ish.

That's always been my biggest problem with this thread: people treating bitcoins like lottery tickets. Lambo anyone?

[jbreher]

That's always been my biggest problem with this thread: people treating bitcoins like lottery tickets. Lambo anyone?

But there are numbers behind it. What percentage of the world currently holds bitcoins? Some trivially small amount. But despite the slow decline in price this year, massive gains in usability have been brought to the ecosystem.

Is it fantasy to think that perhaps 25 times more people are using Bitcoin this time next year? And that they would each want to have at least a measurable amount? I don't think so.

This time a year ago, $400 looked ludicrously high to many.

May not happen in a year. But it may. Year, schmear. The long term looks _very_ attractive, from my vantage point.