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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508001 times)
manselr
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February 02, 2015, 03:08:06 PM
 #2581

I'd be happy to go back to $1 and do the whole thing all over again! Can we?

so do not expect when returning to $ 1, because I would be a big loss

I wouldn't mind going back to 1$, we need redistribution of Bitcoins, i want to see whales panicking.

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February 02, 2015, 03:48:59 PM
 #2582

I'd be happy to go back to $1 and do the whole thing all over again! Can we?

so do not expect when returning to $ 1, because I would be a big loss

I wouldn't mind going back to 1$, we need redistribution of Bitcoins, i want to see whales panicking.

Everyone would lose interest. We would never regain the traction we have. It would be the end of bitcoin but probably not cryptocurrency in general. Some altcoin would replace it.

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February 02, 2015, 04:20:31 PM
 #2583

I'd be happy to go back to $1 and do the whole thing all over again! Can we?

so do not expect when returning to $ 1, because I would be a big loss

I wouldn't mind going back to 1$, we need redistribution of Bitcoins, i want to see whales panicking.

the whales probably have millions in cash and other assets so theyre probably the last ones who will panic
millionaires are unlikely to keep 100% of their wealth in btc alone
if anyone panic it would be the small fry that make their crumbs spreading FUD and shorting btc
Will.i.am Shakespeare
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February 02, 2015, 04:24:58 PM
 #2584

I'd be happy to go back to $1 and do the whole thing all over again! Can we?

so do not expect when returning to $ 1, because I would be a big loss

I wouldn't mind going back to 1$, we need redistribution of Bitcoins, i want to see whales panicking.

Why? If it went down to $1 the majority of people would lose faith in it and those wanting to buy in would probably be scared to. I think bitcoin would become a joke if it went all the way down to 1usd but went back up again... or even up and down like this.
HarmonLi
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February 02, 2015, 04:32:43 PM
 #2585

Im pretty certain OP is no longer the wealthy elite unless he sold at 1k..

OP was buying @ $10 a coin. He'd need to be very stupid or very unlucky not to be wealthy by now.

Well, taking into account all the scams, goxxings, investments, malwares, price swings, etc. there's actually quite a big chance that he lost at least half of his coins up to now. It's not at all a given fact that he still has exactly those coins.

slaveforanunnak1
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February 02, 2015, 06:05:15 PM
 #2586

Im pretty certain OP is no longer the wealthy elite unless he sold at 1k..

OP was buying @ $10 a coin. He'd need to be very stupid or very unlucky not to be wealthy by now.

Well he might have sold at a low price or kept holding them. Not all the bitcoiners are wealthy. The ones who cashed out at the peak likely are but some chose to still hodl. I'm sure bitcoin can rise again and to even higher prices than the peak so hodl if you're a believer.
I am looking forward to the time when we can say: "He sold at 1k USD/BTC? What an idiot" Wink

I'm sure it will happen! if not next year.. then 5 years from now! I'm not worried AT ALLLLL

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Cryddit
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February 02, 2015, 07:26:48 PM
 #2587


the whales probably have millions in cash and other assets so theyre probably the last ones who will panic
millionaires are unlikely to keep 100% of their wealth in btc alone
if anyone panic it would be the small fry that make their crumbs spreading FUD and shorting btc

People keep thinking that the 'bitcoin whales' are living these high lifestyles in multimillion dollar mansions, spending money fast, needing huge incomes to keep their lifestyles up, and judging from the few I know, it isn't that way.

I know five different people any one of whom own enough Bitcoin to cause a panic if they should try to sell out in a single day.  Two of them are college students living in dorm rooms. To them their bitcoin holdings mean they can take as many semesters of college as they damn well want without worrying about graduation, getting a job, etc.  But they're feeling no need to live any higher on the tree than a dorm room that's paid for.

Three don't own cars and one of the others has an old used car.  He says he was channeling Sam Walton when he bought it - "with as much money as I have, I can have any car I want.... Well, exactly.  With this much money I no longer have to care what anyone else thinks of my car.  I can just buy the one I want."

One guy cashed out enough to buy his current house (which aside from a nice location in San Francisco is nothin' special - just an ordinary 2 bedroom 1 bathroom house), and two of them have used bitcoin money to buy cars. 

One of them (the biggest holder) says he's never going to sell any more.  Ever.  Because it would be bad for the bitcoin economy.  Maybe when he passes on, his granddaughter might.  And she might not.  She's never going to know about it until she inherits anyway, and even then it'll be a trust - she's not going to get more than 5% of his holdings per year. 

To the extent they've sold bitcoin, yes, they've banked a few million, but they've done so mainly just to redistribute assets for a more reasonable investment risk profile.  Aside from their accountants and maybe a few other serious early-days people, nobody really has any idea how much they've got. Or how much more they used to have.

And I'm eating crow every time I talk to these guys because I'm the guy who said, Naw, CryptoCash has been tried before and it's ALWAYS crashed or been a scam or failed or gotten shut down by the SEC or whatever.  So even though I was there at the very beginning and *could* have made stupid money from CPU mining like they did, I didn't buy in until three years later. 

Anyhow, these are your whales, guys.  They're just people.  Mostly cryptographers, whether amateur or professional, but only because that's where the thing popped up first.  And to be honest most of them don't give a rat's ass about being rich, aside from it making their life more convenient or making them free to work on what they WANT to work on.  They're a very different group from people like the Winklevii who came in for NO OTHER PURPOSE besides getting rich as fast as possible.
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February 03, 2015, 07:38:30 AM
 #2588

I'd be happy to go back to $1 and do the whole thing all over again! Can we?

so do not expect when returning to $ 1, because I would be a big loss

I wouldn't mind going back to 1$, we need redistribution of Bitcoins, i want to see whales panicking.

I was afraid when bitcoin back to the initial price, there will be no resurrection again
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February 03, 2015, 07:44:38 AM
 #2589

Its funny looking back at the first page of this thread how many posters haven't logged in for a long time even years for some. I wonder how many made a fortune but haven't been back here to where it all started.

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February 03, 2015, 08:12:18 AM
 #2590

Who knows what will be ion the future. I would rather focus on today and what I can do now. It depends of us.

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February 03, 2015, 12:48:09 PM
 #2591

I'd be happy to go back to $1 and do the whole thing all over again! Can we?

so do not expect when returning to $ 1, because I would be a big loss

I wouldn't mind going back to 1$, we need redistribution of Bitcoins, i want to see whales panicking.

Everyone would lose interest. We would never regain the traction we have. It would be the end of bitcoin but probably not cryptocurrency in general. Some altcoin would replace it.

This is exactly my prediction, hopefully it won't happen, but at least I'm pretty sure the crypto concept will live on either way. I don't have that many altcoins atm so i'm hoping btc stays alive.

Smiley
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February 03, 2015, 02:24:06 PM
 #2592

Its funny looking back at the first page of this thread how many posters haven't logged in for a long time even years for some. I wonder how many made a fortune but haven't been back here to where it all started.

A lot of them have been sitting on a huge paper profit. Some realized this profit by selling most of their coins and are enjoying a better standard of living.


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sakira
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February 04, 2015, 03:19:01 AM
 #2593

I'd be happy to go back to $1 and do the whole thing all over again! Can we?

so do not expect when returning to $ 1, because I would be a big loss

I wouldn't mind going back to 1$, we need redistribution of Bitcoins, i want to see whales panicking.

Everyone would lose interest. We would never regain the traction we have. It would be the end of bitcoin but probably not cryptocurrency in general. Some altcoin would replace it.

This is exactly my prediction, hopefully it won't happen, but at least I'm pretty sure the crypto concept will live on either way. I don't have that many altcoins atm so i'm hoping btc stays alive.

yaps just as I do not have a lot of altcoin atm, because it does not last long, sometimes dying in the street. yes hopefully bitcoin alive and is at a stable price Cheesy
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February 04, 2015, 03:24:15 AM
 #2594

Its funny looking back at the first page of this thread how many posters haven't logged in for a long time even years for some. I wonder how many made a fortune but haven't been back here to where it all started.

A lot of them have been sitting on a huge paper profit. Some realized this profit by selling most of their coins and are enjoying a better standard of living.

I imagine they fall into 3 camps:

1) a super low minority that cashed out on the ephoria
2) HODLERS who got too caught up in the hype and kept holding thinking 1k isn't anything and it's heading to 100k each
3) got REKT holding in one of the major exchanges, most notably Gox

A ton of large scale early adopters took huge hits in the Gox debacle, unfortunately.
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February 04, 2015, 03:36:19 AM
 #2595

Its funny looking back at the first page of this thread how many posters haven't logged in for a long time even years for some. I wonder how many made a fortune but haven't been back here to where it all started.

A lot of them have been sitting on a huge paper profit. Some realized this profit by selling most of their coins and are enjoying a better standard of living.

I imagine they fall into 3 camps:

3) got REKT holding in one of the major exchanges, most notably Gox

A ton of large scale early adopters took huge hits in the Gox debacle, unfortunately.

even before  GOX the early adopters lost tens of thousands of coins in ponzis like the BTCST and
bitcoinica scams etc

a lot of the most prominent members  a few years ago have disappeared or maybe theyre still here
reading or using new accounts

its possible they cashed out 100%  and "retired" but i doubt it and  anyone who cashed out at $1200 would probably buy back in now at 2xx and wait for the next moon rocket
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February 04, 2015, 11:22:27 PM
 #2596

Its funny looking back at the first page of this thread how many posters haven't logged in for a long time even years for some. I wonder how many made a fortune but haven't been back here to where it all started.

A lot of them have been sitting on a huge paper profit. Some realized this profit by selling most of their coins and are enjoying a better standard of living.

I imagine they fall into 3 camps:

3) got REKT holding in one of the major exchanges, most notably Gox

A ton of large scale early adopters took huge hits in the Gox debacle, unfortunately.

even before  GOX the early adopters lost tens of thousands of coins in ponzis like the BTCST and
bitcoinica scams etc

a lot of the most prominent members  a few years ago have disappeared or maybe theyre still here
reading or using new accounts

its possible they cashed out 100%  and "retired" but i doubt it and  anyone who cashed out at $1200 would probably buy back in now at 2xx and wait for the next moon rocket

They might unless they believe it's over.

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February 04, 2015, 11:37:11 PM
 #2597

Many of the early adopters that I know have cashed out the amount that they initially invested so that they are left will all house money...and are just watching from the sidelines right now
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February 05, 2015, 02:06:37 AM
 #2598

Many of the early adopters that I know have cashed out the amount that they initially invested so that they are left will all house money...and are just watching from the sidelines right now
Yeah, its a minority the ones that kept even a small amount.

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February 05, 2015, 05:12:01 AM
 #2599

While I share the belief that bitcoin or something very like it will play a major role in the future, I think the road there is going to be a lot rougher.

I imagine we will see a huge boom then a bust, after that those who stick around will build the meaning full economy that will allow bitcoin or its successor to dominate.

One of the first posts on this thread, this guy/gal had it pretty right!

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February 06, 2015, 04:25:08 AM
 #2600

Many of the early adopters that I know have cashed out the amount that they initially invested so that they are left will all house money...and are just watching from the sidelines right now

bingo - this describes my situation perfectly. I actually have cashed out some of the house money also, but still hold a small amount. Mainly because I believe in the concept, but also to "give back" a little.
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