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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 621917 times)
angaper
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February 25, 2017, 11:25:30 PM
 #3501

I always ask myself why I stopped mining from my desktop computer back in 2011. I did not have any clue about how this worked and I thought like this was going to end quickly. I've probably lost quite a few coins  Roll Eyes
It happens with most users. Currently everything is going good with bitcoin, as more and more users were getting into bitcoin usage. One thing very important is the people holding at least a single bitcoin is very low. More than 50% people using bitcoin don't have a single bitcoin. This stops them from being elite however the price goes high.
Yes, you are right. Most bitcoiners, and specially new adopters, could find very hard, even almost impossible to find in the current bitcoin price increase a real opportunity to gain huge money. The real gainers in the current bitcoin success are undoubtedly the early adopters. Congratulations to them.

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February 26, 2017, 02:05:24 AM
 #3502

Everyone always talks about how the pizza guy or anyone else from early on is super rich and can buy an island.

But if you notice many times during these run ups, from $1 to $32, $10 to $266, $125 to $1216, $800 to $1220...there are always some huge dumps all at once on the way up.

That's just another early adopter dumping their bitcoins on the market to sell out to the world of fiat. Whoever had 10,000 bitcoins back then have likely sold it. Hell, maybe they sold them all when the price reached $1 and considered it a great investment.

Bitcoin is a depreciating currency. It will always go up.
Good post with a lot of true info, but about the bolded part you meant deflationary right?, a depreciating currency is one that loses value by market forces, while a deflationary currency gains value as time passes, right?

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February 26, 2017, 02:20:32 AM
 #3503

I always ask myself why I stopped mining from my desktop computer back in 2011. I did not have any clue about how this worked and I thought like this was going to end quickly. I've probably lost quite a few coins  Roll Eyes
It happens with most users. Currently everything is going good with bitcoin, as more and more users were getting into bitcoin usage. One thing very important is the people holding at least a single bitcoin is very low. More than 50% people using bitcoin don't have a single bitcoin. This stops them from being elite however the price goes high.

The way I see it is somewhat different. I am convinced that nobody any strong currency is using will never be rich only holding this currency. The same imo with bitcoins applies. That means if anybody buy/sell things and services asking as payment bitcoin and some of these he holds as savings then ιt is very likely sometime to make his dreams come true. On the other side everybody believes that bitcoin will cross the sky in a very short period of time but does not support bitcoin then he will never be elite.
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February 26, 2017, 02:47:47 AM
 #3504

Everyone always talks about how the pizza guy or anyone else from early on is super rich and can buy an island.

But if you notice many times during these run ups, from $1 to $32, $10 to $266, $125 to $1216, $800 to $1220...there are always some huge dumps all at once on the way up.

That's just another early adopter dumping their bitcoins on the market to sell out to the world of fiat. Whoever had 10,000 bitcoins back then have likely sold it. Hell, maybe they sold them all when the price reached $1 and considered it a great investment.

Bitcoin is a depreciating currency. It will always go up.
Good post with a lot of true info, but about the bolded part you meant deflationary right?, a depreciating currency is one that loses value by market forces, while a deflationary currency gains value as time passes, right?

You're right. Deflationary. Smiley

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February 26, 2017, 02:53:13 AM
 #3505

I always ask myself why I stopped mining from my desktop computer back in 2011. I did not have any clue about how this worked and I thought like this was going to end quickly. I've probably lost quite a few coins  Roll Eyes
It happens with most users. Currently everything is going good with bitcoin, as more and more users were getting into bitcoin usage. One thing very important is the people holding at least a single bitcoin is very low. More than 50% people using bitcoin don't have a single bitcoin. This stops them from being elite however the price goes high.
Yes, you are right. Most bitcoiners, and specially new adopters, could find very hard, even almost impossible to find in the current bitcoin price increase a real opportunity to gain huge money. The real gainers in the current bitcoin success are undoubtedly the early adopters. Congratulations to them.

I'd agree with your sort of the old adopters of bitcoin or it has been in bitcoin community is very lucky of earning bigger in bitcoins . Unlike new comers sort of the price is really high and they cant really invest on it unlike before the price is lower ., Though they can also be in bitcoin but most of the new is not into bitcoin because for them it is very difficult now


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February 26, 2017, 03:15:32 AM
 #3506

I always ask myself why I stopped mining from my desktop computer back in 2011. I did not have any clue about how this worked and I thought like this was going to end quickly. I've probably lost quite a few coins  Roll Eyes
It happens with most users. Currently everything is going good with bitcoin, as more and more users were getting into bitcoin usage. One thing very important is the people holding at least a single bitcoin is very low. More than 50% people using bitcoin don't have a single bitcoin. This stops them from being elite however the price goes high.
Yes, you are right. Most bitcoiners, and specially new adopters, could find very hard, even almost impossible to find in the current bitcoin price increase a real opportunity to gain huge money. The real gainers in the current bitcoin success are undoubtedly the early adopters. Congratulations to them.

I'd agree with your sort of the old adopters of bitcoin or it has been in bitcoin community is very lucky of earning bigger in bitcoins . Unlike new comers sort of the price is really high and they cant really invest on it unlike before the price is lower ., Though they can also be in bitcoin but most of the new is not into bitcoin because for them it is very difficult now
That's true, early adopters are the one who are elite and continues to fall under the elite group. Truly speaking at the days of bitcoin, none could have expected such a growth. Everyone same as picking a slot went for bitcoin, but the potential and the luck of picking the right slot made them elite.

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March 02, 2017, 08:31:52 AM
 #3507

I would have been happy if i had bought at the beginning of 2013 , when bitcoin was at 4$, instead of during the first ATH and downtrend... Cry

Why? The first ATH was less than $0.01. I would rather have bought then.

I meant the 2013 ATH around 1200

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March 02, 2017, 08:33:51 AM
 #3508


That's true, early adopters are the one who are elite and continues to fall under the elite group. Truly speaking at the days of bitcoin, none could have expected such a growth. Everyone same as picking a slot went for bitcoin, but the potential and the luck of picking the right slot made them elite.
[/quote]

Oh but haven't you heard...prediction bitcoin  at 3000 end of this year ?
And 5000 next year...

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March 02, 2017, 10:52:55 AM
 #3509

I always ask myself why I stopped mining from my desktop computer back in 2011. I did not have any clue about how this worked and I thought like this was going to end quickly. I've probably lost quite a few coins  Roll Eyes

Sorry about that but you'll never know, maybe it's going to jump by the same percentage range from 2011 until today from now to say next year so what are you waiting for?  why don't you stop complaining and rather hoard as much as you can now and hope for a major rise in say 4 years else you might find yourself rueful over the same thing in 2-5 years time.



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March 02, 2017, 12:11:24 PM
 #3510

If the price move continues in the forward direction with stability even a single satoshi gets a good value. This makes most of the users depending upon bitcoin for their living at least rich if not possible to make them elite.



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March 03, 2017, 09:24:12 PM
 #3511

I always ask myself why I stopped mining from my desktop computer back in 2011. I did not have any clue about how this worked and I thought like this was going to end quickly. I've probably lost quite a few coins  Roll Eyes

Sorry about that but you'll never know, maybe it's going to jump by the same percentage range from 2011 until today from now to say next year so what are you waiting for?  why don't you stop complaining and rather hoard as much as you can now and hope for a major rise in say 4 years else you might find yourself rueful over the same thing in 2-5 years time.
For quite some time now people have given up on the idea of using bitcoin as a currency and started using it as a type of investment just like gold, they save until the price goes up and there is nothing wrong with that but instead of bragging about how much money we can make from saving it, better to make people use more so one day we will become rich.

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March 24, 2017, 01:23:27 AM
 #3512

This is the new wealthy elite
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March 24, 2017, 02:40:24 AM
 #3513

I feel so sorry that i have not bought not bitcoins as that time as the price of bitcoins would be high so much , which is now.if i have bought bitcoins at that time , i would not have to work so much for it through this forum to earn a little bucks.

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March 28, 2017, 03:02:26 PM
 #3514

 :)I don't wanna be part of a new elite replacing the old one. Fuck the yachts. If I become a Bitcoin Billionaire I'm going to open entrepreneurial academies and startup incubators in developing countries.
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March 28, 2017, 05:17:37 PM
 #3515

:)I don't wanna be part of a new elite replacing the old one. Fuck the yachts. If I become a Bitcoin Billionaire I'm going to open entrepreneurial academies and startup incubators in developing countries.

i'd go with maker spaces - workshops, but more than just wood working tools. metal working, car stuff, composite materials, 3d printing and laser cutting, every damned craft that takes working with your hands... give people a place to learn it, practice it, and become skilled in something they actually enjoy.
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April 09, 2017, 03:34:20 PM
 #3516

I'd just live the life ! No yatchs cars or BS, just good food, good computers, good games, etc... with the least possible overhead and BS

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April 09, 2017, 04:07:00 PM
 #3517

Makes more sense to rent a nice car once a month and use uber otherwise.  Especially in a big city type of lifestyle.  I hope bitcoin is a drive towards efficiency and enabling greater opportunity worldwide for every nation and race, the dollar system is very weighted to an elite and biased to us people in the West (while also stacking up debt).  I much prefer to see free enterprise, its better for us all in the end and Im not a fan of big politics.

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bitcoin as a currency and started using it as a type of investment just like gold, they save until the price goes up

Neither gold nor bitcoin is an investment.  People will be disappointed there, if you take part in a business that handles bitcoin then yes.  Just paper notes or in this case a digital register does not contribute to an economy, there is not investment return because you are not invested while doing nothing.
  Life is not so easy, a block of metal on my desk will not give me a return.
  Speculation, stock holding I guess has some utility in quick provision for that resource and that can be argued where profit can come from but its risky and requires big demand quickly amassing a higher price.  Otherwise the profit goes to a miner.   That holding position is an arbitrage between those engaged in business, its not investment itself.  

 To gain from dollars for example, there must be lending to a business and there is some risk by doing so.  This dollar deposit or lending gives a return and its an investment.  The lines are blurred now as government mass produces money and hands it to banks, making any consumer involvement slightly pointless.  The comparison here would be holding paper notes in your pocket from federal reserve, then saying you made an investment.

Bitcoin price appears to go up while dollars continually loses value.  This is not a gain, its an avoidance of a loss maybe but the coins arent doing anything active just keeping a value.  This effect wont make us rich.  The big gains come from higher utility, things possible in bitcoin not available to dollar users.   If bitcoin ever fails to be useful then it'll lose

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April 12, 2017, 10:22:26 AM
 #3518

Call it what you want, investment or non-investment, but the fact is lot's of people increasing their capital through bitcoin, whether they bough at very low and then sold later, or simply trading. Not my case, I'm mainly holding, with an occasional self-gratification snippet out of my gains.

Let's see if we still get to 2000-3000 by end this year....

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April 12, 2017, 05:12:48 PM
 #3519

Call it what you want, investment or non-investment, but the fact is lot's of people increasing their capital through bitcoin, whether they bough at very low and then sold later, or simply trading. Not my case, I'm mainly holding, with an occasional self-gratification snippet out of my gains.

Let's see if we still get to 2000-3000 by end this year....

Yes...   Although you could really screw up by trading, if you don't realize that your goal should be mostly to keep a large percent of your holdings in bitcoin - so in that regard, you could be in some other crap coin at the time that bitcoin pumps.

Further, you gotta have enough insight to take a sufficient enough stake, whether that would have been 10 bitcoins or 100 bitcoins or some other decent quantity of bitcoins.

Sure, depending on the cost of living of your location, you may be able to even sufficiently be in the positive with 1 or 2 bitcoins - but the fewer that you have, the more hesitant you should be in cashing out or attempting to live off of them until you feel that you have a sufficient enough remaining stash to continue to profit from likely ongoing upwards price appreciation... in other words spend your fiat before you spend your bitcoin and continue to aim for bitcoin accumulation.

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April 13, 2017, 02:37:19 AM
 #3520

Let's see if we still get to 2000-3000 by end this year....

i can't imagine that occurring, or even breaking 1500, until the scaling issue is solved. i may well be wrong though. i didn't think we'd get past the ATH with this mess unresolved.
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