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

[Beliathon]

225 is the new floor, from here builds up the next exponent bubble.

If you click on my banner below you can find more information about Credits.

[1714800128]

1714800128

[Mt. Gox]

I have not become rich after using bitcoin, but I will continue to try to obtain money from bitcoin

This was a thread started by an early adopter in 2011.
Many who were posting then will have made significant money from BTC.

And most people like dhimasnk, you, and I who registered in 2014 lost money from Bitcoin.

I think the price will rise eventually though.

That was a lesson learned by you though and you never spent your familys money chasing it did you. The thing is it is not nearly as difficult as people think, I am not great by any means but I am in profit trading and if anyone is interested here is a great site to learn trading basics 'ignore the name' lol http://www.babypips.com this will put most people on the right track then maybe in time they can become the wealthy from bitcoin

I remember browsing that site back in 2011 when I got into forex trading. I knew about Bitcoin too back then but I chose forex instead.

Fortunately, after losing a bit of money from a poor trading decision, I was able to get most of it back, withdrew my funds, and decided to never trade forex again.

still holding since may 2013

So you're pretty much back to where you started from then?

Ya, I learned early on that I am not good with day trading. Lost about 400 bitcoins doing so.

Fortunately it was when the price was under $10.

If you are not a day trading expert, just buy and hold (better yet, convert and spend).

What difference would it make?

Converting fiat to BTC puts buying pressure (a good thing) on BTC but spending that BTC puts selling pressure (a bad thing) on BTC since it would be converted back into fiat. So wouldn't the two effects simply cancel each other out?

Not to mention there would be buying/selling fees cutting into it as well...

Me and you the same, the long term charts paint a pretty obvious picture and however much I don't like it, it is true. We have been dropping dropping and soon dropped. Will it bounce back in time!? Not sure if it drops to far and for to long a lot of people will just keep bailing with their losses and not look back and I don't blame them. So no OP I don't think we are wealthy elite more like broke wishful thinkers, the elite have go out of dodge.

Price in June 2011 was $33 per bitcoin. Price in January 2013 was $13 per bitcoin. Between those two points, the price dropped down to almost $2 per bitcoin at one stage.

I think we still have hope.

225 is the new floor, from here builds up the next exponent bubble.

The floor would have been $165 which it reached back in January (albeit only momentarily).

I'd love it if it helped Bitcoin. I'm holding quite a few. I just look at it as if these companies are students in college. When you graduate you don't build your company on the schools network. You build your own network and use the knowledge you learned at school. That's what I think they're doing but we'll see. If I'm wrong I'm rich. So I hope I'm wrong.

Google and Facebook built their companies on their schools' networks.

Yep, I've already read that. That's why I mentioned colored coins because the experiments will be done with the experimental system already in place. Is that the final design that will be used? Can you tell me that one?

Do you mean Colored Coins specifically or the concept of colored coins in general?

[PenguinFire]

I haven't invested anywhere the amount that I would be considered the "wealthy elite".  A guy can still dream I guess.     Maybe quite a few on this forum have enough BTC where this would be true.

[Mt. Gox]

I haven't invested anywhere the amount that I would be considered the "wealthy elite".  A guy can still dream I guess.     Maybe quite a few on this forum have enough BTC where this would be true.

I think the idea is that you can invest a modest amount of BTC, wait a while for the world to realize the benefits of the technology, and then become part of the wealthy elite since the value of your stash of coins would have grown by then. It worked for the first generation of Bitcoiners, and it could work for us.

Say if someone had invested just $3,000 into BTC in October 2011 when they were going for $3 per coin. $3,000 isn't enough for someone to be considered part of the wealthy elite. But if they held onto their coins and sold when they were worth $1,000 each, he would have $1 million and therefore become part of the new wealthy elite.

[futureofbitcoin]

I haven't invested anywhere the amount that I would be considered the "wealthy elite".  A guy can still dream I guess.     Maybe quite a few on this forum have enough BTC where this would be true.

I think the idea is that you can invest a modest amount of BTC, wait a while for the world to realize the benefits of the technology, and then become part of the wealthy elite since the value of your stash of coins would have grown by then. It worked for the first generation of Bitcoiners, and it could work for us.

Say if someone had invested just $3,000 into BTC in October 2011 when they were going for $3 per coin. $3,000 isn't enough for someone to be considered part of the wealthy elite. But if they held onto their coins and sold when they were worth $1,000 each, he would have $1 million and therefore become part of the new wealthy elite.

1M isn't enough to be considered wealthy. By some definitions, 1M British pounds is the bare minimum for "comfortably poor". So 1M USD isn't even comfortably poor, lol.

Even in the most optimistic scenarios, bitcoin cannot increase by more than a few thousand-fold. So it would take quite a bit even now if you were to become the wealthy elite. Say 30M as the bar for "wealthy", and bitcoin will increase ~1000x to 250k/per. You would need to invest $30k. Again, this is under the most optimistic scenarios.

[shogdite]

I haven't invested anywhere the amount that I would be considered the "wealthy elite".  A guy can still dream I guess.     Maybe quite a few on this forum have enough BTC where this would be true.

I think the idea is that you can invest a modest amount of BTC, wait a while for the world to realize the benefits of the technology, and then become part of the wealthy elite since the value of your stash of coins would have grown by then. It worked for the first generation of Bitcoiners, and it could work for us.

Say if someone had invested just $3,000 into BTC in October 2011 when they were going for $3 per coin. $3,000 isn't enough for someone to be considered part of the wealthy elite. But if they held onto their coins and sold when they were worth $1,000 each, he would have $1 million and therefore become part of the new wealthy elite.

However nice that sounds, it is like a fairytale or a dream. What I mean is back then when you spent 3k on 1000 bitcoin that is what you got '1000' bitcoin, try that today and you get around 13, for that to make the same million you need the price to go to about $80,000 per coin. The boat has sailed a long time ago and unfortunately we missed that boat and we will not be wealthy elite or even close on our 10btc-50btc. Of course I want it to happen but it won't. Just invest whatever you want as a hobbie not to make money and then it is stress free and if a miracle does happen you earned a few bob.  

[Erdogan]

I haven't invested anywhere the amount that I would be considered the "wealthy elite".  A guy can still dream I guess.     Maybe quite a few on this forum have enough BTC where this would be true.

I think the idea is that you can invest a modest amount of BTC, wait a while for the world to realize the benefits of the technology, and then become part of the wealthy elite since the value of your stash of coins would have grown by then. It worked for the first generation of Bitcoiners, and it could work for us.

Say if someone had invested just $3,000 into BTC in October 2011 when they were going for $3 per coin. $3,000 isn't enough for someone to be considered part of the wealthy elite. But if they held onto their coins and sold when they were worth $1,000 each, he would have $1 million and therefore become part of the new wealthy elite.

However nice that sounds, it is like a fairytale or a dream. What I mean is back then when you spent 3k on 1000 bitcoin that is what you got '1000' bitcoin, try that today and you get around 13, for that to make the same million you need the price to go to about $80,000 per coin. The boat has sailed a long time ago and unfortunately we missed that boat and we will not be wealthy elite or even close on our 10btc-50btc. Of course I want it to happen but it won't. Just invest whatever you want as a hobbie not to make money and then it is stress free and if a miracle does happen you earned a few bob.  

What's wrong with $80,000 per coin?

[gentlemand]

What's wrong with $80,000 per coin?

Nothing much but isn't it considerably more of a stretch? A $1000 coin was achieved off the back of a few hundred thousand enthusiasts using comedy exchanges run by children and crooks.

$80,000 would need a decent chunk of global wealth being convinced to pour into it and stay there. It probably wouldn't actually require that much USD in global terms, maybe $100-250 billion of direct expenditure to push it that high but that's still far from chump change.

Possible but far more difficult to achieve.

[huadylmate]

Most of you lot live in fairy land, I actually feel for you and wish you all the best and that you beat your bitcoin price rise addiction. The wealthy elite has long gone from this game and they will not look back. Most of what is left I will not name 

[mcg]

just wait until the stockmarket crashes again... with these artificially, fed/ecb inflated, markets... will come with a 50% correction.

i expect, like gold, the bitcoin price will rise if such an event occurs. we are nearing the end of this market cycle. markets really do not want to go much higher atm.

however, current market correction is near its end... it was 1 month in correction modus. exciting times there.

there will be a large market depression anywhere within the next 1.5years.

could be sooner rather then later; imagine if greece is expelled from the euro-zone. probably wont happen ( because russians are cheering on the sideline with bags of rescue cash ). but we dont know atm.

holding tightly to my cheap bitcoins. will buy more if price drops below 200.

[gentlemand]

Most of you lot live in fairy land, I actually feel for you and wish you all the best and that you beat your bitcoin price rise addiction. The wealthy elite has long gone from this game and they will not look back. Most of what is left I will not name 

They did a pisspoor job of making money then. Were they happy with their $0.005 to $1 pump?

They must've made out like bandits with at least $10,000

[Kprawn]

The next push, would not be that dramatic... the "Willy bot" has been revealed.

I expect a $400/btc to the end of the year and it would stay around there for quite some time.. {pure speculation}

Transaction volumes are still very healthy and the road was paved for Wall Street to enter the Bitcoin field.

 

[mcg]

The next push, would not be that dramatic... the "Willy bot" has been revealed.

I expect a $400/btc to the end of the year and it would stay around there for quite some time.. {pure speculation}

Transaction volumes are still very healthy and the road was paved for Wall Street to enter the Bitcoin field.

investors will flock to alternatives ( commodities, which can be argued bitcoin is one of ) when stocks and bonds go out of favor. some new financial crisis.
they ( fed, ecb ) "solved" the last debt-crisis with making more debt. doesnt make sense :S

[QuestionAuthority]

I'd love it if it helped Bitcoin. I'm holding quite a few. I just look at it as if these companies are students in college. When you graduate you don't build your company on the schools network. You build your own network and use the knowledge you learned at school. That's what I think they're doing but we'll see. If I'm wrong I'm rich. So I hope I'm wrong.

Google and Facebook built their companies on their schools' networks.

Yep, I've already read that. That's why I mentioned colored coins because the experiments will be done with the experimental system already in place. Is that the final design that will be used? Can you tell me that one?

Do you mean Colored Coins specifically or the concept of colored coins in general?

Google and Facebook built the model of their companies on their schools computer but I think they have their own equipment now. lol  I have no doubt that many big names interested in blockchain technology will build working models on the Bitcoin network. I also have no doubt that when the experiments are complete they will eventually abandon the Bitcoin network to use their own personally secured network. Large successful corporations are not in the habit of turning over their internal security to a sometimes anonymous outside parties.

Colored coins, or let's just call it what it is, creating digital assets on the Bitcoin network, is a super cool concept for the little guy without a snowballs chance in hell of having enough money to create a worldwide affiliate network. Large institutions like NASDAQ OMX Group, Inc. don't have that problem. They probably already have more computers in play worldwide than the U.S. Military. Remember, open source is not always the friend of business and neither is transparency.

[Bit_Happy]

What's wrong with $80,000 per coin?

Nothing much but isn't it considerably more of a stretch? A $1000 coin was achieved off the back of a few hundred thousand enthusiasts using comedy exchanges run by children and crooks.

$80,000 would need a decent chunk of global wealth being convinced to pour into it and stay there. It probably wouldn't actually require that much USD in global terms, maybe $100-250 billion of direct expenditure to push it that high but that's still far from chump change.

Possible but far more difficult to achieve.

When the next Bull market finally starts, people will discuss $100,000 to $1 Million+ per BTC and be taken seriously. I think ~$5,000 is not too crazy within a year or two.

[roslinpl]

What's wrong with $80,000 per coin?

Nothing much but isn't it considerably more of a stretch? A $1000 coin was achieved off the back of a few hundred thousand enthusiasts using comedy exchanges run by children and crooks.

$80,000 would need a decent chunk of global wealth being convinced to pour into it and stay there. It probably wouldn't actually require that much USD in global terms, maybe $100-250 billion of direct expenditure to push it that high but that's still far from chump change.

Possible but far more difficult to achieve.

When the next Bull market finally starts, people will discuss $100,000 to $1 Million+ per BTC and be taken seriously. I think ~$5,000 is not too crazy within a year or two.

None from suggested speculated prices seems impossible.  Just imagine the price per bitcoin when millions of new bitcoiners will want to buy some.  Price will be astronomical.

[Bit_Happy]

What's wrong with $80,000 per coin?

Nothing much but isn't it considerably more of a stretch? A $1000 coin was achieved off the back of a few hundred thousand enthusiasts using comedy exchanges run by children and crooks.

$80,000 would need a decent chunk of global wealth being convinced to pour into it and stay there. It probably wouldn't actually require that much USD in global terms, maybe $100-250 billion of direct expenditure to push it that high but that's still far from chump change.

Possible but far more difficult to achieve.

When the next Bull market finally starts, people will discuss $100,000 to $1 Million+ per BTC and be taken seriously. I think ~$5,000 is not too crazy within a year or two.

None from suggested speculated prices seems impossible.  Just imagine the price per bitcoin when millions of new bitcoiners will want to buy some.  Price will be astronomical.

Owning "an entire Bitcoin" will be a really big deal, both as a status symbol and "collectors item". There will always be enough BTC for it to be a currency (by, for example, using 0.0000000000025 BTC to buy a new car  ) but there will be a severe shortage when people realize it is getting too late to obtain a full 1.0 BTC.

[manselr]

What's wrong with $80,000 per coin?

Nothing much but isn't it considerably more of a stretch? A $1000 coin was achieved off the back of a few hundred thousand enthusiasts using comedy exchanges run by children and crooks.

$80,000 would need a decent chunk of global wealth being convinced to pour into it and stay there. It probably wouldn't actually require that much USD in global terms, maybe $100-250 billion of direct expenditure to push it that high but that's still far from chump change.

Possible but far more difficult to achieve.

NASDAQ is up in this bitch already. It only takes a couple whales joining the party, we don't need "Mass adoption" to hit 6 figures per coin.

[gentlemand]

NASDAQ is up in this bitch already. It only takes a couple whales joining the party, we don't need "Mass adoption" to hit 6 figures per coin.

I wonder.

These people are hardened pros. They're not going to pump money in when they know they can be dumped all over by a bunch of spotty oiks who lucked out.

If they do want to separate a lot of people from their coins they'll be doing it in a rather sneakier and scarier manner. Perhaps it has been happening for a while. We might learn something about that in the years to come.

[NorrisK]

NASDAQ is up in this bitch already. It only takes a couple whales joining the party, we don't need "Mass adoption" to hit 6 figures per coin.

I wonder.

These people are hardened pros. They're not going to pump money in when they know they can be dumped all over by a bunch of spotty oiks who lucked out.

If they do want to separate a lot of people from their coins they'll be doing it in a rather sneakier and scarier manner. Perhaps it has been happening for a while. We might learn something about that in the years to come.

There are probably more people/groups like the winklevosses that invested in bitcoin. They may have kept it a secret though, to be able to gather a lot for cheap

I agree that they wont take the risk being dumped millions of coins on. They will need to control 30+% first.