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

[qiman]

I would now include ladies into the mix, not just gentlemen. I only heard about bitcoin and other digital currencies firstly through my Wife so women should be included. I do not think it is too late to visualize some wealth creation., We have a marketcap x 10 to reach before bitcoin reaches 10k usd level, so we have some time still to build some wealth.

[1714928297]

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[JayJuanGee]

I would now include ladies into the mix, not just gentlemen. I only heard about bitcoin and other digital currencies firstly through my Wife so women should be included. I do not think it is too late to visualize some wealth creation., We have a marketcap x 10 to reach before bitcoin reaches 10k usd level, so we have some time still to build some wealth.

Any rebranding would screw up the whole thread and the whole idea, and the expression that has been created around it..

If you want to include ladies, then if you happen to be a lady, you can still assert that this is gentlemen (referring to yourself), what is wrong with that?

[morgand]

You're right OP, but not $10.000 yet. Sad i came to this forum too late.

No. You are not late.

Right now, only around 1 million individuals use Bitcoins. And remember that the world population stands at around 7 billion right now. Less than 0.02% of the humans are using BTC.

Imagine what could happen if BTC becomes popular. Imagine the market cap, if we could have 1 billion users!

Even just buying 1 BTC for $1,000 would be a decent hedge, it seems.

Although it would probably be better to buy more than 1 so you could have room to use them here and there along the way... and even to dollar cost average from here on out would not be a bad idea.

i think i agree with you both, i hope bitcoin price will grow higher than $1,000 lol
yes still many people didnt know about bitcoin, gonna promote bitcoin to other people in my country, then the price will more than $1k

[qiwoman2]

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

[arklan]

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

ouch. that... ouch.

course i'm sitting here with something like 4 BTC debt to a fellow forumite from a few loans several years ago... it was about 360 when i borrowed.

[JayJuanGee]

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

ouch. that... ouch.

course i'm sitting here with something like 4 BTC debt to a fellow forumite from a few loans several years ago... it was about 360 when i borrowed.

I personally believe these are reasons why each of us need to attempt some moderation in our approach and to not put all of our eggs in one basket.

Sure, I believe that some of the early adopters of bitcoin had leveraged and gambled greatly by purchasing a lot of coins, and that risk paid off greatly - however, that kind of mindset is going to be likely to backfire on you, if you keep doing it.  Frequently, such a tactic is referred to as the Martingale method - and statistically it does not pay off.

I am not opposed to gambling with a portion of your holdings (maybe less than 20% - even though I would refrain from doing that much), but you gotta consider a solid plan, such as dollar cost averaging and just socking that money away without thinking about it.  So in the case of bitcoin that means accumulating bitcoin with whatever budget that you have (whether that is $10 a week or $100 a week) and don't be taking major risks that are going to likely result in losing large amounts of your coins.

[arklan]

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

ouch. that... ouch.

course i'm sitting here with something like 4 BTC debt to a fellow forumite from a few loans several years ago... it was about 360 when i borrowed.

I personally believe these are reasons why each of us need to attempt some moderation in our approach and to not put all of our eggs in one basket.

Sure, I believe that some of the early adopters of bitcoin had leveraged and gambled greatly by purchasing a lot of coins, and that risk paid off greatly - however, that kind of mindset is going to be likely to backfire on you, if you keep doing it.  Frequently, such a tactic is referred to as the Martingale method - and statistically it does not pay off.

I am not opposed to gambling with a portion of your holdings (maybe less than 20% - even though I would refrain from doing that much), but you gotta consider a solid plan, such as dollar cost averaging and just socking that money away without thinking about it.  So in the case of bitcoin that means accumulating bitcoin with whatever budget that you have (whether that is $10 a week or $100 a week) and don't be taking major risks that are going to likely result in losing large amounts of your coins.

moderation in all things is one of the better bits of advice i've ever heard from anyone. i see no reason nt to apply it to finances either.

insert "without great risk, there is no great reward" to counter that... but ya know, while i used to get wide eyed at the potential of quick riches with bitcoin, i'm perfectly ok with moderate rewards nowadays.

[keithers]

Pretty crazy reading back to the OP.   During that time until now, there has been the run up to $1200 back in 12/13 (or so), and then the drop all the way back down to around $160.  Now we are steadily approaching those all time highs again.  This run up has a different feel since the volatility has gotten less over time.

 Each year in bitcoin seems like a decade for other financial industries.  

[JayJuanGee]

I would have been wealthy by now if two developers hadn't scammed me, one was the stepscoin developer and another coin developer stole 18 bitcoins from me. It will take me a long time to recover but am hoping now I am making healthier investment choices, I can get it all back one day.

ouch. that... ouch.

course i'm sitting here with something like 4 BTC debt to a fellow forumite from a few loans several years ago... it was about 360 when i borrowed.

I personally believe these are reasons why each of us need to attempt some moderation in our approach and to not put all of our eggs in one basket.

Sure, I believe that some of the early adopters of bitcoin had leveraged and gambled greatly by purchasing a lot of coins, and that risk paid off greatly - however, that kind of mindset is going to be likely to backfire on you, if you keep doing it.  Frequently, such a tactic is referred to as the Martingale method - and statistically it does not pay off.

I am not opposed to gambling with a portion of your holdings (maybe less than 20% - even though I would refrain from doing that much), but you gotta consider a solid plan, such as dollar cost averaging and just socking that money away without thinking about it.  So in the case of bitcoin that means accumulating bitcoin with whatever budget that you have (whether that is $10 a week or $100 a week) and don't be taking major risks that are going to likely result in losing large amounts of your coins.

moderation in all things is one of the better bits of advice i've ever heard from anyone. i see no reason nt to apply it to finances either.

insert "without great risk, there is no great reward" to counter that... but ya know, while i used to get wide eyed at the potential of quick riches with bitcoin, i'm perfectly ok with moderate rewards nowadays.

Well, surely each of us needs to weigh his/her own situation, and there is certainly some truth to the fact that someone who is a lot younger may be able to put a lot more on the table in terms of betting "it all" as compared with someone who is older and preparing for retirement (in which there may not be as many ways or a longer timeline to recover losses or to be able to start over).   

So, I am not necessarily suggesting that 100% moderation is going to be applicable to everyone, and also certainly there are some personality differences in terms of willingness to take risks, and there will be some needs to take some risks (sometimes) in order to experience payoffs that may not otherwise be possible.

So in that regard, there may be a variety of ways to approach the matter and to consider the possible outcomes of what you are doing and to attempt to protect yourself for a variety of potential outcomes.

[Flanagan]

Loving always the title of this thread...

1100 today....
predictions of 3000 by year's end.

 

[hardtime]

God thinking about what the price was like in 2011 which was probably around the price of  $1-30 USD per coin and what it is now really makes you disgusted on the amount of money that could've been made if you bought bitcoin instead of an XBOX or any other christmas gift that you wanted.  Makes me really think about what I've been doing with my money for all this time.

Plus OP, if you're reading this 6 years later you must know what if you bought 100 coins back then you're doing pretty well for yourself.

Loving always the title of this thread...

1100 today....
predictions of 3000 by year's end.

 

I'm thinking more along the lines of 1000-1400 range and I hope it stays like that as I just bought.

[SolarSilver]

God thinking about what the price was like in 2011 which was probably around the price of  $1-30 USD per coin and what it is now really makes you disgusted on the amount of money that could've been made if you bought bitcoin instead of an XBOX or any other christmas gift that you wanted.  Makes me really think about what I've been doing with my money for all this time.

isn't that the best financial advice: stop wasting your money on liabilities and start buying assets?

[Melbustus]

Ok, I'll jinx it. Bump.

[cr1776]

God thinking about what the price was like in 2011 which was probably around the price of  $1-30 USD per coin and what it is now really makes you disgusted on the amount of money that could've been made if you bought bitcoin instead of an XBOX or any other christmas gift that you wanted.  Makes me really think about what I've been doing with my money for all this time.

isn't that the best financial advice: stop wasting your money on liabilities and start buying assets?

You are right - that always applies.  Even if you don't get the return that bitcoin has had since 2010/2011 (let alone 2009), assets over time are much preferred to liabilities.

Your future depends on the choices you make now, so might as well make good ones.

[Yakamoto]

God thinking about what the price was like in 2011 which was probably around the price of  $1-30 USD per coin and what it is now really makes you disgusted on the amount of money that could've been made if you bought bitcoin instead of an XBOX or any other christmas gift that you wanted.  Makes me really think about what I've been doing with my money for all this time.

isn't that the best financial advice: stop wasting your money on liabilities and start buying assets?

Typically the definition of "asset" is very loosely defined, and there are a lot of things that you can define an asset, and, in my opinion, that definition changes from person to person.

In a nutshell though, you are right when you say that it is best to stop buying things that drain wealth without being able to retain a lot of their value. Something like a car is a relatively hotly debated topic as to whether it is a liability or asset. With Uber and everything now, I would lean towards asset.

[LLec]

Ok, I'll jinx it. Bump.

Nothing can jinx this one up.
Not this time.
There are too many factors involved that are looking in it's favor.
The China exchanges are going by the way side with Bitfinex being the nail in the coffin for them whether they can manage to recover from what happened to them now.
Etf is getting approval and SEC even told them ahead of schedule they have done so with even knowing the price was to rise to it's levels today since the 14th of this month.
And there are 7 new planets in a solar system that can hold life.
So the cosmic alignment is complete with bitcoin busting out and running long time fury now!
At $1182 and beyond to who knows where it's going to now!

[cr1776]

By the way, since Atlas' link above no longer works, I think this is a better one.  Some of the comments below it sound like everything I read between august 2010 and today from people who keep predicting destruction.


Archive.org:
http://web.archive.org/web/20110630101150/http://astrohacker.com/ahc/bitcoin-is-the-economic-singularity
Or:
http://themonetaryfuture.blogspot.com/2011/06/bitcoin-is-economic-singularity.html

[kingorbust]

By the way, since Atlas' link above no longer works, I think this is a better one.  Some of the comments below it sound like everything I read between august 2010 and today from people who keep predicting destruction.


Archive.org:
http://web.archive.org/web/20110630101150/http://astrohacker.com/ahc/bitcoin-is-the-economic-singularity
Or:
http://themonetaryfuture.blogspot.com/2011/06/bitcoin-is-economic-singularity.html

such a prophetic post. I wonder if that guy is millionaire right now.

[Paashaas]

OP prediction is still on track, slow but steady!

[dooglus]

I'm always thinking about that guy celebrating Bitcoin by buying pizza .. I cannot imagine how bad he should feel right now, that was $10 MILLION. If the pizza shop still has that amount.... The owner should be on an island with everything he wants right now!

The 10k BTC pizza deal involved one bitcoiner paying another bitcoiner 10k BTC to buy him a couple of pizzas. No pizza shop accepted BTC back then.