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

[DolanDuck]

I think this year a good time for buy is whenever the price is under $1000, it can only go up from here in the following months,
exept some correction weeks which could always happen.

[bryant.coleman]

I could see it hitting this number easily depending on what it displaces.  The gold market has a total value of $6 trillion last I checked, remittances at $300 billion, and e-commerce at $300 billion as well.  If bitcoin could supplant even 1% of these markets it could be valued at about $300k.

OK. According to your figures, gold+remittances+ e-commerce = 6.6 trillion USD.

1% of that = 66 billion USD

Right now, Bitcoin is having a market cap of around $9 billion. Even if 66 billion is added to it, the total market cap is increased only to $75 billion.

And that is $5,700 per coin, not $300,000 per coin.

[Lohoris]

now I seriously believe each btc will trade more than 500,000 us $.
so yes, I believe I will also join this new wealthy elite eventually

Do you have any logic behind this quote, or did you just quoted a random figure out of the blue?

He would like to have much money, and completely fails to understand that if everyone is rich nobody is.
Typical idiot bitcoiner's fallacy.

[Lohoris]

I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it).

Out of curiosity, where do you live, that houses are so cheap?

That being said, sorry but you are deluding yourself.
There are not enough houses in the world for the price to go so up.

The other coin I'll hodl till the end no matter what happens.

The only thing money is good for is spending it, it only matters on how you spend it.

[El Cabron]

I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it).

Out of curiosity, where do you live, that houses are so cheap?

That being said, sorry but you are deluding yourself.
There are not enough houses in the world for the price to go so up.

The other coin I'll hodl till the end no matter what happens.

The only thing money is good for is spending it, it only matters on how you spend it.

You can buy a decent but small house in thailand for $50,000

[roslinpl]

hey guys I don't want to bother you too much But if you are  

the new wealthy elite, gentlemen

you can help to build up a very interesting Bitcoin project ... I don't want this post to be an advertising .. so if you want to help and you want more informations you can PM me or/and visit a web page from my profile.

Thanks. (ps. If you don't like this post to stay here you don't need to report anything - send me a PM I will delete it)

[zimmah]

Wish i was a part of this thread early long before the boom..

I would have been happy realizing that i am also a new wealthy elite....

Quoted for future fun, btc@566$

3 days later, and we just saw the price crash from $683 to $640 and it's still 13% higher than after cuddaloreappu missed the boom...

now I seriously believe each btc will trade more than 500000 us $.

so yes, I believe I will also join this new wealthy elite eventually

In 2016 people will look back at this tread and say: "all you guys are so lucky to have been buying bitcoin before you needed a 5 digit amount of fiat to buy one bitcoin"

[boymilk]

I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it).

Out of curiosity, where do you live, that houses are so cheap?

I live in the Australasia region. A nice small house in a semi-rural area down south would set you back about $40,000-$80,000 USD.

[GTA]

the first pages of this thread are great. entertaining and inspiring reading!

[JayJuanGee]

It's probably far too late for anyone joining in 2014 to be part of the "wealthy elite". That opportunity existed in 2009, 2010, 2011, 2012, and early 2013. But not anymore.

That being said, my plan is to get up to 2 BTC. I have about 0.25 BTC now. I'll sell 1 BTC once the price rises enough that I can buy a small house for myself with it (roughly $50,000 per coin should do it). The other coin I'll hodl till the end no matter what happens.

Some people could afford to invest $50 to 100 per month on BTC (or some larger amount), and just build up their BTC portfolio over the years.. with their spare income.

That's pretty much what I've been doing. I put in $20 two weeks ago, $50 about a month or two ago, and about $100 during the Mt. Gox crisis earlier this year.

 

Well.  I suppose that each of us can only do what s/he can in the investment allocation department.  And, if you are fairly confident that BTC prices will be going up dramatically in the coming years, it may be good to figure out ways to acquire more fiat for such investments (and maybe make more regular investments more frequently - such as $10 or $20 per week).

Currently, I'm in my 40s, and I have improved my finances considerably from when I was in my 20s; however, nearly always I had maintained an investment plan in which I incorporated routine investments into various assets, even when my budget was pretty tiny.  Bitcoin is much better than any of my investments in my 20s (for example, I had invested in US savings bonds) b/c with bitcoin there is considerable increased ability to control the timing and amount of your investment with fewer hassles (24/7 - and you can shop around for pretty low fees)

[Bit_Happy]

the first pages of this thread are great. entertaining and inspiring reading!

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:
"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."
https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Posted on "June 04, 2011" near the peak of the first great up move.
That first Rally was so exciting since BTC prices had never moved like that before........and many of us thought BTC wasn't "about the money" but we were part of an important project to give people more freedom.*
*This can still be true for anyone, if you want it to be.

[SlipperySlope]

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:

"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."

https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Awesome. Thanks for pointing that one out.

[rocks]

the first pages of this thread are great. entertaining and inspiring reading!

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:
"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."
https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Posted on "June 04, 2011" near the peak of the first great up move.
That first Rally was so exciting since BTC prices had never moved like that before........and many of us thought BTC wasn't "about the money" but we were part of an important project to give people more freedom.*
*This can still be true for anyone, if you want it to be.

This is essentially the main difference between the traders here and the holders here.

Traders go in and out hoping to earn more fiat.

Holders are basically taking an all-or-none approach, where the amount held will either be worth a lot, or go to zero. Most holders (myself included) view every crash as an excuse/opportunity to acquire more and will never sell on the way down regardless of the price, traders on the other hand have a limit price below which the smart ones exit.

[Bit_Happy]

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:

"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."

https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Awesome. Thanks for pointing that one out.

Your are welcome, it is a great quote. 

This is essentially the main difference between the traders here and the holders here.

Traders go in and out hoping to earn more fiat.

Holders are basically taking an all-or-none approach, where the amount held will either be worth a lot, or go to zero. Most holders (myself included) view every crash as an excuse/opportunity to acquire more and will never sell on the way down regardless of the price, traders on the other hand have a limit price below which the smart ones exit.

There is also a hybrid approach where holders try to make extra profits by selling "a bit" on large rallies and buying back a larger amount of BTC on corrections. This works really well only if you can avoid selling too much at the wrong times* and still do large enough trades to make it worth the time spent.
*For example, Not selling at ~$550 last week and instead able to catch the short-term high near $660+ early yesterday, and buy back near ~$600 later the same day/night.

[zimmah]

the first pages of this thread are great. entertaining and inspiring reading!

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:
"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."
https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Posted on "June 04, 2011" near the peak of the first great up move.
That first Rally was so exciting since BTC prices had never moved like that before........and many of us thought BTC wasn't "about the money" but we were part of an important project to give people more freedom.*
*This can still be true for anyone, if you want it to be.

This is essentially the main difference between the traders here and the holders here.

Traders go in and out hoping to earn more fiat.

Holders are basically taking an all-or-none approach, where the amount held will either be worth a lot, or go to zero. Most holders (myself included) view every crash as an excuse/opportunity to acquire more and will never sell on the way down regardless of the price, traders on the other hand have a limit price below which the smart ones exit.

I occasionally trade, but my purpose is not more fiat, but more BTC.  You can sell BTC on the highs and buy back once it's lower to get more bitcoins than you started with. Although it's a bit risky when the price unexpectedly skyrockets and does not dip back.

[Arriemoller]

the first pages of this thread are great. entertaining and inspiring reading!

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:
"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."
https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Posted on "June 04, 2011" near the peak of the first great up move.
That first Rally was so exciting since BTC prices had never moved like that before........and many of us thought BTC wasn't "about the money" but we were part of an important project to give people more freedom.*
*This can still be true for anyone, if you want it to be.

This is essentially the main difference between the traders here and the holders here.

Traders go in and out hoping to earn more fiat.

Holders are basically taking an all-or-none approach, where the amount held will either be worth a lot, or go to zero. Most holders (myself included) view every crash as an excuse/opportunity to acquire more and will never sell on the way down regardless of the price, traders on the other hand have a limit price below which the smart ones exit.

When I trade I do it to acquire more bitcoins.

[findftp]

This is essentially the main difference between the traders here and the holders here.

Traders go in and out hoping to earn more fiat.

Holders are basically taking an all-or-none approach, where the amount held will either be worth a lot, or go to zero. Most holders (myself included) view every crash as an excuse/opportunity to acquire more and will never sell on the way down regardless of the price, traders on the other hand have a limit price below which the smart ones exit.

A poll I did show the sentiment you describe.
I feel exactly the same.
Each day I get more confidence to buy more.
And when I do, it's usually near the bottom.
I did a poll which show a lot more people are in this game all or nothing.
https://bitcointalk.org/index.php?topic=619621

[deloreanz]

I could see it hitting this number easily depending on what it displaces.  The gold market has a total value of $6 trillion last I checked, remittances at $300 billion, and e-commerce at $300 billion as well.  If bitcoin could supplant even 1% of these markets it could be valued at about $300k.

OK. According to your figures, gold+remittances+ e-commerce = 6.6 trillion USD.

1% of that = 66 billion USD

Right now, Bitcoin is having a market cap of around $9 billion. Even if 66 billion is added to it, the total market cap is increased only to $75 billion.

And that is $5,700 per coin, not $300,000 per coin.

I was missing a factor of 100 so yes that would be the right range for that estimate.  I don't expect btc to consume 100% of those markets but that scenario would put it at 300k per.  I'm sure there's many other areas I didn't mention which could push the estimated value well above 5k/each.

[rpietila]

One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:

"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."

https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Awesome. Thanks for pointing that one out.

It is admirable that some go all-in but at this point with most of us having 1000% or more gains behind, starting to diversify is generally a prudent strategy. It develops you as a person when you have to deal with the outside world

I have been advocating selling 65-90% of what your top stash has been, methodically in our way to $1,000,000. After that there is no reason to "sell" any more as BTC will be a world currency. I believe that this is still the reasonable approach for most:

- Buy as many bitcoins as you want
- Wait 3 months
- Start selling a set percentage of the stash every time the price goes up X%, set the schedule such that you will still have a lot at $1M
- Do not sell or buy at the dips (<- traders can do what they want but most people do better by my method)

More discussion in the SSS thread
.

[bryant.coleman]

I live in the Australasia region. A nice small house in a semi-rural area down south would set you back about $40,000-$80,000 USD.

Is it so cheap? I live in South Asia. It is very difficult to find decent looking rural houses for less than $100,000. During the last few years, the values shot up by something like 5-6 times. They are very expensive now.