Who here has made a lot of money from bitcoin?

[viking02]

By that, I mean at least $50000 usd minimum.  Of course that is not a lot if you are in a first world country and thus you aren't rich.


I'm curious if there are people here that bought a ton of bitcoin when it was say $50.  Held it when it went all the way to 500 then to 1000 dollars... then immediately sold a ton of them.  Then went and bought back btc again when it went all the way down to $250.  And now its back to $425 or so.


Seems like buy a lot when low.  Then once it goes very high, then just sell all/most of it.  Then wait for it to make a big drop, then buy again.  Rinse and repeat.  Is there anything wrong with this?  Now if you bought bitcoin when it was at the peak like at 1200... well i would figure that is not wise.  For example few of my bitcoin are around 250 when i got them and now its pretty decent at over 400.  I don't know that much about bitcoin... i used it because some gambling sites use it so i got bitcoin from those sites.  But i had thought around the time... i think anytime bitcoin price is below $200,  its an auto buy.  I believe at the lowest point when it was dropping, it went down to $195 or so?  But then it went back up but was very stable.


Can anything really go that wrong now if bitcoin was to drop to say $250.  Then you buy a ton of it?  Can anyone here imagine bitcoin dropping to $50 or even $100?


Another thing that i thought about.  Let say you acquired bitcoins at $250.  Then it rose all the way to $400.  Now let say you own some ridiculous amount of bitcoins.  Let say 500 bitcoin.  If you sell all of them, you profit $150 each or $75000 usd!  So if bitcoin drops after you sell them, you would feel good right?  However... if bitcoin eventually goes back up and then say goes all the way to $1000... wouldn't you say... if i only held them longer... i would have made another $550x500 bitcoin = $275,000 USD!


The thing was back then when i sold some bitcoin when i first learned about it, i wanted to make sure i sold it at the price that i got it at minimum so i didn't incur any bitcoin loss etc.  Like if i got bitcoins that are $230 each, i want to sell them at least for that price.  So when bitcoin went down, i was a bit happy that hey i sold it where i didn't incur a loss.  My logic was... hey i sold btc to someone else and now btc went down.  So thats good for me.  But the thing is when btc went up... and let say the person or site who i sold btc to kept the bitcoin, they profit.


So in the end... does it really matter if bitcoin drops or goes up in a short time really assuming you aren't trading?  For example at what point do you sell the bitcoin?  Let say it went all the way up to $2000 per bitcoin.  If you sell, you would make lot of profit.  Now if you sell and it goes even higher to like $5000 per bitcoin... wouldn't you say... wow i had 500 btc and that would been another $3000 profit per btc.  That would be $1.5 million dollars!


I'm curious if anyone here has a strategy that could make at least $5000 a year or $10000 a year with trading btc.  Such as buy a lot when low, then sell high.  I mean... could a disaster happen here?  My thoughts are if you buy a lot then price drops so much... then if you sell it, isn't selling btc the worst possible idea ever then?  Thus you take the loss but if you can wait a bit more, eventually bitcoin will go back up?  Now those ppl who bought btc at $1200.. im not sure anyone could tolerate it when it dropped so much.  But if you buy very low, isn't the risks really not that high at all? 

[Amph]

i don't think anyone not stupid enough, would tell you how much he made, because i'm sure there are feds watching here, they are waiting for thread like this to bust your house

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

[steveds]

The whales are already making more than that amount by trading.I also think there are people who make something close to that on LBC and actually more from private deals which gets them huge discounts when they cashout in the market.

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

In which country ?

[franky1]

i bought at $6 a bitcoin in 2012.. im sitting pretty and no longer care about the spikes or dumps of daily/weekly/monthly activity.

i spend what i want when i want and know im better off then i was in 2012. i dont even get excited about the penny pushers dreams of $10,000-$1m a bitcoin.
as thats just the dream of people with only $20 dreaming of becoming millionaires without actually earning bitcoin properly

[WENGER]

The only time I traded some Bitcoin in order to profit from the initial price I bought was when it was at 250+ then it went to 300+ish and sold it and made some profits (nothing crazy) but the problem with trading it, you need to be on alert all the time if you want to make the right move at the tight time so it's still a question of knowing someone from the whale club affects the value or some other factors that could have direct effect on the price. It also does matter for those who don't do any trading if the price goes up and down since after all their earnings could also go up and down too.

[FlyingSaucer]

The whales are already making more than that amount by trading.I also think there are people who make something close to that on LBC and actually more from private deals which gets them huge discounts when they cashout in the market.

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

In which country ?

Do they have to declare these bitcoin profits to the IRS every year in their annual tax revenue?

[DimensionZ]

I think the people who have made the craziest amounts of profits don't tend to spend a lot of time on this forum because they are pretty much busy with their trading operations

[twister]

Many early adopters probably made more than that but this guy here won 84 bitcoins recently and if you go by today's price its about 37000 USD. Its not 50000 as you mentioned but this is the start of the year, he'll probably make a lot more by the end of it.

[Curious8]

i don't think anyone not stupid enough, would tell you how much he made, because i'm sure there are feds watching here, they are waiting for thread like this to bust your house

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

why would the police confiscate  his coins ? don't say lies without proves

[Amph]

The whales are already making more than that amount by trading.I also think there are people who make something close to that on LBC and actually more from private deals which gets them huge discounts when they cashout in the market.

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

In which country ?

it was in the usa, a 2011 thread was telling it, i can't find it right now, but i'm sure many members from that time can remember it easily

[twister]

The whales are already making more than that amount by trading.I also think there are people who make something close to that on LBC and actually more from private deals which gets them huge discounts when they cashout in the market.

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

In which country ?

it was in the usa, a 2011 thread was telling it, i can't find it right now, but i'm sure many members from that time can remember it easily

This might be what you're looking for: https://bitcointalk.org/index.php?topic=934268.0
https://www.virtualcurrencyreport.com/2014/02/two-florida-users-of-localbitcoins-com-arrested-for-money-laundering-and-unlicensed-money-transmission/

[quentincole32]

i don't think anyone not stupid enough, would tell you how much he made, because i'm sure there are feds watching here, they are waiting for thread like this to bust your house

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

Damn yeah , bitcoin big holders would never share on public how much bitcoin they made in 2009 and hodling it until now.
Because they realize government will confiscate the amount offhandedly.

[Amph]

The whales are already making more than that amount by trading.I also think there are people who make something close to that on LBC and actually more from private deals which gets them huge discounts when they cashout in the market.

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

In which country ?

it was in the usa, a 2011 thread was telling it, i can't find it right now, but i'm sure many members from that time can remember it easily

This might be what you're looking for: https://bitcointalk.org/index.php?topic=934268.0
https://www.virtualcurrencyreport.com/2014/02/two-florida-users-of-localbitcoins-com-arrested-for-money-laundering-and-unlicensed-money-transmission/

no that is burt i'm talking about another guy, and burt did not have 200k coins, but much less, i don't remember now the amount

anyway it's a story form 2011, much older

[1Referee]

By that, I mean at least $50000 usd minimum.  Of course that is not a lot if you are in a first world country and thus you aren't rich.

$50,000 not a lot in a first world country? I live in Northern Europe, and that kind of money is also a lot here. Do you have $50,000 lying around somewhere since it is not a lot?

[QuestionAuthority]

Money from betcoyne, what's a betcoyne? Can you make money with those things officer?

[okae]

I can think only in 3 ways to do that:

• Being an earlier adopter (for sure)
• Being a good trader
• Being a professional scammer LOL

Btw people should not worry to much about it, bitcoin is on an earlier stage yet

[Elwar]

I still have yet to obtain as many bitcoins as I had with my first purchase.

So, in essence, I have made no money from bitcoin.

[knowhow]

Lets confirm one thing who made thousands with bitcoin are no longer here.Why to keep a eye into bitcoin developement after get a fortune from it?People are living from bitcoin exchanging a part montly if still hold any bitcoin,sure some keep here to see bitcoin news,but in the end if you rich from bitcoin the max i could do here is just search for news,that i can find at others place read and out to have a life plenty do everything i wanna to do .

[Elwar]

The whales are already making more than that amount by trading.I also think there are people who make something close to that on LBC and actually more from private deals which gets them huge discounts when they cashout in the market.

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

In which country ?

Do they have to declare these bitcoin profits to the IRS every year in their annual tax revenue?

Only if they cash out.

[sgbett]

i don't think anyone not stupid enough, would tell you how much he made, because i'm sure there are feds watching here, they are waiting for thread like this to bust your house

in fact besides the Burt story i remember a member with 200k bitcoin here, and the police entered in his house and confiscate the amount

That would only be a problem if you didn't declare profits as income.

You did declare it right?