Too late to get rich?

[mrjoebruno]

I was a bitcoin early adopter and lost interest in bitcoin when it went from $30 down to $5. I feel idiotic for not scooping up BTC at that price.  I did some early mining with my 5970 and accumulated ~50BTC and stopped mining when difficulty increased. I'm back now and it seems like everyone is getting rich and I can't help but feel like I'm missing out on groundfloor opportunities. I figure I'd take a shot and see if anyone could share some tips or current service offerings that could put me back in the game. ASIC miners are sold out and quite frankly there's so much info on these boards that its a full time job just reading everything. I'm pool mining right now but netting like .05BTC every few days isn't enough. Perhaps this same mentality is what screwed me up last time and I dont want to make the same mistake again.

I've been an "IT" person all my life and I have no idea how I missed out on things like buying Google or Apple. Bitcoin seems to be my last chance. Any tips would be appreciated.

[nobbynobbynoob]

Of course it's not too late to get rich: we're all early adopters even now. But, but, but... Bitcoin is not a get-rich-quick scheme. There are no guarantees of future profit. Bitcoin is a currency and payment system, is all.

Currency speculation can be a way to profit but it does have some risks. Then again, what doesn't?

[chmod755]

Of course it's not too late to get rich: we're all early adopters even now. But, but, but... Bitcoin is not a get-rich-quick scheme. There are no guarantees of future profit. Bitcoin is a currency and payment system, is all.

Currency speculation can be a way to profit but it does have some risks. Then again, what doesn't?

+21,000,000

@OP How do you define rich? And why are you asking this? Nobody in here will be able to answer…

[mrjoebruno]

Forget the word rich. I just want to make a decent chunk of change by getting in early on an opportunity.  I have confidence in bitcoin as I'm sure most of us do. I just feel like I"m missing the boat all the time. People are going nuts over ASIC mining and pre-order slots for that sort of gear is already filled. Part of me wants to just buy coins but at near $50 a pop I couldn't afford to make a difference, plus there's always the risk. If they were still at $5 per BTC I'd buy as many as I could. Look at all the threads on this site. Its mind-numbing. Are there any opportunities to "buy into" some sort of ASIC powered mining operation or something?

[Jutarul]

Forget the word rich. I just want to make a decent chunk of change by getting in early on an opportunity.  I have confidence in bitcoin as I'm sure most of us do. I just feel like I"m missing the boat all the time. People are going nuts over ASIC mining and pre-order slots for that sort of gear is already filled. Part of me wants to just buy coins but at near $50 a pop I couldn't afford to make a difference, plus there's always the risk. If they were still at $5 per BTC I'd buy as many as I could. Look at all the threads on this site. Its mind-numbing. Are there any opportunities to "buy into" some sort of ASIC powered mining operation or something?

The ASIC landscape is even less predictable than the value appreciation for BTC. Here's a piece of advice I usually give to people who, for various reasons, cannot be on top of things: Use BTC as a financial security instrument, i.e. put a significant (not all) portion of your savings into BTC.

[Number6]

I am new to Bitcoins myself, but I think you answered your own question in your first post. If you had trusted Bitcoins at $5 level, after the fall from $30, you could be sitting on close to 10x profit right now. Who is to say that in 6 months time it won't be at $100, maybe even $500 a year or so from now. Then you will be coming back and saying the same thing, if only I had bought when it was $50...

Like any speculation, there is risk, but also the potential for reward. I have been reading up on many forums when people left mining or sold their bitcoins because it wasn't worth it at $5, $12, or whatever. Now they come racing back at $50 and try to get rich quick. Meanwhile the people who kept at it, maybe by mining or picking up a few bitcoins here and there are way ahead of the game. I guess what I am getting at is if you truly believe in Bitcoins, as some have said you are still an early adopter and can still get in on the ground floor. But like most things, it is probably not a get rick quick scheme.

Let's take an example, person A and person B. Let's further say that they each had 1000 bit coins when the price dropped to $5.

Person A sold everything to try and recoup some of his investment (minimize his losses) and received $5,000. Say he also got out of the mining business and sold his GPU's for another $2,000, so he walked away with $7,000. (Not figuring in his total losses, just what he could have walked away with.)

Person B held on. Person B further continued to mine even though his profits were maybe at, or even under, breakeven based upon the daily bitcoin prices. Now sometime later when bitcoins are valued at $50, person B still has his original 1000 bitcoins ($50,000) and may have mined say an additional 100 coins ($5,000) for a total value of $55,000. Even taking into account person B's electrical costs over that time, say for sake of argument is was $5 a bitcoin, or $500, he is still up $4,500 from his continued mining, and $45,000 for his resolve to hang in there. He could now sell off that same $7,000 of value as person A did earlier, and still have a healthy profit.

Of course, bitcoins could have gone totally bust and person B would have lost the $7,000 he could have got if he cashed out when person A did, but in the end that $7k of risk rewarded him with $48k profit. He can now pull out all his initial investment, take a bit of profit and not worry what happens.

Best advice, put in only what you are comfortable with losing and hang in there. Like most investments, the way up will feel more like a rollercoaster than a rocket ship.

[Bitcoinpro]

I was a bitcoin early adopter and lost interest in bitcoin when it went from $30 down to $5. I feel idiotic for not scooping up BTC at that price.  I did some early mining with my 5970 and accumulated ~50BTC and stopped mining when difficulty increased. I'm back now and it seems like everyone is getting rich and I can't help but feel like I'm missing out on groundfloor opportunities. I figure I'd take a shot and see if anyone could share some tips or current service offerings that could put me back in the game. ASIC miners are sold out and quite frankly there's so much info on these boards that its a full time job just reading everything. I'm pool mining right now but netting like .05BTC every few days isn't enough. Perhaps this same mentality is what screwed me up last time and I dont want to make the same mistake again.

I've been an "IT" person all my life and I have no idea how I missed out on things like buying Google or Apple. Bitcoin seems to be my last chance. Any tips would be appreciated.

get some coin

[klaus]

here more

get rich !

[Raoul Duke]

So, when prospects of getting rich didn't seem favorable because Bitcoin went from $30 to $5 you just went away, now that they're at $47, you're back and you ask if you're still in time to get rich?

GTFO... We don't need people like you. Or you believe or you don't. If you have doubts, watch from the sidelines, but obviously you can't do that.

[jzcjca00]

I think Bitcoin has a quite small, but definitely non-zero, chance of eventually becoming the global universal currency.  Since there are ~7E9 people in the world, and only ever 21E6 BTC, the average person will have 0.003 BTC, although we'll probably be calling it 300,000,000 Satoshi by then.

How rich do you want to be?  If you buy and hold 1 BTC, when Bitcoin becomes THE currency, you will be 333 times richer than the average person.  If you buy and hold 100 BTC, you will be 33,333 times richer than the average.  Choose your level, buy, and plan on holding no matter what!

[odolvlobo]

Anyone buying bitcoins with the goal of gettting rich is going to be very disappointed. It's a bubble mentality and it always ends with the pop of a bubble.

There are countless examples of people jumping into something expecting to become rich and walking away with nothing. Here are a few recent well-known examples: gold and silver in 1980, day trading in the 1990's, the dot-com bubble, the housing bubble, and bitcoin in 2011.

If you want to become rich, do something productive. Get involved. Be innovative. Come up with something that others will want to pay you for. That way no matter what happens to bitcoin, you will still come out ahead, and you will certainly do better than if you just buy some bitcoins and count them everyday.

People that come up with all these calculations about how BTC will be worth millions are not thinking rationally. They are completely ignoring all the risk and all of the more likely outcomes. If you don't believe that there is a good chance that BTC will be worthless in 5 years, then you are a fool.

[MPOE-PR]

It is never too late to get rich. You just need to bring something useful or valuable to the table.

If you don't, it's still not too late to get rich. It is (and always has been, even since the dawn of civilization) much too early.

[Isokivi]

Anyone buying bitcoins with the goal of gettting rich is going to be very disappointed. It's a bubble mentality and it always ends with the pop of a bubble.

There are countless examples of people jumping into something expecting to become rich and walking away with nothing. Here are a few recent well-known examples: gold and silver in 1980, day trading in the 1990's, the dot-com bubble, the housing bubble, and bitcoin in 2011.

If you want to become rich, do something productive. Get involved. Be innovative. Come up with something that others will want to pay you for. That way no matter what happens to bitcoin, you will still come out ahead, and you will certainly do better than if you just buy some bitcoins and count them everyday.

People that come up with all these calculations about how BTC will be worth millions are not thinking rationally. They are completely ignoring all the risk and all the more likely outcomes. If you don't believe that there is a good chance that BTC will be worthless in 5 years, then you are a fool.

+1

[Herodes]

I was a bitcoin early adopter and lost interest in bitcoin when it went from $30 down to $5. I feel idiotic for not scooping up BTC at that price.  I did some early mining with my 5970 and accumulated ~50BTC and stopped mining when difficulty increased. I'm back now and it seems like everyone is getting rich and I can't help but feel like I'm missing out on groundfloor opportunities. I figure I'd take a shot and see if anyone could share some tips or current service offerings that could put me back in the game. ASIC miners are sold out and quite frankly there's so much info on these boards that its a full time job just reading everything. I'm pool mining right now but netting like .05BTC every few days isn't enough. Perhaps this same mentality is what screwed me up last time and I dont want to make the same mistake again.

I've been an "IT" person all my life and I have no idea how I missed out on things like buying Google or Apple. Bitcoin seems to be my last chance. Any tips would be appreciated.

When an opportunity seems obvious it's too late. It's the visionaries and the risk takers that win big. That being said, you can still profit if that's your aim.

However, I think being into bitcoin for the properties of bitcoin itself, and not only for profit is also something to think about.

[aussie_striker]

Often people think it is too late to get in on an opportunity and then later realize that they were so wrong. There is no real way of knowing the future so whatever you do it will taking a chance in hope that it turns out right. Some people win, some people lose and it is not always the smart ones that win. In fact often the smart ones over think it all and miss out on the real opportunities.

Is it too late to get rich?

It is never too late to get rich, you just have to find the right vehicle to get you there.

[Herodes]

Often people think it is too late to get in on an opportunity and then later realize that they were so wrong. There is no real way of knowing the future so whatever you do it will taking a chance in hope that it turns out right. Some people win, some people lose and it is not always the smart ones that win. In fact often the smart ones over think it all and miss out on the real opportunities.

Is it too late to get rich?

It is never too late to get rich, you just have to find the right vehicle to get you there.

+1

[Akka]

If they were still at $5 per BTC I'd buy as many as I could.

No you wouldn't. That would be the case if they where still at $5:

I was a bitcoin early adopter and lost interest in bitcoin when it went from $30 down to $5.

You are lying to your self here.

I would advise you against getting back into Bitcoin, because you will probably get out at a loss as soon as BTC takes another dive.

You are either:

1. An "Enthusiast" that is in Bitcoin for what it is and will (hopefully) mean for the world, no matter what.
2. A Speculator that wants to make some cash with BTC and knows what he is doing.
3. A Sucker and you will get burned again and again until you run out of money to loose.

No offense, though.

[Herodes]

No offense, though.

That's the truth. Amen.

[MPOE-PR]

Often people think it is too late to get in on an opportunity and then later realize that they were so wrong. There is no real way of knowing the future so whatever you do it will taking a chance in hope that it turns out right. Some people win, some people lose and it is not always the smart ones that win. In fact often the smart ones over think it all and miss out on the real opportunities.

Is it too late to get rich?

It is never too late to get rich, you just have to find the right vehicle to get you there.

That vehicle would specifically NOT be the scam this scammer guy is pushing.

[LoweryCBS]

It is never too late to get rich. You just need to bring something useful or valuable to the table.

If you don't, it's still not too late to get rich. It is (and always has been, even since the dawn of civilization) much too early.

Damn it - now I'm in love.