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Author Topic: Why I failed to make a fortune as an early bitcoin adopter?  (Read 26862 times)
hl5460 (OP)
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February 23, 2017, 08:14:58 AM
 #1

Note: The author of this article, Velaciela, aka V酱, was the Co-founder of Yibite, a bitcoin news site that was founded in 2014 but finished in 2015. The story below is a vivid description of his gains and pains when working for a bitcoin startup. Not every early adopter can take fortune-making ride of bitcoin.

-------------------------------------------------------------------------

Bitcoin soared over $1000, hitting a record high as it happened at the end of 2013 and the beginning of 2014.
As an early bitcoin user and investor, or even a so-called entrepreneur, it would be lying to say that I didn’t make a profit from it. But honestly speaking,I am not financially independent or a successful investor though I indeed invested a lot of money in bitcoin and got some opportunities to learn something about the bitcoin blockchain. Therefore, it can be said without exaggeration that my investment in bitcoin is a big disaster.
I never thought I would share my experience with anyone, but it’s just not right to do that, so I’d like to say something about bitcoin and what I have learned from it.

http://news.8btc.com/why-i-failed-to-make-a-fortune-as-an-early-bitcoin-adopter

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February 23, 2017, 08:59:57 AM
 #2

I can relate to that, I too am an early adopter and saw bitcoin in the ~$60, I am not rich.

And I lost my coins in a lot of scams and made poorly trade decisions.

It sucks.

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February 23, 2017, 09:03:00 AM
 #3

I can relate to that, I too am an early adopter and saw bitcoin in the ~$60, I am not rich.

And I lost my coins in a lot of scams and made poorly trade decisions.

It sucks.

That is a sad story, I am good at holding my bitcoin, that is why I still own 3-figure bitcoin now. It is a wonderful dream which I made it come true.
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February 23, 2017, 09:14:46 AM
 #4

is it just me or is the article vague and weird?
he says "i was one of the early investors before 2013 when price was $100" and i understand that he made a large investment at that price.
the he continues by saying:
Quote
"... Among early investors, some were even earlier than me, they started with merely several dollars. .... As such, just like stocks, though there were some early stockholders in 1990s, only a small number of people made a profit."

what does that even mean? just because some other group of people bought bitcoin at $0.1 and less doesn't mean HE didn't make a fortune!
someone who has bought right before the Mtgox pump at $100 has obviously made 1100% profit in a very short time.
all i can see is him crying that he made 1100% profit in half a year while others made 10 times that amount in 3 years! i wish i could be sad about such profits in such short period of time!!!!

then in the end
Quote
With faith, investors succeed.
With faith, entrepreneurs succeed.
With faith, stockholders succeed.
this is bullshit.
faith is only for idiots and old women in a nunnery.
you need knowledge and experience to be successful.

Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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February 23, 2017, 09:54:47 AM
 #5

Do you want us to pity you OP? You haven't made a fortune, but you made money. You haven't said how much, but I expect working in that big Chinese company has brought you significant profits. You're probably dreaming of becoming a bitcoin millionaire, but if everyone could easily become one we'd be living in a world full of millionaires, dreaming of becoming multimillionaires.

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February 23, 2017, 10:05:20 AM
 #6

Let me quote a few snippets from the article:

"It’s all about me being too greedy."

"I failed not for lacking skills, but for my thoughts."


Pretty much sums up what OP's mistakes were, but don't worry, you only fail when you stop trying. Get back up. I'm an early adopter too, but I'm not a millionaire.

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February 23, 2017, 12:28:56 PM
 #7

to be the earlier adopters, I think it should be difficult because the tech was developing, and of course there would be money loss. however, it is the risk in business field. there are loss and profit. it depends on your destiny. there will be the good thing beyond that.

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February 23, 2017, 12:37:07 PM
 #8

Being an early adopter of bitcoin itself something a great thing. Due to some sort of failure he was unable to cope with technology that advanced from the scratch. Now realizing and thinking the past doesn't gonna make things better. Even now the time is not too late to grow with bitcoin and other digital currencies.

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February 23, 2017, 12:38:35 PM
 #9

I think early adopters who have kept their coins long enough and made good predictions about Bitcoin future are rich now. But there is just a few of them and besides you also have to have some luck too.
There is no point in regretting now, just think on the future and be prepared for future opportunities.

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February 23, 2017, 12:48:19 PM
 #10

early adopter for my definition is
Buy Bitcoin under 20$ , mine bitcoin from your desktop computer using your cpu, if you done all this and still not being rich, then you have made a hell of wrong moves with your free money,  Undecided
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February 23, 2017, 01:19:03 PM
 #11

i always wish that had i been entered the bitcoin network back in 2013 or so  because bitcoin was so so  cheap at that time and now i were owner of at least 5 6 bitcoin easily. but its my misfortune that i hadn't did so. but you guys are lucky that you entered the bitcoin network long back but its too your misfortune that you couldn't make a good fortune.
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February 23, 2017, 01:40:28 PM
 #12

All you have is misfortune and your misunderstanding with bitcoin. You could have made a huge profit in this course of time and you probably could have been become a rich guys.
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February 23, 2017, 01:47:59 PM
 #13

you need knowledge and experience to be successful.

so, a person that it has bid gold in 2000 at 200 USD ... and sell it at 1300 USD ... have no faith ?



stockholder have faith to keep a thing more than 10 years.
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February 23, 2017, 01:54:37 PM
 #14

What he is feeling right now is pretty common to investors who missed an opportunity or realize they have taken profit early. But the good thing is he had a good experience with it and that experience have thought him greatly about investing. Me as an investor I need to believe in my investments that it will go too the places I expect it too be. One good advice is to control your emotions about your investments.
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February 23, 2017, 02:03:28 PM
 #15

I wish that I bought some bitcoins before it was few cents per piece. This is my daily regrets Wink
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February 23, 2017, 03:45:19 PM
 #16

I can relate to that, I too am an early adopter and saw bitcoin in the ~$60, I am not rich.

And I lost my coins in a lot of scams and made poorly trade decisions.

It sucks.

Not fully in the same boat but I was a currency exchanger around the time when Bitcoin was around the $300-$500 USD per bitcoin mark. It's pretty upsetting to look at it now and see that if I just put the amount of money and time I put into trading into just buying and holding I would've made the same amount of money plus a couple thousand.

Plus, I wouldn't have even needed to do anything and just let the bitcoin sit till now. I guess we can't ponder on the past and we just must look towards the future, it's the only way ONWARDS

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February 23, 2017, 06:36:42 PM
 #17

Note: The author of this article, Velaciela, aka V酱, was the Co-founder of Yibite, a bitcoin news site that was founded in 2014 but finished in 2015. The story below is a vivid description of his gains and pains when working for a bitcoin startup. Not every early adopter can take fortune-making ride of bitcoin.

-------------------------------------------------------------------------

Bitcoin soared over $1000, hitting a record high as it happened at the end of 2013 and the beginning of 2014.
As an early bitcoin user and investor, or even a so-called entrepreneur, it would be lying to say that I didn’t make a profit from it. But honestly speaking,I am not financially independent or a successful investor though I indeed invested a lot of money in bitcoin and got some opportunities to learn something about the bitcoin blockchain. Therefore, it can be said without exaggeration that my investment in bitcoin is a big disaster.
I never thought I would share my experience with anyone, but it’s just not right to do that, so I’d like to say something about bitcoin and what I have learned from it.

http://news.8btc.com/why-i-failed-to-make-a-fortune-as-an-early-bitcoin-adopter

I'm not an early bitcoin adopter but I know what you feels, a friend of mine, is an early bitcoin adopter, he started doing bitcoin when it was almost free in the FAUCETS giving 1-3 bitcoin, something like that, but he didn't pay attention on bitcoin that time, he lost his interest and just got back again on bitcoin just this last year, and he do really regretted it. He said to me this If I only didn't quit doing bitcoin in the first place, probably I am a millionaire right now. and he is right, it is really regretful, but he also said to me that we don't to live in the past and keep always reminiscing our mistakes, because it won't help.

What we need to do, is to focus on the present, we are still lucky because in all of the people around the world, we, bitcoiners knows about bitcoin and others don't. We earn money in an easy way, and they don't, that is why instead of regretting the past, why not enjoy the present. Smiley
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February 24, 2017, 02:04:50 AM
 #18

early adopter for my definition is
Buy Bitcoin under 20$ , mine bitcoin from your desktop computer using your cpu, if you done all this and still not being rich, then you have made a hell of wrong moves with your free money,  Undecided

That's elite adopter. Only a few people could hold that long. I just cashed out 10 coins for my friend yesterday. 150% gain within a year is more than good enough for him.

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February 24, 2017, 02:11:01 AM
 #19

I wish that I bought some bitcoins before it was few cents per piece. This is my daily regrets Wink

Cents would be too greedy to ask. I think @100 dollars would be fair to be qualified as early adopter.

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February 24, 2017, 02:46:35 AM
 #20

Everything is based on luck, maybe we are not that risk takers that time, it's really a big failure if you know bitcoin at early stage and you do try to risk and hold it. Now that the price is going to hit the all time high, it will really hurt and especially when the price keeps rising. But don't just end our dreams because we failed in the past, bitcoin still offers great opportunity to invest and hold now, I hope you see it, it's not too late yet.

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