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Author Topic: How easy was it to buy bitcoin when it came out?  (Read 743 times)
jerry0 (OP)
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October 13, 2017, 04:00:35 AM
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I read bitcoin came out in 2009.  I first heard of bitcoin back in 2011 when someone mentioned it to me.  They told me it would get big.  I don't recall the exact price at the time but i believe it was 10 dollars the max i believe.  I recall reading a bit of it and thought this is junk because to me it was like some useless coin.


So i would like to know this.  Let say i would buy bitcoins back then.  Lets just say i bought 100 of them for 1000 dollars.  I most likely would not spending 1000 dollars on it but lets just say i did.  Now if it was 1 dollar each, i definitely would buy at least 100 dollars worth.  Now i want to know around 2011, how hard/easy was it to buy bitcoins?  Did any bitcoin wallets even exist back then?  I assume not right?  I assume everything was kept on the exchanges?  The one main exchange i heard of is Mx gov and that site that hacked.  Is that the exchange most Americans uses back then to buy bitcoin?  I would like the feedback of an American who bought bitcoin back then.  Was it as easy as confirming your bank account and then you buy via ACH transfer?  So basically any bitcoin you bought would be in your exchange account right?  Then if you want to sell, you just sell it just like that?  Was it pretty easy to sell bitcoin back then?  Were there people that traded bitcoin or was there no demand for that?


Now we all hear about how if we bought a lot of bitcoin when it was less than 1 dollar each, we all have lot of money.  Now let say you bought 1000 bitcoin at 10 cents each or something like that.  How long was bitcoin 10 cents?  And the other thing is this.  Lets just say you spent $1000 and bought 1000 bitcoin when it was 1 dollar each.  What percentage do you think people who bought 1000 bitcoin at 1 dollar each probably sell the bitcoin when it hits 10 dollars?  Or 100 dollars?  Obviously when it hit 500 dollars, im sure lot of people sold it?  Thus im sure there probably were lot of ppl that had 1000+ bitcoin due to buying it for like 10 cents or even less? 

 
Most importantly, what were the names of the bitcoin exchanges or sites most Americans used?  And say you did bought 1000 bitcoin.  Well, wouldn't there be a very high chance the mx gov hack thing... your bitcoin was probably there?  Or were there wallets created later on around then?  When exactly were the bitcoin wallets created like those armory, blockchain etc?


Obviously now its easy to buy/sell bitcoin.  But even if you bought say 100 or 1000 bitcoin back then for like 10 or 100 or 1000 dollars, what are the chances your bitcoin could be lost to due to the mx gov or anything else similar to that?  And of course you have to factor how many people would have sold their bitcoin if it went up very high.  For example if you buy 1000 bitcoin for 100 dollars and prices go very high, my thinking would be no point of selling it if price can't go a lot higher etc.  But say i bought 1000 bitcoin for 1000 dollars.  Well 1000 dollars is not exactly chump change.  But 100 dollars isn't that much etc.  Do people here get my logic?  Like hey its only 100 dollars vs 1000 dollars.  And of course you have to factor how many people want to lock in their profits. 


Im also wondering there must be quite a bit of people that might have 100+ btc stored somewhere but either their hard drive no longer work or they forgot their password to their wallet or something similar?  I mean if a guy bought 5000 btc for 27 dollars... i mean surely someone bought 10000 btc for 54 dollars right?  I mean there might be even people that bought like 20000 btc for 100 dollars or so when bitcoin just came out?  But those that eventually sold it, im wondering how frustrated they would been because 20000 btc now would be a lot of money etc.
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October 13, 2017, 10:28:01 AM
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There are many thoughts about early bitcoin sellers. What we can do!? We can now only buy and hold for long term! And become rich as somebody could do it from past!
Even now 5000$ for bitcoin is nothing when it will be 100000$!
jerry0 (OP)
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October 21, 2017, 05:26:46 AM
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Well was it hard/easy to buy bitcoin back then?  And say you bought bitcoin back in 2009?  Or let say 2011.  If you did that, where would the bitcoin be most likely held?  At the exchange?  Or in a wallet?  Did blockchain, electrum or any of those bitcoin wallets even existed around then?  Thus i assume anyone that kept bitcoin would have kept it in an exchange?


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October 21, 2017, 05:34:19 AM
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It was a lot easier to mine it in the beginning. Even after an exchange or two appeared on the scene (in 2010) there were wire transfers involved, which today seems as if it was so difficult back then, but obviously wire transfers aren't far off from how bitcoin is purchased today.
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October 21, 2017, 06:15:36 AM
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I read bitcoin came out in 2009.  I first heard of bitcoin back in 2011 when someone mentioned it to me.  They told me it would get big.  I don't recall the exact price at the time but i believe it was 10 dollars the max i believe.  I recall reading a bit of it and thought this is junk because to me it was like some useless coin.


So i would like to know this.  Let say i would buy bitcoins back then.  Lets just say i bought 100 of them for 1000 dollars.  I most likely would not spending 1000 dollars on it but lets just say i did.  Now if it was 1 dollar each, i definitely would buy at least 100 dollars worth.  Now i want to know around 2011, how hard/easy was it to buy bitcoins?  Did any bitcoin wallets even exist back then?  I assume not right?  I assume everything was kept on the exchanges?  The one main exchange i heard of is Mx gov and that site that hacked.  Is that the exchange most Americans uses back then to buy bitcoin?  I would like the feedback of an American who bought bitcoin back then.  Was it as easy as confirming your bank account and then you buy via ACH transfer?  So basically any bitcoin you bought would be in your exchange account right?  Then if you want to sell, you just sell it just like that?  Was it pretty easy to sell bitcoin back then?  Were there people that traded bitcoin or was there no demand for that?


Now we all hear about how if we bought a lot of bitcoin when it was less than 1 dollar each, we all have lot of money.  Now let say you bought 1000 bitcoin at 10 cents each or something like that.  How long was bitcoin 10 cents?  And the other thing is this.  Lets just say you spent $1000 and bought 1000 bitcoin when it was 1 dollar each.  What percentage do you think people who bought 1000 bitcoin at 1 dollar each probably sell the bitcoin when it hits 10 dollars?  Or 100 dollars?  Obviously when it hit 500 dollars, im sure lot of people sold it?  Thus im sure there probably were lot of ppl that had 1000+ bitcoin due to buying it for like 10 cents or even less? 

 
Most importantly, what were the names of the bitcoin exchanges or sites most Americans used?  And say you did bought 1000 bitcoin.  Well, wouldn't there be a very high chance the mx gov hack thing... your bitcoin was probably there?  Or were there wallets created later on around then?  When exactly were the bitcoin wallets created like those armory, blockchain etc?


Obviously now its easy to buy/sell bitcoin.  But even if you bought say 100 or 1000 bitcoin back then for like 10 or 100 or 1000 dollars, what are the chances your bitcoin could be lost to due to the mx gov or anything else similar to that?  And of course you have to factor how many people would have sold their bitcoin if it went up very high.  For example if you buy 1000 bitcoin for 100 dollars and prices go very high, my thinking would be no point of selling it if price can't go a lot higher etc.  But say i bought 1000 bitcoin for 1000 dollars.  Well 1000 dollars is not exactly chump change.  But 100 dollars isn't that much etc.  Do people here get my logic?  Like hey its only 100 dollars vs 1000 dollars.  And of course you have to factor how many people want to lock in their profits. 


Im also wondering there must be quite a bit of people that might have 100+ btc stored somewhere but either their hard drive no longer work or they forgot their password to their wallet or something similar?  I mean if a guy bought 5000 btc for 27 dollars... i mean surely someone bought 10000 btc for 54 dollars right?  I mean there might be even people that bought like 20000 btc for 100 dollars or so when bitcoin just came out?  But those that eventually sold it, im wondering how frustrated they would been because 20000 btc now would be a lot of money etc.

Well back then there were wallets. And you don't know that. I have an online wallet to fetch bitcoin from faucets. So I tell you back then Bitcoin was not even 10 dollars back then. It was practically worthless. And most people don't buy bitcoin. Because only Liberty Reserve a Costa Rican based website are willing to exchange bitcoins for fiat currency. Plus nerds are readily giving it away. Nobody thought that it is legit. Well when it comes to regrets. You cannot avoid that. There is family who sold all their properties to invest in Bitcoin. And if they are right. They will be billionaires. Gods of Bitcoin.

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October 21, 2017, 06:18:34 AM
 #6

Buying bitcoin is hard back then. You need to find a seller in this forum, IRC or Reddit. The most viable option was to look here in this forum or find someone in other boards that needs to buy/sell their bitcoins given that it has so little value back then. Common payment methods were Skrill, Paypal or through meetups and such. Times were hard for sellers since there isn't an established exchange to sell your bitcoins for money unlike today.
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October 21, 2017, 06:20:30 AM
 #7

I was also one of thoae who adopted bitcoin too late than anyone else way back years ago, no mattwr what i say, or even keep on regretting those actions that i didn't took at the first place, i can never turn it back and just keep on living in the past, instead i'd rather move on and do what it takes to cope up or earn for now that maybe can have a big impact in the future.
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October 21, 2017, 06:30:39 AM
 #8

HARD AS FUCK.

Maybe its just me, or where i have lived, but the only way to get bitcoin was to use LBC, or bitinstant. Bitinstant (was that the name?) was like buying a money order that was basically a bitcoin buy. You would go to the drug store, go to the money order phone, and eventually pay cash to the cashier, along with presenting your id. They would confirm the fiat payment (and give you a receipt), and you would get the bitcoin to your wallet. I didnt have a bank account during these days (long story) so LBC meant using someone elses account to make a deposit. Never a good idea folks; if something happens that requires you to interact with the bank (an escrow dispute for example), they look very dimly on proxy account use (and will close your shit in some instances)

doomistake
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October 21, 2017, 06:39:30 AM
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I read bitcoin came out in 2009.  I first heard of bitcoin back in 2011 when someone mentioned it to me.  They told me it would get big.  I don't recall the exact price at the time but i believe it was 10 dollars the max i believe.  I recall reading a bit of it and thought this is junk because to me it was like some useless coin.


So i would like to know this.  Let say i would buy bitcoins back then.  Lets just say i bought 100 of them for 1000 dollars.  I most likely would not spending 1000 dollars on it but lets just say i did.  Now if it was 1 dollar each, i definitely would buy at least 100 dollars worth.  Now i want to know around 2011, how hard/easy was it to buy bitcoins?  Did any bitcoin wallets even exist back then?  I assume not right?  I assume everything was kept on the exchanges?  The one main exchange i heard of is Mx gov and that site that hacked.  Is that the exchange most Americans uses back then to buy bitcoin?  I would like the feedback of an American who bought bitcoin back then.  Was it as easy as confirming your bank account and then you buy via ACH transfer?  So basically any bitcoin you bought would be in your exchange account right?  Then if you want to sell, you just sell it just like that?  Was it pretty easy to sell bitcoin back then?  Were there people that traded bitcoin or was there no demand for that?


Now we all hear about how if we bought a lot of bitcoin when it was less than 1 dollar each, we all have lot of money.  Now let say you bought 1000 bitcoin at 10 cents each or something like that.  How long was bitcoin 10 cents?  And the other thing is this.  Lets just say you spent $1000 and bought 1000 bitcoin when it was 1 dollar each.  What percentage do you think people who bought 1000 bitcoin at 1 dollar each probably sell the bitcoin when it hits 10 dollars?  Or 100 dollars?  Obviously when it hit 500 dollars, im sure lot of people sold it?  Thus im sure there probably were lot of ppl that had 1000+ bitcoin due to buying it for like 10 cents or even less? 

 
Most importantly, what were the names of the bitcoin exchanges or sites most Americans used?  And say you did bought 1000 bitcoin.  Well, wouldn't there be a very high chance the mx gov hack thing... your bitcoin was probably there?  Or were there wallets created later on around then?  When exactly were the bitcoin wallets created like those armory, blockchain etc?


Obviously now its easy to buy/sell bitcoin.  But even if you bought say 100 or 1000 bitcoin back then for like 10 or 100 or 1000 dollars, what are the chances your bitcoin could be lost to due to the mx gov or anything else similar to that?  And of course you have to factor how many people would have sold their bitcoin if it went up very high.  For example if you buy 1000 bitcoin for 100 dollars and prices go very high, my thinking would be no point of selling it if price can't go a lot higher etc.  But say i bought 1000 bitcoin for 1000 dollars.  Well 1000 dollars is not exactly chump change.  But 100 dollars isn't that much etc.  Do people here get my logic?  Like hey its only 100 dollars vs 1000 dollars.  And of course you have to factor how many people want to lock in their profits. 


Im also wondering there must be quite a bit of people that might have 100+ btc stored somewhere but either their hard drive no longer work or they forgot their password to their wallet or something similar?  I mean if a guy bought 5000 btc for 27 dollars... i mean surely someone bought 10000 btc for 54 dollars right?  I mean there might be even people that bought like 20000 btc for 100 dollars or so when bitcoin just came out?  But those that eventually sold it, im wondering how frustrated they would been because 20000 btc now would be a lot of money etc.

It was so easy to buy way back then or should I use the term "good" on buying bitcoins way back then because anyone could afford it, but the thing is we don't know that bitcoin would skyrocket so far in the sky, however, we don't have to regret that, what important is we are still earning bitcoin and it is not too late to buy some. If you can't buy right now because the price is so high, then wait for a DUMP then buy some, simple as that.

We have to be matured enough to realize that bitcoin is the key for us to success or to achieve our dream in the near future, but if we are too narrow minded and still thinking that bitcoin is just some kind of scam, then think again.
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October 21, 2017, 06:51:15 AM
 #10

One thing for sure, for those who've bought lots of bitcoins when it was fresh and kept it until now are rich millionaires. There are those who've bought it for fun and didn't expect it to really become what is it right now so they sold it immediately. We never know that bitcoin has that future that's why some sold earlier and some kept. Lucky for those who have kept.
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October 21, 2017, 07:15:13 PM
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It is not too late to invest in bitcoin because if you want to wait for the price to come down it may never happen, so just buy the fraction that you can afford and you will make profit at your own pace.
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October 22, 2017, 03:19:42 PM
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As to the process and wallets, I’m not sure how the early adopters were able ro pruchase their coins and whether there were exchanges already. I just heard that mining was a lot easier and it was famous back then; a lot got involved into bitcoin mining even with its small value. Regardless of how hard it probably was back in 2009 or 2011, those who were able to store their BTC must be millionaires or even billionaires right now. Do you have some regrets for not buying, OP?
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October 22, 2017, 03:42:51 PM
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I remember it was difficult to buy BTC in 2009. I read about BTC back then and was interested to buy about $100 worth of BTC. Try researching for some time but couldn’t find any method that is economical and feel safe to buy. I find it easier to mine BTC, I was able to mine using my personal computer but i lost interests after awhile and lost access to the wallet.
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October 22, 2017, 03:51:07 PM
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back when the Bitcoin-QT was around, mining was a part of bitcoin. it was THE bitcoin wallet which you could also use to mine bitcoin using your CPU. you just set it up and get 50 bitcoins per block that you found. i couldn't find any information about CPU hashrate versus difficulty of that time to be able to estimate how long it would have taken to get that 50BTC but i don't think it was that hard in early years.

There is a FOMO brewing...
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October 22, 2017, 03:56:43 PM
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As to the process and wallets, I’m not sure how the early adopters were able ro pruchase their coins and whether there were exchanges already. I just heard that mining was a lot easier and it was famous back then; a lot got involved into bitcoin mining even with its small value. Regardless of how hard it probably was back in 2009 or 2011, those who were able to store their BTC must be millionaires or even billionaires right now. Do you have some regrets for not buying, OP?
It seems to me that the people who kept their bitcoins in 2010 no. For a long time people had coins that are not worth anything. Then when they offered a price of $ 50 or less for bitcoin they gladly sold all his coins. Only after the whales have bought up all the coins they began to rise in price. Who was rich and he was rich.
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October 22, 2017, 04:40:29 PM
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I read bitcoin came out in 2009.  I first heard of bitcoin back in 2011 when someone mentioned it to me.  They told me it would get big.  I don't recall the exact price at the time but i believe it was 10 dollars the max i believe.  I recall reading a bit of it and thought this is junk because to me it was like some useless coin.

The low price in 2011 was around $0.30 (in the beginning of January 2011).
The high price in 2011 was around $31 (June 8th and 9th 2011).

So if you heard about it when it was near $10, then that was either June 2 or sometime in the month of August.

So i would like to know this.  Let say i would buy bitcoins back then.  Lets just say i bought 100 of them for 1000 dollars.  I most likely would not spending 1000 dollars on it but lets just say i did.  Now if it was 1 dollar each, i definitely would buy at least 100 dollars worth.

Lets pretend you watched the price until November 17 through 19.  At that time the price dipped to $2.  You could have bought 100 of them for $200.

Now i want to know around 2011, how hard/easy was it to buy bitcoins?

You'd have had a few options.

There was an IRC channel where you could find people that were selling their bitcoins. In that case you'd have needed to make payment arrangements that you could both trust.

Another option was to figure out how to get money transferred to MtGox.  Then you could have bought the bitcoins there.  I don't recall exactly what deposit options MtGox offered in 2011.  Whatever they were, they weren't difficult, they'd just take a little effort.  My best guess is that MtGox was accepting Dwolla at the time.

Did any bitcoin wallets even exist back then?

Yes.

The Bitcoin Core wallet has existed for as long as Bitcoin has existed.  The blockchain was MUCH smaller back then, so synchronization didn't take very long and it didn't use up much disk space.

If you waited until November to buy the Bitcoins (when they were $2), then you also would have had both MultiBit (released in September 2011) and Electrum (released the first week of November 2011) to choose from.

I assume everything was kept on the exchanges?

There was really only one "exchange" where you could keep your bitcoins at that time, MtGox.  MOST people were not yet using MtGox to store their bitcoins, but that would have been an option if you wanted to.  That early on though, most people were still using Bitoin Core (it was called Bitcoin-Qt back then).

The one main exchange i heard of is Mx gov and that site that hacked.

MtGox, not MxGov.

It did not shut down until then end of 2013.


Is that the exchange most Americans uses back then to buy bitcoin?

There were many people using MtGox to buy and sell their bitcoins back then, however there was also a lot of direct trading between individuals AND it was pretty easy to mine bitcoins with a decent gaming computer (or anything with a good graphics card in it).

Was it as easy as confirming your bank account and then you buy via ACH transfer?

I don't think MtGox ever offered ACH transfer.  I think the options were generally limited to third party money transfer services (such as Dwolla) and a "wire transfer" which is a "bank transfer" but is different than ACH.  Wire transfer is a bit more complicated to do, and typically has fees associated.

So basically any bitcoin you bought would be in your exchange account right?

If you wanted to leave them at MtGox, you could, but it was pretty easy to run Bitcoin-Qt and to just transfer the bitcoins to your wallet.  Paper wallets were common back then as well.  Also "brain wallets" caught on for a bit.  Additionally, after September you could buy special pre-printed "paper wallets" inside novelty metallic coins called Casacius Coins.

Then if you want to sell, you just sell it just like that?  Was it pretty easy to sell bitcoin back then?

About as easy as it was to buy.  You could sell at MtGox, or you could find a buyer to exchange with directly.

Were there people that traded bitcoin or was there no demand for that?

There was some demand.  Nothing like it is today, and it was a bit more risky since there weren't many good third party services to facilitate the transaction.

Now we all hear about how if we bought a lot of bitcoin when it was less than 1 dollar each, we all have lot of money.  Now let say you bought 1000 bitcoin at 10 cents each or something like that.  How long was bitcoin 10 cents?

When bitcoin was $0.10, it was pretty easy to mine.  You *could* buy it if you wanted to, but it was probably easier to just mine it for most people.

Bitcoin was around $0.10 for most of the month of October 2010.

And the other thing is this.  Lets just say you spent $1000 and bought 1000 bitcoin when it was 1 dollar each.  What percentage do you think people who bought 1000 bitcoin at 1 dollar each probably sell the bitcoin when it hits 10 dollars?  Or 100 dollars?  Obviously when it hit 500 dollars, im sure lot of people sold it?  Thus im sure there probably were lot of ppl that had 1000+ bitcoin due to buying it for like 10 cents or even less?

Correct.  It isn't enough to just buy it when it was cheap. You also need to decide to keep it instead of spending it when it is worth more.

On December 4 of 2013 the exchange rate reached nearly $1300.  Over the next 17 days the exchange rate continuously dropped until it was reduced to less than half of that at only $460 on December 18.  It briefly bounced back up to $900 in the first week of January, and then began a very long slid down over then next 12 months to a bit less than $200.

How many people that watched it just continuously go down, down, down, week after week, month after month, would have continued to hold on to all those bitcoins, without any way of knowing if it was ever going to go back up?

Most importantly, what were the names of the bitcoin exchanges or sites most Americans used?

In 2011?  MtGox.  That was pretty much the only exchange available at the time.

And say you did bought 1000 bitcoin.  Well, wouldn't there be a very high chance the mx gov hack thing... your bitcoin was probably there?

Many people knew better than to keep their bitcoins on an exchange, but yes for those that didn't know better there was a very good chance that they may have been holding most of their bitcoins at MtGox when it shut down.

Or were there wallets created later on around then?

Wallets have always existed.  By the time the MtGox disaster was clear (between December 2013 and February 2014), there were MANY alternative wallets and exchanges.

When exactly were the bitcoin wallets created like those armory, blockchain etc?

The earliest alternative wallets that became popular were MultiBit and Electrum (late 2011).  Over the next 2 years there was an explosion of wallet, services, exchanges, and businesses that accepted bitcoin as payment.

Obviously now its easy to buy/sell bitcoin.  But even if you bought say 100 or 1000 bitcoin back then for like 10 or 100 or 1000 dollars, what are the chances your bitcoin could be lost to due to the mx gov or anything else similar to that?

Many people knew better than to keep their bitcoins on an exchange, but for those that didn't know better there was a very good chance that they may have been holding most of their bitcoins at MtGox when it shut down.  There were also MANY scams and/or hacks between 2011 and 2013 that wiped out peoples bitcoins that they were storing with (or sending to) various services.

And of course you have to factor how many people would have sold their bitcoin if it went up very high.  For example if you buy 1000 bitcoin for 100 dollars and prices go very high, my thinking would be no point of selling it if price can't go a lot higher etc.  But say i bought 1000 bitcoin for 1000 dollars.  Well 1000 dollars is not exactly chump change.  But 100 dollars isn't that much etc.  Do people here get my logic?  Like hey its only 100 dollars vs 1000 dollars.  And of course you have to factor how many people want to lock in their profits.

Correct.  It isn't enough to just buy it when it was cheap. You also need to decide to keep it instead of spending it when it is worth more.

On December 4 of 2013 the exchange rate reached nearly $1300.  Over the next 17 days the exchange rate continuously dropped until it was reduced to less than half of that at only $460 on December 18.  It briefly bounced back up to $900 in the first week of January, and then began a very long slid down over then next 12 months to a bit less than $200.

How many people that watched it just continuously go down, down, down, week after week, month after month, would have continued to hold on to all those bitcoins, without any way of knowing if it was ever going to go back up?

Im also wondering there must be quite a bit of people that might have 100+ btc stored somewhere but either their hard drive no longer work or they forgot their password to their wallet or something similar?  I mean if a guy bought 5000 btc for 27 dollars... i mean surely someone bought 10000 btc for 54 dollars right?  I mean there might be even people that bought like 20000 btc for 100 dollars or so when bitcoin just came out?  But those that eventually sold it, im wondering how frustrated they would been because 20000 btc now would be a lot of money etc.

When bitcoin wasn't worth very much money, many people weren't careful with it.  If you mined a few hundred bitcoins for FREE with your computer, and didn't have anywhere to use them, and they were selling for thousands of bitcoins per dollar (hundreds per penny) then accidentally (or intentionally) deleting the wallet or failing to create a backup and having your computer die were no big deal.

In 2010, there was a guy that paid 20000 bitcoins for 2 pizzas.
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