[2017-12-3]Bitcoin investors hoping to make billions

[hugeblack]

Sifting the Yukon river for gold was a waste of time for most of the 100,000 prospectors seeking to make themselves rich in the 1890s. The same can be said of the bitcoin miners who dream of striking it rich by getting their hands on some of the extremely lucrative and painfully elusive electronic currency.

Relatively few people have managed to decipher the codes needed to extract bitcoins from the 21 million locked inside the mathematical problems set by its creator, the software engineer whose true identity is unknown but who goes by the name Satoshi Nakamoto.


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Those who have employed enough computer power and code-cracking know-how can consider themselves rich now that the value of one bitcoin has soared from $753 last December to around $10,000. The rest have deployed huge amounts of energy and time for no return.

Should anyone be worried about this turn of events? Or will it go down as a moment in history when an asset was mined, some people got rich and ... that was it?

The ambitions of the bitcoin community mean the creation of a new currency must be taken more seriously. Its stellar rise in the last 18 months is likely to have sucked in thousands of speculators, many of them ordinary investors.

And with mainstream financial exchanges looking to host bitcoin as a tradeable asset, or list derivatives of bitcoin on their trading boards, thousands more will be sucked in over the next 18 months.

Where ordinary investors, hunting in large numbers, seek a return on their savings in a high-risk environment, governments are usually minded to regulate.

The idea behind bitcoin was that it should be like any commodity that, once discovered, became increasingly difficult to extract. Like gold, it would become a store of value and make those clever enough to find it and believe in it very rich.

Source https://www.theguardian.com/technology/2017/dec/03/bitcoin-investors-hoping-billions-sack-fools-gold

[odolvlobo]

Relatively few people have managed to decipher the codes needed to extract bitcoins from the 21 million locked inside the mathematical problems set by its creator...

Those who have employed enough computer power and code-cracking know-how can consider themselves rich ... The rest have deployed huge amounts of energy and time for no return.

It is clear that that author knows nothing about Bitcoin mining.

[Taki]

Relatively few people have managed to decipher the codes needed to extract bitcoins from the 21 million locked inside the mathematical problems set by its creator...

Those who have employed enough computer power and code-cracking know-how can consider themselves rich ... The rest have deployed huge amounts of energy and time for no return.

It is clear that that author knows nothing about Bitcoin mining.

why wouldn't you correct the author if you know more about bitcoin mining?
Coming back to the main topic - everybody want to wake billions with bitcoin and I think it is normal, the same like the gold rush of 19th century. I am soon for two years here and I have heard many stories how people become millionaires when bitcoin reached 1000$, now the price is close to 12000$, so can you imagine how far those people gone now?!

[Gotottack]

Generally, people invest onto something on the premise that their money will grow with it mainly because they BELIEVE in the commodity itself. In this context and in relation to the subject matter on hand, Bitcoin investors are banking on a hope that their investments will make it really big that will even surpass their expectations.

As you may have noticed, and based on my observations, there is no one who ever thought that their money will grow THIS big in Bitcoins as it is today. Hence, the billion-dollar dream is not impossible after all.  

[Jating]

We are all in for the MONEY right? So all of us who are getting into bitcoin, whether mining or trading are really hoping to make loads of money. Look at how the early adopters are, they bet big and now enjoying the rewards after years of banking and hoping to get it big in bitcoins.

And just like gold, bitcoin is getting harder to earn, at least you have to buy bitcoin at premium price now (above $11K) in order to realized your dream of becoming millionaires or billionaires in the next 5-10 years. There's not much difference in terms of being a mining in gold and bitcoin and being a investors as well.

Its never too late to get into the market and carry out our dreams of becoming rich from bitcoin. Just imagine at the start of this year and the end price now. If you have bought 1 bitcoin back then, your returns is already ten folds or more. That's why I call winning.

[RedX]

Of course, large investors are all wanting to see the happens. People don't even fully understand bitcoin but because it offers profit that could turn you into a millionaire or billionaire, they are in it the same as the reason as I have. Maybe not a billionaire but at least a millionaire in my country's currency.

[Vastraint]

Relatively few people have managed to decipher the codes needed to extract bitcoins from the 21 million locked inside the mathematical problems set by its creator...

Those who have employed enough computer power and code-cracking know-how can consider themselves rich ... The rest have deployed huge amounts of energy and time for no return.

It is clear that that author knows nothing about Bitcoin mining.

Because he doesn't want to become a miner but an investor. They just believes that this bitcoin as commodity can be so much enough in the future and will give them much profit and is less convenient compared to investing on and mining gold. In bitcoin they believe there is a much higher chances of big return, which is correct. For me it is clear that the author wants to be rich in bitcoin as an investor.

[freaker]

Why you think everyone joins Bitcoin ? The answer is simple everyone want to get rich and earn a handful amount of cash with investing a little amount. But this is not 2011 where you will buy Bitcoins cheaply, world has changed now and Bitcoin is touching the sky. There is a scope that Bitcoin might turn you into Billionaire but there is no guarantee so always invest that much amount which you can afford to lose.

[entrepmind23]

Generally, people invest onto something on the premise that their money will grow with it mainly because they BELIEVE in the commodity itself. In this context and in relation to the subject matter on hand, Bitcoin investors are banking on a hope that their investments will make it really big that will even surpass their expectations.

As you may have noticed, and based on my observations, there is no one who ever thought that their money will grow THIS big in Bitcoins as it is today. Hence, the billion-dollar dream is not impossible after all.  

Definitely! Bitcoin has open up so many opportunities to people that has a dream of getting rich one day. Those who are mining in the early days I believe has no expectations that the price as it is today can be reach because even the price of hundred dollars is called a bubble before and here we are now today with bitcoin that has a price of thousand dollars and still being called a bubble that may pop any time.

People are investing into something and expect a return of investment after an "x" period of time. Bitcoin surpass all traditional investments in terms of return that may just lapse for a month or few months. I think no one expect that bitcoin can reach that amount this year given the fact that there is so many FUD spread by the people who are not in favor of it. The billion dollar idea is achievable. Example of this is the Winklevoss twins who are already bitcoin billionaires holding 1% of the bitcoin's total supply.

[iamTom123]

Relatively few people have managed to decipher the codes needed to extract bitcoins from the 21 million locked inside the mathematical problems set by its creator...Those who have employed enough computer power and code-cracking know-how can consider themselves rich ... The rest have deployed huge amounts of energy and time for no return.

It is clear that that author knows nothing about Bitcoin mining.

The author compared cryptocurrency mining to the real mining in the river and that idiotic analogy just made me laugh hard. Yes, it is quite obvious that the author failed to understand what is cryptocurrency and how mining is working since all he can think of is the placer mining where hopefuls are literally looking for bits of gold that can be extracted from the sand and stones. I am sure that this has been a big problem with some in the mainstream media...they pretend to be experts in Bitcoin when in fact they are just plain ignorant and they always failed to consult somebody who has been in this arena for months. This is quite basic and when you fail to grasp the basic things about your subject don't expect to come up with a credible write-up. What a waste of time!

[cr1776]

....

As you may have noticed, and based on my observations, there is no one who ever thought that their money will grow THIS big in Bitcoins as it is today. Hence, the billion-dollar dream is not impossible after all.  

I think if you look around, you’ll see otherwise, e.g.
https://bitcointalk.org/index.php?topic=12156.0