Something newbies should know about Bitcoin

[Wind_FURY]

I found this on Twitter, and thought it might be good to share. Every newbie on 2017 - 2018 who came to Bitcoin to invest, who are now holding with a loss, should know that you are here, unknowingly, to be in a revolution.

Do not sell, buy the dip, and HOLD.

https://twitter.com/vcorem/status/1076251118747959296?s=21

Wei Dai invented b-money (weidai.com/bmoney.txt) and published it in 1998, 10 years before Satoshi. Satoshi invented Bitcoin separately. He contacted @adam3us and Adam told him about Dai work. Satoshi wasn't aware of Dai's work before that.

Both b-money and Bitcoin uses Proof Of Work. Satoshi referenced Wei Dai's work (and @adam3us work on POW) in his Bitcoin whitepaper: bitcoin.org/bitcoin.pdf

Wei Dai captured the essence of the Cypherpunk movement in the following email: https://cypherpunks.venona.com/date/1995/02/msg00508.html

"There has never been a government that didn't sooner or later try to reduce the freedom of its subjects and gain more control over them, and there probably never will be one.  Therefore, instead of trying to convince our current government not to try, ..."

"we'll develop the technology (e.g., remailers and ecash) that will make it impossible for the government to succeed."

[jerrison]

firstly, newbies are just fresh on the block and know just a little or nothing about the technology as most of them tend to come into the technology as they have heard that it is profit oriented and then i am forced to ask questions. the newbies should endeavour to ask questions that will serve as guidelines towards how they get involved in the system

[HabBear]

What a great sentiment to share...not just for newbies but for all of us!

There is a broader purpose and perspective here that a lot of us felt strongly in the beginning, well before the 2017 run. I'm talking about before the Mt Gox run (or the run that preceded the Mt Gox bust). Now is the time that all of us need to remember the purpose for which we were first attracted to this thing. It's not about the last 6 months or the next 6 months, it's about the next 6 decades and onward.

[aoluain]

Indeed, many newbies in 2017/2018 were attracted by the get rich quick thinking.
I aoukd think many of them have left at this stage temporarily or permanently
whos to know.

I got into crypto in january 2017 with two eyes open one on the long term and one
on what the technology offers its users. My long term outlook has not changed,
even amid all the market movements and negativity because bitcoins functions has
not changed.

Quote from the EMAIL:

But even if you do not believe the above is true, think about it this way: If you have a certain amount of time to spend on advancing the cause of greater personal privacy (or freedom, or cryptoanarchy, or whatever), can you do it better by using the time to learn about cryptography and develop the tools to protect privacy, or by convincing your government not to invade your privacy? I argue that since there are many more people doing the former (EFF, CPSR, etc) than latter, that you'd be more effective if you spent the time on the former. [/Qoute]

[Shatterlean22]

What about the newbies that buy when bitcoin was 19000$ per one? I feel sorry for them ,its not that they will never recover the lose again its just that it might take longer that expected, they must have lots of patience

[dothebeats]

Yes, though let's admit that not all would be proud to be a part of the said 'revolution' as those newbies who came in late are probably just in for the money, nothing more. I know a guy who bought in @ $15000 and still is yapping about it, blaming bitcoin for his not-so-smart decision to buy on an already inflated price. I tried to tell him that this will not hold long yet he still bought in saying there's more room for growth and bitcoin could easily go to $30000 because one prediction says so. They wouldn't appreciate the revolutionary part of bitcoin but just loves the fact that it could get them money quickly and easily without toiling so hard.

[DaCryptoRaccoon]

Best way to look at this from a noob point of view should be If you own only 0.1 BTC then no more than 2% of the world's population can own more BTC than you.
When people come to understand the underlying aspects of bitcoin I think we will see further adoption.

[davis196]

Bitcoin should return to it's roots.The BTC price doesn't matter.Actually,if the price crashes and goes under 1K,the process of going back to basics will be way more faster.The crypto rebels will be always a minority.The majority of quick money seekers is not sustainable and it will come and go,following the market trends.

[speeder]

Well i think that it's good that more and more people enjoy this crypto world, and there are newbies.The thing is that someone has to help them to understand this market, so it's better for them to ask questions, and another thing, when you read threads or something don't talk about something that you don't know exactly what is about because here people  argue badly with each other.I think this is the stage when you have to document yourself about some things, and i went through that and it can be really hard.

[gentlemand]

I'd be very interested to know what proportion of newbies went straight to ICO shit that'll never recover vs buying Bitcoin. It's quite possible many of them never gave BTC a second's thought.

[kaisa]

Understanding that is difficult for newcomers to understand, I'm sure they are based on advertisements that they hear and understanding of luck, get rich quick, easy and instant investment. Even they don't understand how this technology works. You are very good at telling them about the history of how bitcoin and b-money have coexisted side by side, I think Satoshi already understood the future of the technology they created, so he chose to leave so that he would not be influenced by politics.

[Indamuck]

Yes, though let's admit that not all would be proud to be a part of the said 'revolution' as those newbies who came in late are probably just in for the money, nothing more. I know a guy who bought in @ $15000 and still is yapping about it, blaming bitcoin for his not-so-smart decision to buy on an already inflated price. I tried to tell him that this will not hold long yet he still bought in saying there's more room for growth and bitcoin could easily go to $30000 because one prediction says so. They wouldn't appreciate the revolutionary part of bitcoin but just loves the fact that it could get them money quickly and easily without toiling so hard.

All he has to do is be patient and forget about his Bitcoin for a few years.  The same thing happened after the Mt. Gox crash but overtime they would of recovered their losses if they held.  People need to appreciate investing as a long term game and not some sort of get rich quick scheme.

[Dudeperfect]

Well, we must understand the investing pattern of experienced investors in order to optimise hour trading strategies in a positive way. As the great investor Warren Buffett says, "Be fearful when others are greedy and be greedy when others are fearful". Newbies exactly follow this in opposite direction and hence they suffer losses in most of their investing decisions.  One should invest not more than his loss-bearing capacity and it will give confidence to the investor to take bold decisions even if the market is red.

[pptIox]

In 2018, crypto's market sentiment scared many newcomers. When they saw that the market was red every day, if there was no crypto experience, it was undoubtedly shocking.
In addition, the spread of FUD will also give novices a natural defense against Bitcoin, they will always think that Bitcoin may be a pyramid or scam.
Bitcoin needs a benign and stable external environment, which is exactly what we should work hard, so we should spread more positive news about Bitcoin and try to avoid spreading negative things.

[coolcoinz]

I'd be very interested to know what proportion of newbies went straight to ICO shit that'll never recover vs buying Bitcoin. It's quite possible many of them never gave BTC a second's thought.

They needed it to learn that drowning money in ICOs is like gambling. People learn through experience and I've been watching this take place in cryptocurrencies throughout the years. There was a mining boom where everyone wanted to preorder new hardware in 2013 and 2014. Many companies saw an opportunity in scamming and the hype died.
There was a cloud mining boom in 2014-2016 and it also ended with hundreds of scam companies. In 2017 we had ICO boom and it also needed about 2 years to turn sour.
In time more people will learn that you don't have to run around throwing money into all these altcoins, startups, mining farms. All you need to do is hold Bitcoin.

[cabron]

I'd be very interested to know what proportion of newbies went straight to ICO shit that'll never recover vs buying Bitcoin. It's quite possible many of them never gave BTC a second's thought.

They needed it to learn that drowning money in ICOs is like gambling. People learn through experience and I've been watching this take place in cryptocurrencies throughout the years. There was a mining boom where everyone wanted to preorder new hardware in 2013 and 2014. Many companies saw an opportunity in scamming and the hype died.
There was a cloud mining boom in 2014-2016 and it also ended with hundreds of scam companies. In 2017 we had ICO boom and it also needed about 2 years to turn sour.
In time more people will learn that you don't have to run around throwing money into all these altcoins, startups, mining farms. All you need to do is hold Bitcoin.

A lot of people also were  getting richer by holding  not just BTC. The rest of these people hold tokens worth a cent but during the bullrun it went up to  $10, if you are holding 200,000 tokens with $10 each, that is going to be worth  dumping. They don't see that pump every day so they must have sold what they got. There are  scam ICOs but those tokens which rises while the bullrun is happening, it must be worth buying back.

[o_e_l_e_o]

I'd be very interested to know what proportion of newbies went straight to ICO shit that'll never recover vs buying Bitcoin. It's quite possible many of them never gave BTC a second's thought.

I mean, why would anyone bother with a coin which has a working product, constantly being updated and improved, and a real world use, when you can just throw your money at some random ICO without any of these things which promises to 100x your money!? (/s)

Thankfully, a prolonged bear market is likely to flush out most of these scam ICOs, and many of the blind "get rich quick" chasing newbies too.

[khufuking]

A huge percentage of people joined in 2017 and early 2018 during the huge spike was in it for the money and only money, they have no knowledge or very limited about Crypto and blockchain, in fact, I know some people that sold their properties to buy Crypto with a dream of becoming rich and then they forced to sell with loss and promised to never touch Crypto again, I believe there is a lot out there in the same situation. Sadly but true that what you are saying is only applicable to a very small percentage.

[Gargo]

Many newbies invested in the moment of Bitcoin bubble and is disappointed now. The problem is that they were driven mainly by greed and they didn't know in what they invest. Now they have time to find out what they have invested in and that this is just the beginning for Bitcoin.

[cybernetik7]

At the beginning of 2018, people jumped into crypto market without thinking as soon as they heard about the peak on crypto prices. It is not possible to gain easy money in any market likewise crypto market is a good example. People have learned that by a hard way. But it doesn't mean crypto market is a market that people stay away. It only means that you must be patient to buy from right price.