Early investors and adopters backing out or losing their hope is a warning sign.

[d.kevin29]

So I'm reading daily these news about Bitcoin, Blockchain, cryptocurrencies etc and I sometimes find some surprising articles.

A few weeks ago I found this article I'm still thinking about almost every day, because it's a scary thing going on and it actually is the truth: most of us are not looking at technology anymore and the way Bitcoin could change a lot of things around us for the better, but for the money and profit we can earn.

Back in the day when Bitcoin had close to $0 value, everyone was in it for the tech as almost nobody thought and believed there is a chance of it touching even half a dollar. The fascinating Satoshi story and everything made Bitcoin so interesting and the early investors and adopters of it made a lot of progress. If you watch the documentaries of those people adopting BTC in its early stages I'm sure you'd be so jealous you haven't heard of it "at the right time"...

but but wait a minute.. what are you thinking of when I say "hearing about Bitcoin at the right time"?

I'm sure more than 60% of us think about the price when reading these words. Bitcoin is here as a different payment system and as a solution to a lot of world's problems, and yet we're ignoring all that and going all in for the price?!

That's disrespectful to the early adopters, and that's disrespectful to Satoshi himself. Take a look at his wallets - billions since 2009 and yet not a little part of a Bitcoin has been moved. Dead or alive, doesn't matter and probably nobody knows, but we should take it as a lesson. Instead of focusing on the price and profit, we should all focus more on its influence in the world. We should focus on turning the possibility of it changing the world into reality, and trust me.. the price will come with it.

Here I'm not talking necessarily about miners. I'm talking about all of us who've heard of Bitcoin and are using it. Imagine it's 2009 and Bitcoin had close to $0 value, what would you do? Leave it forever because you couldn't get money profit off it, or would you continue to support it and adopt it knowing its potential? If you were the early adopter, what would you do?

We do have some members here who've adopted Bitcoin in an early stage. Actually, we have a pretty large number of members since then who are still active here considering the community size of 2009-2010.. even 2011. Today almost everybody around the world has heard of BTC or at least the Blockchain technology, but most have only heard about its volatility and that's what scares them away. Another thing is Bitcoin being pretty hard to be understood by newcomers, just like it's been hard for me and everyone else around in the first year of using it.

And now let's talk about the real purpose of this topic. Let's talk about Jered Kenna, who has posted one month ago the following tweet after 3 years of pause:

25 Sep 2019
Everyone scared by the @Bitcoin dip. Amazing how many people stuck around for $31 to $2 and the next year. Passion for the project vs current focus purely on making money.

Link to the tweet: https://twitter.com/JeredKenna/status/1176892921230086146


25 Sep 2019
Also fwiw I don't really hold any crypto. I think I have like half a BTC a few BCH and 50,000XRP.

I love the tech but lost the love for the industry. I still think it's brilliant but I'm not active. If I say something like "buy the dip" or HODL it's what I'd do if still in

Link to the tweet: https://twitter.com/JeredKenna/status/1176947341682794497

And that's scary. Jered Kenna is the creator of TradeHill Inc., the first Bitcoin exchange in the US. If that still isn't scary enough, we have this more recent tweet which gave me goosebumps:

3 Oct 2019
We used to say: "people will be able to send money home to their families for 5 cents"

now we say "keep HODLing for 100k or 1 million"

We used to say let's build something amazing that will create that value and now it's how many people can we get to buy in.

Link to tweet: https://twitter.com/JeredKenna/status/1179820820631359488

Just as a reminder, he's a very early adopter of Bitcoin and he basically lost his love and hope for it. This should be a big warning sign to all of us, because he has accomplished a key point in the Bitcoin adoption by creating the first US exchange and yet we're all looking right now just at the money we could earn from its volatility.

I would give a suggestion as a key to switching the focus from money to technology and adoption, but I don't know what to say except: try finding a way to make a change. Try making a change in the crypto world, not by creating another coin. Focus on Bitcoin and its capability. Make a change and profit will come as a default.

I have a question for all of you: what have you done to make a change in the Bitcoin world?

Here's the news article I read that made me think of this entire post: https://business.financialpost.com/technology/blockchain/why-an-early-bitcoin-millionaire-says-hes-lost-his-love-for-the-industry

[pooya87]

so the summary of your wall of text is that you saw a couple of tweets from one person on twitter (who had a business that failed 7 years ago) who was saying he basically has no bitcoin but is bag holding a lot of the two most centralized altcoins and now you think "early adopters" are backing out?!!! how did you come up with that conclusion exactly

[jootn2kx]

So I'm reading daily these news about Bitcoin, Blockchain, cryptocurrencies etc and I sometimes find some surprising articles.

A few weeks ago I found this article I'm still thinking about almost every day, because it's a scary thing going on and it actually is the truth: most of us are not looking at technology anymore and the way Bitcoin could change a lot of things around us for the better, but for the money and profit we can earn.

Back in the day when Bitcoin had close to $0 value, everyone was in it for the tech as almost nobody thought and believed there is a chance of it touching even half a dollar. The fascinating Satoshi story and everything made Bitcoin so interesting and the early investors and adopters of it made a lot of progress. If you watch the documentaries of those people adopting BTC in its early stages I'm sure you'd be so jealous you haven't heard of it "at the right time"...

but but wait a minute.. what are you thinking of when I say "hearing about Bitcoin at the right time"?

I'm sure more than 60% of us think about the price when reading these words. Bitcoin is here as a different payment system and as a solution to a lot of world's problems, and yet we're ignoring all that and going all in for the price?!

That's disrespectful to the early adopters, and that's disrespectful to Satoshi himself. Take a look at his wallets - billions since 2009 and yet not a little part of a Bitcoin has been moved. Dead or alive, doesn't matter and probably nobody knows, but we should take it as a lesson. Instead of focusing on the price and profit, we should all focus more on its influence in the world. We should focus on turning the possibility of it changing the world into reality, and trust me.. the price will come with it.

Here I'm not talking necessarily about miners. I'm talking about all of us who've heard of Bitcoin and are using it. Imagine it's 2009 and Bitcoin had close to $0 value, what would you do? Leave it forever because you couldn't get money profit off it, or would you continue to support it and adopt it knowing its potential? If you were the early adopter, what would you do?

We do have some members here who've adopted Bitcoin in an early stage. Actually, we have a pretty large number of members since then who are still active here considering the community size of 2009-2010.. even 2011. Today almost everybody around the world has heard of BTC or at least the Blockchain technology, but most have only heard about its volatility and that's what scares them away. Another thing is Bitcoin being pretty hard to be understood by newcomers, just like it's been hard for me and everyone else around in the first year of using it.

And now let's talk about the real purpose of this topic. Let's talk about Jered Kenna, who has posted one month ago the following tweet after 3 years of pause:

25 Sep 2019
Everyone scared by the @Bitcoin dip. Amazing how many people stuck around for $31 to $2 and the next year. Passion for the project vs current focus purely on making money.

Link to the tweet: https://twitter.com/JeredKenna/status/1176892921230086146


25 Sep 2019
Also fwiw I don't really hold any crypto. I think I have like half a BTC a few BCH and 50,000XRP.

I love the tech but lost the love for the industry. I still think it's brilliant but I'm not active. If I say something like "buy the dip" or HODL it's what I'd do if still in

Link to the tweet: https://twitter.com/JeredKenna/status/1176947341682794497

And that's scary. Jered Kenna is the creator of TradeHill Inc., the first Bitcoin exchange in the US. If that still isn't scary enough, we have this more recent tweet which gave me goosebumps:

3 Oct 2019
We used to say: "people will be able to send money home to their families for 5 cents"

now we say "keep HODLing for 100k or 1 million"

We used to say let's build something amazing that will create that value and now it's how many people can we get to buy in.

Link to tweet: https://twitter.com/JeredKenna/status/1179820820631359488

Just as a reminder, he's a very early adopter of Bitcoin and he basically lost his love and hope for it. This should be a big warning sign to all of us, because he has accomplished a key point in the Bitcoin adoption by creating the first US exchange and yet we're all looking right now just at the money we could earn from its volatility.

I would give a suggestion as a key to switching the focus from money to technology and adoption, but I don't know what to say except: try finding a way to make a change. Try making a change in the crypto world, not by creating another coin. Focus on Bitcoin and its capability. Make a change and profit will come as a default.

I have a question for all of you: what have you done to make a change in the Bitcoin world?

Here's the news article I read that made me think of this entire post: https://business.financialpost.com/technology/blockchain/why-an-early-bitcoin-millionaire-says-hes-lost-his-love-for-the-industry

This doesn't really mean much, and certainly not what you are implying. Even if early adopters leave, so what? Plenty of other people in the Bitcoin community. Furthermore, early adopters backing out is nothing new. I've seen a story about a kid who became a millionaire thanks to investing into BTC early, who now warns people not to do the same. Bitcoin is evolving, and if it is all about the price today — so be it. It's not, by the way, but let's say that it is — I think it is a part of its evolution. Maybe the change will make a full circle, maybe not. You certainly won't change a great number of minds about their approach to BTC like this.

[d.kevin29]

so the summary of your wall of text is that you saw a couple of tweets from one person on twitter (who had a business that failed 7 years ago) who was saying he basically has no bitcoin but is bag holding a lot of the two most centralized altcoins and now you think "early adopters" are backing out?!!! how did you come up with that conclusion exactly

I guess I either didn't express myself the right way or you didn't get what I was saying. First of all, the title doesn't say early adopters are backing out. I was trying to say the early adopters leaving should be looked at as a warning sign.

The summary of my wall text is that we should focus much less on the price & volatility and focus more on technology and innovation. I quoted his tweets because he mentions how Bitcoin was looked at in the early days vs the way it's looked at today, and it's the truth. All of my friends who've invested in it have done it just for the money, caring 0% about what it can do.

What he's holding as of now is none of my business tbh, and he actually mentioned he's holding half a BTC, a few BCH and 50k XRP. I haven't seen/researched yet if he's praising other coins than BTC, but I hope you got the main idea of my post now. People get the wrong idea of Bitcoin. If during the early times it was considered an amazing innovation with fascinating abilities by +90% of the people, today I bet you not even 40% of the people who are holding/using it know what it can actually do and why it's better than fiat.

This doesn't really mean much, and certainly not what you are implying. Even if early adopters leave, so what? Plenty of other people in the Bitcoin community. Furthermore, early adopters backing out is nothing new. I've seen a story about a kid who became a millionaire thanks to investing into BTC early, who now warns people not to do the same. Bitcoin is evolving, and if it is all about the price today — so be it. It's not, by the way, but let's say that it is — I think it is a part of its evolution. Maybe the change will make a full circle, maybe not. You certainly won't change a great number of minds about their approach to BTC like this.

I've seen the story too. I guess it's the kid who's sold all his BTC to invest in another project.

Regarding your last sentence, I have a question. What would be better: teaching people interested in Bitcoin about the price and the possibilities of losing/winning a lot of money or telling them why it's better than the existing payment methods and fiat currencies and how third parties wouldn't needed anymore if we had the necessary Bitcoin adoption?

[target]

Well times have changed, during those time less people are accumulating BTC thru trading. This time institutions are joining to accumulate we can expect extreme volatility but it also give you a chance to profit and accumulate just like what they are doing. The technology that Jared loves are the ones we also cherish today. I say he should not wait forever til that 50k XRP of him to fully blowup, it doesn't matter if he loses its the technology that matters.

[joniboini]

The summary of my wall text is that we should focus much less on the price & volatility and focus more on technology and innovation. I quoted his tweets because he mentions how Bitcoin was looked at in the early days vs the way it's looked at today, and it's the truth. All of my friends who've invested in it have done it just for the money, caring 0% about what it can do.

There will always be someone whose focus is making money, and some developers who love the tech. 'Early investor' is also focusing on price and profit. I doubt you'd call satoshi, Hal, or any other early developer as early investors.

The landscape is big enough now, even if those guys stop using bitcoin or crypto, I don't think a company as big as Coinbase or Binance would let crypto crumble and let their business sink for good. There are hundreds, maybe thousands of developers out there in this industry. But they don't have that spotlight. The majority of the media only talk about price and chart analysis.

[d.kevin29]

Ummm, yeah, no biggie Bitcoin IS OBVIOUSLY dead if a few posters who have waited a few months have lost out,. In the future they may make some shitcoins but who knows.

I'm sorry? I guess you're talking about me, so this is your conclusion from this thread? That I'm going to create a shitcoin in the future? That's funny and doesn't link in any way to what I wrote. Makes no sense at all but whatever

The majority of the media only talk about price and chart analysis.

And that's a big issue. Exactly what I'm saying: newcomers are taught only about its price and not about what it can do.

[Kakmakr]

How does that saying go... "one swallow doesn't make a summer" ...right. Well, you mentioned one early adopter that gave up on his ideals of what Bitcoin was supposed to be. Yes, most early adopters saw this technology as the technology that would change the world and the tech that would cause massive disruption in the corrupt financial industry.

Things have changed a lot since then, because a lot of other people with other ideals and goals has entered the scene and they are the driving force behind Bitcoin now. <Capitalist with profit making third party services and also lots of speculators.>  

[Mandoy]

An opinion of a single person does not represent the opinion of the whole community. There are actually hundreds of early adopters who does no longer hold bitcoin since they have sold their bitcoins at a lower value. Only a few early adopters have become millionaire because they have full trust in bitcoin. Among all people it is the early adopters that should not leave bitcoin since they have bought bitcoin for just a dollar and right now the value of bitcoin is at 8k$ +. Its an irony when you earn million and you hate bitcoin.

[carlisle1]

you have just generalized what few people says but the majority is on the opposite side,you have said early adopters but mentioning only few,and not just because other early investors had sold their bitcoin meaning they are backing out
maybe they had sold to wait buying another low?or maybe they think what they've got in crypto is enough,there are many factors to consider and not only for some.and looking at the price?yeah Fudders are coming out whenever there are bearish trend and gone when the bull arrived nothings new

[gentlemand]

I was trying to say the early adopters leaving should be looked at as a warning sign.

Who gives a shit?

Many early adopters will quite naturally feel alienated from what it once was. It's also likely that many of them will have gone mad or embittered along the way.

They don't have any magical abilities. They don't hold a secret truth. They arrived at a time that's very different and it's logical they may not like what they see now. No one else cares what they think.

[hello_good_sir]

I wonder why you care so much about this business owner leaving the Bitcoin scene... It's not really a sign of the whole Bitcoin community going to shit, or that prices will be dropping. It's not a sign of anything except someone to just choosing to get out.

No one knows what's in the future for Bitcoin - and a random person leaving isn't going to change that.

To be fair, a lot of changes have happened in the last year's and the views of an early adopter might not match what is happening to BTC nowadays.

[teosanru]

Actually miners are losing hope about their future earnings due to a pretty simple fact which is that their earnings are definitely gonna get a hit after the bitcoin block reward halving which would happen next year. So they just want the other budding miners which are coming up with idea of their own minign rigs to just back out and reduce the competition. Moreover these were the investors who said that once said that BTC is imminent after a small setback they are retracting from their statements?? What if we see another pump I think the statements would once again be changed.

[Lucius]

I'm sure more than 60% of us think about the price when reading these words. Bitcoin is here as a different payment system and as a solution to a lot of world's problems, and yet we're ignoring all that and going all in for the price?!

That's disrespectful to the early adopters, and that's disrespectful to Satoshi himself. Take a look at his wallets - billions since 2009 and yet not a little part of a Bitcoin has been moved. Dead or alive, doesn't matter and probably nobody knows, but we should take it as a lesson. Instead of focusing on the price and profit, we should all focus more on its influence in the world. We should focus on turning the possibility of it changing the world into reality, and trust me.. the price will come with it.

I disagree that only 60% of those who are somehow involved with Bitcoin think only of the price, I think this percentage is much higher and probably is at least 90%. It does not need some great wisdom and conclusions, it is enough to just be active in this forum and everything becomes very clear. However, we should not blame ordinary users for seeing only a way to make money with Bitcoin, most people have nowhere to spend it and this is where the problem actually arises. The only option is to buy/sell/hold for now, but only ten years have passed from Genesis block, we need to wait more time to achieve greater adaptation.

Fact that Satoshi's wallet is still intact can only mean three things, Satoshi is dead, he lost his private keys or he is live but he decides to never use those coins. I wouldn't say we don't respect Satoshi or early adopters, his idea basically stayed the same, but Bitcoin is technically much more advanced than it was 10 years ago with SegWit and Lightning network, and with many other things developers are working on.

I agree with others that one man's opinion means almost nothing, especially if he publicly writes that he owns 50,000XRP - Bitcoin it's a long time ended story for him.

[CryptoBry]

Expecting early adopters, investors and leaders of Bitcoin to continue what they did in the past is just like saying that one person should be sticking where he is and should not be exploring any other ideas or passion. I mean as human beings it is quite natural that we sometimes lost interest with something...and that opens up opportunities for other people to take the place and maybe even contribute more than others in the past. This is just like any other business, there will always be succession and a relay of the bastion from one person to another.

Even if 99% of us here in Bitcoin community are really for the money or what gains we can get with our involvement and only the remaining 1% are really here for the technology, at the end it would not matter much because we don't actually need a multitude of people to be technologically-oriented as far as Bitcoin is concerned. Well, getting the basics will do.

Just imagine this: 99.99% of people who adopted the use of airplane as their mode of transportation most probably do not know anything about why airplanes can fly and the dynamics that many technologies involved in an airplane...and one does not need to know those things one has just to have a ticket so he can board the plane and reach his destination.

I think it is the same with Bitcoin as it continue its evolution.

[d.kevin29]

I disagree that only 60% of those who are somehow involved with Bitcoin think only of the price, I think this percentage is much higher and probably is at least 90%. It does not need some great wisdom and conclusions, it is enough to just be active in this forum and everything becomes very clear. However, we should not blame ordinary users for seeing only a way to make money with Bitcoin, most people have nowhere to spend it and this is where the problem actually arises. The only option is to buy/sell/hold for now, but only ten years have passed from Genesis block, we need to wait more time to achieve greater adaptation.

Fact that Satoshi's wallet is still intact can only mean three things, Satoshi is dead, he lost his private keys or he is live but he decides to never use those coins. I wouldn't say we don't respect Satoshi or early adopters, his idea basically stayed the same, but Bitcoin is technically much more advanced than it was 10 years ago with SegWit and Lightning network, and with many other things developers are working on.

I agree with others that one man's opinion means almost nothing, especially if he publicly writes that he owns 50,000XRP - Bitcoin it's a long time ended story for him.

I would've gone for a higher percentage but I wanted to make sure I don't exaggerate. Is this forum a good way to study/check approximately how many people are in it for the bucks though? I'm wondering due to the fact that there are a lot of people involved in BTC adoption and development who aren't active here, on the forum.

I agree with your second paragraph. Bitcoin indeed is way more advanced. Regarding the last paragraph you wrote, I really don't care at all what he's in for or anything (and yeah, I do despise Ripple and BCH), but his words (We used to say let's build something amazing that will create that value and now it's how many people can we get to buy in.) were what changed my mind, because it's what happened to me too: when I first joined, the tech and features of BTC amazed me and was what made me interested in it. Lately however, it's all turned into a daily price & graph check and wondering "when the moon happens", so now I'll be trying to focus more on building something instead.

Hopefully the messages I'm posting aren't way too long to be read on here

[gentlemand]

Is this forum a good way to study/check approximately how many people are in it for the bucks though? I'm wondering due to the fact that there are a lot of people involved in BTC adoption and development who aren't active here, on the forum.

No.

Many of the properly serious people have been driven away from here long ago. They discuss their serious business on more serious and selective channels.

What's been left is a bunch of bots and silly sausages who don't even know how to abuse google translate properly.

[Lucius]

What's been left is a bunch of bots and silly sausages who don't even know how to abuse google translate properly.

Are you one of them or do you just have a very high opinion of yourself? If I had such an opinion about the forum, I would have left it long time ago - but I think this forum is still best place for finding very good information and content, although there is no doubt that the vast majority have only one reason to be here.

Unfortunately or fortunately, we were not all born in the UK, USA, Canada or Australia, so our mother tongue is English. What you call "abuse" of google translate is just help for others so they can communicate with you and others on this forum.

[gentlemand]

Are you one of them or do you just have a very high opinion of yourself?

I am truly astonishing in every possible aspect. There has never been an entity so powerful, poised, elegant and magnetic as I.

I have zero problem with non native speakers. English users are well used to it being turned into unusual forms.

What I can't be doing with is people who clearly don't understand anything and don't even know they're posting gibberish. What's worse is the ones who can understand it but don't care that what they're spouting is just there to fill some space.

This forum has some good discussion of course. It exists in a sea of poo that has to be waded through.

[jakelyson]

It is also good to note that there are two types of people involved in bitcoin right now. Those who are innovators/developers and investors.

Naturally, innovators will see bitcoin for the technology that it is and how it can improve the world.

And investors will only be concerned on the way to make money out of bitcoin. Fortunately, those who see bitcoin for money greatly outnumber the innovators. I do not see it as a bad thing. I see it as one way to move forward.

I was trying to say the early adopters leaving should be looked at as a warning sign.

And if we are looking for a warning sign, isn't the creator itself being radio silent for the longest time the best warning sign?