Don't get discouraged!

[KonstantinosM]

I was here in 2012 and when I made a mistake (bought ASIC from the wrong company) I thought I'd never accumulate a lot of bitcoin so I messed around instead.

Just because I couldn't mine Hundreds of bitcoin I thought I missed this opportunity to get in and when my miner came (Months late and way past the first halving) I just messed around with it. Mining alts and playing with them even.

Just because you missed 15k Bitcoin it doesn't mean it's over.


I wouldn't recommend throwing money you do not have into it just to buy in. Maybe buy a little because you don't like the idea of inflating fiat and banks being able to freeze your account.

Ideally find a way to sell your services or products for bitcoin (like Andreas Antonopoulos would recommend)

There's only going to ever be a small amount of bitcoin. Even if you only accumulate 0.1 BTC instead of 1, that's still more bitcoin than every US Citizen would get if it were equally distributed. Maybe even just get 1 bitcent and something for the transaction fee. That's still a decent stake in my view.

Make a brainwallet out of that 1.1 bitcent and repeat it enough that it would take you 100 million years to forget and you'll always have a little something saved up.

[hatshepsut93]

Make a brainwallet out of that 1.1 bitcent and repeat it enough that it would take you 100 million years to forget and you'll always have a little something saved up.

Never ever advice people to make brainwallets. Brainwallets are not secure. If a human can come up with an easy-to-memorize phrase, then it's trivial for a computer to bruteforce such phrase. Also human memory is not very reliable, you can repeat your wallet every day for many months, but then get lazy, stop repeating it and quickly forget it and inevitably losing your stash.

Just write down a seed on a piece of paper, make a few copies and store them in different places. Regularly check for damage and you will be fine.

[ChrisPop]

Just had an interesting thought. If we would live in a world where wealth would be equally distributed, each person would own 0.003 btc, so holding even 0.01 btc makes you wealthier than 3 people bundled together. But we don't live in that world so 0.01 BTC could be worth much more if Bitcoin gets adopted as the worldwide standard of value.

[jrrsparkles]

Accumulate as much as you can, don't care about the amount you accumulated because one day the money you accumulated into bitcoin will be turning into huge value which is unlikely to happen with other kind of investments.Its better late than never so don't consider you lost the perfect opportunity to buy bitcoin because even early adoptors are having the same feeling right now after seeing bitcoin at 50K in just few years after they sold it.

[maculeth]

just because we didn't get $ 40k bitcoin momentum today, doesn't mean we failed right? There are still tomorrows and as long as the crypto market is around, there is always an opportunity to go low and sell high, trust me and that's how crypto has been.

[davis196]

Damn,I wish I joined the Bitcoin community back in 2012.
I missed so many opportunities,but I can say that I'm not discouraged.
One Tik Tok crypto investor (I don't remember his name) said "Respect the pump" and "Embrace the pump".
Everything will be alright in the end.We just have to have faith in Bitcoin and respect the pump.

Just had an interesting thought. If we would live in a world where wealth would be equally distributed, each person would own 0.003 btc, so holding even 0.01 btc makes you wealthier than 3 people bundled together. But we don't live in that world so 0.01 BTC could be worth much more if Bitcoin gets adopted as the worldwide standard of value.

We live in a world,where the rich elite is extremely wealthy,because of the money printing machine called Federal Reserve System.Perhaps the crypto community will become extremely wealthy as well,due to the same money printing machine.
Anyways,Bitcoin cannot be adopted by the central banks as a "global standard of value".
We don't need their approval.We just need the central banks to stay away from the crypto world.

[Kittygalore]

Just had an interesting thought. If we would live in a world where wealth would be equally distributed, each person would own 0.003 btc, so holding even 0.01 btc makes you wealthier than 3 people bundled together. But we don't live in that world so 0.01 BTC could be worth much more if Bitcoin gets adopted as the worldwide standard of value.

That is assuming that there is no lost bitcoins and satoshi sold the 1 million bitcoin that satoshi has. And the problem with that is how much will .003 bitcoin be worth when it is equally distributed and the bitcoin is circulated quickly into the economy. We can't imagine a world with only bitcoin but we can live in a world where it coexist with fiat and other financial instruments. From what I can understand my guess is that OP got greedy into thinking that s/he can get past his/her limits in mining which discouraged OP to not mine because of how small the mined coins s/he got.

[KonstantinosM]

Make a brainwallet out of that 1.1 bitcent and repeat it enough that it would take you 100 million years to forget and you'll always have a little something saved up.

Never ever advice people to make brainwallets. Brainwallets are not secure. If a human can come up with an easy-to-memorize phrase, then it's trivial for a computer to bruteforce such phrase. Also human memory is not very reliable, you can repeat your wallet every day for many months, but then get lazy, stop repeating it and quickly forget it and inevitably losing your stash.

Just write down a seed on a piece of paper, make a few copies and store them in different places. Regularly check for damage and you will be fine.

I have a 25 digit alphanumeric password that I remember ever since I was 14 years old. I haven't had it written down anywhere. (and it's not bitcoin related nor does it store bitcoin, I don't even use it still)

There was a time I probably didn't repeat it the whole thing for a couple of years (risky) I still remember the whole thing. It's not difficult as long as you're disciplined. Maybe hang a poster that says "Do you remember"? Maybe don't put your entire life's savings into that brainwallet if you don't trust that you'll keep it in your memory.

If a human can come up with an easy-to-memorize phrase, then it's trivial for a computer to bruteforce such phrase

Not really, if it were all your passwords would be completely insecure. Each character/word (as long as it's not easy to guess) adds exponentially more security.

Just write down a seed on a piece of paper, make a few copies and store them in different places. Regularly check for damage and you will be fine.

Now that is actually dangerous. If it's a seed and there is no password involved a burglar could have access to these coins. We all have to make our coins impossible to steal by simply stealing a hard drive or a piece of paper.

I would never have piece of mind if my wallets encryption password wasn't in place everwhere my wallet is. Yeah, it's another hard to memorize string of characters but I've had it memorized this whole time and it works. Yes, it would be bad for me if I forgot but guess what? I won't.

Meanwhile if someone breaks in and gets one of the papers that you methodically check every now and then your stash is gone.

[bbc.reporter]

@KonstantinosM. There was a bitcoin Asic created for production as early as 2012? I read an article that the first Asic machines were produced on 2013 by Canaan Creative.

[Darker45]

The world's made up of 7.8 billion people. The current circulating supply of Bitcoin is only roughly 18.6 million. There's even less in real life. If ever the time will come when Bitcoin becomes a globally accepted currency, 0.1BTC is already a significant amount of wealth. So there's no reason to worry or get discouraged that you are getting into Bitcoin when the price is already $50,000. You are still an early bird, although others came earlier. But you're definitely not late. Stack Satoshis today. Who knows, your 1 mBTC might build you a house someday.

[pooya87]

I have a 25 digit alphanumeric password that I remember ever since I was 14 years old. I haven't had it written down anywhere. (and it's not bitcoin related nor does it store bitcoin, I don't even use it still)

That still doesn't mean it is secure or you should encourage others to do the same. The fact is in the statistics, majority of people who have used branwallets have created very weak ones that were also stolen eventually.

@KonstantinosM. There was a bitcoin Asic created for production as early as 2012? I read an article that the first Asic machines were produced on 2013 by Canaan Creative.

The mining page on wiki says 2013 but the ASIC list on the same wiki has some listed that says were released in 2012.
https://en.bitcoin.it/wiki/Mining#ASIC_Mining
https://en.bitcoin.it/wiki/List_of_Bitcoin_mining_ASICs

[maxreish]

I missed many opportunities, too before. But that doesn't mean I have to messed up things and will lost my belief into btc. I am more focusing on how much profit will I make regardless I own just .1 btc or 1 btc.

And it's just that you bought it in the wrong company, I know its kinda disappointing but that should make you become a wiser man.  Just like those investors who thought before that bitcoin is too much expensive at $20k but look at it now, it is at new ATH reached  $50k. Just an indication that we shouldnt just rely on our the downside but we should also consider all the what if's .

[lovesmayfamilis]

Now that is actually dangerous. If it's a seed and there is no password involved a burglar could have access to these coins. We all have to make our coins impossible to steal by simply stealing a hard drive or a piece of paper.

I would never have piece of mind if my wallets encryption password wasn't in place everwhere my wallet is. Yeah, it's another hard to memorize string of characters but I've had it memorized this whole time and it works. Yes, it would be bad for me if I forgot but guess what? I won't.

Meanwhile if someone breaks in and gets one of the papers that you methodically check every now and then your stash is gone.

You remember such a long password, it's amazing. But you probably take into account the factor that we are susceptible to the elements, accidents, and other misfortunes that unexpectedly happen to people? Sometimes the trauma can completely discourage all memory. Although this may not happen, everything needs to be considered. And if you have insurance for this case, as described here on the forum in various examples, in this case, it becomes an iron guarantee of your passwords.

[KonstantinosM]

@KonstantinosM. There was a bitcoin Asic created for production as early as 2012? I read an article that the first Asic machines were produced on 2013 by Canaan Creative.

Kind of a complicated answer. The answer is of course the scammy company BFL (Butterfly Labs) I preorder on the 13th of October 2012, it was supposed to come in right before the first halving around christmas. It came in around August of 2013.

Cost me around 600 dollars. Which was a lot for me back then as I had just graduated high school.

It was completely my mistake for not doing due diligence and just looking at the promised numbers (GH per $) and (GH per watt) and it all seemed rosy, meanwhile there was a thread on Bitcointalk talking about how this company is run by a scammer (https://bitcointalk.org/index.php?topic=110805.0)

I didn't do due dillegence, I deserved to lose all my funds and get scammed but they just delivered really late, I still mined a bunch of bitcoin with it, but remember that at the time bitcoin wasn't worth all that much.

Now can you imagine mining with an ASIC from December 2012 to August 2013? That would have been hundreds of bitcoins.

You remember such a long password, it's amazing. But you probably take into account the factor that we are susceptible to the elements, accidents, and other misfortunes that unexpectedly happen to people? Sometimes the trauma can completely discourage all memory. Although this may not happen, everything needs to be considered. And if you have insurance for this case, as described here on the forum in various examples, in this case, it becomes an iron guarantee of your passwords.

Thank you! I take the risk willingly. I see it this way, The more you memorize something the more time and difficulty it takes to decay. To forget your name would probably take hundreds to thousands of years (you won't even live that long). To remember a long password all it takes is discipline and repeating it in your head relatively regularly.


Yes, I should have an emergency plan in place and implement it, like a timelock transaction to a backup wallet if I forget my password for 5-10 years or something. But I just don't think it's that big a risk.

If I fuck up and lose 10s of thousands of dollars by forgetting my crypto encryption passwords I'll let you all know! But you'll be waiting for a long time because that won't happen.

[doctor877]

this is a kind of motivation and i feel its worth taking into consideration. many people lose of a good opportunity because they feel its too over priced and cant buy something of such with high price. but the truth is that its better to buy a little amount especially if its a good coin. just note very well that you cant buy all tokens at cheap price.

[DeathAngel]

I am certainly not discouraged, I’ve been buying & HODLING since 2015. We are seeing the fruits of our labor right now. I’m not selling everything in this bull run any way & I’d advise that to everybody. We are going to over 100k this year but 10-20 years from now the price will be out of this world.

[romero121]

You've got into the scammy hands on purchase of mining equipments. Myself invested into mining equipments during the previous bull market. By the time of making an investment the price was around $12k. Planned of mining ethereum and for the same I spend around 1.3 btc worth in USD. Later I wasn't able to meet the electricity consumption in my locality. Stopped mining and sold it for just $1.3k, later only realised what blunder I've done. I could've invested on some of the cryptocurrencies than buying these equipment.

[tabas]

That's a fact about accumulation. People still think that it's too late for them but weren't we thinking the same we just got in and bitcoin was a double digit to three digit value per coin? no, it's not too late for everybody and even to those that are starting to be interested on it.
You don't have to own a whole bitcoin upon accumulation but that should be the goal, if possible.

[Ryker1]

Well, if you will regret that is too late as of now. It is better if you start again because it is not too late to invest in bitcoin.
I don't know what the value of bitcent you mean is or that is the satoshi ^[sats], in the accumulation of bitcoin, every single satoshi is very important and valuable, that will perhaps even cover the fees upon your withdrawal from your wallet if you mine bitcoin. However, regarding mining that you have said, perhaps it is not too late if you have a mining machine it is still profitable.

[Yamifoud]

That's a fact about accumulation. People still think that it's too late for them but weren't we thinking the same we just got in and bitcoin was a double digit to three digit value per coin? no, it's not too late for everybody and even to those that are starting to be interested on it.
You don't have to own a whole bitcoin upon accumulation but that should be the goal, if possible.

I agree to say it was not late but we already just missed the opportunity and those times we can never get it back. It is still a loss to our ends especially when are already at that time but we never think about it, ignore Bitcoin because we never see its potential until the time it rises up, reaching $40k and that just appears in our mind asking why I didn't invest this before.
Now, even we are thinking that it reaches $100k, have a chance to double our money if we invest today but if we think have many times it folds when we start accumulating 5 or 10 years ago, I can't really imagine it.