Jeff Garzik's Bitcoin Balance Revealed

[adizzle]

Surprisingly small amount.

If he holds for a while they may be worth a lot more however.

Definitely anyone with this kind of BTC is really blessed.

He's set for life with 350 BTC.

You'll be set for life with 50 BTC. If you can hold onto it long enough, you'll be set for life with 5 BTC.

Yes but, who really will hold that long if 5 is all they have?

[InwardContour]

There was a parody of Mark Karpeles that replied to Jeff that said: "I only have 650,000 bitcoin myself"

[CEG5952]

How come there are people who use Bitcoin but don't know who Jeff Garzik is? Is it because they don't appreciate the technology part of it and only care about the user and business aspects of it? I guess he's been pretty low key on the forums lately, but his name is still all over the source code.

That's why it's surprising that he only managed to keep 348 bitcoins. Seems impossible. I guess maybe he never decided to put much actual investment money into it, perhaps.

[MineForeman.com]

I am not all that suppressed by 348 bitcoins.  A lot of the "early adaptors" (including myself) viewed bitcoin as something to work to promote, we spent bitcoins at every opportunity (10,000 BTC Pizza anyone).  We also gave a lot away (funding facets back in their day).

I myself have a great deal less than Jeff.

Neil

[Beliathon]

Yes but, who really will hold that long if 5 is all they have?

Me. I have 8 BTC and feel confident that I'm going to be doing extremely well within 3-5 years, if I can just find a way to maintain my current income. Tough in this economy, many of my friends' companies are doing layoffs and I'm looking for work.

[DoomDumas]

Simple.. imagine you getin at 0.01$

@ 1$ its hundred times.. many would sold a important part of an investment if it does 100x  and will be happy to.

@ 10$ its thousand fold..  not selling ?

@ 1000$ from 0.01 its a 100 000 time the initial investment.  10$ become 1 million...

Many have sold most of their btc between x100 and x1000

I began when this was in the 0.15$.. had nmore than 5000 btc at one point.  Sold more than 99% of those between 1$ and 1200$.  Im not rich.. still have a mortge to pay and have no regrets at all..   I sold and spent at more than 100 times more value than my initial investment..

Its easy to dream about being a very early adopter or judge them or telling.. if I was there i would have.. blah blah..  

I own less than 30 btc in encrypted paper cold storage..

I will always keep at least one whole btc because someday buying a whole btc will be financially impossible for at least 98% of the world population.

In thoses days, we will buy cars priced in mBtc or Satoshi..

Get your whole 1 btc while its still affordable.

[Beliathon]

I will always keep at least one whole btc because someday buying a whole btc will be financially impossible for at least 98% of the world population.

In thoses days, we will buy cars priced in mBtc or Satoshi..

Get your whole 1 btc while its still affordable.

Wise words; sound advice.

[Habeler876]

Crazy. When I first saw this, I was sure he meant in the hundreds of thousands -- not hundreds. I suppose we are all probably guilty of selling a bit too early sometimes -- but you gotta lock in those gains sometime!

[Beliathon]

I suppose we are all probably guilty of selling a bit too early sometimes -- but you gotta lock in those gains sometime!

The gains are locked in the moment the Bitcoin enters an address for which you are the sole holder of the private keys. They are locked in by the inevitability of the way this game plays out.

[jonald_fyookball]

Yes but, who really will hold that long if 5 is all they have?

Me. I have 8 BTC and feel confident that I'm going to be doing extremely well within 3-5 years, if I can just find a way to maintain my current income. Tough in this economy, many of my friends' companies are doing layoffs and I'm looking for work.

I thought you had much more 

[Beliathon]

Yes but, who really will hold that long if 5 is all they have?

Me. I have 8 BTC and feel confident that I'm going to be doing extremely well within 3-5 years, if I can just find a way to maintain my current income. Tough in this economy, many of my friends' companies are doing layoffs and I'm looking for work.

I thought you had much more  

I did, once. The most I had at one time was 74 BTC, but times have been tough for me this past year, and I've had to fall back on savings to support myself. It didn't help that my mother lost her house to foreclosure about 18 months ago...

The saddest part is that the house now sits empty and useless is falling into disrepair, because the bank can't sell it. Very few people can afford to buy a New England house in her former neighborhood in this economy.

[jonald_fyookball]

Yes but, who really will hold that long if 5 is all they have?

Me. I have 8 BTC and feel confident that I'm going to be doing extremely well within 3-5 years, if I can just find a way to maintain my current income. Tough in this economy, many of my friends' companies are doing layoffs and I'm looking for work.

I thought you had much more  

I did, once. The most I had at one time was 74 BTC, but times have been tough for me this past year, and I've had to fall back on savings to support myself. It didn't help that my mother lost her house to foreclosure about 18 months ago...

Dang bro...I'm kinda shocked.  Now we really gotta get btc up to 6 figures then.  Plus you should get some income.

[Beliathon]

Yes but, who really will hold that long if 5 is all they have?

Me. I have 8 BTC and feel confident that I'm going to be doing extremely well within 3-5 years, if I can just find a way to maintain my current income. Tough in this economy, many of my friends' companies are doing layoffs and I'm looking for work.

I thought you had much more  

I did, once. The most I had at one time was 74 BTC, but times have been tough for me this past year, and I've had to fall back on savings to support myself. It didn't help that my mother lost her house to foreclosure about 18 months ago...

Dang bro...I'm kinda shocked.

You're shocked because you forgot that Beliathon is a persona, not a real person. Beliathon is an internet Lion, it's fun to step into that mask and roar truth and righteous indignation at you, scream the terrifying truth until I'm blue in the face.

But the reality of my life is best characterized by long suffering interrupted by brief moments of peace and sanity. I am plagued by lifelong anxiety and depression secondary to PTSD. Maybe one day the posts will stop suddenly, and I'll finally have peace.
One thing I can tell you about suffering, it's fertile soil for growing the clarity of mind necessary to discern truth from illusion/myth. "Our lives run different ways, through the pain we see things as they are..."

[HarHarHar9965]

I don't believe it for a second. He's got way more than that. He's hiding from the government.

[jonald_fyookball]

Yes but, who really will hold that long if 5 is all they have?

Me. I have 8 BTC and feel confident that I'm going to be doing extremely well within 3-5 years, if I can just find a way to maintain my current income. Tough in this economy, many of my friends' companies are doing layoffs and I'm looking for work.

I thought you had much more  

I did, once. The most I had at one time was 74 BTC, but times have been tough for me this past year, and I've had to fall back on savings to support myself. It didn't help that my mother lost her house to foreclosure about 18 months ago...

Dang bro...I'm kinda shocked.

You're shocked because you forgot that Beliathon is a persona, not a real person. Beliathon is an internet Lion, it's fun to step into that mask and roar truth and righteous indignation at you, scream the terrifying truth until I'm blue in the face.

But the reality of my life is best characterized by long suffering interrupted by brief moments of peace and sanity. I am plagued by lifelong anxiety and depression secondary to PTSD. Maybe one day the posts will stop suddenly, and I'll finally have peace.
One thing I can tell you about suffering, it's fertile soil for growing the clarity of mind necessary to discern truth from illusion/myth. "Our lives run different ways, through the pain we see things as they are..."

Ok but explain why you stopped working (to escape wage slavery?)... While you advocate others work 3 jobs.... Someone as passionate about bitcoin as you should have more..I think....

[Kluge]

  I think a good few of us can prove you can get into BTC early and still not be a $millionaire. Hell, I bought BTC on a $5,400 limit credit card when it was still ~$2.40. Still have that card maxed out from that, too. Blech.

[jonald_fyookball]

I think a good few of us can prove you can get into BTC early and still not be a $millionaire. Hell, I bought BTC on a $5,400 limit credit card when it was still ~$2.40. Still have that card maxed out from that, too. Blech.

Shouldn't you have 2000 Btc

[CryptoKilla]

I think a good few of us can prove you can get into BTC early and still not be a $millionaire. Hell, I bought BTC on a $5,400 limit credit card when it was still ~$2.40. Still have that card maxed out from that, too. Blech.

Very good point. It's easy to look back and say if only I would have done this or done that but that's the beauty of life. Everyone that holds now will at least have another chance at it.

[jonald_fyookball]

I'm holding now for at least 5-20 years

[bitcool]

I think a good few of us can prove you can get into BTC early and still not be a $millionaire. Hell, I bought BTC on a $5,400 limit credit card when it was still ~$2.40. Still have that card maxed out from that, too. Blech.

Shouldn't you have 2000 Btc

Some people think "hoarding" is a problem in the bitcoin economy.

In reality, because of the easiness of spending or giving bitcoin, for a lot of people (myself included) it's actually very hard to hold, there's always the temptation of "doing something" with the coins.