Bitcoin is not a get rich quick scheme

[adamstgBit]

bitcoin is an enrich the world quick scheme

[Dafar]

Except it WAS a get rich quick scheme if you got in early 2013 or before and held on til November 2013.... what other opportunity did we have to see that much of a return? If I put in $10K in Jan 2013 I could have been pretty "rich" by November and 10 months to become rich is hella quick


We just got unlucky and may have to wait several years before we see that type of traction again

Rich is relative.  Your scenario would barely afford a shithole house around these parts.  For others, they'd be set for life.

Yes that's why I said "rich"


and if you put in $10K in Jan 2013 when bitcoin was $13.... you could have easily left with $770K in November 2013 (that's $770,000 in liquid wealth which 99% of Americans don't have).... may not be rich enough to buy a mansion in your neighborhood but that is no joke of an amount. If this kind of return isn't considered a "get rich quick" scheme then I dunno what is

[blatchcorn]

bitcoin is an enrich the world quick scheme

Love it.  Well said.

[600watt]

the question is not how quick we will get rich. the question is what do we want to do for it to make it happen.


during the 90ies in germany some smart insurance companies started selling "finger insurances" to physicians, paying out millions of d-marks in case of accidental loss of fingers.

guess what happened ?

lots of physicians suddenly lost their fingers....  that's what people do to get out of the rat race...



us typing our fingers off in this forum is not in the same league - damn, we are so privileged 


http://daserste.ndr.de/panorama/archiv/1999/erste7274.html

[kashish948]

Bitcoin is in its infancy. A 6 billion market cap is not even negligible in global terms. Ill give it 10 years to really reach some potential! 100x market cap is what is easily possible in 10 years with some adoption.

[silversmith]

If the price of bitcoin increases 15-20% annually over the next 30 years I will be very happy!

[Cortex7]

If the price of bitcoin increases 15-20% annually over the next 30 years I will be very happy!

I predict you will be very happy!

[i dig bitcoins]

This is spot on OP, all these johnny-come-lately "investors" start squealing like stuck pigs whenever prices take a dip.
Most have probably never invested in the securities market because seasoned investors do not have expectations of
a "commodity" like these amateurs do with elevated returns and decreased time frames. These newbies are going to
get burned trying to play the bitcoin game. With bitcoin, your "profit" time horizon has to be in months and years, not
hours and days...unless you are day-trading.

If you're a bystander hoping to get rich quick in a short period of time get ready for a good beating. There are those
who are playing vicious mind games in the forum hoping for destabilization. I'm not going to name names but keep your
wits about you.

[blatchcorn]

This is spot on OP, all these johnny-come-lately "investors" start squealing like stuck pigs whenever prices take a dip.
Most have probably never invested in the securities market because seasoned investors do not have expectations of
a "commodity" like these amateurs do with elevated returns and decreased time frames. These newbies are going to
get burned trying to play the bitcoin game. With bitcoin, your "profit" time horizon has to be in months and years, not
hours and days...unless you are day-trading.

If you're a bystander hoping to get rich quick in a short period of time get ready for a good beating. There are those
who are playing vicious mind games in the forum hoping for destabilization. I'm not going to name names but keep your
wits about you.

Cough-cough-fallling-cough

[transient858]

the question is not how quick we will get rich. the question is what do we want to do for it to make it happen.


during the 90ies in germany some smart insurance companies started selling "finger insurances" to physicians, paying out millions of d-marks in case of accidental loss of fingers.

guess what happened ?

lots of physicians suddenly lost their fingers....  that's what people do to get out of the rat race...



us typing our fingers off in this forum is not in the same league - damn, we are so privileged  


http://daserste.ndr.de/panorama/archiv/1999/erste7274.html

How much do a normal physicians make during that time that many are willing to give up fingers for a quick money?

Always thought lawyer and doctor are usually on the high end of middle class if not upper. If they are going to resort to this sort of tactics to get out of rat race, imagine what the rest of the population will do.

[An amorous cow-herder]

How much do a normal physicians make during that time that many are willing to give up fingers for a quick money?

Always thought lawyer and doctor are usually on the high end of middle class if not upper. If they are going to resort to this sort of tactics to get out of rat race, imagine what the rest of the population will do.

Draw some funny charts claiming some weird payment system is gonna be worth gazillions hoping to convince others to drive the price up to make big bucks?

Uh, i´ld better get my coat ..

[counter]

those who bought in 2013 bubble and early 2014 lost so much $$$$ isn't it?

Your not making any sense.  If a person lost money that does not make it a bubble it could have been a bad time to buy, simple as that.  MTGox catastrophe was an unexpected event but you don't mention it in your post.  Calling a unforeseeable negative event a bublbe is misleading and disingenuous.  When a person losses on stocks do you call it a bubble?  You do realize Bitcoin isn't made for everyone to win all the time correct?     

[blatchcorn]

This thread has become more relevant  No one ever said Bitcoin would be an easy investment to live with

[ensurance982]

I wouldn't call Bitcoin a scheme at all. It's a useful tool that can be utilized for various purposed. And the most striking ones are store and simple transfer of value. That it has inherent characteristics that may remind people of schemes, esp. Ponzi ones, is just a byproduct.

[jjacob]

I wouldn't call Bitcoin a scheme at all. It's a useful tool that can be utilized for various purposed. And the most striking ones are store and simple transfer of value. That it has inherent characteristics that may remind people of schemes, esp. Ponzi ones, is just a byproduct.

The one feature that is attracting everybody to bitcoin is the chance that its value might explode. 

[Soccruo]

bitcoin is an enrich the world quick scheme

Only the smart ones who enter in the game before the rest of the world.

[bigtimespaghetti]

This is spot on OP, all these johnny-come-lately "investors" start squealing like stuck pigs whenever prices take a dip.
Most have probably never invested in the securities market because seasoned investors do not have expectations of
a "commodity" like these amateurs do with elevated returns and decreased time frames. These newbies are going to
get burned trying to play the bitcoin game. With bitcoin, your "profit" time horizon has to be in months and years, not
hours and days...unless you are day-trading.

If you're a bystander hoping to get rich quick in a short period of time get ready for a good beating. There are those
who are playing vicious mind games in the forum hoping for destabilization. I'm not going to name names but keep your
wits about you.

Cough-cough-fallling-cough

I wouldn't call fallling vicious, persistent perhaps?

[Biodom]

Nice chart.

The assumption of bitcoin going to 1M is too optimistic. The fundamental and market usage for bitcoin might be strong, but I do not see how this correlated to price going upward. Remember, 100 usd per coin or 1000 usd per coin doesn't change how the protocol work.

it all depends how much commerce and SAVINGS will being done with it.
If people en masse will want to save more than 6bil in bitcoin ($1 per earth inhabitant), there will be no coins for transactions, hence the price will move up (scarcity).

[JimboToronto]

I wouldn't call faiiling vicious, persistent perhaps?

Persistent? That's an understatement.

[Erdogan]

Nice chart.

The assumption of bitcoin going to 1M is too optimistic. The fundamental and market usage for bitcoin might be strong, but I do not see how this correlated to price going upward. Remember, 100 usd per coin or 1000 usd per coin doesn't change how the protocol work.

it all depends how much commerce and SAVINGS will being done with it.
If people en masse will want to save more than 6bil in bitcoin ($1 per earth inhabitant), there will be no coins for transactions, hence the price will move up (scarcity).

This is correct. It is the willingness to hold.

Transactions mean nothing. Velocity is just another measure of total production.