Bitcoin is not a get rich quick scheme

[suryc]

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.

I completely agree. I don't know why people don't realize that bitcoin is not a store of value, but rather the value is in it as a tool for how the protocol works. You should expect bitcoin to appreciate in value a little bit as you hold it (because of time value of money), but to buy btc solely as an investment thinking you'll get rich quick is reckless.

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[wenben]

Look like bitcoin is a get poor quick scheme lately.

[minerpumpkin]

Yes, it is more prudent to stay in BTC for the long run. Sure, if you've invested at a point where the price was about to go up five- or ten-fold you've made a very quick BTC - if you realised your gains. But apart from that, perseverance has proven to be the prime key to success in Bitcoin!

[falllling]

Look like bitcoin is a get poor quick scheme lately.

agreed

[counter]

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.

I completely agree. I don't know why people don't realize that bitcoin is not a store of value, but rather the value is in it as a tool for how the protocol works. You should expect bitcoin to appreciate in value a little bit as you hold it (because of time value of money), but to buy btc solely as an investment thinking you'll get rich quick is reckless.

I think it's also worth considering how much the price could go up if the user base grows significantly and that is why people like to speculate how high Bitcoin can go if you ask me.  It's mostly because they think people will gravitate towards Bitcoin and the price could reach amazing highs but I tend to agree that talk of 1 million dollar Bitcoin is just fun to talk about I don't really expect that to happen until I see some astronomical acceptance of Bitcoin and even then who know what the future would holds.

[oceans]

It's a way to get rich but for those that think you can get rich quick from it, they are sadly mistaken. If you know what you are doing and you can buy and invest or sell on at the right times then you are able to become rich from it but it will be a slow process.

[Erdogan]

It's a way to get rich but for those that think you can get rich quick from it, they are sadly mistaken. If you know what you are doing and you can buy and invest or sell on at the right times then you are able to become rich from it but it will be a slow process.

If you think you are smarter than anyone else, therefore buys bitcoins, and the less smart does not, it is a painstakingly slow get rich quick scheme.

If you on the other hand think you are medium smart, just quicker in action, and therefore buys bitcoins, the others will buy just afterwards, it is a get rich quick scheme.

If you are medium, and slow to act, or if you are just plain stupid, it is a get rich not so much scheme.

Obviously, as you can compute from this post, I am in the first group.

[Robert Paulson]

quick is a relative term.
you will be rich if you buy bitcoin today, how long you'll have to wait depends on how fast the world's central banks decide to destroy their fiat currencies.

considering the European central bank has just lowered the central bank deposit interest rate even deeper into the negative I'd say the worst case scenario is 15 years.

[byronbb]

For early adopters, bitcoin was most definitely that.

[labsbitforum]

I think we just have to revise the "hype cycle" graph, and accept that we are at a point where we won't follow that exponential trendline no more.

I think we will stay at these prices for longer than people imagine.

Bitcoin adoption is still in early stage. $6 billions is just a tiny drop in ocean of finances. It's new technology and it's expanding.
Imagine BTC price when at least 1% of world population start using it.

Agreed but assuming bitcoin is so perfect in its creation that it could not possibly be supplanted by new entrant that is fundamentally superior in some way(s) is naive.  Every company or technology evolves over time and all are replaced by a different 2.0 eventually.  I think bitcoin is most similar to file sharing.  Its a disruptive system/protocol meant to shake up and re-write the rules in regards to financial transactions.  Think about how file sharing evolved.  The peer-to-peer decentralization in bitcoin came from the evolution of file sharing.
http://en.wikipedia.org/wiki/Timeline_of_file_sharing

I love Bitcoin and have been an early supporter.  I don't think bitcoin is in danger of immanent collapse but I also don't think its too far out that it may be replaced by a 2.0 new entrant.  Possibly ethereum.  We'll see.
While there a few areas of concern with bitcoin in its present form by far the most troubling is the centralization of mining.  Its getting less decentralized and less peer-to-peer.

[Rakitich]

It was for the early adopters, for us is a get rich long term scheme 
and for the deniers now it will be a cry even more in the long run scheme