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Author Topic: Bitcoin made rich just a few but it ruined many  (Read 9320 times)
brg444
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Bitcoin replaces central, not commercial, banks


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October 27, 2014, 09:36:41 AM
 #121

Newly minted coins should be distributed. They could account for daily volume, but not much more. As far as off exchange trading goes, they have little bearing on price because we only have exchanges to report that. Dark pool trading is a game as much as open trading. I don't see the point to doing it.

I'm not suggesting there is trading off exchange but only that blocks of coins are sold by miners off exchange to buyers.

I don't believe they put pressure on the exchange price either but in some way they satisfy a demand that would otherwise buy on exchange

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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OleOle
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Are you like these guys?


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October 30, 2014, 12:02:43 AM
 #122


"Bitcoin made rich just a few but it ruined many"


Hahahahahahaha!!!!!!  Cheesy


I'd like to hear more about the people it ruined and, if possible, in similar quirky English.

Feel free to start your narratives using the phase, "I was ruined by Bitcoin because..."

 Grin



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October 30, 2014, 01:43:06 AM
 #123


"Bitcoin made rich just a few but it ruined many"


Hahahahahahaha!!!!!!  Cheesy


I'd like to hear more about the people it ruined and, if possible, in similar quirky English.

Feel free to start your narratives using the phase, "I was ruined by Bitcoin because..."

 Grin




I was ruined by Bitcoin because it killed teh pony dat broke ma nose!

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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January 01, 2015, 02:07:16 AM
 #124

Bitcoin didn't lose people money, just like stocks don't.

People lose money because they are driven by fear and greed, and as a result made bad decisions.

What you fail to understand is that you are no different than those people, you see it as a binary win/lose trade in a vacuum. The only difference is that you are on the flip side "all in" on fiat racing toward a cliff edge backwards pointing and laughing. Exactly the same as all the people who were full btc before it crashed.

I currently have more btc tied up in gox than many of you will ever own. I lost even more btc than that on bitcoinica. I lost well over 50 BTC on mining.

Even after all this I am not ruined. I am still 5figures fiat to the better and have a few BTC to show.


I could have more if I'd guessed everything perfectly, but I didnt. And I knew I wouldn't so I never went all in on anything and instead hedged all my decisions. I did dollar cost average, I do hedge bull runs in fiat. I make smart, boring decisions. Like converting a little bit of fiat into BTC at a statistically significant market low. It might go down further and then maybe I'll buy more.

If BTC goes to zero, I am still not ruined.

If you were, you were doing it wrong. Learn your lesson, play better next time.

How much money *do* you make trolling btc talk anyway?


Did the OP thank you for helping him make his point?

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
a fool and his money ...
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January 01, 2015, 07:12:10 AM
 #125

bitcoin is a miners scam

Only people making money in this:

-scammers
-early adopters
-miners
-exchange operators
-only the best traders

and nobody else.

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January 01, 2015, 07:18:29 AM
 #126

bitcoin is a miners scam

Only people making money in this:

-scammers
-early adopters
-miners
-exchange operators
-only the best traders

and nobody else.
Same reasons I quit stock trading and became a pimp.  Grin

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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January 01, 2015, 07:25:25 AM
 #127

Besides the miners that HODL since the early CPU and GPU days and besides a lucky few that bought and cashed out before the any of the last bubbles had burst, the majority only lost money.

Yesterday I was watching that documentary called "The Rise & Rise of Bitcoin"

I saw how many times Bitcoin "doomed"....   and rose again, like a Phoenix.

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Nagle
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January 01, 2015, 09:45:33 PM
 #128

"Bitcoin made rich just a few but it ruined many"
Look, Bitcoin is zero-sum. For every win, there must be a lose. Somebody has to put in cash and not get it back. Bitcoin needs a lot of suckers losers to keep it going.

They're called HODLrs.
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January 01, 2015, 10:05:14 PM
 #129

"Bitcoin made rich just a few but it ruined many"
Look, Bitcoin is zero-sum. For every win, there must be a lose. Somebody has to put in cash and not get it back. Bitcoin needs a lot of suckers losers to keep it going.

They're called HODLrs.

I can't agree completely. Only for 2013 and 2014, when the speculative value rose (and slowly deflated) much higher than the utility value.
IMO in 2012 the speculative value was closer to reality. And since bitcoin economy has grown from SR1 to clones with a larger market activity,
there still is a lot of utility value for bitcoin. Which utility value may rise in the near future if Openbazaar will catch on.

Sometimes, if it looks too bullish, it's actually bearish
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January 01, 2015, 10:11:33 PM
 #130

"Bitcoin made rich just a few but it ruined many"
Look, Bitcoin is zero-sum. For every win, there must be a lose. Somebody has to put in cash and not get it back. Bitcoin needs a lot of suckers losers to keep it going.

They're called HODLrs.

You're right, I guess the HODLers of gold purchased this year are the losers and the sellers of that gold from 10 years ago that now have fiat instead are the only winners.  Pshh, stupid gold bagholders.   Roll Eyes
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January 01, 2015, 11:53:57 PM
 #131

"Bitcoin made rich just a few but it ruined many"
Look, Bitcoin is zero-sum. For every win, there must be a lose. Somebody has to put in cash and not get it back. Bitcoin needs a lot of suckers losers to keep it going.

They're called HODLrs.

Awwwh Nagle is upset that bitcoins still aren't worth less than zero. Poor Nagle. Keep the insults flying for another three years and perhaps your dreams will come true.
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January 02, 2015, 03:54:18 AM
 #132

bitcoin is a miners scam

Only people making money in this:

-scammers
-early adopters
-miners
-exchange operators
-only the best traders

and nobody else.



I assure you I am none of these, but I'm up $10k+ trading altcoins. I consider myself a terrible altcoin trader, I should be up $1m.
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January 02, 2015, 05:13:08 AM
 #133

Don't understand why people just see this last year. Take the last 2 years and see. BTC is the best performing investment in 2 year, 3 year or 5 year periods. 1 year is not what you see to when you want to invest into something!
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January 02, 2015, 05:54:52 AM
 #134

"Bitcoin made rich just a few but it ruined many"
Look, Bitcoin is zero-sum. For every win, there must be a lose. Somebody has to put in cash and not get it back. Bitcoin needs a lot of suckers losers to keep it going.

They're called HODLrs.
This is not necessarily true. Some people have legitimate needs for money when they sell their bitcoin so even though they lose out on further price appreciation they get something they were in need of. 
cbeast
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Let's talk governance, lipstick, and pigs.


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January 02, 2015, 06:07:06 AM
 #135

"Bitcoin made rich just a few but it ruined many"
Look, Bitcoin is zero-sum. For every win, there must be a lose. Somebody has to put in cash and not get it back. Bitcoin needs a lot of suckers losers to keep it going.

They're called HODLrs.
This is not necessarily true. Some people have legitimate needs for money when they sell their bitcoin so even though they lose out on further price appreciation they get something they were in need of.  
This is a difficult concept for some folks. You see it predates the 1980's, the time when credit card offers filled mailboxes from sea to shining see. It was before home equity lines of credit and sub prime lending. There was a dark age in history when people would actually save money.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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January 02, 2015, 08:57:20 AM
 #136

Bitcoin didn't lose people money, just like stocks don't.

People lose money because they are driven by fear and greed, and as a result made bad decisions.

What you fail to understand is that you are no different than those people, you see it as a binary win/lose trade in a vacuum. The only difference is that you are on the flip side "all in" on fiat racing toward a cliff edge backwards pointing and laughing. Exactly the same as all the people who were full btc before it crashed.

I currently have more btc tied up in gox than many of you will ever own. I lost even more btc than that on bitcoinica. I lost well over 50 BTC on mining.

Even after all this I am not ruined. I am still 5figures fiat to the better and have a few BTC to show.


I could have more if I'd guessed everything perfectly, but I didnt. And I knew I wouldn't so I never went all in on anything and instead hedged all my decisions. I did dollar cost average, I do hedge bull runs in fiat. I make smart, boring decisions. Like converting a little bit of fiat into BTC at a statistically significant market low. It might go down further and then maybe I'll buy more.

If BTC goes to zero, I am still not ruined.

If you were, you were doing it wrong. Learn your lesson, play better next time.

How much money *do* you make trolling btc talk anyway?


Did the OP thank you for helping him make his point?

again... WHOOSH...

Bitcoin didn't ruin anyone. People ruin themselves.

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
*my posts are not investment advice*
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January 02, 2015, 09:04:04 AM
 #137

*grabs popcorn*

so much butthurt here

www.youtube.com/watch?v=xzpndHtdl9A

Bismuth - New Language, Interpretation Engines, Free Set of DAPPs https://bitcointalk.org/index.php?topic=1896497
Bitrated user: HCLivess.
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January 02, 2015, 09:52:06 AM
 #138

"Bitcoin made rich just a few but it ruined many"
Look, Bitcoin is zero-sum. For every win, there must be a lose. Somebody has to put in cash and not get it back. Bitcoin needs a lot of suckers losers to keep it going.

They're called HODLrs.

Does it sting that you failed to 'HODL' from 2011 and missed out on the enormous gains that followed? Thanks for your objective opinion! Suckers Smiley
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January 02, 2015, 03:08:44 PM
 #139

When buying a house most people think of it as an investment. But when they shop for one that all goes out the window. If you want to invest in a house you should not think about how cute it is or if the kitchen is large enough for you. You should see only price and value. Your best bet is to buy in the slums or other undervalued markets. You should never use credit to invest, so you should only buy with cash. If your financing or looking for curb appeal, your not the investor. The developer is.  

Sorry for the old quote but this just caught my eye.

Truer words have never been spoken.

There are showmen and there are rubes.

Developers and bankers are showmen. Mortgagors are rubes.
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HODL OR DIE


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January 03, 2015, 01:57:08 AM
 #140

This is an old story. A few get rich the rest get screwed.

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