Be that guy

[DieJohnny]

You know the guy I am talking about, there are so many of these guys that bought Bitcoin in 2009 or 2010, thousands of them. Then somehow they forgot about Bitcoin for a few years and then one day they woke up and were millionaires and were like holy shit i forgot about Bitcoins!

So you need to forget about Bitcoin for a few years, maybe two, maybe three. Then one day you will wake up and be like Shit, I am a Bitcoin millionaire.

Everyone will call you an early adopter that got lucky. You can tell amazing stories about how you recovered your coins from a printed wallet you found buried in your kid's treasure chest in the back yard. You will tell your kids and grand kids how you bought one of the first 13 million coins. They will write stories about your wisdom and patience.

Yes be that guy.

[NotLambchop]

No DieJohnny, you can't unload your coin while the rest of us sit on our hands.  Nice try tho.

[ParabellumLite]

Normally I only read these boards, though I feel compelled to respond to this. I just want to state that I can't figure out what I find more annoying: the idiots spreading FUD with the use of 20 different accounts or this type of delusional permabull nonsense. It isn't sure that Bitcoin will be worth something in 2017 guys, so stop taking that for granted. Bitcoin might as well be dead and overtaken by another altcoin by 2017. Fact is that Bitcoin is a high risk investment at this point, and surrounded with a lot of uncertainty.

[MrBig]

You could also be that guy who bought btc at $1200 and forgot about it, only to find that out lost three quarters of it's price later on.

[ZfqkijEbAUrJjEPt]

You could also be that guy who bought btc at $1200 and forgot about it, only to find that out lost three quarters of it's price later on.

Obviously he didn't forget about it for long enough.

[fa]

You know the guy I am talking about, there are so many of these guys that bought Bitcoin in 2009 or 2010, thousands of them. Then somehow they forgot about Bitcoin for a few years and then one day they woke up and were millionaires and were like holy shit i forgot about Bitcoins!

So you need to forget about Bitcoin for a few years, maybe two, maybe three. Then one day you will wake up and be like Shit, I am a Bitcoin millionaire.

Everyone will call you an early adopter that got lucky. You can tell amazing stories about how you recovered your coins from a printed wallet you found buried in your kid's treasure chest in the back yard. You will tell your kids and grand kids how you bought one of the first 13 million coins. They will write stories about your wisdom and patience.

Yes be that guy.

Well said. hoarding BTC for 5 years at least

[cbeast]

Hashrate is still climbing. If you can buy below cost, then what's the problem?

[Cluster2k]

We've seen bitcoin's price collapse from $32 to just above $2 within 6 months, only to rocket to MtGox's fake $1200 a couple years later.  Anything is possible I guess, but chances are anyone buying into bitcoin today is not going to become a millionaire by sleeping on their wallet.  Too many people know about bitcoin already.  We've tapped the greater fools in China and left them holding the bag. 

Governments in numerous countries have become involved and now require photo ID collection by major exchanges just to cash out bitcoins.  Ask the people who handed over their photo IDs to MtGox how well that went.

[Garr255]

Ask the people who handed over their photo IDs to MtGox how well that went.

It went totally great for us Yanks until Dwolla froze all of the mtgox accounts

[Neotox]

according to KNC, the mining cost of bitcoin is significantly below $400, i think it's around $170 per coin and they are trying hard to mine more and dump more

KNC 3T miner at 1710 Watts: $5995 (of cause the cost of manufacture is under $3000)
mine 1 bitcoin: 3.412 week, Power Cost: $98
let's say you mine 50 bitcoins and stop mining, cost per coin: $158

use the mining calculator here
https://bitcoinwisdom.com/bitcoin/calculator
and you will find that you will not able to get your investment money back in a year or two
mining cost is much more then you written here
also difficulty is increasing

[cbeast]

Hashrate is still climbing. If you can buy below cost, then what's the problem?

according to KNC, the mining cost of bitcoin is significantly below $400, i think it's around $170 per coin and they are trying hard to mine more and dump more

KNC 3T miner at 1710 Watts: $5995 (of cause the cost of manufacture is under $3000)
mine 1 bitcoin: 3.412 week, Power Cost: $98
let's say you mine 50 bitcoins and stop mining, cost per coin: $158

Few miners get that efficiency or have electricity that cheap. Their equipment gets more obsolete every day. A 100% markup is fine for seasonal retail, but I doubt miners are making such a gamble or wasting their talents on a one time shot at short term gains.

[tss]

be your bag holder? no way

 i would be willing to hold your bag if you like.

[Wilhelm]

Thanks OP I woke up this morning, saw your thread and though .... darn I did some mining in 2009 for a few days ...

[Gine.Unnta]

Such a thing would never happen a second time

[ravenjt]

That's the thing. You only get the massive increases in value when investors realise that the invention has huge potential in the future. That happened for BTC in 2012-3, and now all that is happening is those dreams are getting beaten down by the reality of slow consumer adoption.

The only way to get a new spike is for a new realisation of possibility, currently unknown. Some pick up in adoption does not count, as a pick up in adoption was already factored into the dreams of investors in 2012-3. It needs to be something truly new.

The technology clearly has potential, but there doesn't seem to be anything new regarding BTC as a commodity. That to me suggests that any explosion of value is likely to occur elsewhere, such as with a new crypto business venture (not necessarily using BTC) or adoption of a new, more effective, crypto-currency.

Perhaps you have a better chance of getting rich without doing much by buying into a crypto VC fund.

[jaberwock]

You can also wake up and find that another coin or version of BTC took over, and your coins are worth nothing.


Or that Bitcoin is overregulated and they are worth cents, and hard to sell and buy.

Bitcoin went from nothing to something, going from something into a big stuff is way harder

[cbeast]

You can also wake up and find that another coin or version of BTC took over, and your coins are worth nothing.


Or that Bitcoin is overregulated and they are worth cents, and hard to sell and buy.

Bitcoin went from nothing to something, going from something into a big stuff is way harder

The United Nations would not allow any of those bad things to happen.

[Elwar]

Such a thing would never happen a second time

Ya...it jumped up to $32 and crashed down under $2. No way it would go back up over $32.

[bigtimespaghetti]

The parabolics we saw on BTC in 2013 were a very rare event in terms of markets.

Being that guy gets harder and harder when a lot of other people are trying to be that guy too.

[DieJohnny]

This market will stagnate for months, maybe years, so pay attention to something else, like maybe decide to check Bitcoin prices when the Cubs win the world series.