Regret and depression

[runpaint]

If you could see the future and know when it's a bubble, you could sell all your btc at the high point and then buy back twice as much BTC for the same amount of dollars. 

But that's risky.  It all boils down to whether you think BTC will survive.  If it survives, you can't go wrong buying and holding.  If you don't think it will survive, then you should probably sell it all now. 

How could it possibly not survive?

People could lose interest, or the government could suppress usage enough that participation dwindles, miners drop out too fast and the price never recovers, or there could be some flaw in the system and/or a flaw in the general concept that hasn't been recognized yet.  There are probably some ways it could fail, just as the U.S. dollar could fail.  

But if Bitcoin survives, how could it possibly not increase in value?

#1 - the block rewards decrease over time;  each BTC then costs twice as much to mine

#2 - mining competition increases as users increase;  each BTC costs more to mine, because the same hashrate finds less blocks

#3 - as the number of Bitcoin users increase, demand increases and each of the limited number of bitcoins is divided between more people.  There are only 14 million bitcoins right now, so if the price was $1.00 then there wouldn't be enough bitcoins to go around - the entire system could only handle 14 million dollars.  Therefore, the price must be higher.  Right now the system can handle over 3 billion dollars worth of volume (14 million coins X $230).  But if twice as many people buy BTC, and they make twice as many transactions, and Bitcoin needs to represent 6 billion dollars worth of business, then the price of each coin will necessarily double.  And that's still with a pretty small number of people using Bitcoin.  

So if Bitcoin survives and continues to gain new users, the price will continue to increase with no end in sight.

[wadili89]

If anyone should have become an overnight millionaire it should have been me. I've been involved in virtual economies for many years now (mmorpg gold exchanges) and if anyone should have had the foresight to become an early adopter of bitcoin it should have been me but instead I was wasting my time fucking around with virtual gold. I wake up every morning feeling depressed.

its just time and you are having bad time it isnt about virtual currency those who buy at 50$ or so sold at 400$ or so have complete different story then you

[wickedgoodtrader]

You really think you would have held from pennies to 30 and held through the crash to 1 then held to 200 then back down to 50 then up to 1200. NO.. you would have taken profits all over the place. You would have done well.. but if 100k is a lot to you.. you wouldn't have watched dwindle away in the first bubbles. Could you sleep at night knowing you have $1mil in BTC and int he super volatile conditions then/ now it could be gone any day? No.. you would have sold for much less.

[noelmal]

To the OP for you its really all about the fiat, so bitcoin was way better off without you 

[ObscureBean]

Well how about this, Aurora coin was the biggest pump in altcoin history. I had a 1000 coins that I bought and sold for a few dollars just before the massive spike, value went from under $1 to over $90. Granted $90,000 is not exactly Bill Gate's fortune but making that kind of money over a period of a few days would have certainly been a big enough deal for me 

[needFREElunch]

I would say that hindsight is always going to be 20/20. You may have had the opportunity to buy into bitcoin in it's earlier days but did not do so.

From what I have gotten from discussions with people who did buy in several years ago is that they often sold most/all their bitcoin holdings at the peak of the many bubbles that we had when the price was much lower then it was now. Even if you had purchased bitcoin when the price was under a dollar (for example) you probably would have sold when it previously peaked at $5

[Fernandez]

Stay around, you will get a chance to buy at double digits soon. Early adopter phase 2.0

There always other opportunities out ther. I burned BTC for XCP and it was the best decision I had taken

[toknormal]

There always other opportunities out ther. I burned BTC for XCP and it was the best decision I had taken

 

BTC and XCP are two very different things.

Whatever successes XCP has, it will never be in the same league as bitcoin nor ever have a chance at the kind of universal penetration that BTC does. It targets a specific market sector to do with contracts and hosting of markets.

Most of the value XCP has comes not from itself but from the third party technologies it hosts. Witness the recent rise when it hosted Etherium-Bitcoin.

Also, why was it the "best decision you've ever taken" ? Because it gained in value - Bitcoin value. i.e. you're even valuing XCP using Bitcoin as a measure. Point proven.

[s.mouse]

First of all, OP is a drama queen.
Second, same as everybody else, he lacked the balls to actually do something "substantial" when it was required.

What if I tell you that you would get $1m in 3 years if you invest $8k right now?
Would you do it? No you wouldn't!
That's exactly the reason why you wouldn't invest $8k in BTC in 2012.
Basically, you still have the same problem right now as you've had 3 years ago.

If I invest 8k today the price of the coin has to hit about 28k for me to become a millionaire. I don't see that happening.

Buy 100 bitcoins and hodl until they're worth 10k a piece = profit. Besides, why are you so obsessed with this number of a millionaire? It's just a number. Would owning $999999.99 worth of bitcoins not be enough? Buy or earn as many coins as you can and hope for the best.

[Realpra]

If anyone should have become an overnight millionaire it should have been me. I've been involved in virtual economies for many years now (mmorpg gold exchanges) and if anyone should have had the foresight to become an early adopter of bitcoin it should have been me but instead I was wasting my time fucking around with virtual gold. I wake up every morning feeling depressed.

Right now you can buy more than 4 Bitcoins for less than 1000$. Pretty sure most people could afford that.

4 Bitcoins means that if Bitcoin took over the world you could live in a country with the 1-5 million richest people in the entire world out of 7 billion people - you would be like a Qatar prince.

Even if you're just a Joe Smo last adopter Bitcoin will let you save easily for your pension* and the economy will be healthier** with more and better jobs*** and less consumerism.


* A purely deflationary currency like Bitcoin will increase each time the economy grows as coins will be spread more thinly among more wealth. The human real-value economy/population have both grown with about 3%/yr historically. Thus simply saving 200.000$ in Bitcoin over your life time will net you 500$ per month in interest. Spending another 500$ of those savings will give you 1000->750$ per month for a 16.5 year period. If you don't retire until you really have to you should do okay with that and the left over 100.000$ I didn't include in the 16.5 years.

** The strong money nature of Bitcoin will lead to people investing in things that really make sense and buying less crap. This will favor smart businesses that make things to last and the planets environment.

*** Removing the constant economic oppression duo of fiat inflation and government war taxes persons and business will be much better off. Governments will be forced to be more efficient and provide services people want - at a reasonable price. Otherwise people will just hide their wealth with Bitcoin. You wont have to be in a constant rat race to maintain a consumerist and militaristic machine slowly falling apart under its own weight anymore - this can ONLY lead to more wealth.

Bitcoin is not just the first app for blockchain technology - that is a banker lie. Even if blockchain tech decentralized the internet, stocks/companies AND government Bitcoin would still be at least the second most important "app".
Money affects everything we do in life, the effect of making money a more efficient/fair system should not be underestimated - this is not about making a few more internet millionaires, this is much more important.

[MJK]

If anyone should have become an overnight millionaire it should have been me. I've been involved in virtual economies for many years now (mmorpg gold exchanges) and if anyone should have had the foresight to become an early adopter of bitcoin it should have been me but instead I was wasting my time fucking around with virtual gold. I wake up every morning feeling depressed.

Right now you can buy more than 4 Bitcoins for less than 1000$. Pretty sure most people could afford that.

4 Bitcoins means that if Bitcoin took over the world you could live in a country with the 1-5 million richest people in the entire world out of 7 billion people - you would be like a Qatar prince.

You could probably earn 4 bitcoins from signature campaigns. Some pay about 0.4 at the moment but apparently there's higher paying ones coming soon. I think you'll need to earn more than four to become rich in the future but becoming a millionaire shouldn't be a goal because you'll probably just become even more depressed when you don't become one.

[SargeR33]

I don't feel depressed or have regrets(well maybe just a little) but I too missed the boat early on. I first heard about bitcoin when it was worth about 9 cents a piece. 4 years later, I'm struggling. Its like anything, you work off gut instinct. When I first heard of bitcoin, I thought only the nerds of IT would understand it and that it wouldn't go anywhere. I knew it was a great innovation just FAR too early for its time. Even now, Bitcoin came into light far too early.

[Pingu]

I don't feel depressed or have regrets(well maybe just a little) but I too missed the boat early on. I first heard about bitcoin when it was worth about 9 cents a piece. 4 years later, I'm struggling. Its like anything, you work off gut instinct. When I first heard of bitcoin, I thought only the nerds of IT would understand it and that it wouldn't go anywhere. I knew it was a great innovation just FAR too early for its time. Even now, Bitcoin came into light far too early.

Everyone feels depressed over missed opportunities but learning from them and moving on is part of life. I'm sure the majority of people here also wish they would have got involved with bitcoin the first time they heard about it but what matters most is that you're involved now and whether you stick around through the ups and downs.

[ajaxmoor]

I don't feel depressed or have regrets(well maybe just a little) but I too missed the boat early on. I first heard about bitcoin when it was worth about 9 cents a piece. 4 years later, I'm struggling. Its like anything, you work off gut instinct. When I first heard of bitcoin, I thought only the nerds of IT would understand it and that it wouldn't go anywhere. I knew it was a great innovation just FAR too early for its time. Even now, Bitcoin came into light far too early.

Everyone feels depressed over missed opportunities but learning from them and moving on is part of life. I'm sure the majority of people here also wish they would have got involved with bitcoin the first time they heard about it but what matters most is that you're involved now and whether you stick around through the ups and downs.

I agree with this. Even for me I used to feel depressed that I got into bitcoin a little late than others, but neverthless can't change destiny.
I am still happy with everything I have in life.

[LifeOfRegret]

First of all, OP is a drama queen.
Second, same as everybody else, he lacked the balls to actually do something "substantial" when it was required.

What if I tell you that you would get $1m in 3 years if you invest $8k right now?
Would you do it? No you wouldn't!
That's exactly the reason why you wouldn't invest $8k in BTC in 2012.
Basically, you still have the same problem right now as you've had 3 years ago.

If I invest 8k today the price of the coin has to hit about 28k for me to become a millionaire. I don't see that happening.

Buy 100 bitcoins and hodl until they're worth 10k a piece = profit. Besides, why are you so obsessed with this number of a millionaire? It's just a number. Would owning $999999.99 worth of bitcoins not be enough? Buy or earn as many coins as you can and hope for the best.

I haven't got the money to buy 100 btc. A million is just a nice round number, I would of course be happy with a figure near that region.

[Unkle]

First of all, OP is a drama queen.
Second, same as everybody else, he lacked the balls to actually do something "substantial" when it was required.

What if I tell you that you would get $1m in 3 years if you invest $8k right now?
Would you do it? No you wouldn't!
That's exactly the reason why you wouldn't invest $8k in BTC in 2012.
Basically, you still have the same problem right now as you've had 3 years ago.

If I invest 8k today the price of the coin has to hit about 28k for me to become a millionaire. I don't see that happening.

Buy 100 bitcoins and hodl until they're worth 10k a piece = profit. Besides, why are you so obsessed with this number of a millionaire? It's just a number. Would owning $999999.99 worth of bitcoins not be enough? Buy or earn as many coins as you can and hope for the best.

I haven't got the money to buy 100 btc. A million is just a nice round number, I would of course be happy with a figure near that region.

Why not try earn as many as you can or buy as many as you can? I think it'll be a good few years before bitcoin sees value in the thousands (which I believe it can) so if you spend those years trying to amass bitcoin then there may still be a chance. It's not going to be easy or guaranteed but only you can change your destiny.

[LifeOfRegret]

To the OP for you its really all about the fiat, so bitcoin was way better off without you 

Yes but I would have continued to use and believe in bitcoin even if I had cashed out.

[runpaint]

I would of course be happy with a figure near that region.

But you really wouldn't.  You are miserable now, with all the rich luxury you have, more than most kings had throughout history, so more of the same won't make you happy.  

[Zendikar]

No point in being down at the past. Won't do you any good

[weather b0y4]

If bitcoin goes over $1200 it will enter another bubble.

If bitcoin enters a bubble, so will alts.

Ltc, nmc, ppc, all X50 from todays prices.


I learned about btc in 2011 but waited for that bubble to deflate before buying... just wait for the last bubble to finish deflating and put a little bit of money in and wait and see what happens.


Besides, if you would have bought some coins very cheap you would now be regretting not buying more. Almost everyone regrets not buying bitcoins/more bitcoins when they were cheap, even the people who did make $1million+. There are stories of people making $250k-$500k in the last bubble who have already lost 90%+ of it by never selling at the top or spending it all on drugs/women/whatever. So many things can happen you should just stop regretting it - just do your best starting today. Crypto still has a lot of potential.