5 ms·

Some of us who have been holding since Bitcoin was worth $2 are laughing at you.

by Akujin 9y ago

QAPereo 9y ago
Until you cash out, I'd wait on the laughing.
- Akujin 9y ago
  My "buy in" was a $300 AMD graphics card which I then kept using for games after the mining difficulty was too high. As far as I'm concerned my BTC is an added value. If it crashes to worthlessness I would not care. PS: I have no intention of cashing out. Since BTC is deflationary I'd rather hold till each BTC is worth 100k. Check this thread in 2030 :)
  - QAPereo 9y ago
    For what it's worth, I hope that you make that fortune.
  - mywittyname 9y ago
    Deflationary does not imply an ever-increasing value. At some point, deflationary commodities will be so rare as to be useless. Lack of supply leads to a lack of velocity, which leads to a lack of liquidity. Once that happens, people will move to a competing product. Imagine if soy beans gradually went extinct. In the short-term, the prices would spike as companies reliant on soy beans compete for the shrinking supply. But as prices go up, these companies either go bankrupt, or find alternative inputs to replace soy beans. Either way, the prices eventually hit zero before extinction occurs. The once plentiful and valuable becomes rare and worthless.
    - _muff1nman_ 9y ago
      > Lack of supply leads to a lack of velocity, which leads to a lack of liquidity How does one define supply with a divisible unit like bitcoin? Arguably, supply does not diminish, rather people use smaller units of bitcoins.
      - Akujin 9y ago
        Technically supply does diminish. People like to calculate the market cap of Bitcoin based on the theoretical amount of them in existence however people lose their wallet.dat files all the time which contains the password allowing someone to send those bitcoins elsewhere. This causes deflation to occur on top of the regular limit on the amount of bitcoins. Tldr; Bitcoin is deflationary because math.
      - mywittyname 9y ago
        Well, it's totally possible to lose a btc irrecoverably. Secondly, at some point, calculations become onerous. Like, if btc is $100k/coin, then normal, every day transactions will need to be in 0.000001 coins. Which is an incredibly annoying unit to work with, it's trivially easy to miss an order of magnitude, i.e., 0.0000001 at a glance, is that a dime, a dollar, or a ten? Accidentally give a $100 instead of $10 once, and you'll be annoyed, do it twice and you're done using btc.
        eosrei 9y ago
        mBTC: MilliBitcoin - 1 thousandth of a BTC uBTC: MicroBitcoin - 1 millionth of a BTC Further details: http://bitcoinchaser.com/bitcoin-units-and-denominations http://bitcoinchaser.com/bitcoin-units-and-denominations
    - xamuel 9y ago
      1btc is actually equal to 100,000,000 satoshi, and if it ever gets to a point where that's not enough supply, people can just split satoshis further.
- revmoo 9y ago
  Are those of us who cashed out allowed to laugh?
korzun 9y ago
> Some of us who have been holding since Bitcoin was worth $2 are laughing at you. You are unquestionably better than ignorant humans with liquid assets.
kharms 9y ago
I mined up a fair amount in 2009/2010, then lost them all my after computer got fried in a power surge. If lightning had struck a few houses over, would I have cashed out or held? I suspect I would have cashed out most of them around $1k. Why did you hold?
- Akujin 9y ago
  I don't trust exchanges. I prefer to sell in cash at a Bitcoin meet up. This means I'm less susceptible to market whims. I could also simply use the bitcoins to buy things. I did at one point get a butterfly labs miner but I simply broke even on that. The only thing I wish I did was buy in more massively in the early days. I know a guy who put 5k into mining rigs. Made himself 70 btc. And then promptly sold them at $2 during the first crash. He's still kicking himself over that one. Oh and for those of you reading this: back up your wallet.dat in an encrypted truecrypt volume with multiple cloud backups!

Some of us who have been holding since Bitcoin was worth $2 are laughing at you.

by Akujin 9y ago

Some of us who have been holding since Bitcoin was worth $2 are laughing at you.

QAPereo 9y ago

Until you cash out, I'd wait on the laughing.

Akujin 9y ago
My "buy in" was a $300 AMD graphics card which I then kept using for games after the mining difficulty was too high. As far as I'm concerned my BTC is an added value. If it crashes to worthlessness I would not care. PS: I have no intention of cashing out. Since BTC is deflationary I'd rather hold till each BTC is worth 100k. Check this thread in 2030 :)
- QAPereo 9y ago
  For what it's worth, I hope that you make that fortune.
- mywittyname 9y ago
  Deflationary does not imply an ever-increasing value. At some point, deflationary commodities will be so rare as to be useless. Lack of supply leads to a lack of velocity, which leads to a lack of liquidity. Once that happens, people will move to a competing product. Imagine if soy beans gradually went extinct. In the short-term, the prices would spike as companies reliant on soy beans compete for the shrinking supply. But as prices go up, these companies either go bankrupt, or find alternative inputs to replace soy beans. Either way, the prices eventually hit zero before extinction occurs. The once plentiful and valuable becomes rare and worthless.
  - _muff1nman_ 9y ago
    > Lack of supply leads to a lack of velocity, which leads to a lack of liquidity How does one define supply with a divisible unit like bitcoin? Arguably, supply does not diminish, rather people use smaller units of bitcoins.
    - Akujin 9y ago
      Technically supply does diminish. People like to calculate the market cap of Bitcoin based on the theoretical amount of them in existence however people lose their wallet.dat files all the time which contains the password allowing someone to send those bitcoins elsewhere. This causes deflation to occur on top of the regular limit on the amount of bitcoins. Tldr; Bitcoin is deflationary because math.
    - mywittyname 9y ago
      Well, it's totally possible to lose a btc irrecoverably. Secondly, at some point, calculations become onerous. Like, if btc is $100k/coin, then normal, every day transactions will need to be in 0.000001 coins. Which is an incredibly annoying unit to work with, it's trivially easy to miss an order of magnitude, i.e., 0.0000001 at a glance, is that a dime, a dollar, or a ten? Accidentally give a $100 instead of $10 once, and you'll be annoyed, do it twice and you're done using btc.
      - eosrei 9y ago
        mBTC: MilliBitcoin - 1 thousandth of a BTC uBTC: MicroBitcoin - 1 millionth of a BTC Further details: http://bitcoinchaser.com/bitcoin-units-and-denominations http://bitcoinchaser.com/bitcoin-units-and-denominations
  - xamuel 9y ago
    1btc is actually equal to 100,000,000 satoshi, and if it ever gets to a point where that's not enough supply, people can just split satoshis further.
revmoo 9y ago
Are those of us who cashed out allowed to laugh?

korzun 9y ago

> Some of us who have been holding since Bitcoin was worth $2 are laughing at you. You are unquestionably better than ignorant humans with liquid assets.

kharms 9y ago

I mined up a fair amount in 2009/2010, then lost them all my after computer got fried in a power surge. If lightning had struck a few houses over, would I have cashed out or held? I suspect I would have cashed out most of them around $1k. Why did you hold?

Akujin 9y ago
I don't trust exchanges. I prefer to sell in cash at a Bitcoin meet up. This means I'm less susceptible to market whims. I could also simply use the bitcoins to buy things. I did at one point get a butterfly labs miner but I simply broke even on that. The only thing I wish I did was buy in more massively in the early days. I know a guy who put 5k into mining rigs. Made himself 70 btc. And then promptly sold them at $2 during the first crash. He's still kicking himself over that one. Oh and for those of you reading this: back up your wallet.dat in an encrypted truecrypt volume with multiple cloud backups!