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I remember buying a couple dozen BTC for $0.10, and thinking I was amazing when I sold all of the coins for a total of $20. Still don’t regret it though becaus

I remember buying a couple dozen BTC for $0.10, and thinking I was amazing when I sold all of the coins for a total of $20. Still don’t regret it though because I know the next few years of my early 20s would have been spent tracking BTC like a bloodhound rather than spending that time on things I enjoy. Then again I’m probably telling myself that so I don’t feel bad for missing out on 100s of thousands of dollars.

QAPereo 9y ago
So... is there a “Bitcoin” now, that we’ll wish we’d taken seriously in ten years? What do you think it might be?
- deweller 9y ago
  Its Bitcoin. $9000 may look ridiculously low in 10 years.
  - QAPereo 9y ago
    I can’t see how... the bubble’s skin is already pretty taut IMO
    - r3bl 9y ago
      Approaching the final limit -> so many Bitcoins lost -> so many Bitcoins confiscated -> the amount of Bitcoins goes down -> the demand increases -> price for one Bitcoin goes through the roof. At least that's how I see it. Don't know jack shit about cryptocurrencies, but this seems like basic economy.
      - cc81 9y ago
        In a way yes but who is actually using bitcoins to buy things? This seems to be 80% speculation and 20% illegal stuff (drugs, money laundering etc.)
    - baddox 9y ago
      For how long have you been saying or thinking that? Since 3 months ago when it was at half the price it’s at now?
      - QAPereo 9y ago
        About that, and I stand by it. Of course if I were some kind of psychic and could precisely predict the burst I’d be fuck-you rich. Seeing that I can’t, I’m not going to risk it all on tulips. Especially tulips that burn through soooo much electricity.
        hndamien 9y ago
        Perhaps it is equity based money rather than debt based money and it would be wise to have a non-zero multiplier.
        baddox 9y ago
        So when you say that the bubbles skin is already taut, how many more times can the price double before you concede that perhaps it wasn’t so taut after all?
        QAPereo 9y ago
        If it doubles again I’d be shocked at least, and certainly admit that I was laughably off about timing. That is possible, and betting against human stupidity/cupidity does have risks.
        cloakandswagger 9y ago
        All those lost profits are the price of hubris my friend. I was wary of Bitcoin until it hit $4k, when I put aside my ego and reassessed its value, realized I was wrong and bought in. The longer you go on trying to call peaks and slandering crypto as "human stupidity", the more cognitive dissonance will form, followed quickly by the rationalizations needed to dispel it.
        priitmaxx 9y ago
    - Obi_Juan_Kenobi 9y ago
      Compare the current price action to that of November 2013 and try to say 'bubble' with a straight face. Everyone in hysterics about a bubble is every bit as foolish as those shouting about going to the moon. We've had over a year of steady growth punctuated with regular corrections. Will there be a bear market at some point? Certainly. But the proof of bubbles is in the popping; major price action down to a tenth of the peak or so. That doesn't just happen because of a bull market, it happens in the wake of a major speculative wave or something that fundamentally compromises value.
- RodgerTheGreat 9y ago
  Buy a winning lottery ticket. Spending a little now to earn millions later- you'd be crazy not to! It's easy money! Most people buy lots of lottery tickets that don't win. What a waste of money! What a bunch of suckers! If only they'd been paying more attention to the lottery tickets that won, they'd be rich now!
  - hackinthebochs 9y ago
    This lottery comparison is wrong and obnoxious. With the lottery you have a known chance of success (minuscule). With crypto you have some measure of control of your expected returns. Having foresight and the technical ability to judge promising projects goes a long way.
    - closeparen 9y ago
      The ability to convert insights about the future success of projects into returns has always existed via self-directed brokerage accounts. That’s probably the closest analogy, except that crypto might not (yet) have skyscrapers full of people paid seven figures to know more about it than you.
- pmorici 9y ago
  Bitcoin Cash while derided by the Bitcoin Core camp as a, "pump & dump scam" actually has a lot of the original Bitcoin people behind it and undeniably has the goal of adhering to the original vision of economic freedom though cheap fast P2P cash for everyone. Ethereum has the best fundamentals right now in terms of user adoption. It's transaction volume in terms of number of transactions is ahead of everything else out there. ETH has some technical risks though. It has uncapped coin issuance that is currently quite high ~14% and they want to switch from the proven proof of work mechanism to proof of stake and it isn't clear that will be successful. Beyond that Bitcoin Core is crippled and everything else has pretty low adoption though some alts like Monero look like they might find a niche in dark markets where strong privacy guarantees are important.
pault 9y ago
Back in the MtGox days I had 100 BTC... I spent it on an ounce of hash, then my brother smoked it all. My fuck you money, up in smoke. :)
- nimchimpsky 9y ago
  lol

QAPereo 9y ago

So... is there a “Bitcoin” now, that we’ll wish we’d taken seriously in ten years? What do you think it might be?

deweller 9y ago
Its Bitcoin. $9000 may look ridiculously low in 10 years.
- QAPereo 9y ago
  I can’t see how... the bubble’s skin is already pretty taut IMO
  - r3bl 9y ago
    Approaching the final limit -> so many Bitcoins lost -> so many Bitcoins confiscated -> the amount of Bitcoins goes down -> the demand increases -> price for one Bitcoin goes through the roof. At least that's how I see it. Don't know jack shit about cryptocurrencies, but this seems like basic economy.
    - cc81 9y ago
      In a way yes but who is actually using bitcoins to buy things? This seems to be 80% speculation and 20% illegal stuff (drugs, money laundering etc.)
  - baddox 9y ago
    For how long have you been saying or thinking that? Since 3 months ago when it was at half the price it’s at now?
    - QAPereo 9y ago
      About that, and I stand by it. Of course if I were some kind of psychic and could precisely predict the burst I’d be fuck-you rich. Seeing that I can’t, I’m not going to risk it all on tulips. Especially tulips that burn through soooo much electricity.
      - hndamien 9y ago
        Perhaps it is equity based money rather than debt based money and it would be wise to have a non-zero multiplier.
      - baddox 9y ago
        So when you say that the bubbles skin is already taut, how many more times can the price double before you concede that perhaps it wasn’t so taut after all?
        QAPereo 9y ago
        If it doubles again I’d be shocked at least, and certainly admit that I was laughably off about timing. That is possible, and betting against human stupidity/cupidity does have risks.
        cloakandswagger 9y ago
        All those lost profits are the price of hubris my friend. I was wary of Bitcoin until it hit $4k, when I put aside my ego and reassessed its value, realized I was wrong and bought in. The longer you go on trying to call peaks and slandering crypto as "human stupidity", the more cognitive dissonance will form, followed quickly by the rationalizations needed to dispel it.
        priitmaxx 9y ago
  - Obi_Juan_Kenobi 9y ago
    Compare the current price action to that of November 2013 and try to say 'bubble' with a straight face. Everyone in hysterics about a bubble is every bit as foolish as those shouting about going to the moon. We've had over a year of steady growth punctuated with regular corrections. Will there be a bear market at some point? Certainly. But the proof of bubbles is in the popping; major price action down to a tenth of the peak or so. That doesn't just happen because of a bull market, it happens in the wake of a major speculative wave or something that fundamentally compromises value.
RodgerTheGreat 9y ago
Buy a winning lottery ticket. Spending a little now to earn millions later- you'd be crazy not to! It's easy money! Most people buy lots of lottery tickets that don't win. What a waste of money! What a bunch of suckers! If only they'd been paying more attention to the lottery tickets that won, they'd be rich now!
- hackinthebochs 9y ago
  This lottery comparison is wrong and obnoxious. With the lottery you have a known chance of success (minuscule). With crypto you have some measure of control of your expected returns. Having foresight and the technical ability to judge promising projects goes a long way.
  - closeparen 9y ago
    The ability to convert insights about the future success of projects into returns has always existed via self-directed brokerage accounts. That’s probably the closest analogy, except that crypto might not (yet) have skyscrapers full of people paid seven figures to know more about it than you.
pmorici 9y ago
Bitcoin Cash while derided by the Bitcoin Core camp as a, "pump & dump scam" actually has a lot of the original Bitcoin people behind it and undeniably has the goal of adhering to the original vision of economic freedom though cheap fast P2P cash for everyone. Ethereum has the best fundamentals right now in terms of user adoption. It's transaction volume in terms of number of transactions is ahead of everything else out there. ETH has some technical risks though. It has uncapped coin issuance that is currently quite high ~14% and they want to switch from the proven proof of work mechanism to proof of stake and it isn't clear that will be successful. Beyond that Bitcoin Core is crippled and everything else has pretty low adoption though some alts like Monero look like they might find a niche in dark markets where strong privacy guarantees are important.

pault 9y ago

Back in the MtGox days I had 100 BTC... I spent it on an ounce of hash, then my brother smoked it all. My fuck you money, up in smoke. :)

nimchimpsky 9y ago
lol