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I agree with you in general but in my case, Bitcoin had already experienced several booms and I was aware of the crypto-[mb]illionaires back then. Either way, i

I agree with you in general but in my case, Bitcoin had already experienced several booms and I was aware of the crypto-[mb]illionaires back then. Either way, if I would've jumped on the "get rich" bandwagon, I might actually be today.

aaron-lebo 9y ago
Don't feel bad. I made and lost 30k speculating on dumb stuff like Mazacoin and Auroracoin. I avoided looking up any numbers for a long time, but my non-tech friend asked me the other day what it would have been worth. If I had invested 20k of that in the Ethereum presale, it would be worth 30 to 40 million dollars (or would have been when the market was high). Could kick yourself for stuff like that (I read the initial posts about Eth here on HN, figured it would be valuable, didn't know how soon it would be valuable), but the market was scammy even then. Mazacoin was supposedly going to be the first official coin of one of the Sioux reservations; that was exaggerated, didn't keep it from spiking 10x overnight. There's nothing special about making a fortune gambling and taking money off other dummies throwing money into the hype. Regular people are getting hurt by this. For every big winner, there's some family who had a dad who mortgaged their house and lost it all. Maybe that's post hoc justification of missing out, but there's nothing to be proud of. edit: doing the math as of today; $24k would have bought you about 80k Ether at the presale price of 2k eth per Bitcoin (about $600). 1 eth is about $1050 today, at a value of $1k that's 80 million dollars. The fortunes that people can and have made at out of this are absurd.
- BrazeBeefNoodle 9y ago
  >> For every big winner, there's some family who had a dad who mortgaged their house and lost it all. That's silly. Just look at the growth in the total crypto market cap over the last few years (or even over the last six months) and it's clear that this can't be true. The vast majority of people who have been involved are way ahead.
  - specialist 9y ago
    I now wonder if there are any surveys of first mover advantage in pyramid schemes, ponzi schemes, bubbles. SOME ONE made one a fortune during the tulip mania. Right?
  - adbachman 9y ago
    > The vast majority of people who have been involved are way ahead. Strong disagree :( Cryptocurrency investment is speculation in a zero-sum game. Every dollar someone pulls out of the system in profit required someone else to put a dollar in. All those people who sold bitcoin at $19k could do so because there were buyers. Every single one of those buyers lost. Cryptocurrencies are not shares in a corporation or bonds or any sort of interest or dividend producing financial instrument. Even the ICOs that claim to be so only work when new money is coming in. To get a (real) dollar out of the system, someone else has to put a dollar in. To get more money out of the system than you put in, someone else has to pay. For that person to get more money out, more people have to come in after them and pay. The top of the pyramid gets paid, the bottom is left holding the bag. The only growth in market cap is new money flowing into the system. Once enough decides to flow out, the gig is up and the whole thing tanks.
    - specialist 9y ago
      I'm stuck on the revelation that the stock markets high valuations was driven by cartel money needing a place to park. I now assume every bubble serves a similar purpose. Knowing that, a person smarter and braver than me could be skimming off some of those narco dollars.
    - greyman 9y ago
      > All those people who sold bitcoin at $19k could do so because there were buyers. Every single one of those buyers lost. Only if they sold. Otherwise they might just wait until the price climbs back.
      - adbachman 9y ago
        The price still doesn't change unless new money enters, though.
TomK32 9y ago
How many actual $$$ millionaires are there really? With old currencies in old-fashioned off-shore bank-accounts? After all, it's still the govt controlled currencies that buy you houses, supercars and tropical islands. /s

aaron-lebo 9y ago

Don't feel bad. I made and lost 30k speculating on dumb stuff like Mazacoin and Auroracoin. I avoided looking up any numbers for a long time, but my non-tech friend asked me the other day what it would have been worth. If I had invested 20k of that in the Ethereum presale, it would be worth 30 to 40 million dollars (or would have been when the market was high). Could kick yourself for stuff like that (I read the initial posts about Eth here on HN, figured it would be valuable, didn't know how soon it would be valuable), but the market was scammy even then. Mazacoin was supposedly going to be the first official coin of one of the Sioux reservations; that was exaggerated, didn't keep it from spiking 10x overnight. There's nothing special about making a fortune gambling and taking money off other dummies throwing money into the hype. Regular people are getting hurt by this. For every big winner, there's some family who had a dad who mortgaged their house and lost it all. Maybe that's post hoc justification of missing out, but there's nothing to be proud of. edit: doing the math as of today; $24k would have bought you about 80k Ether at the presale price of 2k eth per Bitcoin (about $600). 1 eth is about $1050 today, at a value of $1k that's 80 million dollars. The fortunes that people can and have made at out of this are absurd.

BrazeBeefNoodle 9y ago
>> For every big winner, there's some family who had a dad who mortgaged their house and lost it all. That's silly. Just look at the growth in the total crypto market cap over the last few years (or even over the last six months) and it's clear that this can't be true. The vast majority of people who have been involved are way ahead.
- specialist 9y ago
  I now wonder if there are any surveys of first mover advantage in pyramid schemes, ponzi schemes, bubbles. SOME ONE made one a fortune during the tulip mania. Right?
- adbachman 9y ago
  > The vast majority of people who have been involved are way ahead. Strong disagree :( Cryptocurrency investment is speculation in a zero-sum game. Every dollar someone pulls out of the system in profit required someone else to put a dollar in. All those people who sold bitcoin at $19k could do so because there were buyers. Every single one of those buyers lost. Cryptocurrencies are not shares in a corporation or bonds or any sort of interest or dividend producing financial instrument. Even the ICOs that claim to be so only work when new money is coming in. To get a (real) dollar out of the system, someone else has to put a dollar in. To get more money out of the system than you put in, someone else has to pay. For that person to get more money out, more people have to come in after them and pay. The top of the pyramid gets paid, the bottom is left holding the bag. The only growth in market cap is new money flowing into the system. Once enough decides to flow out, the gig is up and the whole thing tanks.
  - specialist 9y ago
    I'm stuck on the revelation that the stock markets high valuations was driven by cartel money needing a place to park. I now assume every bubble serves a similar purpose. Knowing that, a person smarter and braver than me could be skimming off some of those narco dollars.
  - greyman 9y ago
    > All those people who sold bitcoin at $19k could do so because there were buyers. Every single one of those buyers lost. Only if they sold. Otherwise they might just wait until the price climbs back.
    - adbachman 9y ago
      The price still doesn't change unless new money enters, though.

TomK32 9y ago

How many actual $$$ millionaires are there really? With old currencies in old-fashioned off-shore bank-accounts? After all, it's still the govt controlled currencies that buy you houses, supercars and tropical islands. /s