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I couldn’t care less about crypto, but just for fun I bought 1 BTC in 2016. Still own it, and likely will never sell, but boy I wish I bought a lot more instead

I couldn’t care less about crypto, but just for fun I bought 1 BTC in 2016. Still own it, and likely will never sell, but boy I wish I bought a lot more instead of my index funds, skipping one monthly contribution in VTI back then would have mostly set me up for life instead of just having a nice but inconsequential $100k bonus in my portfolio :-) Congrats to the people who held through thick and thin, I speculate (my own opinion) that we will likely not see 80% drawdowns anymore due to all the institutional money that flew in, just “standard” 40-50% dips. Fantastic to witness, an asset class out of thin air. Cheers to the next 10X in 8 years, $1M in 2032!

ganeshkrishnan 2y ago
I had couple of bitcoin from 2013. Sold most at 10k and held on to one at 50k. I was absolutely super duper sure, 50k was the top.
- pacomerh 2y ago
  Ha, this is my story, except I thought 20k was the top.
  - deleted 2y ago
    [deleted]
calrain 2y ago
[flagged]
- WatchDog 2y ago
  [flagged]
huijzer 2y ago
> inconsequential $100k bonus in my portfolio It seems we are truly ducking poor here in the EU. My parents have been running a farm for 40 years in the Netherlands and they’re doing well financially. Still, $100k is not inconsequential for them!
- csomar 2y ago
  For most of the world, $100k in savings is simply beyond reach. So no, you are definitely not ducking poor in the EU.
- benterix 2y ago
  I don't think Americans are that much different in that respect from Europeans in general: https://www.bankrate.com/banking/savings/emergency-savings-report/ https://www.bankrate.com/banking/savings/emergency-savings-r... One fourth have no savings at all. European stats are similar: https://www.statista.com/statistics/1221416/households-without-savings-europe/ https://www.statista.com/statistics/1221416/households-witho...
- lifty 2y ago
  The world is split into two kids of people: the ones that have managed to take advantage of the massive financialization of the world, and the ones who haven’t.
  - tim333 2y ago
    The world was even more divided in the past. When I went to China in 1983 the GDP per capita per year was $285. Even adjusted for inflation they were poor. No more really. Trade and the internet have leveled things up.
    - lifty 2y ago
      My comment sounds overly cynical but I fully agree with you, there’s been so much progress in getting people out of poverty world wide. Yes there’s a big gap in wealth but it’s probably the smallest it has ever been on average, and way more people have their basic needs met than ever before.
  - PawgerZ 2y ago
    > the ones that have managed to take advantage of the massive financialization of the world This group is further split into two kinds of people: Those who had an opportunity to take advantage of the massive financialization of the world, and those who weren't afforded that opportunity.
paulpauper 2y ago
Congrats to the people who held through thick and thin, I speculate (my own opinion) that we will likely not see 80% drawdowns anymore due to all the institutional money that flew in, just “standard” 40-50% dips. Fantastic to witness, an asset class out of thin air. they said exactly that in 2018, 2021, and 2022 too
sandos 2y ago
I cry every time I think about the fact that I managed to CPU-mine 50 btc, and sold it for nothing. Still, I did get a payout from the mtgox disaster and its a decent amount really, considering I put in less than 100$ from the start. Just far from life-changing amount, more like "ok, this gets us a nice vacation trip!"-money.
- theshrike79 2y ago
  I mined a bit over 2 BTC, sold them when it hit $200. Bought a pair of headphones that broke in 3-4 years. If I had saved them, I could pay off my mortgage now.
  - piva00 2y ago
    I mined 12 BTC from my gaming computer dual-booting between Linux/Windows that I also used for SETI@Home and Folding@Home, I ran the miner just for fun as I thought it was another distributed system doing computations and was fascinated by that concept at the time. They were lost when I had to re-install Windows to play games and formatted the whole hard drive. I don't think much about it because it's so long ago but I'd have enough money to start realistically considering to retire...
- pas 2y ago
  I still have the postcard from Japan from the legal proceedings! There's a ton of things I could regret. BTC price going up makes the counterfactual very easy to imagine in rough outlines, and thus more and more appealing. But that's a fool's errand. There's absolutely no guarantee that in all the alternate timelines where you had not sold you would be better off now. Even with all the extra money. Windfalls tend to cause problems for lottery winners for example.
kamaal 2y ago
>>Congrats to the people who held through thick and thin, I speculate (my own opinion) that we will likely not see 80% drawdowns anymore due to all the institutional money that flew in, just “standard” 40-50% dips. Fantastic to witness, an asset class out of thin air. There was some person who invested $30 everyday in BTC since 2017, and has $1 million right now. The tweet had gone viral on Twitter. BTC bull/bear cycles have taught a lot of people many things about regular investing. Like what this person did is called DCA(Dollar Cost Averaging). >>>>Cheers to the next 10X in 8 years, $1M in 2032! Seems like showing up everyday is all there is to success. Mostly. Every once in a while, someone makes it big due to luck/help. But showing up everything is all.
- thunky 2y ago
  > There was some person who invested "Invested" is a generous way to put it. https://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp https://www.investopedia.com/articles/basics/09/compare-inve...
  - Lerc 2y ago
    I sometime use the word invested in the context of Bitcoin, but I don't really think of it as an investment. I don't know what a better word to use would be though. I think calling it gambling is needlessly antagonistic. I don't know if I would even consider buying an NFT of a pointless thing gambling. There is a misguided expectation that just because it has a price tag it has value. The actual perceived value(as in market price) increasing reinforces that viewpoint, but it is an artifact of a pool of misguided people that has not been exhausted. The point is, these people have an expectation of an increase in value. For most gambling there are two categories. The most skilled wins, and the House wins. There is no rising tide raising all boats. Believing that simply getting on the bandwagon of gambling will make you money is outright delusional. 'Investing' in NFTs, I feel is distinct because it relies on the sincere belief of a false premise. Participants believe that neither skill nor luck is a requirement and just being in the game is sufficient. Coming back to Bitcoin, I think there are multiple levels of expectation based upon multiple premises. The premise that Bitcoin, one day, replaces money. I don't think you can say this is outright false, merely quite unlikely. Others believe that Bitcoin will, at least, retain it's value. This premise is on sturdier ground but also not certain. You could think of this as skill-based form of gambling if you think that the skill is in the ability to more accurately determine the truth of the premises. That puts it in the same field as a high risk investment though.

ganeshkrishnan 2y ago

I had couple of bitcoin from 2013. Sold most at 10k and held on to one at 50k. I was absolutely super duper sure, 50k was the top.

pacomerh 2y ago
Ha, this is my story, except I thought 20k was the top.
- deleted 2y ago
  [deleted]

calrain 2y ago

[flagged]

WatchDog 2y ago
[flagged]

huijzer 2y ago

> inconsequential $100k bonus in my portfolio It seems we are truly ducking poor here in the EU. My parents have been running a farm for 40 years in the Netherlands and they’re doing well financially. Still, $100k is not inconsequential for them!

csomar 2y ago
For most of the world, $100k in savings is simply beyond reach. So no, you are definitely not ducking poor in the EU.
benterix 2y ago
I don't think Americans are that much different in that respect from Europeans in general: https://www.bankrate.com/banking/savings/emergency-savings-report/ https://www.bankrate.com/banking/savings/emergency-savings-r... One fourth have no savings at all. European stats are similar: https://www.statista.com/statistics/1221416/households-without-savings-europe/ https://www.statista.com/statistics/1221416/households-witho...
lifty 2y ago
The world is split into two kids of people: the ones that have managed to take advantage of the massive financialization of the world, and the ones who haven’t.
- tim333 2y ago
  The world was even more divided in the past. When I went to China in 1983 the GDP per capita per year was $285. Even adjusted for inflation they were poor. No more really. Trade and the internet have leveled things up.
  - lifty 2y ago
    My comment sounds overly cynical but I fully agree with you, there’s been so much progress in getting people out of poverty world wide. Yes there’s a big gap in wealth but it’s probably the smallest it has ever been on average, and way more people have their basic needs met than ever before.
- PawgerZ 2y ago
  > the ones that have managed to take advantage of the massive financialization of the world This group is further split into two kinds of people: Those who had an opportunity to take advantage of the massive financialization of the world, and those who weren't afforded that opportunity.

paulpauper 2y ago

Congrats to the people who held through thick and thin, I speculate (my own opinion) that we will likely not see 80% drawdowns anymore due to all the institutional money that flew in, just “standard” 40-50% dips. Fantastic to witness, an asset class out of thin air. they said exactly that in 2018, 2021, and 2022 too

sandos 2y ago

I cry every time I think about the fact that I managed to CPU-mine 50 btc, and sold it for nothing. Still, I did get a payout from the mtgox disaster and its a decent amount really, considering I put in less than 100$ from the start. Just far from life-changing amount, more like "ok, this gets us a nice vacation trip!"-money.

theshrike79 2y ago
I mined a bit over 2 BTC, sold them when it hit $200. Bought a pair of headphones that broke in 3-4 years. If I had saved them, I could pay off my mortgage now.
- piva00 2y ago
  I mined 12 BTC from my gaming computer dual-booting between Linux/Windows that I also used for SETI@Home and Folding@Home, I ran the miner just for fun as I thought it was another distributed system doing computations and was fascinated by that concept at the time. They were lost when I had to re-install Windows to play games and formatted the whole hard drive. I don't think much about it because it's so long ago but I'd have enough money to start realistically considering to retire...
pas 2y ago
I still have the postcard from Japan from the legal proceedings! There's a ton of things I could regret. BTC price going up makes the counterfactual very easy to imagine in rough outlines, and thus more and more appealing. But that's a fool's errand. There's absolutely no guarantee that in all the alternate timelines where you had not sold you would be better off now. Even with all the extra money. Windfalls tend to cause problems for lottery winners for example.

kamaal 2y ago

>>Congrats to the people who held through thick and thin, I speculate (my own opinion) that we will likely not see 80% drawdowns anymore due to all the institutional money that flew in, just “standard” 40-50% dips. Fantastic to witness, an asset class out of thin air. There was some person who invested $30 everyday in BTC since 2017, and has $1 million right now. The tweet had gone viral on Twitter. BTC bull/bear cycles have taught a lot of people many things about regular investing. Like what this person did is called DCA(Dollar Cost Averaging). >>>>Cheers to the next 10X in 8 years, $1M in 2032! Seems like showing up everyday is all there is to success. Mostly. Every once in a while, someone makes it big due to luck/help. But showing up everything is all.

thunky 2y ago
> There was some person who invested "Invested" is a generous way to put it. https://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp https://www.investopedia.com/articles/basics/09/compare-inve...
- Lerc 2y ago
  I sometime use the word invested in the context of Bitcoin, but I don't really think of it as an investment. I don't know what a better word to use would be though. I think calling it gambling is needlessly antagonistic. I don't know if I would even consider buying an NFT of a pointless thing gambling. There is a misguided expectation that just because it has a price tag it has value. The actual perceived value(as in market price) increasing reinforces that viewpoint, but it is an artifact of a pool of misguided people that has not been exhausted. The point is, these people have an expectation of an increase in value. For most gambling there are two categories. The most skilled wins, and the House wins. There is no rising tide raising all boats. Believing that simply getting on the bandwagon of gambling will make you money is outright delusional. 'Investing' in NFTs, I feel is distinct because it relies on the sincere belief of a false premise. Participants believe that neither skill nor luck is a requirement and just being in the game is sufficient. Coming back to Bitcoin, I think there are multiple levels of expectation based upon multiple premises. The premise that Bitcoin, one day, replaces money. I don't think you can say this is outright false, merely quite unlikely. Others believe that Bitcoin will, at least, retain it's value. This premise is on sturdier ground but also not certain. You could think of this as skill-based form of gambling if you think that the skill is in the ability to more accurately determine the truth of the premises. That puts it in the same field as a high risk investment though.