3 ms·
Everyone that says this doesn't know how hard it was to get back then. I started looking for a way to buy it when it was at a buck fifty, and it took me until i
by 3pt14159 13y ago
Everyone that says this doesn't know how hard it was to get back then. I started looking for a way to buy it when it was at a buck fifty, and it took me until it was at four dollars before I finally was able to do the transaction (in cash in person at a cafe in Toronto with a off-grid cryptoanarchist).
The easiest way back then was to try to figure out how to install the GPU miner and then just hope that the block difficulty did spike because everyone else was doing the same thing. When I wen't back to start selling bitcoins when it started going north of 50 bucks a coin, it was too easy, Mtgox did a direct wire to my bank account and I was limited to a certain amount per day or month (can't remember).
As for buying it now: Right now the bet is whether or not you think that bitcoin will survive governments worldwide trying to clamp down on it and whether or not you think it will scale to billions of transactions a day. I put the first one on about 10% chance of happening and the second one on about 30% chance of happening, so about 3% chance total. If it hits that 3% the maximum I think bitcoin could be worth is about ten million dollars a coin ($10k average purchasing power for a couple billion people). So I made my profit already (on my original bet that it would gain momentum, which it has) and now I'm riding a decently likely (given the payout) lottery ticket.
- jafaku 13y ago> If it hits that 3% the maximum I think bitcoin could be worth is about ten million dollars a coin $10,000,000 x 21,000,000 = $210,000,000,000,000 Does the world even have that kind of wealth?
- 3pt14159 13y agoOh, it seems like I made a grave error doing my mental math... I don't see how I got it so wrong, but I guess I'm not used to dividing millions and trillions together. I meant to say about $1 million dollars per coin. With the updated numbers, it would be $21 trillion worth of purchasing power, which is a quarter of todays Gross World Product (the economic activity of the world for one year). So yes, it does seem that the world has that kind of wealth.
- streptomycin 13y agoEase of purchase was definitely an issue. When it was $1/coin there was a guy selling them through PayPal, maximum order size of 20 bitcoins. So I bought 20 because it was easy and it reminded me of some cool Neal Stephenson stories. Shortly after, PayPal shut him down and I didn't immediately see any other easy way to buy more, so I didn't buy more. It's hard to be pissed off about turning $20 into $8k, but fuck me.