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I mined about 200 BTC in 2011 and I must say, they have changed my live. I still have 150, so during the passed 4 years, while bootstrapping 2 startups, those m

I mined about 200 BTC in 2011 and I must say, they have changed my live. I still have 150, so during the passed 4 years, while bootstrapping 2 startups, those mere 50 bitcoins I sold have meant that I have been able to keep both companies running. Without those 50 coins, I'm not sure how I would have continued. But the most important thing was not the value of those 50 coins. Which really isn't that big a deal. It was the knowledge that "I have a buffer, a reserve" and that knowledge has allowed me to make deals in the interest of future growth, instead of short term continuation. I got to decline offers, that I otherwise would have needed to survive. Now that both companies are making a profit, I have learned how important it is to have a big buffer and I thank Bitcoin for that. I also thank Bitcoin for the financial independence I now have, even though it is an indirect result. I still watch the markets and hope some other honest hardworking guy out there gets as lucky as I got.

k-mcgrady 12y ago
This is nothing to do with Bitcoin. You basically won the lottery. Some people mined or bought Bitcoin, it got a lot of media hype so the price sky rocketed, and then your coins were worth a lot of money. If I bought 200 BTC now and waited a few years I doubt I'd have the same experience. I'm happy for you that you got to use that to help you start a business but it was a lottery win.
- pmorici 12y ago
  "If I bought 200 BTC now and waited a few years I doubt I'd have the same experience." Why? This is like the 5th or 6th boom bust cycle in Bitcoin and each boom has been bigger than the last. even the current long price decline is not unprecedented.
  - cyphunk 12y ago
    and many of those boom's were propped up by bots on mtgox desperately trying to recover itself. it's easier to manufacturer a boom when you have a monopoly on the market with little to no transparency. Point is, there are reasonable doubts.
  - cmdkeen 12y ago
    This is like the 100th boom busy cycle in the stock market and each boom has been bigger than the last. Why not invest in equities? Because past performance is not an indication of future performance, and because you don't know when the cycles are going to fall. Unless you're willing to lock up that capital whilst waiting for the uptick you're taking a huge risk.
  - sanswork 12y ago
    Because this boom was the first time it was really in the publics eye. The previous ones happened when very few people had ever heard of bitcoin. This one happened when most people in the western world have heard of it. If they were going to get on board they would have done it but they didn't because for most people with money bitcoin offers very little upside over their existing systems with huge risk.

k-mcgrady 12y ago

This is nothing to do with Bitcoin. You basically won the lottery. Some people mined or bought Bitcoin, it got a lot of media hype so the price sky rocketed, and then your coins were worth a lot of money. If I bought 200 BTC now and waited a few years I doubt I'd have the same experience. I'm happy for you that you got to use that to help you start a business but it was a lottery win.

pmorici 12y ago
"If I bought 200 BTC now and waited a few years I doubt I'd have the same experience." Why? This is like the 5th or 6th boom bust cycle in Bitcoin and each boom has been bigger than the last. even the current long price decline is not unprecedented.
- cyphunk 12y ago
  and many of those boom's were propped up by bots on mtgox desperately trying to recover itself. it's easier to manufacturer a boom when you have a monopoly on the market with little to no transparency. Point is, there are reasonable doubts.
- cmdkeen 12y ago
  This is like the 100th boom busy cycle in the stock market and each boom has been bigger than the last. Why not invest in equities? Because past performance is not an indication of future performance, and because you don't know when the cycles are going to fall. Unless you're willing to lock up that capital whilst waiting for the uptick you're taking a huge risk.
- sanswork 12y ago
  Because this boom was the first time it was really in the publics eye. The previous ones happened when very few people had ever heard of bitcoin. This one happened when most people in the western world have heard of it. If they were going to get on board they would have done it but they didn't because for most people with money bitcoin offers very little upside over their existing systems with huge risk.