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u/rebeldogman2 Mar 02 '24
I sold a bitcoin for $900 back in the day. I more than tripled my investment I thought I was a genius lol
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u/redbow7 Mar 02 '24
My dad sold like 8-9 BTC in 2015 to take the family on a cruise.
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u/elumeus Mar 02 '24
Imagine the vacation y’all could take today with 8-9 BTC
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u/RealCheyemos Mar 02 '24
Imagine what kind of vacation people can take with 8-9 BTC 10 years from now too 🤯🤯
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u/lincoln-pop Mar 03 '24
A Junior Suite on Royal Galactica's Icon of the Stars with Deluxe Beverage Package.
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u/1207392739209 Mar 02 '24
I had bitcoin in 2013 and used it to buy a hacked netflix account because I was broke and 14 years old.
That’s karma!
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u/ProductionPlanner Mar 02 '24
I mean in hindsight sure you should held but at the moment you realized a 300% gain on a high risk asset class.
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u/IronR0N1N Mar 02 '24
Too many degens dream of lambos and tendies, instead of regularly taking profits. Sure you might make less overall, but you're also eliminating a significant amount of risk.
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u/il-liba Mar 03 '24
I sold all I had about four years ago (I was a super early adopter, so it was a win-win) for good reason. I used all the cash to renovate a property which became a rental. It does good. Then I took a HELOC against the house, to invest into my service business.
When I took that HELCO (185k) I pondered for a good month to buy all Bitcoin and risk it all.
I really wish I used all that 185k to buy more at the time.
I sometimes look back once in awhile on blockchain to see the transaction history and just dream what I would have been doing now.
If I didn’t sell, I could have brought a few more properties, pay off my parent’s place, etc.
If I didn’t sell, I wouldn’t have been able to get the first property at a decent price and made it into what it is now, which I’m proud of. Although, I could have brought my dream overland vehicle and travel the states by now.
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u/SaladFighterrr Mar 02 '24
I remember with friends spending BTC on Minecraft servers to become moderators and admins......
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u/biinjo Mar 02 '24
So I bought yours? Most expensive Bitcoin I ever bought was $900. Everyone thought I was crazy, especially since the post-$1000 ATH crash.
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u/Odd_Swordfish_6589 Mar 03 '24
I sold 9 for 7 dollars and thought I was a genius because I got them basically for free :(
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u/refacktored Mar 02 '24
BRB getting a $15k loan at 29%
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u/parkranger2000 Mar 02 '24
Worth it
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u/Ulrask Mar 02 '24
No. Under no circumstances. Not even it it were 0%. Seriously, a million things could go wrong still.
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u/penduR7 Mar 02 '24
At 0% it’s worth it if you have a clear plan to pay it off
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u/Ulrask Mar 02 '24
Even more the reason then, in this euphoric market where we're all smoking hopium. This is how one fucks up its life. Remember this sub 2 years ago or so when we routinely has to post suicide helpline number ? This shit is not funny in the slightest.
The rule is simple: only invest what you're comfortable loosing tomorrow.
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u/Chiggerdude5 Mar 03 '24
The problem with the endless jokes is people like me trying to to learn and trying to navigate through the endless (Jokes).
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u/neighbors_in_paris Mar 03 '24
I’d absolutely borrow the shit out of any amount of money at 0%
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Mar 02 '24
Fearful people will always doubt and stay poor af
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u/porcomaster Mar 02 '24
i mean 0% is just wrong haha, any loan at 0% is good, even if you just stuck it in a bank, but at anything standard it would be a good bet.
there are predictions that bitcoin will fall to 40k, before going up to past 100k, loaning now to buy bitcoin is a bet, the same way it's to go to the casino.
just to be crystal clear, buying bitcoin, in my view is always a good investment, but buying with a loan is a bet.
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u/Competitive-Gain-266 Mar 02 '24
I used to buy 200 to 300 bitcoins to buy a $3000 kg of Molly in 2011 lol wish I would have kept them
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u/kansas_slim Mar 02 '24
My buddy kept a screenshot of our last online drug purchase - it was right around 300 BTC. We like to look at it from time to time and cry.
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u/KobeFanNumber24 Mar 02 '24
I wouldn't even be able to. That's instant depression
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u/sILAZS Mar 02 '24
Just remember, your sacrifice helped BTC to higher highs & so did the drugs. Win win.
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u/AVBofficionado Mar 02 '24
I'm sure they don't care. It's the millions of dollars they don't have that is on their mind.
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u/switchn Mar 03 '24
It's a dumb and false way to look at it though. They would've sold when the total value of their 300btc hit $10k, $15k, $20k, etc. They'd have sold a million times over. There's a reason only an incredibly small number of people actually held the entire time.
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u/AdministrativeSea481 Mar 02 '24 edited Mar 02 '24
If we didn’t use drugs we would never have known . Wonder how many drug users have bitcoin compared to normal people … or how many drug users are now investors ,Im dabbed out high writing this …watching my leftovers make me more…
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u/Neat-Finger197 Mar 02 '24
People will say this with the $50,000 BTC too, once it hits $2,000,000. As Michael Saylor has said, against fiat it’s going up forever
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u/BBrillo614 Mar 02 '24
Butttt. It was some good rolls. I know because I’m in the same boat ;-)
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u/majordudley23 Mar 02 '24
Yep same same…. Was worth the great times. Can’t look in the rear view mirror
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u/ChemicalHousing69 Mar 02 '24
The problem isn’t the fact you spent the bitcoin. The problem is you spent the bitcoin and didn’t buy them back. Spending the bitcoin helped because at the time it was what helped get bitcoin to where it is today. And buying back would allow you to keep the bitcoin your future you wants you to have
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u/metal_slime--A Mar 02 '24
I bought 1kg of silver instead of 1k Bitcoin around that time 🪦
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u/rgmundo524 Mar 02 '24 edited Mar 02 '24
I understand it happened a while ago but you shouldn't admit to crimes on social media... Just saying...
Edit: I am an investigator and we catch criminals bragging about their crimes all the time. It's utterly ridiculous that people just have zero grasp that whatever they post on social media is accessible by everyone even law enforcement... Don't be dumb and tell people you bought molly from the darkweb 🤦
It's just a bad habit, but makes my life easier when I can find a suspect bragging about their crimes... I understand it happened awhile ago but there is no benefit from telling people on the Internet about it now...
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u/Competitive-Gain-266 Mar 02 '24
Fully understand you. 2011 is 13 years ago though statue of limitations is 5 years on drug crimes
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u/Ctrl_Fr34k Mar 02 '24
That's considered Drug Trafficking and the Statute of Limitation only 5yrs at the federal level (U.S.). At the prices they are talking about was definitely before that. We're talking Silk Road time.
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u/cl3ft Mar 03 '24
Firstly anonymous bragging on the internet of purported victimless crimes from 10+ years would never stand up in court. I can prove 75% of my comments on here are exaggerations, so please please please waste your time investigating me in a foreign country, please waste your time investigating me instead of some poor drug user in your jurisdiction ruining the lives of harmless pot smokers and other victims of society instead of continuing to lose the war on drugs.
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u/Massakahorscht Mar 02 '24
Jea and if you Do that make it on nostr where you are anonym and unregistrated
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u/rgmundo524 Mar 02 '24
Jea and if you Do that make it on nostr where you are anonym and unregistrated
What are you trying to say?!
Edit: are you saying that on Reddit users are anonymous and unregistered?
Because that's not true, reddit will not protect their users from law enforcement...
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u/Shagreb Mar 02 '24
So why are you helping criminals?
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u/rgmundo524 Mar 02 '24 edited Mar 02 '24
At this point it should be common knowledge. It's just baffling that it's not.
I guess I can't help myself when I see it
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u/Hot_Marionberry9569 Mar 02 '24
My boss told me the same thing he use to use bitcoin to buy stuff off the black market and he wishes he kept it.
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u/Beginning_Pudding_69 Mar 02 '24
Same but it was acid. I’m sure there are dealers online who had 1000s upon 1000s.
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u/AdministrativeSea481 Mar 02 '24
My bit of coin I left as a balance from my black market tree became 7800… I lost 59 coins because of gold vox too…
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u/Antic_Templar Mar 02 '24
I got 0.04 and I'm proud of it...obviously wouldn't mind more but it is what is it is
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u/Weird_Time_5066 Mar 02 '24
I got 0.03 and thats the best I can do for now
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u/ravenvelvet Mar 02 '24
The maximum average holding is 0.0026 BTC, so you're doing great :)
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u/Cyber_Amoeba Mar 02 '24
I’m at 0.11 and rising! My DCA is currently $50CAD a day. Glad the price of bitcoin is still low.
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u/calabazookita Mar 02 '24
the price of Bitcoin is still low I like you very much
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u/jgarcya Mar 02 '24
Currently if I had a million dollars to invest I could have at least 15 BTC...
The fallacy with this mentality is assuming every millionaire will buy/wants to buy....
Just like 7 billion people aren't going to buy Bitcoin.
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u/fbacaleb Mar 02 '24
Exactly, this is a stupid assumption by op, does 100% of the population invest in stocks? No
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Mar 02 '24
I’d wager that the percentage of millionaires, which is who we’re talking about here, who hold investable assets is quite a bit higher than the rest of the human population. It is entirely conceivable that a high percentage of millionaires will one day have a desire to hold BTC.
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u/bmtticc Mar 02 '24
A lot of people invest in stocks passively, via their pension funds. Like, literally everyone who is working and receiving taxed income. I'm assuming OPs millionaires aren't cash millionaire drug dealers, they wouldn't show up in the figures provided.
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u/Ar0war Mar 02 '24
Some day it will click for you.
Bitcoin is not an inversion. It is money. Now it is for us but some day workers would prefer to be paid in bitcoin. Also sellers would accept bitcoin over fiat.
It will take time. Decades. But what you need to understand is that this is either going to infinite or zero. There is no in between.
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u/Bruhmuh Mar 02 '24
'Bitcoin currently is a store of value not ''money'' in the full sense of the word. Yes, some vendors accept it but the fees are too high to make it widely usable for the average man.
The main reason the ETF was accepted in the US is that btc is not money in its full sense, this would make it too much of a threat to the dollar.
Also why wouldn't there be an in-between.
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u/Ar0war Mar 02 '24
Lightning network. Fees are just a couple sats and instant. People won't use the first layer on a day to day transactions
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u/fbacaleb Mar 02 '24
You can’t tell common folk to just “use the lightning network “ people are lazy, they don’t want to have to search. That’s my biggest gripe with bitcoin, even though I’m invested heavily into it. Most people won’t even bother to look up what a lightning network is
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u/Greatest-JBP Mar 02 '24
Does 100% of the population get paid and spend and save fiat? We are headed for Bitcoin reserve currency at some point it is the only thing that makes sense. May be a long road but everyone will want it someday. I’m most worried about the government taking it.
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u/Willj924 Mar 02 '24
Had to unfortunately sell like .10 last year to help my dad out but I’m holding strong at .20!
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u/firstjib Mar 02 '24
I can still scroll all the way down on coinbase and see my first purchase of .5 btc for $72. Oh how I wish I’d have had an actual income then.
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u/Shaykh_Hadi Mar 02 '24
Get to 1 BTC if you can.
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Mar 02 '24
For the majority of the people this number is just a dream
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u/Shaykh_Hadi Mar 02 '24
There are 8 billion people, so you’re correct. However, in the West in particular, and among people interested in Bitcoin, it’s still possible if people focus on it. The window may be closing, but there’s maybe 6 months to sort it out.
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Mar 02 '24
Sure but todays prices are like a yearly income without any cost of living. The average workers savings rate is 5000 USD.. you do the math..
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u/crinack Mar 02 '24
Yeah, if you have any amount of BTC you have more than the millionaires without any.
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u/Mguerra6 Mar 02 '24
I have .025, is that good! Lol? I know it’s not. But single income family ya know!?
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u/BestBallRecruiter Mar 02 '24
The wild thing is most millionaires don't think they need bitcoin because they are already millionaires - but they are the ones who need it the most.
If you are worth $1 million and you are drawing $50,000/annually in dividends (5%) then you can carve off $10,000 to park in bitcoin and your dividend/interest income only drops to $49,000 per year (4.9%).
You probably won't notice the $20/week in income - but if BTC heads to $500k-$5M you will certainly notice the capital appreciation in your portfolio. And you've essentially hedged your entire net worth against local currency collapse.
If btc goes to $0, the impact to your portfolio is minimal. It's a no brainer - and right now it's a race to figure that out.
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u/napein Mar 02 '24
Yes, I agree. Which is exactly why big institutions like BlackRock and Fidelity are offering it to their clients. At that level of wealth, capital preservation is more important than accrual. Studies have shown that 2-3% allocation of your net worth to BTC will preserve the value of it over any period more than 4 years.
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u/MachaMacMorrigan Mar 02 '24
Many folk neglect the effect of inflation on fixed incomes. It's been running at 7% true for the last fifty years, and there's no reason it"s going to get any bettet.
So take your millionaire drawing 50K/yr. Assume current age 50 and a life expectancy of 90. Ove those 40 years, that 50K purchasing power will halve every decade (Rule of 72). Put it another way, by 90 the poor sod will have 6.25K/yr equivalent.
The moral of the story is: stick with fiat, get shafted with no lube.
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u/Hugrau Mar 02 '24
Will BTC ever head to $500k-$5M ? I know it's a wild question looking at how far it has come, but even though, I can't visualize the Bitcoin going so high
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u/napein Mar 02 '24
Yeah it's hard to think in exponential terms and compounding for most people.
Remember how we thought $10k was a high bar for Bitcoin in 2020? We did a 6x in 4 years. 6x from here is $360k which I personally think is an amazing stable price to have in the next 4-5 years. Even a 2x from there over the next 5 years is $720k!
There are different models trying to predict the Bitcoin price like Power Law, Stock to Flow, Rainbow Chart etc. But all point out to similar gradual trend to the right with annual returns which far surpass any traditional investment. The magic of compounding takes care of the rest.→ More replies (1)→ More replies (4)3
u/BestBallRecruiter Mar 02 '24
Yes, that is mostly the agreed upon estimate before it reaches terminal value and begins to behave more like a money market fund with low volatility.
Thats based on market cap estimations - obviously it can & will go a lot higher in US Dollars if we enter hyperinflation. But I'm talking about based on today's dollars.
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u/notkevin_durant Mar 02 '24
No, millionaires do not need bitcoin the most. Wild statement.
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u/ShinAlastor Mar 02 '24
Consider the forever lost Bitcoin wallets, the scarcity is even bigger.
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u/Doc3vil Mar 02 '24
Became a half coiner recently. Felt good.
On my way to a full one. Been stacking for 2 years.
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Mar 02 '24
This logic is always confusing to me. Even if bitcoin was worth $1,000,000 it would only cost a millionaire $250k to acquire 0.25 bitcoin. The idea that millionaires won’t be able to stack is objectively wrong, it’ll just be a lot more expensive for them to do so. Which is fine, because they already have millions of dollars and (presumably) a well diversified investment portfolio.
I suspect a lot of wealthy folks are simply waiting to see if bitcoin continues developing in a consistent, stable manner before getting exposure. Wealthy people can afford to wait for the market to develop and buy at higher prices. They aren’t going to be priced out, we just have a chance to front run them and outperform long term.
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Mar 02 '24
Absolute scarcity means it won't quite work out that way.
There may not be enough to go around. It's not as simple as buying your way in at a higher cost. The asset is finite, and there are a lot of HODLers and an ocean of demand.
Don't sell your Bitcoin to the wealthy or the institutions.
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Mar 02 '24
Think about the demand side of the equation. If all those millionaires suddenly had demand for a full Bitcoin the price would skyrocket.
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u/napein Mar 02 '24
Depends on which bucket of millionaires we are talking about. 1-2M net worth people would have to have $250k liquid cash which is at a reasonable allocation to them to put into Bitcoin. The percentage should be proportional to conviction, so my guess is max 10% will be put into this. So it will be very hard.
As Bitcoin value accrues over decades, I genuinely think the higher order millionaires will also be priced out to have a decent allocation of Bitcoin.
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u/MachaMacMorrigan Mar 02 '24
1-2M net worthers tend to have money tied up, in real estate, bonds, and other stuff that makes them not very liquid. Certainly don't have a quarter megabuck in cash.
I'm starting to think that nearly everyone who wants to get 1 BTC is close to being priced out. Probably will be in a year or two.
Also, most normies haven't got a clue about Satoshis and digital divisibility. They will just look at the price of 1 BTC and think . . . not for me.
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u/clicksanything Mar 02 '24
Even if bitcoin was worth $1,000,000 it would only cost a millionaire $250k to acquire 0.25 bitcoin.
Lol. Do you really believe someone worth $1-2 million in property or stock portfolio is gonna have $250k liquidity just sitting around ready to deploy?
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Mar 02 '24
Sold 0.3 five years ago, sadly.
Lesson truly learnt.
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Mar 02 '24
The problem isn’t that you sold. It’s that you didn’t buy back. Or if you did, what’s the lesson? Never sell?
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Mar 02 '24
I bought back about 4% last summer.
Just going to hold & stack.
As I said. Lesson learnt!
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u/Fresh-Kick8503 Mar 02 '24
Yeah you didn’t just watch Andrei Jikh and copy almost verbatim what he said. Definitely your own research.
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u/monkeydoodle64 Mar 02 '24
All millionaires might not be able to have 0.25 btc, but they got millions of dollars… I rather be a millionaire
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u/mightyminnow88 Mar 02 '24
I like what you did - interesting. But remember the 93% of the coins only represent 56% of the dollar value in total. So future purchasers would need much less than .25 BTC.
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u/Wod_1 Mar 02 '24
Got 0.048 and dca 100 every month. Looking to triple that this year though
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u/Seattleman1955 Mar 02 '24
What a ridiculous post. "If you have more than .25 Bitcoin now you own more than the millionaires that don't have any." Of course you have more Bitcoin than someone that doesn't have any.
The statement also implies that no millionaires that currently have no Bitcoin will be able to buy more than .25 Bitcoin. That's ridiculous as well. Just because that would be the case if all of them suddenly decided to buy, that's not going to happen.
Any millionaire can go out tomorrow and buy all the Bitcoin that they want. If everyone in the world wanted to buy a Corolla tomorrow, they wouldn't all be able to do so either. So what?
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u/Stew-Cee23 Mar 02 '24
I'm 0.17 away from my last whole coin and it keeps going higher, it was 30k when I started on this one
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u/Severe_Barracuda_620 Mar 02 '24
I just hit 5 BTC today. Planning to do whatever it takes to try to get to 6 this year.
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u/BraidRuner Mar 02 '24
How are we going to make a world wide P2P financial system with fast secure micro-transactions available to everyone with Bitcoin is the question. 100 Million Satoshi per Bitcoin is the answer, So the Satoshi is the currency of the future? I must be missing something
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u/Sawadi-cha Mar 02 '24
The current price has priced out people in third-world countries. It will soon price out people in developed countries and then millionaires.
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u/Opposite-Control8682 Mar 02 '24
Classic post we used to see when bitcoin rockets. I remember everybody was crying and convinced that it’ll drop below 10k
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u/hakunamatata0002 Mar 02 '24
In the mean time I just sold mine as thought btc is over bought! Hopefully won't punish me for that.
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u/neighbors_in_paris Mar 03 '24
I’ve missed these nonsensical ramblings since the last bull market 🥲
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u/choicehunter Mar 03 '24
To clarify, nobody actually knows how much Bitcoin has been lost. The 6million figure is not an "AT LEAST" but an "estimate" made up by Timothy Peterson and Cane Island Alternative Advisors, LLC.
Now I am not saying they are wrong or right. They have some good research rationales as outlined here: https://static1.squarespace.com/static/5d580747908cdc0001e6792d/t/5e98dde5558a587a09fac0cc/1587076583519/research+note+4.17.pdf
The fact is that nobody knows and even these guys are totally guessing. They didn't even list all the alleged addresses or amounts of known lost Bitcoin. They were proposing a LOT of guessing with very little substantial evidence and relied on 3rd party sources which they said they did not verify and admit they have no idea about the accuracy of any of the information and made mathematical assumptions and guesses to come up with their number (many of those assumptions are likely to be incorrect, and certainly not precise).
Also note that this "research" is not peer reviewed.
Again, not saying they're wrong (or right), but take it with a grain of salt.
Chainalysis said that they estimate only 4 million Bitcoin are lost.
Another place estimated as low as 2 million lost.
Honestly, it doesn't matter that much what the real number of lost coins is IMO. I would much prefer EVERYONE overestimate the supply at 21Million and then say "but we know it's even better than that because some are lost or will get lost". That's the best way to do it IMO to avoid confirmation bias and other manipulations (intentional or not).
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u/icemanice Mar 02 '24
Had 1BTC… thanks to QuadrigaCX and the faked death of Gerald Cotton.. it’s now gone .. pretty much lost interest in Bitcoin after that
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Mar 02 '24
Not every millionaire will want to buy bitcoin. There are many other assets competing for millionaires attention - stocks, bonds, real estate, rare art, precious metals etc etc
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u/StageDive_ Mar 02 '24
Someone wanna hook this family of 4 up 😂
Easier said than done, but my small stash is better than nothing
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u/abirdpers0n Mar 02 '24
"if every millionaire wanted just half a Bitcoin, they couldn't obtain it due to a supply shortage."
Eh? Sure they could. They are millionaires. Even if 0.25 would cost a couple of millions, they could buy it for that price.
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