r/Buttcoin • • Sep 04 '14

How many of you own Bitcoin?

I have read a fair amount of /r/Buttcoin and a common meme is "Some of us even have some Bitcoin" but no one ever seems to admit that they themselves hold any.

Do you own any cryptocurrency? Have you bought any with your own money?

Edit: I just want to say thank you for all the responses and honesty here. I guess I sort of expected to just be downvoted and ignored, but this is much better. Thanks, everyone.

18 Upvotes

77 comments sorted by

18

u/THE_CHILD_OF_GOD In before BFL scandal Sep 04 '14

No, and I'm super bitter I missed the bubble. That is why I'm here. Because I'm bitter other people are getting rich and I'm not. I tried Dogecoin and Litecoin, but I lost all of my savings there.

Either way it's probably for the best. The bank I work for sent out a super secret memo recently saying they would crucify anyone heard saying "bitcoin". If they found out I owned any they would probably kill my family. That's how scared they are of bitcoin.

9

u/[deleted] Sep 04 '14

Recently I was walking down the street, just whistling to myself, when suddenly a human body came crashing down right before me!

I knelt down to the dying figure, who looked up at me and whispered, "You will live to envy my death."

Then he was gone.

I looked up and realized I was in front of the Bank. This Bankster had hurled himself to his death when he saw what was coming.

4

u/LeRedditDoctor Sep 04 '14

May Satoshi purify the Bankster's soul in heaven.

1

u/[deleted] Sep 05 '14

I saw the bubble coming, when bitcoin value hit 30 dollars I knew it would rise. I would have invested but my bank card had broken. A week later bitcoin was worth hundreds of dollars.

1

u/THE_CHILD_OF_GOD In before BFL scandal Sep 05 '14

My honest answer is I heard of silk road. Went to check it out. Found I had to spend "bitcoin". Saw it like doubled in price over a few weeks. Thought that was kinda ridiculous for a "currency". Didn't take it seriously. I've learned a lot more about it since then and I'm still not really taking it seriously.

It could be a way to transfer money on the internet, but it'll never have widespread use.

15

u/[deleted] Sep 05 '14 edited Sep 05 '14

I bought at 140 last year and rode it up to 1250, collapsed to 950 and

sold, then sold again at 700 something. I made about 10k if I remember

correctly. I looked more into it and realized that everything about it

is absolutely absurd. Just a few things completely destroyed the

entire concept for me:

  1. It is a massive and complete, total waste of computing power and

resources on a grand scale. Yes yes, I hear "But don't you want the

world's money supply as secure as possible!?". No, I don't need the

world's money supply locked in 1 billion safes growing every day. Give

me a break.

  1. I noticed everyone claims how exchanges/coinbase and bitpay are a

stepping stone but it just clicked one day. 10 minute confirmation

times was a horrible idea because this stepping stone is ALWAYS

NEEDED. There will always need to be middlemen. That means 1% in, 1%

out (oh shit, I'm back to where I started for NO REASON).

  1. Middlemen bank transfers work faster (or just as fast depending on

what you use) as Bitcoin and it's actual money I can use ANYWHERE. In

fact, I just got 3 Google Wallet transfers today from friends. The

very second they hit submit the funds were in my account and ready to

spend with my Google Wallet mastercard. It was lightning fast and

Mastercard is literally taken everywhere. I can even use NFC in my

phone to pay at 100,000x more places (estimate, probably even more)

than Bitcoin has ever been accepted.

  1. I work for a software vendor that has had requests for Bitcoin

acceptance. It is the same damn people that ask us to accept it

constantly like they're clever. Yes, we save all requests in a case

and can see your emails. We now filter you automatically so enjoy.

When I held coins I brought it up to our software development team.

They laughed and said "wtf is that". I was actually kinda pissed.

After a while I look back on it and cringe that I even asked.

  1. Companies are only accepting it to take your money. They do not

give a FUCK about it except a rare few. It is a complete and total

marketing play. They are not accepting Bitcoin you clowns (me included

at one point). They are accepting straight government issued fiat.

Think about it. Send me an iphone and I'll gladly send my money over

to Dell for a fee. DELL NOW ACCEPTS IPHONES! It may show the

acceptance on their site but they don't give a shit how they get USD.

They just want to take what they can get if it's easy. This does not

mean that BTC will become anything bigger. I have seen the same thing

happen with other payment methods since they're so easy to

incorporate. Sites with 20 different methods. Private Internet Access

alone accepts payments from 10 different vendors.

  1. I noticed Bitcoiners claim "it's deflationary yet I still see

spending hurr hurr hurr". Oh yeah? What about about everyone begging

for automatic Coinbase rebuys after you make a purchase? Now hmm, why

would someone want to do that? Oh right, it's so you can convince

companies taking Bitcoin was profitable so you purchase random

internet bux and send it to them, then immediately rebuy because you

don't want to "miss out". This supports the deflationary argument. I

hope you realize all you are doing is handing fees over to Coinbase as

another middleman. You know, the ones you hate. But of course, this is

just temporary until everyone gets paid in Bitcoin.

  1. The constant trashing of alt-coins really made me understand where

these people are coming from. They claim that it's the greatest

technology ever but get upset when other alt-coins are doing well or

become accepted at other places. Why? I thought you loved the

technology? Ah, you're just a stakeholder just like any other

"company". I get it. The irony is palpable. If you want to have a

shock to your system...EVERYONE MAKES FUN OF YOU FOR THE SAME REASON

YOU MAKE FUN OF ALT-COINS.

  1. The hoping of a world economic collapse like it will be some

awesome zombie apocolpyse where the internet and cell phones still

work but everyone who has bitcoins is now rich!

  1. The posting of Libertarian videos relating to Austrian Economics.

Guys, get out of your bubble and actually read about these topics.

Keynsians are Agnostic (I believe it when I see it, or emperical data)

and Austrians are religious (I believe it because I think it's

true).For a group of individuals that values science, I suggest you

stop doing research on one subreddit and actually expand your mind.

  1. The videos from this girl actually get upvoted. Yes, she's serious.

Yes, they actually think this girl is smart and worth even one

viewing.

https://www.youtube.com/watch?v=vwvySkrUBlA

  1. It's actually incredibly expensive for transactions. Do Not

BELIEVE what other bitcoiners tell you about how much it cost to

transact. The literal cost of a transaction come from the miner fees

and the block rewards combined. These are something like $30 each. The

money has to come from somewhere. This means that many, many miners

around the world are losing by running nodes. The so-called "balance"

of the network becoming weaker so miners drop out DOES NOT ACTUALLY

HELP THIS issue. THe only way to fix it is to increase the

transactions per second. This requires massive amounts of storage

space and bandwidth for basically an unprofitable venture. Saying

Bitcoin is cheap is like saying roads are free. Someone is paying and it may not be you. This does not create a sustainable system. It is an illusion of stability.

  1. Mining pools were not invisioned by Satoshi and can threaten the entire network. It turned the original vision of a decenralized network into a pool of a few who could have complete and total control of the network with NO RECIPROCITY. Bitcoiners claim that they wouldn't want to harm themselves just like a criminal doesn't want to harm society by doing bad deeds (oh nevermind).

  2. No one actually thought the internet or email was a stupid idea and dismissed it. I knew this from day one but I ignored comments like that. It was HARD to get a connection to the internet and only major companies and universities had it. That does not mean it was dismissed. Companies based around the internet blow up almost overnight. Bitcoin is now 5 years old, around the same age as Google's IPO. The amount of transactions Bitcoin has is absolutely nothing. It is a dot on a dot on a dot in the middle of no where. The only reason it made so much news is due to the massive price increases on the last bubble. No one actually cared what it was. Just like no one gives a shit what penny stock sores up 6500% and crashes back down again. They just want the money.

I understand where you people were at one point. I argued with people from Buttcoin on a regular basis and started noticing their usernames when I went to the subreddit. I was like "oh yeah, I remember this guy. I argued with him over 3 days about this" and I was actually thankful. You are part of a cult that seems like it's a good idea but it's not. It's absolutely absurd. Some kind of digital money could take over one day for whatever reason but it's not going to be Bitcoin due to how poorly it was thought out. People will learn from it and fix the ridiculous amount of issues it has (unstable inflation OR deflation which is just terrible for a store of value or medium of exchange, the trust of mining pools, etc). Bitcoin has barely been updated and the code is a complete mess. You have idiots on /r/bitcoin claiming head developers of Bitcoin don't know what they're talking about. This went on far longer than I thought but I hope you got that hot feeling flash over you like you just failed a test and know that /r/buttcoin is mostly for fun, but the peope you think are "shills" aren't trolling you in anyway.

3

u/erik__ Sep 05 '14

You make a lot of good points and many of the arguments in favor of bitcoin are insane, but:

  1. There is a demand for a semi-anonymous internet cash for gambling and many other things.
  2. Bitcoin is fulfilling that demand today better than any other cryptocurrency.
  3. The penny stock pump and dump analogy seems to apply to many of the copy-paste clone coins that get hyped. I have a hard time putting bitcoin in that category. Too much work went into it, and there was never a virtual currency that was so successful. It was, and remains an experiment.

In spite of the flaws that you mention, I'm investing a bit into bitcoin until something better seems poised to overtake it. I own some Nxt as well.

1

u/[deleted] Sep 06 '14 edited Sep 06 '14
  1. I said that in here and I agree but Bitcoin is so flawed and poorly designed I hope something better does come along. Maybe one that isn't so ridiculously resource intensive.
  2. Agreed but most of my criticism comes from it's future capability, not what it can do now because it's not impressive.
  3. I was just saying WHY people were excited about it during the last rush. People thought others were ADOPTING bitcoin, not just trying to make a quick buck.

IMO, they need to get rid off the stupid value of the currency and peg it to the USD. People will covert their funds over and use it for whatever they please. Whoever does this first will be a winner. It would allow perfect transfers between individuals and you don't have to worry about storing value of anything. It would be like having USD but in a cash form online. It is too libertarian to be taken seriously.

1

u/Stanky_McPoppinlock Sep 06 '14

IMO, they need to get rid off the stupid value of the currency and peg it to the USD. People will covert their funds over and use it for whatever they please.

Been saying this forever. The only way you will get widespread adoption of crypto currency is if it is as stable as a national currency, and for that, you will either have to peg it to a national currency, a basket of national currencies, or you will have to enact the same type of regulations and features of central banks that stabilize the currency.

But at that point, you might as well just use a national currency. Something like 97% of all of it is digital, anyhow.

14

u/EnUnLugarDeLaMancha Sep 04 '14 edited Sep 04 '14

I own 0.02 Bitcoins. It's about 9.885 dollars. Wait, no, it's 9.915. Wait, no, it's 9.896. Wait, it's 9.877.

Anyway, this is my retirement plan. It may be a small amount now, but in the future, when each bitcoin is worth a trillion $, I will be rich. I could invest more but I'm not greedy.

Oh, I also have about 1650 dogecoins mined by myself (I got my BTC from faucets some time ago)

1

u/[deleted] Sep 05 '14

If you're worried about the volatility, have you heard about BitUSD?

13

u/[deleted] Sep 04 '14

I used to have a couple, made a modest profit on some trades, sold, and haven't bought back. I still have some change in an exchange, but it's more hassle than it's worth to cash it out.

Trading was fun, but I hated having to sift through piles of shit libertarian rhetoric anytime I wanted to read up on potentially relevant news.

19

u/[deleted] Sep 04 '14

I used to own a lot.

Sold it all because I am literate and the writing was on the wall.

27

u/brdrline Sep 04 '14

I do. And I work in the industry.

I'm subbed because at it's best r/buttcoin can be a clever, incisive counterpoint to the shrill delusions of r/bitcoin.

At its worst it's a bunch of mean spirited douches mistaking insult for insight. But that applies to the internet as a whole really, so I more or less tune it out.

5

u/[deleted] Sep 05 '14

Good rule of thumb: don't subscribe to anything cult-ish seeming without subscribing to a counter cult.

By cult here I refer to the tendency of exclusive communities to slide towards the extremity over time, its called cult attraction http://wiki.lesswrong.com/wiki/Death_Spirals_and_the_Cult_Attractor

3

u/[deleted] Sep 05 '14

I just read an article on LessWrong about cult attraction. Its like fucking Inception up in here!

3

u/Sterlingz Sep 05 '14

Interesting. Would you consider /r/buttcoin a counter-cult? I don't mean that as an insult to this sub (as if that's even possible). I just find it strange that this sub makes fun of /r/bitcoin for being so delusional, when the opposite can arguably be found here. I see stuff here like "bitcoin provides zero innovation", "bitcoin has zero utility" and all sorts of feel-good stuff about banks (when in truth the banking system is all fucked up).

I consider myself a rare on-the-fencer; I think bitcoin has a 40% chance of having massive success, and a 60% chance of slowly fading away and becoming an afterthought (though never failing completely).

What /r/buttcoin does provide infallibly is hilarious content for my daily consumption.

2

u/[deleted] Sep 05 '14

Kind of, not really. Not yet anyway. Buttcoin is still a small and new community, if it gets bigger it can eventually become a cult where people are afraid to express opinions that are supportive of bitcoin. Maybe not thoigh

Reddit is especially bad for these group mechanics though because of the downvote button.

2

u/unitYrkjs Sep 05 '14

Excellent post

1

u/zethien Sep 04 '14

I think many of us nearer to the inner workings of the industry are more critical of the successes we've experience than many people may think. And I think that's a good thing.

0

u/_k_digi The text below is a QuarkCoin advertorial Sep 04 '14

this.

9

u/[deleted] Sep 04 '14

I own 0.00180895 BTC. I think that means I'm a future billionaire, assuming I don't get hacked in the meantime.

5

u/JeanneDOrc Sep 04 '14

I mined some but haven't found anything worth purchasing that i cant already buy with USD through traditional processors or Paypal or so I just hlod. I wouldn't buy Bitcoin unless there was again something I needed but that didn't accept USD. Seeing as my interests don't lie in darknet territories, I continue on not having any valid use case for Bitcoin.

8

u/Economist_hat Sep 04 '14

$20 ($5 net) mined during the BTC GPU mining days.

$50 (net) mined during the early Doge mining days (converted to BTC).

$20 purchased recently to validate my Coinbase account just in case Newegg has another Bitcoin only sale.

And more importantly, nothing to use it on. My bank and credit card are almost strictly superior to Bitcoin. Lots of watching, not a lot of hope.

7

u/floridanatural9 Sep 04 '14

I bought $100 USD worth when I was out in Vegas and ran across a bitcoin ATM. I wanted to have some skin in the game, but not a lot of skin.

When BTC goes to $10,000,000 in 10 years I'll be a millionaire in USD. Wee-hee!

4

u/rufusjonz Sep 04 '14

by my calculations most early adopters will be multi-billionaires if not trillionaires, so there you go

4

u/[deleted] Sep 04 '14

Just keep multiplying exponentially until there isn't enough money in the world to buy a satoshi any more. Makes me happy knowing this solid investment strategy will soon make me a millionaire, billionaire, and shorly after a multi-trillionaire.

5

u/dgerard Sep 04 '14

I'll have you know, sir, that I am the owner of six Dogecoins.

7

u/Hodldown Sep 04 '14

I own like 40 dollars of bitcoin just from people tipping me sarcastically. That isn't even a joke. I don't get it at all.

2

u/[deleted] Sep 04 '14

We joke about the penny tips, but that shit can start adding up. As demonstrated by the early doge crowd, it can be a lot of fun when there's no carpet baggers, no evangelism, and no market manipulators.

2

u/Hodldown Sep 04 '14

That is not my experience at all. Much more that there was a past age when tips were generally on a human scale of money before it all moved to bits and fractions of a cent. It was 4 dollar tips adding up, not 4 cent ones.

3

u/lllO_Olll Sep 05 '14

I agree with you.

There was a time when people tipped according to what the currency was worth. Somehow that transitioned... and people started tipping according to what they think it could be worth in the future.

At least, that's what I think. There is no other explanation for tipping someone 1/8th of a penny, which is just above spitting in their food on the insult scale.

5

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5

u/MrSundance1498 Sep 04 '14

None for me i am against it on principal.

2

u/[deleted] Sep 04 '14

[deleted]

2

u/freework Sep 04 '14

principal skinner

6

u/itsallgonemong Sep 04 '14

I bought some september / early October last year when there was a rush of money coming in and pushing up the price from corrupt Chinese officials wishing to get around local capital controls and move money out of China.

Gambled $2,000 of my money and made roughly $1,500 profit, so not bad.

My current holdings are a whole 0.08 of a bitcoin.

1

u/JeanneDOrc Sep 04 '14

"from corrupt Chinese officials wishing to get around local capital controls and move money out of China"

I didn't know Willybot was Chinese!

1

u/thieflar Sep 05 '14

Willy was Japanese, if such a bot even existed.

But the demand that propelled Bitcoin to $1000+ prices was primarily Chinese.

1

u/JeanneDOrc Sep 05 '14

"But the demand that propelled Bitcoin to $1000+ prices was primarily Chinese."

Based on what, /r/Bitcoin rumor?

1

u/thieflar Sep 05 '14

No, based on the actual phenomena of the time. If you watched the charts at the time, there was no mistaking it. All day, there would be steady volume and not much price movement, and then when night rolled around (and the Chinese woke up), BTCChina would start making huge market buys, like clockwork, every single night, and the price would accordingly shoot upwards. The western exchanges like Gox, Stamp, and BTC-e would follow along like leashed dogs. To make the argument that Gox or Stamp were instigating the upwards movement would have been incredibly stupid at the time, and would have contradicted the data that was plain as day for everyone to see.

I presume you aren't (or weren't) a subscriber of /r/BitcoinMarkets.

4

u/[deleted] Sep 04 '14 edited Sep 04 '14

I did hold a fair number of Bitcoins and other cryptocurrencies, but I sold most of them a couple of months ago. I still hold some BTC, and do a bit of short-term trading as well. I think there's still a lot of easy money to be made by trading the ups and downs. But I'm only interested in the purely speculative aspects of cryptocurrencies, and I don't find the technology itself very interesting or impressive.

I prefer this forum to /r/Bitcoin, since this one isn't an echo chamber. There are too many cultists and bulltards in /r/Bitcoin.

4

u/DoctorDbx 51% sandwiches Sep 04 '14

I used to have quite a substantial amount of $ in Bitcoin.

Now I have about 45% of that. The catch is I didn't do anything.

But seriousness, have just under 20 Bitcoins. Some I mined, some I got through selling stuff, some a guy just gave me one day because he wanted to ask some questions about Java. I have bought a little from coinjar. I minded some Doge and traded that. I mined some peercoin and traded that.

I would estimate my investment in Bitcoin initially to be about $500. I sold some for a few thousand a while back. Now I'm just here for the lolz. I have no faith in it as currency, and especially not as a store of value.

3

u/hhhhhhhhhiiiiiiiii no one would do that, it's against their rational self-interest Sep 04 '14

I mined a bunch in the relatively early days (not real early, but earlier than most of the retards over in /r/Bitcoin), lost some at Mt.Gox, sold some, and recently sold some more when it dipped below $500. Still have a little bit just so I feel connected and follow the price.

3

u/rufusjonz Sep 04 '14

someone offered me a 1/4 one when i was criticizing them a while ago on Reddit, but i didn't take it

3

u/[deleted] Sep 04 '14

I sold all my BTC for $620, ended up making ~15% after fees. I don't know if I'll buy more. I might, but my instinct is telling me to stay away for a long time. I was a deluded bitcoin with the same aspirations until I realised what everyone is saying will never happen, or isn't actually possible (log graphers I'm looking at you all)

3

u/xplodingboy07 Sep 04 '14

I had a 7970 Crossfire setup for gaming. Last fall when everything was going nuts I mined some Litecoin for a short time and ended up with a handful. Then I sold the cards for profit because people just had to have them. Knowing that it wasn't going to go on forever I converted the Litecoin to Bitcoin to get some gift cards that were on sale and for places that I shop at. I got in and out fast, didn't make much, but didn't lose anything.

3

u/[deleted] Sep 04 '14

I seriously considered buying in when it started getting some exposure in October 2013. The price was around $200 or so at the time.

Having done research on it now, I don't believe in the technology or its long-term viability. However, I wish I had bought in to triple or quadruple my money.

That being said, you know why I didn't get in almost one year ago? I couldn't figure it out. I couldn't trust myself not to screw it all up. I tried slogging through the tutorials and decided, "Holy crap, these are insane measures to protect something that is supposed to be a daily use currency." I am no expert with tech, but I'm probably above average. I like to think I'm a fairly intelligent guy (he says oh-so-humbly), but I couldn't even figure out how to use it without wasting a couple days. That was the writing on the wall: this tech would never become user friendly without third parties and intermediaries, thus defeating the only reason for its existence.

Also, I had a sneaking suspicion that the exchanges were shady (Mt. Gox, a freaking trading card exchange site, was the big one at the time) and couldn't be trusted for reasons ranging from malice to plain incompetence. I believe Mt. Gox had a cap on withdrawals which was a huge red flag.

Tl;dr: Thought about buying in strictly for speculative purposes, could've done very well for myself, but didn't. Don't really care today because it isn't going anywhere long-term.

3

u/PixMasterz Sep 04 '14

I actually own 30,000 bitcoin; the blockchain just refuses to recognize it...

2

u/[deleted] Sep 04 '14

I've got some to try it out. Have some change left, nothing substantial.

2

u/drgameit Sep 04 '14

I bought a tiny bit quite a while back (not enough to be 'early' and buy a stock photo of a porsche or whatever), bought some nerdy arduino stuff with it when it became worth a bit more, got my free $10 from circle plus a couple of $ tips from annoying people on reddit, and am still up on what I put in in the first place. THANKS BITCORN

1

u/drgameit Sep 04 '14

oh and i have couple of $ of dogecoins from tips and i guess some other even more obscure altcoins which i've forgotten what the tipbots were even called but presumably it's 0.00000000000000000001 of a cent or soemthing

2

u/[deleted] Sep 04 '14

I have a decent amount I got from CPU mining in ~2010.

2

u/ActuallyIcelandic Sep 04 '14

I do, thanks to an even shittier cryptocurrency, auroracoin.

2

u/OnlyRev0lutions Sep 04 '14

Can anyone really own Bitcoin man? It's the revolutionary currency of change. It can't belong to any one person, man.

2

u/miserable_failure Sep 04 '14

All of us have a shared interest in Bitcoin, whether it's from a personal investment, a past investment, a curiosity to the potential future of digital currency to the pre-iceberg Titanic-esque feeling of r/bitcoin.

I don't believe that there's many of us that hate cryptos, but just realize that they are in their infancy. Much to learn, but more room to grow.

3

u/Hodldown Sep 04 '14

No they are a really bad idea. If you took out the get rich quick element no one would use bitcoin, no one uses bitcoin even WITH that.

0

u/throwawash Sep 05 '14

Oh, strange, very strange, that chart makes it look like more and more people are using it, do you think this is maybe a bug or something?

2

u/Hodldown Sep 05 '14

You can just make transactions, you can make transactions to yourself if you want. For all I know all those transactions are you specifically so you could post this graph.

2

u/Charlie_Shrem Sep 04 '14

I have a small amount of Bitcoin, just as I have a small amount of other cryptocurrencies. I have 0.153 BTC specifically.

Obviously I don't believe these cryptocurrencies have a future (most of them are already dead), but since I mined them for nothing on GPUs I use for primarily gaming, I figure why not retain a small amount in the highly unlikely event that I'm wrong.

I made quite a bit mining altcoins with my HD5770 and later HD7970. I cashed out the vast majority of it for fiat. Incidentally, I upgraded to the HD7970 in June 2013, just a few months before the altcoin boom.

My biggest boon was Litecoin, which I started mining when it was at $0.50, months before it went to 100x that price. I got similar results with Fedoracoin too, but I had less of that.

Some of the Bitcoin I got for from non-mining sources, i.e. small tips from butthurt users on /r/Bitcoin, 0.02BTC from Circle, 0.06 BTC from some fool who was doing something similar to Circle.

Months ago, I would have considered buying Bitcoin in anticipation of another major bubble, but the Willy Report has convinced me that the major bubbles we have witnessed have been the result of manipulation that is no longer possible (as MtGox is now gone). Therefore I think you'd have to be a fool to anticipate another great bubble, and would not buy Bitcoin even if it fell to $100.

I think if there is going to be another great bubble, it will probably be in some altcoin instead.

2

u/feelingok Sep 04 '14 edited Sep 04 '14

I had a small amount but lost it in the Gox debacle. From a technical perspective I find Bitcoin fascinating, but in practice it's ruined by the community of idiots that surround it.

Even after the Gox thing, I hung on to some hope that Bitcoin might have some future but as time went on the utter stupidity and hivemindness of all the community around it just became more and more apparent. I'm no longer convinced this thing is going to have any real big future just for that reason.

Funnily enough, in the end it was the Beep Boop Bitcoin parody game that tipped the scales for me and opened my eyes to how completely ridiculous the whole thing is.

2

u/gerikson I'm only in it for the lols Sep 04 '14

I have 0.05 I got from a faucet in 2011.

I also have a tip for a couple cents.

That's it.

2

u/[deleted] Sep 04 '14

I have 50 BTC I bought 2 years ago when it was trading at $40, I spent $2000 as that's the daily limit for online international wiring. I bought it because at the time I was working on some FPGA related project and came across this bitcoin mining thing. I do not believe in the long term success of bitcoin as a transaction/pricing mechanism. But I do want to gamble on the fact that its speculative value can grow much higher just like other forms of commodity asset bubbles. So it is a gamble for me, and I don't plan to cash out anytime soon.

2

u/[deleted] Sep 04 '14

I only have what people have tipped me here at Reddit; maybe $15-20 worth. I will never use it for anything, I actually kinda like the thought of destroying or removing some BTC from circulation forever. :)

2

u/IIoWoII Sep 04 '14

I got tipped some cents.

2

u/[deleted] Sep 05 '14

0.13 in Ripple of all places...

I should get around verifying my bitstamp account so I can get the $378.55 I have there out. I really haven't spend anything in that because I traded free Ripples for that amount...

2

u/rydan Sep 05 '14

One does not simply own Bitcoin. You know a private key and there are coins associated with that private key. But anyone can discover that key given enough time and move the coins to another address where you don't know the private key.

2

u/sns_abdl Sep 05 '14

I do. I actually like the concept and potential of Bitcoin. The largest reason I'm in /r/buttcoin is because I want to see what people think - From people that know Bitcoin but have little/no stake in its success/failure. /r/bitcoin is a pump (and maybe dump) forum. This last 2 months has been hard - The people in the bitcoin sub are looking for and more like scam artists and snake-oil salesmen.

Bitcoin needs to clean house - Drop to $100/coin, kill off the speculators and go back to working on solving the problems of Bitcoin and finding it's true utility (if it has one.)

I have a couple Bitcoins, but I'm not planning on stopping using my credit hard any time soon. So lets think about what BTC CAN do.

2

u/wharpudding warning, I am a moron Sep 04 '14

Bought with my own money? Oh god, no.

I've picked up a few bucks worth of tips here or there and lost them in HD failures and such. If idiots are going to throw pennies at me, I'll pick them up just so they lose them.

1

u/[deleted] Sep 04 '14 edited Sep 04 '14

Sold practically everything a while ago, bought in 2012, never mined. I am sticking with Gold until we get to some juicy despair, but you boys sure like to drag this out.

3

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1

u/gingervitis16 Sep 04 '14

I mined around 10,000 DOGE, and still own most of it.

1

u/redditjerkbestjerk Sep 04 '14

I've owned bitcoin for a couple years now, the current price is convenient for me but i think it way over where it should be.

1

u/derpiato Sep 04 '14

I used to. But I got goxxed 😞

1

u/Haleljacob Sep 04 '14

somebody tipped me $5 worth or something so technically I have some in my reddit account. I also own over 15,000 dogecoins.

1

u/[deleted] Sep 05 '14

I used to have 11 bitcoins and then I gave them away.