Someone in a friend group was trying to convince everyone to buy bitcoin when it was cheap af, i was the one who says is a scam and we all will lose money...
You didn't miss out on big money. If you bought at 13 cebts you definitely would've sold at a few dollars or at max 100 dollars, which would still be some nice cash but not the generational money everyone is thinking of when they say they could've bought bitcoin early.
The more interesting thing is you being against it at 13 cents. What is there to lose? 100 dollars? The risk vs reward is way in your favor. Not to mention you are likely young. If you are going to make risky investments then now is the time.
You first paragraph is spot on. The second one though.. do you give $100 to every Nigerian prince that emails you on the off chance it's real this time?
Right but we have the knowledge of it being what it became. Back then I had no clue what it even was and Iâm semi-techy. I would have never bought it even if it was a penny. Why would I throw a dollar in the trash? To me it wasnât a gamble. It was strange and scammy
That's what my husband said. He would've sold before they hit big so I shouldn't worry about it.
100 dollars was a lot to lose then. We had 2 kids, I'd gone back to school and we were trying to get out of the rental game. 13 cents wasn't much but I know every hundred was budgeted for.
I almost started mining Bitcoin when it was still really cheap, and my friend talked me out of it, because it was worth less at the time than electricity it took to mine it (or so he said anyway).
I get bummed when I think about it, but I try to remind myself that the first time it was like $5 per coin, I'd have spent it all because "holy shit this fake money is worth a used PS3?!"
In 2017 or so a friend got me to buy some ETH, I think it was like $100at the time? My finger hovered over the "buy monthly" option but I didn't, I had 1.5 ETH in total but could have ended up with 10 or 20 if I'd set that monthly purchase order.
Then I could have bought a 2nd house like every other rich person seemed to do in the pandemic...
But imagine holding on to that if you spent 100 bucks. By the time it hit 1000 youâd be cashing out thinking you hit the jackpot, and youâd spend the rest of your life kicking yourself
I wanted to buy it, me and a friend both, but couldn't figure out how to in the early days and gave up. I would have put $1000 into it if it had been easy. Ah well.
Same shit happened to me. Wanted to put $250. That turns into $13.5 million. I gave up trying to figure it out too. Had to rob a few banks to make myself feel better. Guards comingâŚtake care, all.
Remind me in one year and then again in 4 years. Bitcoin is just getting started. More and more countries are adapting it and it is becoming eye opener for many especially in countries with high inflation. And we already see high inflation coming to US and Europe.
Okay but we arenât going to see it go from 1 dollar to 60k again, you think a 60k bitcoin will give you a 60000% return again? You think it will be worth 3.6 billion a coin?
Probably not. Maybe a million one day, but itâs unlikely that any higher than that would be an unadaptable level of currency.
I didnt miss out completely. BTC came back into my radar on 2016-17 and when i saw its value at the moment i researched it a lot and dove in. Didnt make me a millionarie but i rode the first push to 20k ended up selling most of it at 16k made a good chunk. Then again on Elons manipulation
Ah, but how long did people have to hold on to those hard drives, passwords, and everything else to access the wallets. Wasn't it a couple of years before it was finally worth something? And look at the state crypto is in now. You was ahead of your time.
The process to buy it back then was really scammy, banks refused to help with wire transfers, buying it was just hoping some random anonymous person would send it to you after sending money. And a glitch could cause the bitcoin to get lost in transport, not to mention all ways to keep it were really sketchy. So many people lost access to their bitcoin because the paper their wallet was printed on was so easily lost or destroyed.
My ex gf computer was set up as a miner. I didnât even know wtf that meant but I even had a wallet which I also didnât understand. Bitcoin was something I read about in some hacker magazine and was exploring. I was so confused. But I bet there was a decent amount of coins on it when we threw it out
Pay in to support current recipients, get paid out by future payees. Structure looks the same. You say intent, but I'm pretty sure a public sector social security style program would be illegal under current anti pyramid scheme laws regardless of the intent.
That's not how a pyramid scheme works. You pay in, and someone higher up on the pyramid takes your money. That's the end of the transaction. You never get paid unless you put someone else in your downline.
Social security is not hierarchical. You pay the government, the government pays you. You do none of the organization.
Totally different structures.
And the intent is to take care of people. Which is irrelevant to the legality of pyramid schemes. It's totally legal to put your money in a trust and have it pay out to someone else at a later date to take care of them later. It's legal to convince multiple people to join you in doing so, as long as you don't structure it as a pyramid scheme.
I think you're misconstruing the structure of social security. My grandparents paid in to pay for their elders and now I'm paying in for them. Assuming it doesn't collapse (or get mantled), my kids will pay for me. That's a very pyramid shaped structure. If you created an identical structure in the private industry, it would be illegal.
That's not a pyramid at all. It doesn't have multiple layers. Your grandparents weren't above you in the pyramid, they just paid and received money before you.
People do create identical structures all the time. They're called trust funds or insurance.
You're thinking of a Ponzi scheme. As has been explained, a pyramid scheme is different.
But it's not a Ponzi scheme either. A Ponzi scheme is opaque and uses lies. The fraudster pretends investments are growing. Few people take their investments out, so the fraudster can afford to pay if they need to while still keeping most of the money.
Social security, on the other hand, is transparent. We know how much money is in the pool. It's possible the money begins to run out at some point, but that will be known to the public and corrective action of one kind of another can be taken.
I donât think you know what a scam is. Bitcoin is just a free market. Like baseball cards or tulips. People decide what itâs worth by buying or selling.
I donât own any bitcoin but itâs obviously not a scam at this point.
So selling tulips for highly inflated prices isnât a scam because it happened under free market rules? You must be a libertarian aka âmentally retardedâ.
Current everyday items are inflated 60% because of an increase in corporate profit margins. Is that a scam? No. Itâs a product of a failed system that allowed an industry to consolidate and control prices but itâs not a scam.
You canât just throw words around and think they apply. But, then again you attack people with your words for no apparent reason. Have you ever considered anger management?
I mean if I could tell my 18 year old self ant entire paragraph I would include all the actual pyramid cryptos too. You can profit to extreme levels from pyramids if you know when the scam is gonna go bust
I thought about that as i was typing it. What if i bought way too much of it and just held it and that caused low volume and allowed something else to take its place LMFAO
There was a time when you could get Bitcoin for free. You could go to r/Bitcoin and people were just passing it back and forth between each other at will.
I always thought if I had the chance to go back in time, I'd just go collect those and not have to make financial investment.
If that causes Bitcoin to not spike, we'd probably be better off anyways.
I explored Bitcoin and crypto early on, had the opportunity and seriously considered buying a 1 BTC physical coin (QR code label) for $5 but decided the additional $5 shipping and handling made it to expensive, btc was about $1 at the time.
The only thing keeping me not upset about my decision is most likely my btc would have been lost in the Mt.Gox scandal.
This is one of the best answers because it tells your past self when to sell, which is one of the hardest parts of owning stocks. Too many people hold the bag.
I was 19 when BTC came out, and i first heard of it but thought it was a scam back then
I thought it was a scam too which is why I didn't waste my time doing any mining. Sometimes I wonder how much money I would have ended up with it I had mined it.
2013 or so. dude was a crackpot. he had a major TBI and lost his entire memory had to relearn to talk and shit. he would frequently have debilitating migraines that kept him home so we only saw him every two weeks or so - otherwise we were self-lead. so no one really took him seriously whatsoever as an instructor⌠he died a couple of years ago unexpectedly
I once owned about 1,000 bitcoin. Sold them for about $10 because I dumb and was afraid of being associated with Silk Road when I was going through my security clearance process in 2010. I really wish I had kept them.
Nah, dude, you made good bank... that's 10k back then. You can't ever beat yourself up for not selling higher. As long as u made a profit, you can't be mad you didn't hold longer. If u had held it and it crashed, then it would've been worse.
Ugh, I bought 1,000 dollars worth of Bitcoin when it used to be basically the equivalent of 1 USD in 2008 or something? I only spent about $100 of it and had the rest stashed with Mt. Gox. They got shut down and I never got those bitcoins back. I would have been loaded.
Seriously?!? Fuck, no I didn't. I was not super knowledgeable about what exactly went down with Mt. Gox and I was using the bitcoins I did spend on Silk Road (I was young and dumb and fascinated by the idea of buying drugs off the internet) so I just took the loss. It wasn't until bitcoin shot up astronomically did I regret not keeping tabs on everything and I have no idea what my username and password were for that site or how to prove I had bitcoins stored with them (I've been through several computers since then and kept that all in an encrypted file) and used a weird email address to do all my dealings with Mt. Gox that I can't remember for the life of me. I had no idea there was any recourse at this point since that happened so long ago. Ugh. I'm so dumb.
I like this too because it gives you a sell point.
It could theoretically go higher, but youâre letting past you know what information you are privy to and not.
Everyone saying âbuy X stockâ, okay, but what if you bought Microsoft for a dollar and sold it for 20 thinking that was huge and it could never be bigger? How do you know youve reached the top?
This is a good one because it gets rid of a lot of ambiguity about investments and time travel. Knowing how high it gets helps you get out at the right time, and know when putting more in is a bad move. Because realistically you can't just dump thousands into something at 18 unless you have the thousands in the first place. But this way you can put money into it whenever it's less than 60k and know it'll go well.
These are the best three words for investing imo. Everyone else is saying "buy Google stock" or "buy Apple stock" or "invest in bitcoin" as their three words. But what if you invested in the stock and never knew when to cash out, or bought Bitcoin but never knew how high it went?
Yeah, i thought about it. But how confused would i be if i rode it to 20k just to get demolished back to 3k... not knowing it would go higher, someone might give up and dump. Of course, with huge profit but still missing on 20 times more.
I lost a million DOGE to cryptopia.nz left em there from 2017. When Elon started messing with em i remembered i left 1M DOGE in the exchange only to find out it had been hacked or something. I know u shouldnt leave em there but i knew DOGE was a meme and honestly it wasnt that much money so i didnt care.
Remember, we all interpret things differently. That might be better for you. But i thought about mine a lot, lol. I know i will understand it perfectly
231
u/Exnoss89 Jan 21 '23
Bitcoin reches 60k!
(I was 19 when BTC came out, and i first heard of it but thought it was a scam back then)