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50 sats \ 7 replies \ @Coinosphere 29 Aug 2022 \ parent \ on: Is anyone else genuinely into Bitcoin for the tech? bitcoin
MAN are you going to be kicking yourself hard when fiat money goes away!
Seriously, people have already committed suicide over missed gains in BTC. You're going to be feeling that times 1000 one day without any stash. :(
yeah maybe, but I doubt it. I am not the type of investor that FOMOs or gets too emotional about my losses. When I was a young adult, I considered buying it at around 3k, but I couldn't figure it out because I didn't have a credit card or bank account. Even if I bought then and sold at the peak of 60k, I would have made like 20x gains which is not really impressive for the few hundred I would have been willing to invest.
A lot of the 10000x "rags to riches" stories you hear about bitcoin are from people who were there around or before the first bullrun in 2013.
I suppose earning a million dollars would be cool. But if I had to choose between having a million dollars or living in a world where cryptocurrency has mass adoption, I would always pick the latter.
And realistically I don't think anyone is going to "make it" with bitcoin anymore. It's way too late for that. The price is already so high- the entire cryptocurrency market is overvalued. I think the most you can hope for is like 8x gains, and that is being really optimistic.
I'd say that there is a low (<30%) chance that I become a millionare in the next decade just based off of the monero I keep as liquidity for my business, assuming that monero's market cap survives the next crash and displaces a major player like etherium or bitcoin.
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Don't fully agree with you but appreciate the opinion.
Isn't it possible that bitcoin (or crypto broadly) will simply scale along with human progress? Looking at things in terms of 1x-8x-100x really seems a bit nihilistic. Which is fine- but I'm not in bitcoin for nihilism, I am in it for hope and optimism.
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realistically I don't think anyone is going to "make it" with bitcoin anymore
Wow, what low expectations you have. I don't think it ever occurred to me that bitcoin could fail to reach valuations of billions of dollars per coin... There are just too few of them to represent so much wealth out there. Literally Quadrillions of today's dollars worth of wealth... Or did you think the 21m limit could be broken somehow?
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Fiat money going away? Yeah, and the Atlanta Falcons are winning the Super Bowl 43-0 next year.
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Man, we didn't even need bitcoin to watch this happen! It's been inevitable since 1971.
Go learn some monetary history.
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While history is a valuable guide, it is by no means a guide to the future.
You couldn’t use history to predict the internet in 1800.
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How is it inevitable? Please, explain.
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