(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

6 years ago


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  • Latest reply 3 years ago by toyotaboy
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    #1747 3 years ago

    I'm definitely really curious to see where crypto goes. It seems to jump hard in January like clockwork, then crash. I didn't pay any for my coins, I just mined them over the years.

    I had a bunch of Bitcoin back in like 2011 (50-100), but used most of it over the years when it was worth <$100 since I was a broke college kid and paid nothing for them. Though I still have some left that I'm just holding on to until it's (hopefully) worth something really stupid.

    What's funny is I used to have a TON of Doge, around 2 million. I traded all of it in 2017 when it hit $0.007, and switched it to Ethereum. Still stings a bit to see it jump, but I personally think Ethereum is the best coin and will have it's day.

    #1754 3 years ago
    Quoted from toyotaboy:

    Which would be worth between 1.6 - 3.2 million today :-0
    It's sorta like Tesla stock, was really tempted to buy like $10k around the beginning of the pandemic thinking "Buy it now while it's only $100 share", but my boss convinced me that things would get worse before they'd get better. I'd have $75k worth of stock today had I ignored his advice.

    It's easy to look back now at bitcoin being worth a few bucks and regret it, but there's nothing I can do about it now. At least those transactions back in the day helped to cement it as having value.

    Luckily I didn't use all of it .

    Quoted from Isochronic_Frost:

    When do you think that Flippening will finally happen? I think ETH is the future as well but it seems bitcoin will always overshadow it.
    When will people realize ETH actually has massive utility?

    It's a great question and who knows if it ever will happen, but I hope it does. Right now all of the alt coins just do whatever bitcoin does, they never seem to raise/drop on their own. If crypto is seriously embraced then Ethereum is by far the most promising (in my opinion)

    In my opinion, if crypto ever really takes off as a currency bitcoin will NOT be the one people use. Too much of it is gone into the ether. Tons of it was "lost" with MTGox, and another huge percentage is locked in long forgotten wallets from people who mined in the early days. Friends who mined with me back in the very early days had numerous btc, but they are long gone on old harddrives or have totally forgotten the passwords to the wallets.

    They tried to fix the supply issue with Bitcoin Cash, but that didn't really take off at all.

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