Are Early Adopters rich? - page 4. | Bitcointalksearch.org

Abiky

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Quote from: math09183 on August 01, 2022, 01:02:35 PM

I just wonder: are Early Adopters rich?
We know AA, author of "Mastering Bitcoin" was once attacked because he did not made any fortune having BTC from early years, then people donated some BTC and he collected around 100BTC.
Hal F's wife sued "I am Satoshi guy" and they were talking about $ 3-digit mln, so they are not kind of people who wait every month for their wage.
What about others? Bitcoin Core developers? Forum admins or well-known old users? Are they crazy rich living in their own castles or did they lost their coins, sold for $10 because of mortgage loan or student's debt and today they must work 7-15 every day?

Some early adopters became rich because they "hodled" Bitcoin no matter what. But others haven't been that lucky. I came into the Bitcoin scene in late 2014, but I'm not rich because I've spent most of my BTC in cloud mining companies and daily necessities. All of the cloud mining companies I've invested turned into a scam, so I was left with almost no Bitcoin in my wallet. It was a few years later that I've decided to invest my BTC into PoS coins in order to build a passive income system of my own. I'm now making a lot of money, but I'm still not rich, because again, I've been spending the profits on daily necessities.

To become rich is quite a hard task, especially when the crypto market is widely unpredictable. There's too much volatility where BTC can one day go up and then go all the way down the drain the other day. BTC is still below the projected $1m price per coin, so I'd still consider most of us early adopters. Just keep on "hodling" and maybe you'll get lucky someday. Wink

Issa56

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Quote from: Morosophy on August 04, 2022, 12:13:51 AM

Not all, many of them sold their bitcoins out of panic. I am one of them. I regret doing that though.

Some of them that don't really believe in bitcoin sold early, but some are still holding and some don't have access to their wallet any longer. I didn't know about bitcon early but have been holding my bitcoin and am accumulating more for few year's now.
I think is not still late to invest in bitcoin, in the next few years you are still going to be among the early adopters, so just buy and hold now so that you won't endup regretting why you didn't buy now.

Hypnosis00

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Quote from: Davidvictorson on August 06, 2022, 04:54:56 AM

I believe that there are two types of early adopters: the wise early adopters and the foolish early adopters. The wise early adopters who became rich are those who believe in the future of bitcoin and never wavered despite the numerous bear markets. Then the foolish early adopters where those who bought bitcoin out of FOMO. They were weak hands and when the market crash happened, FUD overtook them and quickly sold of their coins. Now they are living in regrets and telling stories of how they were the first to buy bitcoin at $20 many years ago.

Then LogitechMouse is right, YES AND NO. Perhaps, that was really going to happen and even to say that Bitcoin welcomes everyone doesn't mean that all who invest in this went successful and become rich. Many of these early adopters had also failed and might suffer losses because of some misconceptions and market worries, and not all of them had the courage to hold longer but easily got panic upon seeing the price decline.

Maybe if can bring back the past and start over again, I know nobody will ever sell their Bitcoin and spend it wrongly but rather hold it until now.

Davidvictorson

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I believe that there are two types of early adopters: the wise early adopters and the foolish early adopters. The wise early adopters who became rich are those who believe in the future of bitcoin and never wavered despite the numerous bear markets. Then the foolish early adopters where those who bought bitcoin out of FOMO. They were weak hands and when the market crash happened, FUD overtook them and quickly sold of their coins. Now they are living in regrets and telling stories of how they were the first to buy bitcoin at $20 many years ago.

Kakmakr

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Well, I bought some coins when the price of Bitcoin was just over $300 per coin. This does not make me an "early coiner" ....but it was early enough for me to make very good profits on those coins, if I held onto them until the price reached $60 000.

Now, you should know.... when the price hit $18 000 .... most people thought that was going to be the highest it will EVER go, so a lot of us sold some coins back then. (took profit) .......we did this again at $40 000 and again at $60 000. So what I am trying to say is.... not everyone are hardcore hoarders, you are tempted to sell at different price spikes. Roll Eyes

The secret.... keep some of that profit and buy back some coins, when there are a big crash in the price. Wink

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Quote from: Igurugwu on August 05, 2022, 05:53:29 AM

Those of them who sold early i think they are not rich.
That doesn't mean they can't get rich from other sources.
But those who held till now yes i think they are rich.
And i think any still adopting now is still not late as Bitcoin hasn't really achieve all that it can.

If you look at the deadline, those who have bought Bitcoin in 2018 and sold it in 2021, then they are rich people, but for those who bought at the highest price in 2021, now they are already poor if they let go of the assets they have bought. last year. So it's not just about how long one holds Bitcoin, but how smart one is at taking advantage of the moment in the market. For example like now, if someone buys Bitcoin at a price of $17K - $18K, then now they already have a profit even when they haven't sold it.

AicecreaME

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Quote from: DooMAD on August 01, 2022, 01:25:40 PM

It depends if they managed to resist the temptation to sell or spend. It's conceivable that many of the people who got in super early when BTC was <$1 may have assumed $10 or even $100 would be the highest it could ever go and sold the lot. If they held, then yes, they're pretty rich.

I agree. This is a subjective matter and it will really depend on someone's ability to restrain himself and of course, the situation that person is into. If that person managed to believe in bitcoin, invested continuously, and held his coins up until this day, then yes, he is and would definitely be wealthy. Given the value of bitcoin now, if someone managed to dive before when its price is pretty much lower than $10, he's definitely profited so much already.

Meanwhile, if someone didn't really believe that bitcoin would skyrocket and sold his assets early on, then definitely he's one of the many people regretting selling their assets too easily. It would be too bad seeing the price position now. But perhaps some people really needed money that time. Hence, resulting to selling their coins. If it helped them way back, I guess it isn't much of a waste. After all, there's really only a few who trusted btc so much when it has so little value and I can't really blame those who were shaken.

worle1bm

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Quote from: math09183 on August 01, 2022, 01:02:35 PM

I just wonder: are Early Adopters rich?
We know AA, author of "Mastering Bitcoin" was once attacked because he did not made any fortune having BTC from early years, then people donated some BTC and he collected around 100BTC.
Hal F's wife sued "I am Satoshi guy" and they were talking about $ 3-digit mln, so they are not kind of people who wait every month for their wage.
What about others? Bitcoin Core developers? Forum admins or well-known old users? Are they crazy rich living in their own castles or did they lost their coins, sold for $10 because of mortgage loan or student's debt and today they must work 7-15 every day?

It depends on at what time they have sold like if miners who were involved in bitcoin back in 2011 or so if sold at 2017 say around $19k they would definitely have been rich or if others still have the guts to hold till date knowing how much it will be used at these time.There are many people who just found their keys or wallet files at current time making them millionaires today so yes there are people who have been benefited from bitcoin a lot while some has loss also.

2stout

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It all depends on amount of BTC, whether they were long term holders, if they cashed out in the 5 figure range, and whether or not they were able to hang onto their fortune without spending it all up.

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I have a few friends who were the ones who introduced me to Crypto and it's safe to say they came before me even though I can't say they were early adopters.
Actually, it might be too much to say that they are rich because indeed wealth for everyone is clearly different and this depends on each perspective.
But their life is well off and in my country it's definitely a pretty good thing to live like that. Regardless of rich or not as long as they are here they can buy what they want and they need it is good enough in my opinion and I plunged into Crypto now I feel that even though I can't call myself rich but when I can buy whatever I need with the money I get then I think it's enough.

Rigon

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Quote from: Bitstar_coin on August 01, 2022, 01:33:39 PM

Some are and some are not, most of the early adopters who sold btc at very cheap prices never thought it will be this expensive, take the case of the pizza guy for example, see the amount of btc spent for a pizza! if he had held them for the long term he would be very rich. it all depends on the trust each one of them had towards the tech, those who held and were determined to see what will become of btc and were able to withstand the high volatility are probably rich now. Aside from being an early adopter, it takes a lot of trust, determination, and patience to actually become very rich as an early btc invsetor.

Recalling the pizza bought here, we understand that early Bitcoin users did not get rich.Because they never thought Bitcoin would come to such a good position. So they are certainly not a pizza with so many bit coins.Again, the person who sold the pizza and got 10,000 bitcoins but didn't keep the bitcoins also sold the person.So we can be sure from here that early stage Bitcoin users can become rich.There are also individuals who bought and held bitcoins with no thought of selling them who may have become very rich at some point.

Tomohisa

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Yes, early adopters of Bitcoin are rich but not that kind of rich everyone was thinking with hundreds of million. Many of them must have sold Bitcoin when it was at $1000 so they don't have much from it unless they still got 10 BTC for later. Have you seen the guy keep looking for his hard drive in a landfill that stores thousands of Bitcoin? Many early adopters of Bitcoin were like that. Got a lot of Bitcoin but it was impossible for them to keep on holding it with all the milestone prices of Bitcoin.

Igurugwu

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Those of them who sold early i think they are not rich.
That doesn't mean they can't get rich from other sources.
But those who held till now yes i think they are rich.
And i think any still adopting now is still not late as Bitcoin hasn't really achieve all that it can.

RealMalatesta

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Quote from: Cryptmuster on August 03, 2022, 02:18:18 AM

Quote from: Kelvinid on August 02, 2022, 06:18:03 PM

Likely, if you are here and buy many Bitcoin where the price was just $1k, imagining the price today and you still hold it you are absolutely rich this time. I'm sure someone or a few people had managed to keep their Bitcoins until today and they just let the last ATH pass without selling any as their plan could be long-term. Thus, if you are also able to do it now and hold for at least 5 years, you can think that it might double or triple your money, or even more.

It is difficult to keep coins for so long, when you see that your invested money has doubled several times, then it becomes very difficult to resist selling. Therefore, I think that very few people were able to keep their coins to this day, but of course those who were able to do this became very rich people, this is a reward for patience. Those who buy now and will be able to hold for many years will also get a good profit, maybe not so big, but still it will be a significant profit.

It is reasonable to expect that though. I mean I had a period in my life where I made so much profit that I was able to pay all of my debts that was there for nearly 5 years. Think about it, living with a debt for 5 years and then suddenly getting out of it means something to many people and it did to me as well so I just ended up selling it.

I paid of all my debts and I spent it on other stuff as well and for the first time in my life, I wasn't supposed to be scared of at the end of the month, because I finally had some money. So yeah, I did get in early, I made a ton of money, I sold and I do not regret it because thanks to that sell, I am not debt free. Could have been richer, but that's fine.

dark1234

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Quote from: Morosophy on August 04, 2022, 12:13:51 AM

Not all, many of them sold their bitcoins out of panic. I am one of them. I regret doing that though.

that's normal, my friend..... but if you get it and enter at a low price of course it's okay but if you enter at a high price of course it's a deep disappointment
maybe those who held it at the beginning also sold it because of the panic the price was so high at that time that they couldn't hold it

Morosophy

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Not all, many of them sold their bitcoins out of panic. I am one of them. I regret doing that though.

Nrcewker

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It depends on the users themselves, in what conditions they are living now.
If they have sold the Bitcoins, when BTC was around 1000$ etc, then definitely they missed a big opportunity and now working hard in a regular job. Else if someone by mistake kept some Bitcoins anywhere and forgot, and then got access to them in late 2020. Then definitely he will be enjoying his life now.
Nevertheless no one has the ability to see the future, so I am guessing many of the early Bitcoiners have sold their Bitcoins.

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If we compare the price of bitcoin at the beginning of its emergence with the price of bitcoin now it is very much different, most likely people who adopted bitcoin at the beginning of the emergence of bitcoin can certainly enjoy the wealth they have obtained from their adoption of bitcoin in the past, because the price of bitcoin in 2016 can it is said that the value is very high, so of course they have fantastic wealth, but it all depends on how they manage the finances they have got, if they are not good at managing their finances, it is certain that the wealth they get will not last long.

gunhell16

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Quote from: franky1 on August 01, 2022, 02:24:05 PM

Quote from: math09183 on August 01, 2022, 01:02:35 PM

What about others?
...
well-known old users? Are they crazy rich living in their own castles or did they lost their coins,

still hoarding since 2012
im 'explorer rich' (funds calculated to fiat via explorer view of funds) analogy: 'rich on paper'
but not had the desire or reason yet to sell the whole hoard, so not yet ready to buy castles

i have took some out to cover a comfortable life, travel and leisure, but not really much in the scheme of things

that said i have had many many years without the burden of trying to kiss some managers ass for a wage, or having to charm some employer to pay me to do their dirty work. so bitcoin has offered me many freedoms to be myself and do what i wanna do, which to me has been worth more than the small allotments i has played with along the years

Am I correct in my understanding Sir, you started saving or holding Bitcoin since the year 2012 and until now you have not sold any of the bitcoins you hold? Because if none of your possessions have been sold, you are one of the millionaires today. Because in those years 2012, the value of Bitcoin was still very cheap, it is impossible to imagine how many bitcoins you held or bought at that time, which in fact if you sell it now, its value in dollar terms is terrible has bitcoin in the market at present.

Then maybe the early adopters of bitcoin, most of them were sold or they lived with their wallet balance until now. There are probably only a few people like you who have not sold a single bitcoin since you started doing it in 2012, you have been storing your Bitcoin for more than a decade. Have you been thinking about 20 years or 30 years, do you intend to store what you have before selling it in the market? how much is one bitcoin?

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Quote from: blockman on August 03, 2022, 04:04:24 PM

But I'm sure that many of us would have thought that if we bought bitcoin like for $10/btc then we most likely sold it for $100. That's the reality, so salute to those that have been holding for so long and still haven't sold any of it or probably have sold but still managed to hold a lot.

Who always had the coin in mind, most of them sold when they had a decent gain of the coin they purchased or even mined. So someone brought at $10 a coin, when it reached $100 they sold. It made sense. That time bitcoin to have $100 was as big as bitcoin to have $10k now.

On the other hand there were people (even still exists), who forgot about their coin. Completely out of mind. Some incident or something reminded that they had some coins in their old device or they had the key somewhere, then they looked for it to restore the coins. These are the people who became rich. In this criteria there are many people who were not able to recover the wallet. Call them the most unfortunate. All their life only they know what they missed.

There are other type of people who always had bitcoin but they knew this has a potential and $100 was the start only. So even they sold a portion but they always kept some portion for long future. These are the people considers as true bitcoiner. They are the visionary.

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