Are Early Adopters rich? - page 5. | Bitcointalksearch.org

Vaskiy

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Quote from: Finestream on August 03, 2022, 07:43:24 PM

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

Mostly have become rich but some remain poor because seems like they always miss the train, and they never have strong faith in bitcoin in the early days. While others take advantage on the low priced bitcoin and hold as they can, others just bought bitcoin and sell afterwards for profits. Maybe that explains why some early adopters end up being rich, while others regret and see their selves still poor until now.

I think most weren't rich. Majority have missed the train and a very few got into the train and enjoying the journey. Even among them very few seems like traveling on the train whereas the others have got down at the intermediate stops. As stated this is all because of trust, and some have got into the train at intermediate stops and they're once again rich in my understanding. So, rather than early adopters people who invested in recent days at the right time are rich.

Finestream

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

Mostly have become rich but some remain poor because seems like they always miss the train, and they never have strong faith in bitcoin in the early days. While others take advantage on the low priced bitcoin and hold as they can, others just bought bitcoin and sell afterwards for profits. Maybe that explains why some early adopters end up being rich, while others regret and see their selves still poor until now.

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I have seen people telling me that they've been holding like for more than 7 years and they didn't sell. I guess they're also part of those OG early adopters and managed to be rich lowkey.
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.

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Quote from: harapan on August 03, 2022, 09:49:49 AM

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If I was an early adopter of one, I am sure that I would not be able to get my profits regardless, lol as surely many wallets would not allow me to just get the cash out of it. I would imagine myself resorting to p2p trading, which might be a little......tedious in my area considering that there is little to no people here that uses Bitcoin.

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Not all early adopters are rich. Some did not take bitcoin seriously. Some did not buy bitcoin at all. Some bought and sold off all. Some used theirs to play of poll. Some used theirs for ponzi scheme and lost all. Some cannot recover their own as they bought and forgot about it. Only some serious and enlightened ones wet able to buy, save and make big profits.

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Quote from: math09183 on August 01, 2022, 02:02:35 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 of them that sees btc as an asset yes because they buy and hodl them up until now but for those who only adopt btc as a currency for daily use then no they haven't made a fortune through it. Is that "mastering bitcoin" a book? And it is digital and being handed freely?

What a nice guy the author then but if this happens to other authors, they will be selling their books because they have use their time and effort to create it, most especially if it's a physical one since you need some materials. Luckily the author that we are talking about still got donations. 100 btc is huge especially if that kept until today. That was still considered as a wealth or fortune.

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Quote from: amihada on August 03, 2022, 12:22:00 PM

It's very clear that early adopters are getting rich today because at that time the price of bitcoin was still cheap. If in 2018 someone invested in bitcoin, rth or bnb, now they become billionaires because the price of the coins they hold has gone up drastically.

It depends on how they handled their Bitcoin and the value of it when they sold it. Some of them weren't patient and sold their holdings right away. I believe that the early adoptors who got rich are those who sold their BTCs during the ATH. Those who had long patience to hold their assets for a long time. Some of them are still holding their coins until now and hoping to maximize their profit in the next ATH.

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Quote from: amihada on August 03, 2022, 12:22:00 PM

It's very clear that early adopters are getting rich today because at that time the price of bitcoin was still cheap. If in 2018 someone invested in bitcoin, rth or bnb, now they become billionaires because the price of the coins they hold has gone up drastically.

I have also doubt on it that early adopters are getting rich today. One side of view it is true that those who invested in it for the long term are better off today. But I think you have to take into account both positions of the market, when the market is bad and if your economy is not strong enough to handle it then I think you can't survive in the market. So I think it is not always true that Bitcoin adoption will make you rich

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Quote from: amihada on August 03, 2022, 12:22:00 PM

It's very clear that early adopters are getting rich today because at that time the price of bitcoin was still cheap. If in 2018 someone invested in bitcoin, rth or bnb, now they become billionaires because the price of the coins they hold has gone up drastically.

Again, like some of us here said "it depends" because not all of the early adopters have hodled till 2017 or 2021 to sell their Btc's at the most convenient price.
Have you heard of those people who have bought Btcs back at around 2010 where they eventually dump their hardwares where their Btc was stored just because they forgot about it coz they don't actually believed that Bitcoin could reach this much?
Do you think they became rich or even richer now if they're considered rich before Bitcoin?
Therefore, It is still "not" clear if those early adopters really became rich.

amihada

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It's very clear that early adopters are getting rich today because at that time the price of bitcoin was still cheap. If in 2018 someone invested in bitcoin, rth or bnb, now they become billionaires because the price of the coins they hold has gone up drastically.

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Quote from: math09183 on August 01, 2022, 02:02:35 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 really depends how much early adopters have/had, how much are they still holding on to, if they sold, when did the do it and what exatly means being rich. And I am not talking abiut esoteric concepts here, but maybe 1mil dollars upon sale might be rich on paper, but without knowing how much went to taxes, debt and so on, it's hard to tell. Sure, 100min is a completly diferent story, but it's hard to say how much of them actually have/had that.

harapan

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Folks who adopted bitcoin at the early phase would probably be rich if only they held onto their coins. Then bitcoin wasn’t really known worldwide and it’s value was still pretty low compared to what we have now. So I can say with certainty that folks who adopted and held a greater percentage of their accumulated coins would probably be rich now as the value of bitcoin has increased.
I think what should be learnt from this is the importance of holding for the long run. Who knows? You could very well be among the “rich” in the next 5 to 10 years only if you hold

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Quote from: kryptqnick on August 03, 2022, 08:48:57 AM

I'd love to read results of a survey of early adopters to see how many of them sold, at which price, how much did they make in percentage from the initial investment and in absolute terms. Unfortunately, it doesn't seem that such research was conducted. I'd assume that some made money from it, but from people I know personally who knew about Bitcoin a long time ago and at some point had significant amounts, they sold at quite low points well before the 2017 craze, let alone the further rise of Bitcoin. But it's just a couple of people and I'm well aware that the overall situation might be very different.

I know some of them who sold at the peak of 2021 but they are just a small minority,I also sold the majority of mine,well I only had 0.50 Bitcoin at that time.I think the overall situation is that most of them are still hodling this day and the minority of them sold or liquidated their Bitcoins at a really cheap price.I have no arguments for this except the news I have been reading for many years and seeing some wallets with fat amount of Bitcoin and the date of these transactions is really old.So in theory these hodlers right now can be called rich if they happen to sell their amount of Bitcoins as that would amount to million dollars for most of the early adopters who still own their Bitcoins.

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Becoming rich was certain if they hold it until now but the question had raised as well if they still have them. Because if you are very active in social media can't be far from selling them due to some negative news that brought you to decide to sell. Those early adopters might gain a profit but not to say they become rich because of Bitcoin alone. Might these new adopters do well compared to them due to hearing some advice from old timers having some hint on what to do in the market.

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I'd love to read results of a survey of early adopters to see how many of them sold, at which price, how much did they make in percentage from the initial investment and in absolute terms. Unfortunately, it doesn't seem that such research was conducted. I'd assume that some made money from it, but from people I know personally who knew about Bitcoin a long time ago and at some point had significant amounts, they sold at quite low points well before the 2017 craze, let alone the further rise of Bitcoin. But it's just a couple of people and I'm well aware that the overall situation might be very different.

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depend if how does that early adopters did to their crypto , because if they keep the funds On hold then Yes they are truly richer but if not? then the problem is that they will be a cry baby these days as their chances of becoming millionaire had gone bad.

the HODLERS is whom the rich people now and still getting richer as years runs by.

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Quote from: Kelvinid on August 02, 2022, 07:18:03 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.

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Quote from: LogitechMouse on August 03, 2022, 01:51:17 AM

Yes and No.

If they held their Bitcoins until now then they are f*cking rich right now. If they bought Bitcoin right from the start or even 2 years after it was created, they are still rich right now. That is if they are still holding Bitcoins until now. For sure, many here knows the person who dumped his hard drive in a dumpsite and that hard drive contains a private key that can open a wallet that holds 8000 Bitcoins. Probably there are some early adopters as well who just forgot their private keys for some reasons or the like.

No if they sold their Bitcoin holdings immediately. TBH, this is very subjective because not all early adopters did the same. Many choose to held, many choose to buy some things like Lazlo who bought a Pizza for 10000 BTC, many choose to sell for some reasons, many sold because they saw that their profits are good already.

Laszlo bought 2 pizzas for 10,000 BTC because it was nothing at the time. He was mining with a CPU and then with a GPU, getting 50 coins every few hours/days. In his own words, it was basically free pizza.

It's not like he only had 10k BTC and traded it all for two pizzas, he had lots more. And kept a bit more. He's said he's doing OK these days, not crazy rich, but also not poor at all.

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Yes and No.

If they held their Bitcoins until now then they are f*cking rich right now. If they bought Bitcoin right from the start or even 2 years after it was created, they are still rich right now. That is if they are still holding Bitcoins until now. For sure, many here knows the person who dumped his hard drive in a dumpsite and that hard drive contains a private key that can open a wallet that holds 8000 Bitcoins. Probably there are some early adopters as well who just forgot their private keys for some reasons or the like.

No if they sold their Bitcoin holdings immediately. TBH, this is very subjective because not all early adopters did the same. Many choose to held, many choose to buy some things like Lazlo who bought a Pizza for 10000 BTC, many choose to sell for some reasons, many sold because they saw that their profits are good already.

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