Topic: Everyone Wants to be an Instant Millionaire (Read 443 times)

From time to time I read these forums and it never ceases to amaze me how some people expect to multiply their wealth many times over overnight. 

In mid-2010 I learned about Bitcoin and tried to learn as much as I could about it.  The ideology that it was founded on is one that I am fanatically a proponent of.  So in late 2010 I thought I wanted to support it and began mining whenever I could.  It was on a fairly small scale and was by no means a revenue stream for me, nor did I ever intend for it to be one.  Earlier this year year when difficulty rose, I mined Litecoin for some time, and nowadays if I have the chance to be back in my home country, I'll occasionally point my processing power at some obscure coin.

During this time I've watched the value of Bitcoin rise from well under $1 to $32.  Then price declined quickly to below $2.  Shortly thereafter price rose quickly to around $266 but then quickly declined to $68.  Most recently price went well above $1000 and quickly declined to $400.  The same dramatic price movements could also be seen with Litecoin and most other coins.

Only just over a week ago did I sell 2 Bitcoins for the very first time ever.  If I had sold them when I mined them, I would have pocketed about $1.60.  Instead it was x1000 that.

I don't see these dramatic price movements ending any time soon.  If you look at the trends in price since the inception of digital currencies, there is huge volatility, but one thing I can notice is that the majority see a substantial rise in value in the longer term.

I guess what I'm trying to get at is that if you feel that getting involved with digital currencies will make you rich overnight, you're in for a bad time.  If you are holding any coins, my advice would be to adopt a different mindset other than greed and impatience.  I've read a lot of articles where people have sold everything they own at the bottom of 'crashes' only to watch prices rise substantially only days later.

Take the stress out of the game by storing your wallets offline and forgetting that they exist for six month, one year, or two years.  You'll most like be pleasantly surprised.  If you need to cover your day to day living expenses, get a job.  If you think you can mine for a living, look at charts for mining profitability over time.  You will notice that there are extended periods of time where most people are mining at a loss and are either mining for future value or because they want to support an ideology.  A job or other revenue stream is the only way to get through those periods.

I didn't mean to ramble on here, but take from this what you will.  Study, learn, be patient, and take a lesson from history.