If I had bought bitcoin 10 years ago, I would have been a millionaire: Not true - page 7.

noormcs5

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

It's easy to say that if we had held bitcoin 10 years before, we may have been millionaires by now but the fact is that we would have sold it long before. How is it possible for any individual to not sell the bitcoin at 2017 peak of 20,000$ and still holding it now ? Mind it we had a bear market in between which took bitcoin back to 3900$.

aryana42

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You think that even if you had bitcoin 10 years ago, you wouldn't be able to keep it today. You think so because you have seen the future of bitcoin. investing in the past is so beautiful for us to see now, some people who underestimated crypto's past are now dumbfounded. how not, the value of their investment to be 100x more than their basic investment.

Little Mouse

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

Some of the people that were able to hold for so long were those who had invested and then completely forgot about it.

Not true necessarily. I have talked with people who have been mining since late 2011/12 with average cost of $2/$3 for each bitcoin mined. He is still holding that bitcoin and still active in the forum. I agree with you. It's very hard to hold on when price is 10x, 100x. Very few people have hold their BTC for a quite long time and they are the ultimate elite class mention by an anonymous guy-
I am pretty confident we are the new wealthy elite, gentlemen.
Of course this people have hold their bitcoin all the way and I believe they still have bitcoin and they are now wealthy elite.

Vaculin

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Quote from: ultrloa on December 16, 2021, 06:46:50 AM

Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

All of us think about this but you shouldn't look for the past which didn't give anything to you and maybe learn to adopt what's currently given these days since this could give you a good result in future since always thinking about those things will just give you little stress for not doing anything at that time.

I guess majority of us never have the guts to hodl our bitcoin for that long and we intend to sell them when we see good opportunities to make profits. Not that we don't believe bitcoin that much, but we really don't have the long patience to wait for 10 years long so we can maximize profits. Now that OP had made us realized that we missed a very great opportunity, its not late to start buying now and hodl your investments either 10 or 20 years from now. That will be a long waiting game but the reward is definitely very worth it.

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I would say you are right that majority of people would not have held through all the price crests and troughs over those years, particularly when you consider how many ponzi scams were present during that period, and how little information was known about the bitcoin network, In my opinion, very little of the population still know about bitcoin, but there is a growing sense of legitimacy about it, in addition to the potential for profit which is enough for most.

Although there is still a small part of the population who fully understood and trusted the network to utilize it properly from the start; this does not just involve hodling but also using it as a peer to peer currency.

Chato1977

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

Lol if i bought bitcoin 10 years ago? i am surely a Millionaire now because i will never sell in that lower value though Yes i may be tempt back in 2017 because the price increase really so high.
but OK i might reach this point of waiting this year though of course i am crossing the bridge when i am there.

tranthidung

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True or not, it depends on how you have done with your Bitcoin.

If you bought it 10 years ago, and sold it all. You actually got very small money from your selling in fiat.
If you bought it 10 years ago, and lost it all because you lost private key by whatever reasons. You got nothing.
If you bought it 10 years ago, sold part of it, even up to 80% or 90% BUT still reserve 10% or 20% for selling in 2020 or 2021, I believe you actually got something big enough in return.
Not your keys, not your coins. Remember this statement if you are in crypto.

yazher

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Unless they already have a solid plan on not to withdraw it no matter how high the price was. For those people who don't believe that there are people out there capable of holding their BTC for too long. But those who regret selling their BTC too early, those things are meant to be like that because if you didn't sell those BTC the price won't pump up to the point it creates ATH every halving season. It's just like a domino effect and we can understand it more by looking at the Pizza bitcoin story.

ultrloa

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

All of us think about this but you shouldn't look for the past which didn't give anything to you and maybe learn to adopt what's currently given these days since this could give you a good result in future since always thinking about those things will just give you little stress for not doing anything at that time.

batang_bitcoin

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

You're right, majority would be selling at $100 when they've bought it at centavos or $10. But that's not a matter anymore, those that were able to hold for so long and made a decent amount of holding until now, they're the legends. They really are the ones that have believed in blockchain and bitcoin alone. So, their belief has been paid off and as well as their patience.

Finestream

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Quote from: dothebeats on December 16, 2021, 05:31:28 AM

I believe this as well. Not everyone has the patience of a saint, and surely not everyone would have sold at a much higher price, especially if the current price already exceeded their entry price by a huge margin. Most of us here would have sold in a heartbeat especially if our investments were already x10 of what we invested, and not many people understand that. Most mindsets are weak in the long game of holding coins, because they don't fully believe in the capability of cryptocurrencies hence why if the price is right, they just give in and regret it later on.

I also agree. You could have been a millionaire if you start hodling bitcoin 10 years ago and decided to sell it at the current price. But the process is not as easy as that. We investors are mostly aggressive when we see our investments soaring high so it's most likely that we will sell immediately our coins once the price is very profitable, otherwise the price will drop again and lost another opportunity to make profits. This is the mindset of all investors so its very rare to see a hodler being able to hodl his investments for 10 years, unless he forgot that he has an investment way back 10 years ago.

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

You cannot speak for everyone , and you are only considering the situation now that is why you come to that IDEA.
Remember if you bought bitcoin 10 years ago and the price multiplied x10? are you serious to sell those bitcoin? when the price grows only as the investment is also cheaper?
this is the reason why Early adopters keep their coins long term because they only invest the extra funds they have in wallet and only risk for at least a chance that future will be same as now.

Oshosondy

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I am getting your point and your are not wrong because it is true that many people sold their bitcoin and many people even do not have believe that bitcoin will be worth more today and they lost their private keys. The right statement should be If I had bought bitcoin 10 years ago, I would have been a millionaire if I did not sell it earlier and also if I have not lost the means to spend the coins, if the private key is lost, the person is still not a millionaire because it has no access to the coin.

dothebeats

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I believe this as well. Not everyone has the patience of a saint, and surely not everyone would have sold at a much higher price, especially if the current price already exceeded their entry price by a huge margin. Most of us here would have sold in a heartbeat especially if our investments were already x10 of what we invested, and not many people understand that. Most mindsets are weak in the long game of holding coins, because they don't fully believe in the capability of cryptocurrencies hence why if the price is right, they just give in and regret it later on.

dbc23

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Not all had the patience. 2x profit was tempting back then and most of us felt that was all the market had to offer. Many lost their keys and lost total access to their wallets because they didn't believe so much in it. But many still
held on and today they are millionaires patience truely pays but having this patience is more like a gift

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If you had bought Bitcoin 10 years ago AND forgot all about it, you might have been a millionaire, would probably sound more realistic tbh. Realistic investors would mostly want to double or triple their investments as op have said, and would probably buy in every now and then at dumps and sell in pumps. Still, idk if that kind of process would actually reveal that one would be a millionaire or not, though I reckon he'd have a pretty sizeable profit by then if he continued doing so from start to today.

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

Yea there were many risk that may stop you form becoming a millinaire both inside of investor (psychological - not standing the pressure and selling too soon) or outside (for being cought by CEX exit scam - Mt. Gox, loosing access to wallet etc). But you had 10 years in the market that grow like x10 000. It was not a single event that you may fail (buy and sell to soon). It was years of being wrong. Years of missed opportunities. Not buying back during 2011 bottom at 2.5$, not buying back in 2014-2016 or 2019-2021.

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

Agree on the first point, The only person that still holding that bought last 10 years are those who invest small amount of money that time and forgot about it. I manage to buy last 6 years when price is below 100$ and I managed to hold and sell it @ 19,000$ but I bought only small amount that time since I'm not completely trusting Bitcoin that due to lots of ponzi scam by the time I'm new to crypto but still it gives me a good fortune until now. I use most of the funds on establishing physical business while I still save some for trading which I sold on the new ATH. I rarely visit my hardware wallet which is the main reason why I hold most for a long period of time.

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Yes, one of the ways to make money in investment is to buy at a low price and sell at a high price. Even now that we understand this truth, we cannot keep holding and not selling.
It is easy to hold on for a period of time, but ten years is very long. You can invest a part of the money now and treat it as a loss. Wait ten years later and see how many times this part of the money can be doubled.
To be honest, I may not be able to invest my money and leave it alone.

fokinlipat

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The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

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