Topic: Jeff Garzik's Bitcoin Balance Revealed - page 2. (Read 7018 times)

He was in possession of first ASICs, I wonder why his balance is so weak but I guess he spends money (on bitches and drugs ...

The issue with hoarding bitcoin is that it is generally believed that the price of bitcoin will rise in the future. As a result people have no incentive to spend their bitcoin until absolutely necessary.

this say nothing about JG selling the 20K BTC at the aths, or how many were sold on the way.

You could legitimately claim to hold 348BtC and have made killing on the way to that.

Indeed. Many earlier adopters were young without significant pre-existing net-worth. Putting even a couple thousand dollars into *any* investment (including GPUs), let alone something that had a very real possibility of going to zero, was a big deal for a lot of us.

Gotta keep this all in perspective despite what seems obvious now. Many recognized that bitcoin had fantastic potential and could change the world. But it seemed like such a longshot that anything would happen near-term; ie, many of us thought we had *a lot* more time to accumulate (that's the line of thinking I unfortunately fell victim to, at least).

Basically, the early adopters who currently have thousands of coins have to meet all of the following criteria:
1) Were risk-takers
2) Had significant net worth already, or were *uber* risk-takers
3) Understood economics and market dynamics enough to hold for years
4) Didn't have life circumstances that necessitated any significant liquidation along the way
5) Were either not married, had spouses that understood and accepted the risk too, or were willing to make investments without telling him/her

Sidenote - Jeff was one of my first introductions to bitcoin. I remember when I was initially diving in, watching some video of him explaining it (back in his ponytail days). He was obviously very sharp and technical, and had a strong passion for it. I'm thankful for guys like him willing to put themselves out there for bitcoin when it really was "out there", so to speak...


tldr; I fully believe Jeff is being is honest in his statement about his current btc holdings. It's just not that hard to believe, and he's a solid, straightforward guy.

Some people think "hoarding" is a problem in the bitcoin economy.

In reality, because of the easiness of spending or giving bitcoin, for a lot of people (myself included) it's actually very hard to hold, there's always the temptation of "doing something" with the coins.

I'm holding now for at least 5-20 years

Very good point. It's easy to look back and say if only I would have done this or done that but that's the beauty of life. Everyone that holds now will at least have another chance at it.

Shouldn't you have 2000 Btc

  I think a good few of us can prove you can get into BTC early and still not be a $millionaire. Hell, I bought BTC on a $5,400 limit credit card when it was still ~$2.40. Still have that card maxed out from that, too. Blech.

Ok but explain why you stopped working (to escape wage slavery?)... While you advocate others work 3 jobs.... Someone as passionate about bitcoin as you should have more..I think....

I don't believe it for a second. He's got way more than that. He's hiding from the government.

You're shocked because you forgot that Beliathon is a persona, not a real person. Beliathon is an internet Lion, it's fun to step into that mask and roar truth and righteous indignation at you, scream the terrifying truth until I'm blue in the face.

But the reality of my life is best characterized by long suffering interrupted by brief moments of peace and sanity. I am plagued by lifelong anxiety and depression secondary to PTSD. Maybe one day the posts will stop suddenly, and I'll finally have peace.
One thing I can tell you about suffering, it's fertile soil for growing the clarity of mind necessary to discern truth from illusion/myth. "Our lives run different ways, through the pain we see things as they are..."

Dang bro...I'm kinda shocked.  Now we really gotta get btc up to 6 figures then.  Plus you should get some income.

I did, once. The most I had at one time was 74 BTC, but times have been tough for me this past year, and I've had to fall back on savings to support myself. It didn't help that my mother lost her house to foreclosure about 18 months ago...

The saddest part is that the house now sits empty and useless is falling into disrepair, because the bank can't sell it. Very few people can afford to buy a New England house in her former neighborhood in this economy.

I thought you had much more 

The gains are locked in the moment the Bitcoin enters an address for which you are the sole holder of the private keys. They are locked in by the inevitability of the way this game plays out.

Crazy. When I first saw this, I was sure he meant in the hundreds of thousands -- not hundreds. I suppose we are all probably guilty of selling a bit too early sometimes -- but you gotta lock in those gains sometime!

Wise words; sound advice.

Simple.. imagine you getin at 0.01$

@ 1$ its hundred times.. many would sold a important part of an investment if it does 100x  and will be happy to.

@ 10$ its thousand fold..  not selling ?

@ 1000$ from 0.01 its a 100 000 time the initial investment.  10$ become 1 million...

Many have sold most of their btc between x100 and x1000

I began when this was in the 0.15$.. had nmore than 5000 btc at one point.  Sold more than 99% of those between 1$ and 1200$.  Im not rich.. still have a mortge to pay and have no regrets at all..   I sold and spent at more than 100 times more value than my initial investment..

Its easy to dream about being a very early adopter or judge them or telling.. if I was there i would have.. blah blah..  

I own less than 30 btc in encrypted paper cold storage..

I will always keep at least one whole btc because someday buying a whole btc will be financially impossible for at least 98% of the world population.

In thoses days, we will buy cars priced in mBtc or Satoshi..

Get your whole 1 btc while its still affordable.

Me. I have 8 BTC and feel confident that I'm going to be doing extremely well within 3-5 years, if I can just find a way to maintain my current income. Tough in this economy, many of my friends' companies are doing layoffs and I'm looking for work.