I wish I had bought bitcoin back then!!
 

There are reports that an anonymous person who made a $7,800 investment in bitcoin in 2011 has just touched their wallet for the first time in 14 years…

He’s now worth $1.1 BILLION.

At the start of 2011, a bitcoin was only $.30 and only reached the dollar mark in February 2011!! It is $109,000 today. I wish I had put $10 in bitcoin back then.

And can anyone explain it??

It the OP is alluding to another person Bill Miller has a similar story. Bill Miller: AMZN & Bitcoin Billionaire | A Simple Model

Sounds apocryphal to me: bought at the beginning; cashed out at the all-time-high. Any time an "investment" performs well there are reports of the few who, supposedly, made millions, but no mention of the many who bought high and sold low. Or the 99% of high-risk investments that disappear, worthless.

Stick with what you know, and sleep easy at night.

There's a few things that have happened to bitcoin since 2011.

The first being that bitcoin had numerous forks since then. Each one entitling the owner to equivalent in Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Bitcoin SV. That will add some life changing amounts of money right there, but the granddaddy of BTC would be north of 2 billion.

Bitcoin will continue to rise. If you buy even a few hundred dollars worth now and hand it to your children or relatives, by the time they retire, it will likely have appreciated significantly.

It's now owned by all the major players in finance. It's not going away.

You don't have to buy whole coins, you buy fractional pieces called Satoshis. Right now you can buy 913 Satoshis for one US dollar.

In 10 years, it'll probably be about 91 Satoshis for 1 dollar.


I'm one of the founding members of the Crypto Currency Club in The Villages. We meet every Saturday morning virtually except for the first Saturday of the month because there is a club meeting at Ezell on that prior Thursday.

If I had invested $10 back then, I could have slept easily at night! And I would be sleeping even better now!

...but probably in some snooty gated community, not in The Villages, and you would have missed out on all of the friends you've made here :-)

You could say same thing about Berkshire Hathaway, Toyota, and dozens others. The age old problem? Fore thought, and have money to make money. Majority didn’t have extra cash laying around to take gamble when they had mouths to feed and bills to pay. I wish I had brought gold Krugerrands in middle 70s when they was 100 dollars coin. But, being in military has trouble just surviving monthly bills .

Bernie Madoff wished he thought of it first.. Somebody always get caught holding the bag. Buying an idea is Genius

As Warren Buffet has said many times stay away.

how can I get the details of the Saturday morning virtual meeting?

Maybe he knew the principles behind bitcoin. If I stuck with what in knew, which was dollar cost averaging, I’d not be generating income today trading weekly put spreads.

START with what you know, LEARN, & GROW. That’s my motto.

Hmm. To some, we live in a snooty, gated community.

Just a thought.

The major portion of my portfolio is in income-producing stocks, while a very small portion (2% or less) gets thrown into high-risk, most-likely-to-fail ventures. Simply staying away seems short-sighted.

But I am not claiming to know more than Master Buffett.

Ditto. I’ll search the Events page and see what I can see.

I know lots of people made a lot of money and lots of people also lost a lot of money.
I'm one of those who believe it the old idiom, "If it sounds too good to be true it usually is".
To me this sounds like a pyramid scheme on steroids.
Though the dollar does not have the supporting value it once had, it still does have value.
Bitcoin's value as I understand it is based on demand, which means if the demand diminishes so does the value.

Amen!

Hindsight always tells you the things that could have been. I wish the people who invest in BTC well, but I have never seen the tangible value that would make me want to put my savings there. I can see the value of cryptocurrency coins as a tool for transferring money, and the most useful ones will have the most significant value. There is no limit to the number of cryptocurrencies, so competition is a risk when a better tool becomes available.

Boat
 

Easiest way to explain. You missed the boat...as did I
QUOTE=Rainger99;2443322]There are reports that an anonymous person who made a $7,800 investment in bitcoin in 2011 has just touched their wallet for the first time in 14 years…

He’s now worth $1.1 BILLION.

At the start of 2011, a bitcoin was only $.30 and only reached the dollar mark in February 2011!! It is $109,000 today. I wish I had put $10 in bitcoin back then.

And can anyone explain it??[/QUOTE]

bitcoin
 

Indeed. Warren Buffet referred to bitcoin as rat poison

No just lot of snoots….:eclipsee_gold_cup:

[/QUOTE]

If I was that dud I cash in. :thumbup:

There “was/is” a company that sold soap and then some other things that was very popular 35 years or so ago in its prime. Some made so much money that they built huge mansions and stadiums. You could call it a pyramid scheme or maybe Ponzi scheme. Whatever those that get in early make lots of money but those subsequent that get in not so much. Buffet doesn’t care for bitcoin and he is a much better investor than me. I will pass too.

I would think that Warren Buffet feels anything that pulls money away from the stock market is rat poison. I'll bet he also never invested in Bitcoin and missed the boat, that has to burn a little.

You are spot on.

Could have, would have, should have. 20/20 hind sight.

“There are reports” and “anonymous person” are tricks politicians use to push lies.

Don’t fall for it.

And that has something to do with bitcoin?

Exactly right.

Perhaps his distain for bitcoin has something to do with its "value" , it has no value other than what is driven by the greed/fear factor, produces nothing. My credentials ,, I took a very small position in TESLA, not much more than an IPO, I was up 125%, thinking to add substantially, but then thinking you never go broke taking a profit, sold out, that's why my advice is free.

Isn’t that true for everything?
Gold, Amazon stock, Villages houses - new and pre-owned!

No there are actually assets supporting these investments, if the price of gold, Villages home might take a downturn you still have tangible assets. If Amazon goes bankrupt lawsuits will follow and even though you will not get full value of your investment the odds, are you will get something. What do you get if bitcoin goes bust?

The same thing you'll get if the dollar goes bust. Remember the stories of the Great Depression and we're not all that far from it with the debt that has been accrued over the years.:read:

I would like to join your next meeting please, how do I do that?
Thanks,
Lanie

Yup, Bitcoin has the same value as the dollar bill, nil. And don't tell me the government stands behind the dollar because that's worthless when the coffers are empty, huge debt and financial system is running on fumes.

You wake up, It’s April 1976….
No mobile phones. internet on the horizon….
What could you do?
Apple cofounder Ronald Wayne sold his 10% stake for $800 in 1976—today it’d be worth up to $300 billion

The government stands behind the dollar, the credibility of both are dependent on the strength of the US economy is it not? certainly the expanding debt hinders both the dollar and the government's ability to deal with economy

My CPA's son told me he bought some at $300 and told me to buy some at $3000 a coin. I told him he was out of his mind. Oh well. I was just never comfortable with owning something that is not tangible. How do you redeem it for cash if you want

Hopefully someone from the Crypto Currency Club can answer that.

So they just print more more worthless dollars. The belief in the dollar is all in our heads.:MOJE_whot: Scary, isn't it?

Word!

"I should have bought much more Bitcoin" is every thinking man's slogan :)
Made huge money on AMZN and Bitcoin.
Still huge money to be made on Bitcoin and Bitcoin treasury companies.

"The government stands behind the dollar" - And prints them worth less as it steals everything from everyone over time.
"2% inflation target" means they steal half of everything from you every 35 years.