Buys Bitcoin once [OC] [00:29]

Buys Bitcoin once [OC] [00:29]

Pretty good video, but he's not boring the fuck out of other people enough. Needs a scene where he ends up friendless.

Yup. Coworker is on his phone talking with his brother about it. Bought in with 300 bucks no sooner than last night.

Part II: The aftermath

I hate shit like this. Like, "Oh if I invested in Apple before the iPod came out I would be rich?". Not shit.

To all those people saying they should have hung onto their BTC from 5+ years ago

https://en.wikipedia.org/wiki/Survivorship_bias

year 2020

go for a coffee at starbucks

Chad and Stacy are behind me in the line.

I start to feel nervous and uncomfortable since the nice smell of Stacy shampoo triggers me.

My turn to order

"I-ii--w-want to order a latte, medium size ....and I want to pay with bitcoins, please."

Sorry???

ehhhh....B-bb-bitcoins

The cashier gives me a disapprove look

"Ohh yeah...right...that weird money"

My hands start to sweat

She pulls out an Ipad and start to convert USD to BTC

Sights...Ok sir that will be 0.00000015 btc.

scan the QR code

electrum wallet informs me that I have to pay 0.01 BTC as transaction fee

proceed to pay

"Thanks you sir...now I have to remind you that we have to wait for at least 3 confirmations on the payment....it will take about 5 hours"

"You can wait on the couch over there..."

Chad proceeds to pay for his order

"I will pay with my golden premium ultra deluxe platinum VISA"

LOL....no-coiners....when they will learn?

The cashier informs Chad that he has a 15% of discount for paying with his card and he also accumulates point for airplanes tickets.

Transaction takes 2 seconds to confirm.

Chad leaves with Stacy holding hands

After 3 hours of waiting for confirmations, I get hungry

I want to buy something to eat, but I realize that I dont have fiat or bank cards and I cannot spend more bitcoin since I have a cat to feed at home

after 50 more minutes I am able to go home.

Still cannot understand why crypto isn't mainstream

I laugh at no-coiners

feels fucking good to be an early adopter using the money of the future

But now youre getting some sweet advice I bet

You bring shame to /sub/wallstreetbets

If I had the money to invest in something, I wouldn't put it into volatile markets.

I should have bought it 3 months ago when it was at $4k! I thought it peaked at that point. I thought it peaked at $1000! I thought it peaked last week at $10,000. I'm still not buying because I think it peaked at $16,000.

This is good for bitcoin.

im not saying that i missed a chance, we miss chances everyday

im trying to say is... holy shit $100 to nearly 4 million.

Okay so where can I cop some serious Butthole Coin?

wasn't it something stupid where if you put in like 100 bucks in 2011, your worth would be like $3 million now...

edit: actual worth now would be $3773758.93

These types of figures are always crap though because it doesn't factor in the psychological barriers you would have to overcome to not sell bitcoin along the way to where it is today. I bet 90% of people would have sold when they doubled or even tripled their initial investment.

If you want to talk about the impressiveness of a product to increase in value so quickly thats one thing, but to say that you would be worth 3.7million is bullshit.

When I was first told about bitcoin, it was still less than $1. Probably around 2010-2011.

I've never been so disappointed in myself for being skeptical.

I've been on your IG for at least 10 minutes cracking up and laughing at your stuff. So funny.

It's on an Alt Exchange... I doubt you'd get it /s

"Hey man are you coming out to the bar?"

"Do you know if the bar accepts Bitcoin?"

"....."

Worse, /sub/investing where they get a half chub recommending CDs and treasuries.

Is this a joke?

Depends on when in 2011 you bought.

https://en.wikipedia.org/wiki/History_of_bitcoin#Prices_and_value_history

It's basically all based on speculation IMO. Bitcoins can't even be used to purchase much of anything. Pretty much Overstock and Newegg. So it's one part speculating on 'soon this will become the currency that amazon and wal-mart will take' and another part speculating on 'people are going to speculate the value of this through the roof!'.

So sure that is $3,773,758.93 today, but if enough people start selling it could be $377.37 tomorrow. And plenty of events can trigger that. One or more major coin broker websites could get hacked. Government regulators could pass legislation against it. Or even a problem with the currency itself (like the community disagreeing on how to upgrade the software, causing a split).

It's a big hype machine. IMO it'll be the pool that fool's swim in to be parted with their money. Some pretty smart guys are calling it a speculative bubble.

I wrote a paper about in college back in 2010. I thought it was the dumbest thing to put money into.

Buy high, sell low

Most of us did. I literally had someone offer to pay me for services in bitcoin and I turned them down because “sketchy bullshit”. Would be like 100 grand now (although who knows when I would’ve sold it, probably when it hit like $100).

get the normies out of reddit reeeeeeeeeeeeeeee

Thanks man!

It peaked

where the fuck are you from /sub/stocks?

Actually you make a good point...

Hell, my dumbass would have sold after like a dollar profit

100% won't be bitcoin. Transaction fees, and network congestation = no go if everybody were to adopt it. It's ridiculous to even think that bitcoin can ever be a legitimate currency. Steam even dropped it from payment options just recently.

I sometimes think /sub/investing is one big paid Vanguard advertisement.

electrum wallet informs me that I have to pay 0.01 BTC as transaction fee

lol and in 2020 who knows, that fee might end up being $500... since right now that's ~$175...

The fees and transaction times are what kill BTC from being a real currency.

$17,000 now ;)

Except it very well might be a bubble. I feel like Reddit wants it not to be a bubble so badly that they're kind of running blind in the echo-chamber.

If 2 or 3 major events happen in the same 24 hour period, it might just come crashing down. I don't think it will be worthless, but 16k a coin? After what, 6k a month ago? You've got these people coming in who know nothing about bitcoin, and they're going to keep pushing the price up. Until it doesn't happen anymore.

What scares me is that this year, there's been a lot of companies tying their identity to bitcoin with investments. These people will go down with the ship if it really is a bubble. This could be absolutely devestating for everyone.

I'm really surprised people on here aren't more worried about this. If I had 5 million in BTC, I'd sell today and never look back. I would keep 10-25% to hedge the bet just in case the ceiling goes ridiculously higher, but overall, I'd be happy that I didn't expose myself to what feels like a ridiculous amount of risk.

Having alt-currency investments isn't a bad thing. People throwing everything into it scares the shit out of me.

Mark Cuban said "only invest if you're willing to lose your money" 10%, basically a hail mary. And I agree with that wholeheartedly.

And again, I'm not say it's definitely a bubble. We won't know until we know. But any of you that are putting 1000s of dollars in now, just remember it could vanish in a week. My personal theory is that we are probably for sure in a bubble, and it will burst sooner than later, but cryptocurrency will stay in some form.

It's like the dot com bubble. A lot of companies crashed or took a huge hit, but some of those same companies are doing fine now. Amazon, etc.

You forgot about whitewashing and illegal trades.

/sub/weedstocks, /sub/bitcoin; you either go homeless or retire in your private yacht.

The angry office mob has enough...

The fees and transaction times are what kill BTC from being a real currency.

Also, the not being designed to be a usable currency part.

Magic Internet tokens for speculating, scamming, and money laundering.

Until the end, when it's finally recognized as being worth nothing

BHC

Lmao, so going up 75% on a week is "slowly going up". How long have you been investing in btc? I'm assuming not too long if you're making statements like that.

My dumbass sold after like a $200 profit. I would have enough to pay off all my student loans, dental work and debt by now. OH WELL.

That's not what that bias is.... Survivorship bias would be if a bunch of people failed by hanging onto bitcoin but we only heard from people that lucked out. But everyone who hung onto bitcoin made a shitload of money.