Current Events > Bitcoin at $99K. Is every one from those CE bitcoin/crypto generals rich now?

(+) Yeah! (+)

I remember seeing the crypto generals back in 2016-2017. Bitcoin was like $600-700 back then. And that was just when I found the general there were a bunch months maybe years prior on CE since I found it at general number 40 or so.

crypto is a scam

Pour one out for those who wasted them on Silk Road drugs

not rich but made a lot of money

Haejin posted...

not rich but made a lot of money

so you scammed people

AceMos posted...

so you scammed people

If you bought $1000 worth of bitcoin back in May 2016. It would be worth about $215,000 today. Thing is people seemed to be betting life savings or at least more than 1,000 on it. So imagine there must be a lot of millionaires made off it by now.

How is it a scam if the buyer and seller both agree on what they are buying and selling and the price? Who got scammed?

Not rich but I may have been if I did the right things in 2022-2023

My $100 is worth $15k right now

--Zero- posted...

My $100 is worth $15k right now

Nice

ssjevot posted...

How is it a scam if the buyer and seller both agree on what they are buying and selling and the price? Who got scammed?

Same reason that a pump and dump is labeled as a scam.

AceMos posted...

crypto is a scam

Yes, but even if it's primary use is an avenue for scams, pump and dumps, money laundering, and tax evasion you can still buy low and sell high like any other stock.
The trick is not getting demolished when the rug pull to end all rug pulled occurs.

I have several thousand doge coins with an average cost of 19.5 cents. I took out my initial investment so I'm good, I'm jus5 gonna let it sit. Currently up almost 9 grand on paper.

The real kicker would be shibe coin. I have 11 million of those bought for like 0.000045 cents each. If it goes to 1 cent I'm doing great, a dollar I can retire for good.

Board_hunter567 posted...

Yes, but even if it's primary use is an avenue for scams, pump and dumps, money laundering, and tax evasion you can still buy low and sell high like any other stock.
The trick is not getting demolished when the rug pull to end all rug pulled occurs.

guess what if you sell crypto you scammed some one pure and simple

ssjevot posted...

How is it a scam if the buyer and seller both agree on what they are buying and selling and the price? Who got scammed?

because a scammer/con artist relies on preying on peoples weaknesses in order to exploit them and abuse their lack of knowledge to extort money or items from them.

Just because two people agree on a price, that doesn't make anything less of a scam.

That is the whole purpose of a scam usually. You find someone who is not knowledgeable but stumbled upon something valueable and you take advantage of that..

There are different types of scams now a days of course.. but the point remains..

agreeing to a price does not nullify the possibility of something being a scam.

AceMos posted...

guess what if you sell crypto you scammed some one pure and simple

It's possible the amount being bought/sold was mined legitimately, making it no different than any other commodity.
The biggest scam is yet to come, with Trump effectively pledging to give Putin billions of dollars a year through this fun layer of obscurity.

Board_hunter567 posted...

It's possible the amount being bought/sold was mined legitimately, making it no different than any other commodity.

even then its still a scam

you are selling some on ea speculative currency on the promise it will go up in price which it obviously cant do forever

you sell crypto your scamming some one thats the cold hard truth

The fact that its value is based purely on vibes is just insane.

I'm up over 5 figures so far, I'm selling my BTC after it passes 100k. When the the alt coins go up next year after this bull run I'll be pretty much set. Just waiting for regulations to finally be out in the US after which crypto with a real use case and utility will go up.

Board_hunter567 posted...

It's possible the amount being bought/sold was mined legitimately, making it no different than any other commodity.
The biggest scam is yet to come, with Trump effectively pledging to give Putin billions of dollars a year through this fun layer of obscurity.

Bitcoin is not a commodity.

argonautweakend posted...

The real kicker would be shibe coin. I have 11 million of those bought for like 0.000045 cents each. If it goes to 1 cent I'm doing great, a dollar I can retire for good.

... yeah, I'm sure that Shiba will one day have a market cap of $600 Trillion

I still don't understand how people are making real world money with their invisible fake money.

GeminiDeus posted...

I still don't understand how people are making real world money with their invisible fake money.

they sell it to other people who are convinced it will only keep going up in price

it preys on FOMO and those who are desperate

My crypto holdings are pretty limited. And I really don't like where any of it sits. Owning crypto in New York is a pain.

I am starting to see companies doing managed crypto portfolios like Path. And even established players like Fidelity starting to allow major coins. But you're not actually owning the crypto or a wallet you control.

GeminiDeus posted...

I still don't understand how people are making real world money with their invisible fake money.

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

ellis123 posted...

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

It looks like in that case there was at least something physical in exchange.

MrResetti posted...

Pour one out for those who wasted them on Silk Road drugs

And that one dude who bought a pizza with thousands of them.

GeminiDeus posted...

It looks like in that case there was at least something physical in exchange.

Data on computers is also a physical thing.

Gonna be interesting seeing the world economy tank because pretend money that only has value because the people owning it thinks it will be worth more later.

Enclave posted...

The fact that its value is based purely on vibes is just insane.

We literally just had an election that was completely decided by vibes, facts be damned.

I signed up for coinbase in like 2017 and they gave me $10 free in bitcoin. Its now worth $85. Should I let it ride?

ssjevot posted...

How is it a scam if the buyer and seller both agree on what they are buying and selling and the price? Who got scammed?

It is bought exclusively for the purpose of flipping for a profit. Hardly anyone (except criminals) use Bitcoin as a currency because the price is so volatile in contrast to the U.S. dollar for example.

Stocks atleast represent the value of a company. Purchasing stock is buying equity into said company. Some companies offer dividends as well.

To reiterate, Bitcoin and other crptos exist solely to buy low and sell high. It is backed by no real value other than what other people are willing to pay for it. Sure, the same can be said for gold, diamonds, etc. But those precious stones and metals have been desirable for thousands of years. They are often used in clothing and jewelry. There is a finite amount of these. Bitcoin technically has a finite amount as well, but does that really mean anything? It's like saying there are only 10 Crypto Punk NFT's. Who cares?

The appeal of Bitcoin is to get rich quick. That is it. That is why people buy it.

clyde_frog posted...

It is bought exclusively for the purpose of flipping for a profit. Hardly anyone (except criminals) use Bitcoin as a currency because the price is so volatile in contrast to the U.S. dollar for example.

Stocks atleast represent the value of a company. Purchasing stock is buying equity into said company. Some companies offer dividends as well.

To reiterate, Bitcoin and other crptos exist solely to buy low and sell high. It is backed by no real value other than what other people are willing to pay for it. Sure, the same can be said for gold, diamonds, etc. But those precious stones and metals have been desirable for thousands of years. They are often used in clothing and jewelry. There is a finite amount of these. Bitcoin technically has a finite amount as well, but does that really mean anything? It's like saying there are only 10 Crypto Punk NFT's. Who cares?

The appeal of Bitcoin is to get rich quick. That is it. That is why people buy it.

b-but the blockchain

Just to give an idea of its volatility? Yeah, it's 99k right now, if the vibes go bad it could drop to 40k just as fast or even faster and then vibes change again and it'll start "going to the moon" again.

You can't have a currency that is THAT volatile.

ssjevot posted...

How is it a scam if the buyer and seller both agree on what they are buying and selling and the price? Who got scammed?

That's literally what a con is.

i made a lot off of it recently and with my lifestyle i dont have to worry about money for the foreseeable future :D

I bought 3k in 2021 and it's gone up 2.5x. Kinda wish I bought more.

emblem-man posted...

I feel the same. When I learned about bitcoin. I saw this video constantly being a meme.
https://www.youtube.com/watch?v=Cw29h7LhEuE

But I lived in a state where crypto exchanges were banned in 2016. So I couldn't even buy $1 to see what happened.

I had a whole bitcoin from mining back when they were worth about $750 and regretfully sold it. I still have about 0.007 BTC that I'm going to hold onto.

not rich, but it's nice to see go up.

I didn't get rich, but once my initial investment of $3,500 doubled, I pulled it out and I've been sitting on the house money ever since... Unfortunately it's all in Litecoin, which hasn't kept pace with Bitcoin at all, but if it ever pumps up again I'll sell it and be done with crypto.

not rich but my cash did increase by quite a bit, have been dollar cost averaging for a bit now and probably wont stop.

C_Pain posted...

I bought 3k in 2021 and it's gone up 2.5x. Kinda wish I bought more.

That really isn't saying much. You could have invested in many other stocks and received a similar return since 2021. With options you could see that return on "non-risky" investments within months.

You also bought in at a previous all time high. Bitcoin crashed and flat lined for 2 years. Right now is the perfect time to sell. It's either going to fall back to Earth soon or shortly after it breaks 100k. Don't be a bag holder for the next 2 years. Sell and buy in a few weeks or months if you want to gamble with crypto.

Just my unsolicited advice.

hodl. diamond hands

clyde_frog posted...

That really isn't saying much. You could have invested in many other stocks and received a similar return since 2021. With options you could see that return on "non-risky" investments within months.

You also bought in at a previous all time high. Bitcoin crashed and flat lined for 2 years. Right now is the perfect time to sell. It's either going to fall back to Earth soon or shortly after it breaks 100k. Don't be a bag holder for the next 2 years. Sell and buy in a few weeks or months if you want to gamble with crypto.

Just my unsolicited advice.

Yeah I don't think it's going to go crazy high from here. I had a bunch I mined myself when it was worth about $100 and sold it near $20,000 which I used to buy a house in Japan. Obviously it's way higher than $20,000 now, but that 200 times return is just not something you can expect at this price.

ssjevot posted...

Yeah I don't think it's going to go crazy high from here. I had a bunch I mined myself when it was worth about $100 and sold it near $20,000 which I used to buy a house in Japan. Obviously it's way higher than $20,000 now, but that 200 times return is just not something you can expect at this price.

Holy shit. How much Bitcoin did you have at the time if you mind me asking?

ssjevot posted...

Yeah I don't think it's going to go crazy high from here. I had a bunch I mined myself when it was worth about $100 and sold it near $20,000 which I used to buy a house in Japan. Obviously it's way higher than $20,000 now, but that 200 times return is just not something you can expect at this price.

so you scammed some one out of 20K

https://gamefaqs.gamespot.com/a/forum/e/e0880bef.jpg

Dogecoin popping off right now it looks like. It was at a two week high of 43 cents, now its 47 and has been climbing rapidly the last hour or so