Bitcoins

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McHoffa

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#1
I voted "NO" as I was late getting to the party, placed my reservation February 2017. Had wanted one since I had first seen the S in 2012 but financially that could never happen unless I win the Lottery.
or unless you would have gotten a measly $200 worth of bitcoin back then (kicking myself)
 

PatrickM

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#2
or unless you would have gotten a measly $200 worth of bitcoin back then (kicking myself)
I mined bitcoins for several years back in 2011-2012 or so and sold them more or less immediately. When I look back at my wallet and look at all the ones I sold - as I recall for around $10-20 or so, it's all a bit depressing. But almost as bad, I remember selling mining and selling literally hundreds of litecoins for something like $0.15-20/each (they are approaching $100/each now. :| ) In hindsight, I was stupid. But at the time, it was like $100/month of "free" money and I'd have never guessed it was ever going to be worth all that much.
 
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McHoffa

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#3
I mined bitcoins for several years back in 2011-2012 or so and sold them more or less immediately. When I look back at my wallet and look at all the ones I sold - as I recall for around $10-20 or so, it's all a bit depressing. But almost as bad, I remember selling mining and selling literally hundreds of litecoins for something like $0.15-20/each (they are approaching $100/each now. :| ) In hindsight, I was stupid. But at the time, it was like $100/month of "free" money and I'd have never guessed it was ever going to be worth all that much.
I thought it was pointless... then a couple years later bitcoin was $400 (had just dropped from $700) and I thought, yeah, it hit a bubble and burst and now it's not going to go anywhere.

If I'd put my $1000 Model 3 reservation into Ethereum in April 2016 I'd have $47k now
 
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#4
Bought a few bitcoin in light of a possible global financial meltdown within the next year. If the dollar loses its value then maybe smart money would have already been invested in Bitcoin. SHTF diversification strategy.
 

Deviom

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#6
Well maybe crypto currency is still new but I know that there are already some agencies who accept payments by bitcoin in Europe. For example I heard that French Riviera property can be bought by Bitcoin, isn't it crazy?
 
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VoltageDrop

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#9
I'm a conservative investor, too close to retirement to gamble. But my wife, who was meh on Tesla until she got here 3, is now all giddy on the Tesla tech/car she has and is a good sign of consumer acceptance. She wanted a share or two of TSLA (she knows very little on investing) and now with TSLA under $200/share she talked me into buying. Bought no more than what we can afford to lose and may peak her investing curiosity. I think the next couple years will be interesting,

Might be bummed in the near future when it goes back up over $350/share but I'll get over it. I thought about Netflix at $9.44/share and Bitcoin at $95 but didn't do it (and won't mention Amazon). Still no regrets on my investment philosophy. But maybe this time?
I wish I had even known about Bitcoin back when it was worth pennies.....now that would be one heck of a retirement fund today!!!! But who would have known it would skyrocket to what it is today.......it could be worse though.... I read about one guy who bought some pizzas with Bitcoin when it was worth pennies....which at todays Bitcoin price (roughly 8K) is equivalent to buying the pizzas for 800 million dollars.... multiply that 2.5x for when Bitcoin was worth nearly 20K per Bitcoin!!!!!! So that would have been 2Billion $$$$$$!!!!!!!!!
 
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Dale Gardner

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#10
I wish I had even known about Bitcoin back when it was worth pennies.....now that would be one heck of a retirement fund today!!!! But who would have known it would skyrocket to what it is today.......it could be worse though.... I read about one guy who bought some pizzas with Bitcoin when it was worth pennies....which at todays Bitcoin price (roughly 8K) is equivalent to buying the pizzas for 800 million dollars.... multiply that 2.5x for when Bitcoin was worth nearly 20K per Bitcoin!!!!!! So that would have been 2Billion $$$$$$!!!!!!!!!
That would be $80 million, not 800. But it's not like that was all his Bitcoin and he never had any again. He had more and likely has collected a good bit between then and now, so he is a multi-millionaire anyway. Anyone who was fortunate and clever enough to be involved with bitcoin since the early days has done quite well. Kind of pains me to think about how excessively rich some people are from bitcoin when they really didn't do anything to create that wealth, nor even have to take any risk (the amount of money was very small, as you noted), and probably didn't pay much tax on it. :(
 

VoltageDrop

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#11
That would be $80 million, not 800. But it's not like that was all his Bitcoin and he never had any again. He had more and likely has collected a good bit between then and now, so he is a multi-millionaire anyway. Anyone who was fortunate and clever enough to be involved with bitcoin since the early days has done quite well. Kind of pains me to think about how excessively rich some people are from bitcoin when they really didn't do anything to create that wealth, nor even have to take any risk (the amount of money was very small, as you noted), and probably didn't pay much tax on it. :(
The documentary said 800 million.....apparently he used some 10000 or so bitcoin (was worth less than a penny at that time) for the two pizzas and some various "other" items......
 

Dale Gardner

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#12
The documentary said 800 million.....apparently he used some 10000 or so bitcoin (was worth less than a penny at that time) for the two pizzas and some various "other" items......
Not sure what documentary you are referring to, but if you multiply 10,000 Bitcoins X $8,000 Bitcoin price, you get $80 million, not $800 million.
 

VoltageDrop

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#13
Not sure what documentary you are referring to, but if you multiply 10,000 Bitcoins X $8,000 Bitcoin price, you get $80 million, not $800 million.
I think you are missing my point......what you said would be true if bitcoin was worth $1 each at the time he used them......BUT......bitcoin at that time was worth less than a penny....and the 800 million valuation is the calculated value of the bitcoin he used at that time based on todays bitcoin price of over $8000........google "man who spent 800 million in bitcoin on pizza".....
 

Dale Gardner

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#14
I think you are missing my point......what you said would be true if bitcoin was worth $1 each at the time he used them......BUT......bitcoin at that time was worth less than a penny....and the 800 million valuation is the calculated value of the bitcoin he used at that time based on todays bitcoin price of over $8000........google "man who spent 800 million in bitcoin on pizza".....
The price of the Bitcoin at the time he made the transaction doesn't even factor in to the current value. 10,000 Bitcoins are worth ~$80 million today, not $800 million. It is that simple.

I did just google it and he had a recent interview with Anderson Cooper where he said that it is about $80 million today.
 

VoltageDrop

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#15
The price of the Bitcoin at the time he made the transaction doesn't even factor in to the current value. 10,000 Bitcoins are worth ~$80 million today, not $800 million. It is that simple.

I did just google it and he had a recent interview with Anderson Cooper where he said that it is about $80 million today.

😳...okay then....never mind.
 
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#16
Bitcoin is now worth over $11k USD. This video compares today’s phenomenon with the internet of the ‘90s. Definitely has the potential to outperform TSLA if it’s destined to become the world’s new gold standard:

 
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#17
My gut feeling says that StarLink shall play a major role in proliferating the Bitcoin phenomenon, allowing for mass worldwide adoption by providing cheap and reliable internet access to everyone. The era of hyperinflation and mistrust in the current world system of corrupt governments and central banks will hasten the end of fiat currency.
 

Dale Gardner

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#18
I didn't want to bother with buying/holding actual Bitcoin, and would rather have it in my normal investment account like any other stock/fund.

There apparently are not Bitcoin ETFs on the major exchanges (yet). However, there is one ETF on the OTC market which holds Bitcoin. So this is what I went with since it is roughly equivalent to buying raw bitcoin, but seamlessly handled as a typical investment. The symbol is GBTC (Grayscale Bitcoin Trust).