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re: All these people "investing" in bitcoin. Where are those that got rich from it?
Posted on 11/27/17 at 7:59 pm to Vrai
Posted on 11/27/17 at 7:59 pm to Vrai
I remember seeing the reddit post where it hit $1. I thought it was a Ponzi scheme.... somehow I didn’t connect the dots that it was the right side of the scheme to be investing in even if it was (is?) a Ponzi scheme.
0
Posted on 11/27/17 at 9:33 pm to HailToTheChiz
I asked the same question the other day and the short answer is most people are full of shite. We're talking about adults who have never purchased an equity, but claim to have invested heavily in bitcoin. I also think most people that have actually realized a gain have cashed it out/bought back in and probably keep doing that in small amounts so that they aren't holding any more coins than they were originally, which drives the speculation.
This brings me to my next point: the exchanges have withdrawal limits. Just before its demise, Mt. Gox handled the majority of transactions and had a $1000/day $10,000/month liquidation limit. So since you couldn't get a check for a billion dollars direct deposited, you could trickle your money out or buy a lambo from that douche that accepted payment in bitcoin. I'm also not sure if the famed WikiTiger had an offline wallet or not, but he claimed to have used Mt. Gox for all his transactions, so there's a chance he lost it all when the exchange disappeared overnight.
Even with Coinbase's $10,000 a week sell limit (the advertised one, there may be loopholes and VIP treatment), you can cash out for $520,000 a year. I wouldn't exactly call that frick you money and without universal acceptance, people aren't buying yachts and wouldn't be able to liquidate their 9 figures in a lifetime.
This brings me to my next point: the exchanges have withdrawal limits. Just before its demise, Mt. Gox handled the majority of transactions and had a $1000/day $10,000/month liquidation limit. So since you couldn't get a check for a billion dollars direct deposited, you could trickle your money out or buy a lambo from that douche that accepted payment in bitcoin. I'm also not sure if the famed WikiTiger had an offline wallet or not, but he claimed to have used Mt. Gox for all his transactions, so there's a chance he lost it all when the exchange disappeared overnight.
Even with Coinbase's $10,000 a week sell limit (the advertised one, there may be loopholes and VIP treatment), you can cash out for $520,000 a year. I wouldn't exactly call that frick you money and without universal acceptance, people aren't buying yachts and wouldn't be able to liquidate their 9 figures in a lifetime.
Posted on 11/27/17 at 9:35 pm to Vrai
Yep. Was gonna buy 100 of them when they was like 2 or 3 bucks. frick me.
Posted on 11/27/17 at 9:38 pm to Engineer
quote:
Even with Coinbase's $10,000 a week sell limit (the advertised one, there may be loopholes and VIP treatment), you can cash out for $520,000 a year. I wouldn't exactly call that frick you money and without universal acceptance, people aren't buying yachts and wouldn't be able to liquidate their 9 figures in a lifetime.
With increased verification, the limits go up.
I can withdraw 100k/day on Gemini
Posted on 11/27/17 at 9:39 pm to Deactived
I love all the people who downvoted your statement. I know 2 people well who are retired from what they’ve made from bitcoin already and since we know some of the same people I’m sure I’m speaking of 2 people that you are.
Posted on 11/27/17 at 9:54 pm to Deactived
If you buy me a 60 ft Jim Smith I will take you and LL night tuna fishing
Posted on 11/27/17 at 9:55 pm to HailToTheChiz
I had a meeting with a guy about 40 who bought $10,000 worth of bitcoin when it was priced at something insane like $20.
He said he doesn’t even touch the money he’s made off of bitcoin - that’s his retirement account essentially.
He said he doesn’t even touch the money he’s made off of bitcoin - that’s his retirement account essentially.
Posted on 11/27/17 at 10:00 pm to HailToTheChiz
I pussed out of buying (a measly) $1,000 worth in 2013 when i was a freshman in college
Posted on 11/27/17 at 10:03 pm to Engineer
Its a Lambo dealership not just a guy selling one. You can pay with it and other coins on sites like overstock.
Posted on 11/27/17 at 10:13 pm to Engineer
quote:
asked the same question the other day and the short answer is most people are full of shite. We're talking about adults who have never purchased an equity, but claim to have invested heavily in bitcoin.
You are out of your element here. Of course that's true. I'd say most of the early investors had never purchased an equity. It was mostly programmers and cryptographers, not wallstreet Playboy's. Those guys came in much later in the game.
Posted on 11/27/17 at 10:43 pm to Engineer
quote:$10,000 per day AND you can apply for higher daily limits FWIW. Just correcting an inaccuracy
Even with Coinbase's $10,000 a week sell limit (the advertised one, there may be loopholes and VIP treatment), you can cash out for $520,000 a year. I wouldn't exactly call that frick you money and without universal acceptance, people aren't buying yachts and wouldn't be able to liquidate their 9 figures in a lifetime.
Posted on 11/27/17 at 11:33 pm to HailToTheChiz
Aruba?
Posted on 11/28/17 at 7:24 am to HailToTheChiz
If I made millions upon millions on Bitcoin, I wouldn't tell a soul. No one needs to know that.
Posted on 11/28/17 at 7:38 am to crazycubes
Mined 6.5 in 2013. Sold them for $900 in Dec 2016. :(
Passed on buying any so many times before.
Passed on buying any so many times before.
Posted on 11/28/17 at 8:03 am to Engineer
quote:whats to stop someone from withdrawing from multiple exchanges daily? Coinbase isn't the only way to cash out
This brings me to my next point: the exchanges have withdrawal limits
Posted on 11/28/17 at 8:11 am to fightin tigers
quote:
They also invested in Emu's.
i remember when this was a thing
Posted on 11/28/17 at 8:12 am to HailToTheChiz
quote:
I know of no one that has struck it big.
Well you live in a tiny town in Alabama so...
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