Just a friendly reminder from an old-timer: psychologically prepare yourself for the crash before it happens.

I love Bitcoin and I've been deeply involved in it since 2012. It is without a doubt the best STORE OF VALUE ever devised. I fully expect it to surpass gold in that regard. So there is a lot of growth left.

That being said, everyone here needs to psychologically prepare themselves for a 75% (or possibly even more) crash. Due to the extremely strict supply limits of this money, the bubble/bust cycle will NOT magically stop. This current bubble could take us beyond 10,000, and the crash could take us below 1,000. Get that in your head now. Let it sit in your mind for a while and absorb it at an emotional level.

In the long run we'll all be okay and very glad we were buying so early. But in these happy times, just remember: This Too Shall Pass.

submitted by /u/Throwahoymatie
[link] [comments]
Bitcoin

Before we go any further, I’d like to say one thing: $10,000 is the moon.

Do you know how far away $ 10,000 looked? It's easy to forget. I got into Bitcoin in 2011. I started the San Francisco Bitcoin Meetup. The first meeting was six of us at a bar, not sure how crazy we were. The price that year went from $ 1 to $ 30 — wow! And then it crashed to $ 3, and many people wondered if it would continue on to zero. The whole time, at that first meeting and later ones, the main line of thought, as far as price goes, was: "Bitcoins are probably worth nothing. But if this does become a thing, they'll be worth a lot." And $ 10,000, specifically that number, was as high as anybody dared to dream. That was the number where you'd propose it with a laugh, and then everyone would look away, embarrassed but dreamy-eyed. So please let me tell you, $ 10,000 is the moon.

When I started the meetup, I just wanted to meet anyone who had even heard of Bitcoin. Of course there were online discussions, but I was so profoundly excited about this thing, and no one I knew in real life had heard of it (except my friends who I was relentlessly badgering). That's a weird place to be. Especially since today, almost everyone has heard of Bitcoin. So I meet up with these guys and I got to experience that shared excitement in person. I understood how members of an esoteric cult must feel. We strongly believed something — that Bitcoin might be part of the future — that almost nobody outside of that room believed. I was only pretty sure we weren't crazy.

The second meetup was already bigger, and incredibly inspiring. My hope going in was that some people would get together to start a new project because of the meetup, but it became clear that that wasn't going to happen — everyone was already working on something. Besides talking about our projects, there was debate about the usual subjects: what's next for Bitcoin? What's it most useful for? What'll it look like in a year? No one was out to prove anything, everyone was hoping to discover something. Many people came through those first few meetings: the original founder of MtGox, the ExchB founders (remember?), the TradeHill founders, the future founder of Coinbase, a bitcoinj author, and more. I say this only with the hopes that it gives me some scrap of authority, not as a leader, but simply as someone who was there, who was present for the early narrative. No one was imagining past $ 10,000. So, to me, $ 10,000 is the moon.

And ok, there's a technical question of whether we mean $ 10,000/BTC, or $ 10,000 when you add BTC + BCH and whatever other forks. I say the former. If we're going to add up all the forks, there's an asterisk on the party, and we have to explain the details. We don't want details, we want headlines. We want the moon. So if it hits $ 10,000 per BTC, we should celebrate! $ 10,000 is the moon.

There's always the stars.

submitted by /u/badr
[link] [comments]
Bitcoin

Those who doubted or were ignorant to Bitcoin before, are complaining about early-adopter bias and unfair distribution now. (reddit.com)

You can’t have it both ways. You don’t get to dismiss or ignore a technology until it is ubiquitous worldwide; and then claim you should have been included earlier; You don’t get to claim that it’s unfair that those who chose not to dismiss or ignore Bitcoin, are now financially successful. Everyone had an opportunity to buy Bitcoin early. And you still have an opportunity to buy now. If you think the price is going up, if you’re so sure that this new class of rich people are going to…

Bitcoin