DO NOT DEAL WITH THIS MEMBER
Feb 3, 2025 09:44 AM
(This post was last modified: Feb 3, 2025 09:45 AM by Hackers.)
You can read through the numerous forum posts and emails from Satoshi in the archives here:
https://www.bitcoin.com/satoshi-archive/
Would these posts be enough for you to have mined, invested, or otherwise spent time thinking about Bitcoin? I think the answer will be No for many.
Many people fantasize about buying bitcoin when it started, and holding until today.
However, most people would have sold at $10, $100, $1000, or $10K each - or $20K each. Not many would make it to $100K holdings.
But before you can even decide if you would have held, you must think about if you would've mined or bought to begin with.
I had a chance to mine when it was possible on CPU and didn't. FML for that one, but I don't get down about it. At the time there were no major reasons to think you were missing out.
If you weren't "there" (online) for the start of BTC, you should check out the archives and the original posts from Satoshi. They are technical and even he discloses multiple flaws, and nobody is sure if it will be successful.
Give them a read and ask yourself if you would've spent time & money learning about BTC at a time when no tools were really "clean" and readily available. Ask yourself if you truly would've gotten into Bitcoin based on the original posts.
I have a feeling most people won't be able to stay reading the archives now, let alone stay reading Satoshi posts when the coin was worth nothing.
Feb 3, 2025 09:47 AM
(This post was last modified: Feb 3, 2025 09:52 AM by Zher0.)
I was mining it on my parents' computer and using it around 2010-2011. I can't answer whether I would have invested in it or not. I understood the technology, but at the time, I didn't understand money or investing, lol. I just saw it as decentralized "anonymous" internet money.
I would like to think if I was older at that time I would have held a little BTC throughout the years.
DO NOT DEAL WITH THIS MEMBER
(Feb 3, 2025 09:47 AM)Zher0 Wrote: I was mining it on my parents' computer and using it around 2010-2011. I can't answer whether I would have invested in it or not. I understood the technology, but at the time, I didn't understand money or investing, lol. I just saw it as decentralized "anonymous" internet money.
I would like to think if I was older at that time I would have held a little BTC throughout the years.
Yeah it is a little unfortunate.
I didn't mine when I could have because I didn't foresee the vision.
But a number of years later I was fully interested in BTC, understood the vision, and believed in it.
The problem? I had very little money to invest and my family wouldn't invest in it even as I begged them to at least put some money in.
Oh well it is what it is
I had no idea what was BTC at this moment, I was just interested in taking drugs and go to parties. A friend of mine bought 2g of MDMA on the darkweb with BTC back in the days like 2014. That was our most expensive party, I guess.
DO NOT DEAL WITH THIS MEMBER
Feb 3, 2025 10:44 AM
(This post was last modified: Feb 3, 2025 10:48 AM by Hackers.)
(Feb 3, 2025 10:39 AM)Bastille Wrote: I had no idea what was BTC at this moment, I was just interested in taking drugs and go to parties. A friend of mine bought 2g of MDMA on the darkweb with BTC back in the days like 2014. That was our most expensive party, I guess.
Oh man, if only we knew right?
Unrelated to Bitcoin but you mentioned expensive parties.
I had a friend back in the day who hosted a party at their house. They didn't understand the value of the wine they were drinking and it's said that they drank an estimated $300,000 - $600,000 in premium vintages that night. The exact number was around half a million, give or take depending on auctions. It was very dramatic at the time but ultimately that family could afford the loss and things were fine. I wasn't at the party that night but we were all around 14-15 years old.
It's kinda funny to think that even that party doesn't make a dent on some of the things ordered with early BTC.
I was reading through the archives a bit more this morning and found one dormant address from Mike Hearn that has 82 BTC on it. It still receives bitcoin periodically, not sure why - But it is completely inactive from back in the day.
I'm not sure what is worse: Spending bitcoin and having 0 BTC leftover from years ago.... Or having a wallet with 82 BTC in it, but no private key to access it.
In the past there was an estimate that over 1/3rd of the available bitcoin is stuck in dormant or lost wallets.
(Feb 3, 2025 10:44 AM)Hackers Wrote: Oh man, if only we knew right?
Unrelated to Bitcoin but you mentioned expensive parties.
I had a friend back in the day who hosted a party at their house. They didn't understand the value of the wine they were drinking and it's said that they drank an estimated $300,000 - $600,000 in premium vintages that night. The exact number was around half a million, give or take depending on auctions. It was very dramatic at the time but ultimately that family could afford the loss and things were fine. I wasn't at the party that night but we were all around 14-15 years old.
Yep, if only we knew ...
Damn, our party wasn't that expensive lmao 😂 those kids definitely are forever indebt regarding their parents
DO NOT DEAL WITH THIS MEMBER
(Feb 3, 2025 10:49 AM)Bastille Wrote: Yep, if only we knew ...
Damn, our party wasn't that expensive lmao 😂 those kids definitely are forever indebt regarding their parents
Haha yeah exactly.
LOL - yeah I know they were definitely in some trouble but they were still at school and able to hang out, but they weren't trusted by their parents for ages.
Ultimately they were quite wealthy and only a few bottles were drank. It's not like they cleared out a whole cellar and knew they were fucking up. They basically took a few bottles that ended up being super expensive, but life went on.
I think ultimately their loss was probably similar to wrecking a car for us normal people. It's a loss, but it's not something that impacted their family's life overall.
Feb 3, 2025 10:56 AM
(This post was last modified: Feb 3, 2025 10:56 AM by Zher0.)
(Feb 3, 2025 10:44 AM)Hackers Wrote: Oh man, if only we knew right?
Unrelated to Bitcoin but you mentioned expensive parties.
I had a friend back in the day who hosted a party at their house. They didn't understand the value of the wine they were drinking and it's said that they drank an estimated $300,000 - $600,000 in premium vintages that night. The exact number was around half a million, give or take depending on auctions. It was very dramatic at the time but ultimately that family could afford the loss and things were fine. I wasn't at the party that night but we were all around 14-15 years old.
It's kinda funny to think that even that party doesn't make a dent on some of the things ordered with early BTC.
I was reading through the archives a bit more this morning and found one dormant address from Mike Hearn that has 82 BTC on it. It still receives bitcoin periodically, not sure why - But it is completely inactive from back in the day.
I'm not sure what is worse: Spending bitcoin and having 0 BTC leftover from years ago.... Or having a wallet with 82 BTC in it, but no private key to access it.
In the past there was an estimate that over 1/3rd of the available bitcoin is stuck in dormant or lost wallets.
Haha, yeah I definitely had some old BTC wallets on either recycled PCs or hard drives that have been reformatted many times, with no backups. I'd say I had max $10-$20k loss with the prices today, thankfully not a life-changing amount.
Also, that wine story is insane.
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