Some people were smart 10 years ago, some were not...

[Lucius]

And there are some who still does not believe in crypto.
~snip~

It's not a matter of whether someone believes in something or not, nor should all people be considered less smart because they don't show interest in cryptocurrencies - it's a matter of how some people use their social position to influence people - some positively, some negatively.

The lesson of the story is that you should not follow people who are successful in life in everything, because money is not always a measure of someone's intelligence.

[0t3p0t]

Yeah and I belong to those who are not that smart haha if only I hodl all my Bitcoins way back 2017 I would be a millionaire in my local currency right now. I have maybe underestimated the potential of Bitcoin that time as I spent all of it before it makes newer ATH's on the next couple of years. Though I am just an average or even poor guy that is why you cannot blame me for spending all that Bitcoins I have. That is why right now I am paying attention to some cheaper coins that has potential to grow just like Bitcoin because I don't wanna miss the opportunity ever again.

[bitterguy28]

So your story/thread here is base on your own experience and indeed that you are the one that is not so smart back then ,but surely now you are not just smart but also have a guts in investing your funds

You got it all wrong

Ohh my bad ,did not pay attention to that part my apology .

By the way, why did you quote the entire post - do you think that makes sense?

[Rruchi man]

What is the lesson of the story? Sometimes you should not blindly listen to those who are "successful", but to those who are perhaps a little less successful, but always follow new technologies and understand their potential.

This makes sense. Some people who have been successful assume that based on their status, they are qualified to have an opinion on every topic. They can assume their opinions even without knowledge or research, and they can leave with consequences because they are fairly comfortable.

Someone who is less successful and very concerned with their success will try to get their facts correctly and make deep research before forming an opinion, they will not take any opinion without proper research even if it is coming from someone who is more successful than they are.

[Faisal2202]

Fortunately, in 2014 I didn't listen to Warren Buffett but to Tim Draper

I am glad you followed Tim instead of Warren but unfortunately, I was not young enough at that time to get the benefit of BTC. But my elders did but they lost what they accumulated for free via faucets or other mining sites. They think it's useless at that time. The big barrier among people of my region is they just start to use things without proper knowledge they work like a donkey (no Offense, just a metaphor) but no mindset.

If you first examine the situation, and the potential, read about the project how much money is going in and out of this, if there was any data at that time then you would have some idea that this is not a opportunity to be missed. And yet many people lose many BTC they mined for free just because they thought its useless. I hope history will not repeat it self, I hope there would be a cave near me just like there was in Dark Series and I could go back and buy some BTC hahaha.

[Hamza2424]

Yup, how can the pizza man forget, how he spent millions of $ worth of Bitcoin just for a few bucks, well he did what was right at that time, I can't say that any of us would be able to endure such high-profit pressure if we had Bitcon in a good amount back that just imagine you spent 10$ and now after a couple of months its $10K will you be able to resist. I know greed has no limits but the resistance against profit is even weaker compared to the resistance against loss.

No one was able to expect such bright future potential of Bitcoin in those days, so mostly people sold their coins, and those who owned them and forgot maximum of those as well lost their keys, some of them sold a massive amount and still holding some them, even those some coins are a massive number to accumulate these days still you know, and those are very rare who still own a good amount in their holding.

Mostly people make long term deciosn on the short sighted analysis that the reason maximum people lose in saving heavy return, that the reason it called patience is the key to success.

[Dr.Bitcoin_Strange]

Yeah I made money but I did not believe in BTC until Dec 2017.

I could have done worse but I could have done better.

Bitcoin was relatively a new technology and needed time to grow into something people could believe in, I really wouldn't blame those who doubted, because bitcoin was at that time what could be explained to be a miracle.

Even many who bought and held bitcoin back then didn't really understand what they held in their possession or its potential, many sold for a few dollars and many for a few thousands and some who believed in the vision held.

[electronicash]

Tim believes in the new technology and him being from a prominent family does have information about the future of finance.  he may have already look at where the future is going as BTC started to rise up and started becoming known to people. 10 years ago he probably imagined things are going digital and people will be more into digital currencies such as BTC. he might even have inside information of the rich club where we many of us are not members.

he bought Ross Ulbritch coins when it was auctioned. not sure how else bid but he won.

[JoyMarsha]

It's not been smart or not. The universe didn't cause everyone to believe in whatever was being said to them. There will be some people who would like to disagree or give unrealistic opinions to whatever said to them that others treasured to be like gold to them in the future

If most of us knew about bitcoin 10 years ago, I am sure we wouldn't easily concur with what someone would say to us about it, reaching a high amount knowing at the low price it was then.

For instance, would you easily agree or accept that bitcoin will reach $500k before the end of next year, knowing how low the bitcoin price is currently, to that said amount($500k).?

[armanda90]

I don't think some of them smart but most luckiness after holding more than ten year ago and forget they have bitcoin assets until remember it right now and price pump drastically.
But had urgency problem with some people selling their bitcoin with lower price and got difficult with financial condition for reinvesting in bitcoin during have lower price.
Can't predicting with bitcoin price in the future and I don't think most of them not invest when lower price are not smart people, maybe they make bitcoin as short term investment but the luckiness hold it behind forget with bitcoin assets or its their free money and not matter hold for longer time.

[Lucius]

Yup, how can the pizza man forget, how he spent millions of $ worth of Bitcoin just for a few bucks, well he did what was right at that time, I can't say that any of us would be able to endure such high-profit pressure if we had Bitcon in a good amount back that just imagine you spent 10$ and now after a couple of months its $10K will you be able to resist. I know greed has no limits but the resistance against profit is even weaker compared to the resistance against loss.
~snip~

At a time when you could mine BTC with a personal computer and when the reward per block was 50 BTC, it is not surprising that someone would pay 2 pizzas for that much BTC considering the price that was then. As far as I know, Laszlo never regretted it, nor should he - because he showed that Bitcoin can be a currency, and besides, he went down in history just like some other people of that time like Hal Finney.

Most people at that time were not obsessed with profit like they are today, and that is one big difference.

[babo]

10 years ago a man appeared on a TV program in the US and boldly said that 1 BTC will be worth at least $10 000 in the next 3 years. Many laughed at him and looked at him strangely after that, but the man always had a nose for such things and was actually right.
...

it's always like this, those who see things in advance are always laughed at and made fun of, unfortunately
people don't see the things you see and they see them as impossible
when Michael Burry said that there would be an implosion of subprime mortgages people laughed at him, yet he was right

[0t3p0t]

10 years ago a man appeared on a TV program in the US and boldly said that 1 BTC will be worth at least $10 000 in the next 3 years. Many laughed at him and looked at him strangely after that, but the man always had a nose for such things and was actually right.
...

it's always like this, those who see things in advance are always laughed at and made fun of, unfortunately
people don't see the things you see and they see them as impossible
when Michael Burry said that there would be an implosion of subprime mortgages people laughed at him, yet he was right

We can also see this in the holy scriptures where where Noah tried to convince people to help him build the ark but no one believes in him then the flood happened it's all the same with that Bitcoin guy but if only people believe in them then they could be saved. But I also have this mind that what if we are those non believers? What do you think you will feel after that happened?

[Lucius]

We can also see this in the holy scriptures where where Noah tried to convince people to help him build the ark but no one believes in him then the flood happened it's all the same with that Bitcoin guy but if only people believe in them then they could be saved. But I also have this mind that what if we are those non believers? What do you think you will feel after that happened?

I would not go so far as to compare religion with business opportunities/investments - because all I wanted to achieve with this topic is that we always question what influential people say, because some of them, for various reasons, have persistently said for more than a decade that Bitcoin is scam and that it will fail soon.

In an indirect way, they influenced many people who formed their opinion based on such statements, and what was even worse, they passed it on to others. A lie told a thousand times can easily turn into the truth - and maybe in 10 years someone will start a similar topic and wonder why some were smart and others were misled by people who don't understand something, and at the same time speak very badly about that.

[milewilda]

10 years ago a man appeared on a TV program in the US and boldly said that 1 BTC will be worth at least $10 000 in the next 3 years. Many laughed at him and looked at him strangely after that, but the man always had a nose for such things and was actually right.

Around the same time, one of the most famous investors in the US declared that Bitcoin is "mirage", and a few years later he stated that BTC is “probably rat poison squared”.

What is the lesson of the story? Sometimes you should not blindly listen to those who are "successful", but to those who are perhaps a little less successful, but always follow new technologies and understand their potential.

Fortunately, in 2014 I didn't listen to Warren Buffett but to Tim Draper

We do have our own personal choice and other external factors would really be something that will really affect your overall decision on which it could neither be right or wrong.
We would be having those regrets just because we had followed the wrong person but there's no way on telling on whose right or wrong on that particular time.
So every decision that would be taken would really be having its accompanied risks on which it would really be that normal that results will really be totally random as well.
There are really just that those individuals who would really be having those kind of regrets that would be lasting up a lifetime.