Do You Envy Those Who Got Rich on Bitcoin?

Trying2SaveABuck on 07/02/2021 - 11:43
Last edited 11/02/2021 - 14:22

By envy i mean i am happy for them but i have a massive regret feeling of why da faq didnt i jump on this earlier

Bitcoin is now worth ~$40,000 USD (~$51,000 AUD) - I cant help but feel like a missed out on the ultimate golden ticket in which bitcoin started a $0.08 USD ($0.11 AUD)

I know a few people that sold out around- the $10,000-20,000 AUD mark and are now kicking themselves

But for me personally i am just like the ultimate missed opportunity - I am someone who plays the lottery, home raffles, takes a guess on speculative shares etc Not once has it ever paid off.

But the biggest gains in history has slipped right past me and i cant help but feel shattered ….

I guess a lot of people dont mind and good on you, perhaps I can learn a lesson for that thanks.

Financial Cryptocurrency

Comments

        • Captain M on 08/02/2021 - 19:19
          +2

          Have you actually done your homework if you understand it? Investing in crypto is not gambling or luck. It just shows that you dont know anything about investing. You need to do more homework mate. Properly.

          • tomleonhart on 09/02/2021 - 05:34
            +2

            @Captain M: “Which part of I don’t understand it therefore I won’t get involved.” do you not understand ?

            If you don’t understand something and you still invest that’s pure gambling to me.

            I understand and do well with stocks so I’ll stick with it.

        • [Deactivated] on 11/02/2021 - 11:36

          Do you understand how internet works? Does Warren buffet know how Apple iPhone works .. he admitted he was wrong and bought apple stock after everyone else. This is such a dumb take..

          • tomleonhart on 11/02/2021 - 11:48

            @[Deactivated]: A guy admitted he researched something and he’s dumb therefore won’t get involved in a certain asset class.

            The internet: “you’re so dumb”

            • [Deactivated] on 11/02/2021 - 12:42
              +1

              @tomleonhart: Not calling you dumb mate. I just said it's a dumb take.. this is what Warren buffet said before that he doesn't understand tech. Even though the sales of iPhone were flying off the shelves. Eventually he bought apple stocks.

              We don't understand how internet works or aws works but we are fine with investing in Amazon. We don't understand supply chain but we invest in retail.

              Bitcoin is similar you don't need to know how it works internally it's a $800B asset. The richest person is investing in it. PayPal, Visa, Master Card adopting it. Eventually everyone will get exposed to it. As most funds have invested in Tesla and Tesla put $1.5B on Bitcoin.

              Most things we invest into we don't understand how it works internally. It similar for Bitcoin. Anyways I respect your decisions. One way or the other through your boring investments you will get some exposure to Bitcoin. But you won't make much money as it will be taken up by commissions of funds and banks.

              And they will happily pay U 2% per annum. Good luck with that.

              • tomleonhart on 11/02/2021 - 12:54

                @[Deactivated]: Ok and I respect your decision to go with Bitcoin. My original comment was purely replying to OP when he claims anyone who isn’t jealous is basically lying.

                • [Deactivated] on 11/02/2021 - 13:02

                  @tomleonhart: Cool mate.

                  You can also watch any of Michael Saylor interviews on YouTube he is a CEO of MicroStrategy a publicly listed company to start learning if interested.

                  If you need help or have any questions regarding Bitcoin. Please feel to DM me. Or continue on this comment thread.

                  Good luck to you.

                  • tomleonhart on 11/02/2021 - 16:25

                    @[Deactivated]: so what is your take on ADA ? I put a couple of grand on it and so far already 3x lmao. It 3x so fast my FMG and MGQ and SIR can't keep up!

      • SydStrand on 07/02/2021 - 16:29
        +15

        I'd rather live in a modest house, drive a Corolla, and invest conservatively, than risk my life savings, possibly lose, then spend the rest of my life clawing my way out of gambling debt.

        Also, lol at this false choice where the only two options are either trading Bitcoin or living a hand-to-mouth. People can be both affluent and not invest a cent in crypto, it's called a salary and smart investment.

        • shamid202 on 08/02/2021 - 11:34

          Well thats how 90% of ppl are living a normal life.
          Anyone wether you run a big business or investment they do huge risks.
          Low risk low reward. High risk high reward.

        • [Deactivated] on 11/02/2021 - 11:37

          Smart investment because that's what fund houses tell you as they want to earn your commission

      • p1 ama on 07/02/2021 - 16:51
        +15

        Anyone who isnt burning they have missed out on more money then there current net worth is talking absolute rubbish

        You're either an inexperienced or shit investor (I'll give you the benefit of the doubt and say it's the former) if you're saying this. If you can't handle swings without getting emotional, you have no business being anywhere near markets.

        Assets go up and down every day. Anybody can concoct an investment plan in arrears which will generate huge returns. This is no different to saying that it was easy to have picked the lottery numbers after they're drawn. Don't be an idiot, you're being completely irrational. If you want to get upset at "missing out" on a certain investment, then also remember to "be happy" because you didn't buy into something else that went to shits.

        Im coming to realise a load of people on Ozbargin have a very boomer-barefoot investor mentality - in which is get wealthy slowly, never really live rich and always play it safe. - you will essentially end up with a decent net worth but live your entire life on a shoe-string budget thus on paper you're doing well but practically your life is boring af

        Hahaha choice words coming from a guy who's supposedly never made a good investment in his life. Maybe you should learn something from those who have successfully invested rather than puffing out your chest and outing yourself as an idiot wannabe day trader. Do you actually want to become rich or just dream about being rich?

        Don't try so hard to get rich that you end up poor ;)

        Im getting a lot of boomer (esq) comments on slow gains index funds/EFTs etc trying to give text book investor advice - ill just add this if you keep doing the same save s**t with your money then your going to be lurking on OzB for the $2 cashback deals, driving your boring Corolla, living in a suburb no one has heard of for the rest of your life.

        Coming from a guy lurking on OzB, probably driving some shit car, probably living in some shit house in some shit suburb. What do they say about throwing stones from glass houses?

        I am someone who plays the lottery, home raffles, takes a guess on speculative shares etc Not once has it ever paid off.

        Make money first, then talk.

        (Source: I used to work in the financial sector, specifically as an investments analyst, and have a UG and PG degrees in finance, along with industry certifications).

      • coffeeinmyveins on 07/02/2021 - 21:47

        Im coming to realise a load of people on Ozbargin have a very boomer-barefoot investor mentality

        and i'm coming to realise a lot of millennials think that you can just dump 10k into crypto, call yourself an investor, and become rich overnight. Or create a dropshipping "business" where they will become rich beyond their dreams.

        Whilst this is the reality for few, for most, they lose it all.

      • ripesashimi on 08/02/2021 - 01:10
        +1

        Sounds very contradictory.
        I'm in my late twenties and don't have much money just like 90% of people my age. I have to play it safe because I cant go all in with everything I have.
        While there are people who can afford to set aside $100k to invest in high risk stuff because they are financially comfortable, aka boomers.

      • GrueHunter on 09/02/2021 - 09:40

        How's your imaginary approach of doing jack, wishing you'd bought a lottery ticket and thinking suburbs are the key to life satisfaction working out

        Sounds super exciting

        I'll just be over here on my comfortable six figure salary I got like a boomer counting my defined benefit super I got like a boomer in my house that I own like a boomer

        Oh wait I'm 46

      • [Deactivated] on 11/02/2021 - 11:10

        One man's boring is another man's perfect.

        Many of us don't really care about being rich. Keeping up with the Joneses is a waste of energy. Why should I bother learning about complicated and risky investment strategies when I can do what I was gonna do anyway (which is work enough to get by, save and invest conservatively, and maximise my time spent chilling) and still have exactly as much fun as I would have if I was rich?

        If you're bored, depressed, lazy, and not getting satisfaction from life while poor, you'll probably do the same while rich. Just in a nicer house with a fancier car, both of which come with more expensive maintenance and tax!

  • Loot N Plunder on 07/02/2021 - 12:55

    envy is jealousy
    You must be a shallow person to be jealous of someones wealth

    Life is full of regrets
    it is what it is everyone cant be rich, famous, good looking, I bet there is somebody worse off than you so stop moping on the past your future awaits.

    • zwolf on 08/02/2021 - 07:43
      +2

      ..It isn't though, envy and jealousy are quite distinct. 👎 Swing and a miss.

      • ozbjunkie on 08/02/2021 - 14:04
        +1

        I have learned in this thread that I was missing a key distinction between envy and jealousy. Although some sources explain them in a way that makes them seem equivalent, some draw a distinction over whether you want what the other has (envy) or believe the other is diminishing what you have (jealousy).

        Seems use might be changing with convention, but I'd like to retain the distinction in terms.

  • Janko on 07/02/2021 - 12:59
    +1

    Not at all. It's mostly luck and your position and comfort level in taking risks.

    Plenty of potential opportunities now you can get into near ground zero - problem is you only know which ones when it's too late.

  • Hithere on 07/02/2021 - 12:59
    +14

    My Father always said, “Be envied, not envious.”

    I’m so jealous that I didn’t come up with that statement.

  • holdenmg on 07/02/2021 - 13:01

    Actually according to https://www.investopedia.com/articles/forex/121815/bitcoins-… it went from USD $0.0008 to USD $0.08.

  • [Deactivated] on 07/02/2021 - 13:05
    +8

    Almost everything in life is a complete and utter gamble. Look what happened last year, we got sideswiped by a pandemic that turned everything we knew about travel and liberty on its head. Imagine being told you're not allowed more than 5km from home for several months. Imagine it! My pre 2020 self would not have comprehended such a suggestion. Yet here we are in Australia where curfews are imposed the same day they are announced, where residents of a state are forbidden from reentry with no future date of when they can return announced. Where states treat residents of other states as lepers and refuse them entry.

    We are not "young and free", we are certainly not "one and free". Truth is we can hardly call ourselves a country any more.

    My point is any assumption you make about the value of an asset or investment is simply gambling. Even when you play the odds all correctly you can still lose everything.

      • SydStrand on 07/02/2021 - 18:09
        +18

        Those allegedly OTT restrictions you're complaining about, are the reason we're slowly returning to normality, almost uniquely among even developed countries, and why our economy is actually outperforming internationally.

        Complaining about stifling public safety measures while in the middle of a pandemic is one thing, but I don't know how you can look at how other countries are doing now with the benefit of hindsight, and think our policymakers made the wrong call.

        • macrocephalic on 08/02/2021 - 09:55
          +2

          Yes. It's actually kind of amazing how well our economy is doing considering how undeveloped it is. The US economy is still moving along because the pandemic has really pumped the tech and health sectors up. We are doing well because people can still (mostly) go to work, and go out to buy things.

    • ozbjunkie on 08/02/2021 - 14:06

      Can hardly call ourselves a country? That was when you lost me.

  • MITM on 07/02/2021 - 13:20
    +2

    I admire anyone who takes a punt and gets ahead - not just bitcoin. It's about being ready when the opportunity comes your way - and it will. Are you ready ? Are you prepared to be rich ? Step 1 is attitude. Delete all negative words from your vocab including envy.

    • WhyAmICommenting on 09/02/2021 - 14:59
      +1

      MITM or MLM?

      • modiika on 10/02/2021 - 13:53
        +1

        Sounds like he's been reading The Secret.

  • askme69 on 07/02/2021 - 13:24
    +3

    I thought i missed the noat on it as well.

    But i decidrd to invest in November as i was going backwards with the bank and thought i could't do any worse.

    It has gone up 3 fold since. I was going to bail laat week qhen it dropped back too 2 x my money, but its back up today over 3 x.

    But yes i am disappointed i didn't buy it at the start or at least give mining a crack 10 years ago. I purcahsed a weekend car instead which was a mistake.

  • morse on 07/02/2021 - 13:43

    No not envy. Would I like to have millions of dollars that I didn’t have to work for? of course. I don’t have any strong feelings about Bitcoin, probably as it wasn’t really something that I considered at the time, if I’d been considering it then decided against it, I would have regret. I suspect you feel like that as it was something you were considering at the time but didn’t do it.

    With my ‘boomer’ thinking (I’m gen Y and love my Corolla and suburb 😂 which unfortunately everyone has heard of) I have some level of regret that I didn’t buy property in Sydney 10years ago when I was considering it - but also don’t as I like where I am in life now, which wouldn’t have happened if I bought property and stayed in Sydney.

    Regret and envy is really how you feel about something, so it has to have some personal meaning, which sounds like property for me and Bitcoin for you.

  • JimmyF on 07/02/2021 - 13:44
    +4

    But the biggest gains in history has slipped right past me and i cant help but feel shattered ….

    Its only a profit when you sell, so those holding on might wake up on morning to massive drops in the bitcoin price.

    In late 2017 it was near $25k….. but then dropped to to mid $4k in 2018…..

    Now its back to $50k….. Tomorrow? Who knows.

    • [Deactivated] on 09/02/2021 - 21:18

      100k

      • JimmyF on 09/02/2021 - 21:19

        Try $60k…. but yes its going up atm.

        • [Deactivated] on 09/02/2021 - 21:19

          60k was today..

  • whooah1979 on 07/02/2021 - 13:57
    +1

    There are plenty of opportunities to make gains in digital assets. BTC has the first-mover advantage, but won't be the asset that will provide the highest gains in this bull run.

    People that want the most 💣 gains have to venture into the altcoin forest. People that DYOR has and will get anything from 10x, 100x and even a 1000x before the 🐻 market comes.

    • ankor on 08/02/2021 - 08:24

      How did they get over that tether scandal from 2018?
      It seemed that there were no proper auditing procedures and they were inflating the price of bitcoin etc again and again everytime there was a drop in btc's price.
      There were quite a few threads surrounding it and it was part of the reason for the drop from 10K and 15K in the first place.

      • whooah1979 on 08/02/2021 - 08:58
        +1

        USDT FUD is nothing more than a ploy by their competition to push the adoption for their stablecoin and by legacy financial players to suppress the price of digital assets.

    • Lupin the 3rd on 13/02/2021 - 05:25

      This is incomplete.

      The biggest opportunity is not in just hodling alts but trading crypto with leverage. It is possible to 1000x on good days like the elon pump few days ago. Direction doesn't matter, you can short for 1000x gains during a correction/dump/bear season (elon will hate you for it)

      • whooah1979 on 13/02/2021 - 07:32

        Everybody 💕 a good squeeze. 👍 work 🐻.

        https://www.forbes.com/sites/billybambrough/2021/02/12/as-bi…

        As Bitcoin Soars Toward $50,000, Data Reveals Tesla Billionaire Elon Musk Triggered A $1.2 Billion Bitcoin Price Short-Squeeze

        This week, $602 million worth of bitcoin short positions got liquidated in the direct aftermath of the Tesla’s announcement it had added bitcoin to its books, analysts from Arcane Research showed using data from Bybt.

        This follows an earlier short-squeeze of $612 billion driven by Musk changing his Twitter bio to “#bitcoin” and tweeting: “In retrospect, it was inevitable”—sending the bitcoin price almost 20% higher in a matter of minutes.

  • deme on 07/02/2021 - 14:07
    +1

    No

  • Strahany on 07/02/2021 - 14:28
    +13

    Anyone who envies a crypto investor in the green is only looking at the price now vs price at time of purchase, and completely ignoring the stress associated with holding such a volatile investment.

    Many current holders bought in during the peak of 2017/2018, and watched their money diminish. The ones that succeeded continued to buy a falling asset, waiting for this day to come. That approach yielded these current gains (potential or actualised) but with it came significant stress.

    • swagneto on 09/02/2021 - 09:32
      +1

      Should be higher. People don't understand what it's like to buy something when it feels like it's teetering on the edge of total obsolescence. Nobody wanted a bar of bitcoin in 2018 or early in 2020, but that's when the winners were buying.

  • plmko on 07/02/2021 - 14:33
    +1

    So then why didn't you get into Gamestop?

    • Trying2SaveABuck on 07/02/2021 - 18:21

      I did made money but nothing close too bitcoin

      Levels of cash

  • SydStrand on 07/02/2021 - 14:40
    +1

    Im getting a lot of boomer (esq) comments on slow gains index funds/EFTs etc trying to give text book investor advice - ill just add this if you keep doing the same save s**t with your money then your going to be lurking on OzB for the $2 cashback deals, driving your boring Corolla, living in a suburb no one has heard of for the rest of your life.

    That advice exists for a reason: because it's low risk. And you can live a comfortable lifestyle in a decent postcode with a nice car, while investing in boring ETFs. As someone who buys lottery tickets, you sound like someone who wants that big payday right now. How is that working for you? I'd rather feel the slight twinge of FOMO than the crippling despair of sinking my life savings into BTC or GME at the wrong time.

  • pharkurnell on 07/02/2021 - 16:09

    Bloke at work was talkin about some bloke that made 40 odd million from 50k? Do I envy that guy? Yea a bit… I'd like him to adopt me.

    Back in the day I had a mate ask me if I'd heard of a company called 'Goog… Goo.. Google" and if he should invest in it… I'd never heard of it….He did, I didnt… I hate him.

    • Trying2SaveABuck on 07/02/2021 - 18:20

      Wow man that would be hard credit to the guy 4 still working

    • Cluster on 08/02/2021 - 01:38
      +6

      The thing is, you only hear about the winners. "I made $40M by betting $50k!" Okay. How many other people blew $50k gambling and didn't come bragging? Quite a few.

      • gromit on 08/02/2021 - 08:51
        +1

        thankfully quite a few are also posting about the ridiculous amounts of money they lost on the GME bandwagon, people that took out loans, gambled there life savings, people that listened and bought in above $200. Perhaps that will help temper future gambling, but I bet not :-).

        Winners are always the loudest, My wife keeps pointing out she wanted me to "invest" in bitcoin back when it was $20k, I showed her our stock portfolio for the last 12 months last week and hopefully that is the last I hear of that unless bitcoin goes insane again. the reality is over the past 12 months just about everything has skyrocketted (maybe the exception being commercial office space).

      • pharkurnell on 08/02/2021 - 09:22

        This is true. Its a pure lottery… even the pro's lose millions to make millions.

        But I still want him to adopt me.

  • Sum-Ting Wong on 07/02/2021 - 16:19
    +1

    I’m long on Dogecoin. I’ll cash out when it hits $100k, or I die, whichever comes sooner.

    • Trying2SaveABuck on 07/02/2021 - 18:48

      Doge to hit 1$ ;) by Christmas

      • Jimothy Wongingtons on 07/02/2021 - 19:21

        I’ll be spewing if DOGE somehow gets to $1, like consider the market cap ??? I dumped all by bags at a very marginal profit and chucked it all back into NANO (I’ll probably regret it next time Elon causes another p/d).

        At this rate Z1p got more chance to get to $10 by Xmas.

  • soan papdi on 07/02/2021 - 16:39
    +12

    You're judging current state based on hindsight There are plenty of cryptocurrencies out there and there was no way to know ahead of time which one would be a success in 10 years. I put a bit of money in ripple and it's almost a write-off now. I feel stupid now, not smart. Don't beat yourself up.

    • Trying2SaveABuck on 07/02/2021 - 18:47

      Yep I had a little bit in ripple that was a mistake

      • brendanm on 07/02/2021 - 19:37

        It wasn't a mistake if you got in early and got out near the high. Timing is everything.

        • Trying2SaveABuck on 07/02/2021 - 20:42
          +1

          If you make money it is never a mistake….

          If you lose then it is

          The most important thing is what you learn from it

          • zwolf on 08/02/2021 - 07:47

            @Trying2SaveABuck: Which was what, "sell when it's at it's all-time high and before crashing" ? o.O

  • dust on 07/02/2021 - 16:43
    +11

    If I had it at 10 cents I probably would have sold at $1.

  • ozhunter on 07/02/2021 - 16:52
    +1

    You could take the risk and buy cryptocurrency today if you want and hope it goes up.

  • whooah1979 on 07/02/2021 - 17:19
    +3

    2021 will be a bigger year than in 2020.
    https://youtu.be/fiFIt5YrztY

    Full video.
    https://youtu.be/wA_fI-wUqnw

    • SBOB on 07/02/2021 - 18:56

      Or will it be a 2018

      • whooah1979 on 07/02/2021 - 19:17
        +3

        A -50% correction would be a great opportunity to accumulate cheap bags for the next bull run.

        • coffeeinmyveins on 07/02/2021 - 21:49
          +1

          or it'll crash back down to $100 each and never recover.

          Why do people talk about the future of the market like they know 100% what's going to happen?

          • whooah1979 on 07/02/2021 - 23:08
            +1

            @coffeeinmyveins:

            or it'll crash back down to $100 each and never recover.

            That is a probability. It is likely to happen according to historical technical data? No.
            https://nimb.ws/18ODEG

            Of course, there is the probability that all markets could go to -99.99% when a massive comet hits the earth, COVID wiping out billions of people or Godzilla going on a rampage. Is it likely? 🤔, we just have to wait and see.

          • Hunter14 on 08/02/2021 - 12:55

            @coffeeinmyveins: It's already been adopted by large influential fin tech companies like Square and PayPal. Elon Musk has hinted he bought some, possibly using the cash in Tesla's balance sheet.

            Once it comes out in public that Tesla or one of the top 20 company has bought some, it is not likely to crash back down like in 2018. All the other big companies will start doing the same and there will be mass FOMO. Don't get me wrong, it is possible for it to tank but unlikely.

            • redfox1200 on 09/02/2021 - 08:25

              @Hunter14: This comment aged well, thanks papa elon

              • Hunter14 on 09/02/2021 - 12:14

                @redfox1200: Lol, yep. The writing was on the wall. There's only so many hints Papa Elon can give us to get in early before he announced.

                Huge news.

          • [Deactivated] on 13/02/2021 - 07:46

            @coffeeinmyveins: Only way that will happen is if someone cracks it.

            It has been legitimised by corporate investment now, other companies will follow suit.

        • Lupin the 3rd on 13/02/2021 - 05:32

          or you can short for 100x+ gains during a correction/dump/bear season (elon will hate you for it)

    • Tiredman on 07/02/2021 - 21:51
      +1

      Polkadot. Great stuff.

  • AustriaBargain on 07/02/2021 - 17:58

    Jealousy is both reasonable and belongs to reasonable men, while envy is base and belongs to the base, for the one makes himself get good things by jealousy, while the other does not allow his neighbour to have them through envy - Aristotle

    The definition of envy and jealousy may have changed a little since his day. But what he says is true. Wanting good things for yourself is totally fine, but wanting good things taken away from others is ugly.

  • bongom on 07/02/2021 - 18:02
    +3

    Risk vs reward. Not everyone wants to gamble with their life savings.

    • Trying2SaveABuck on 07/02/2021 - 18:49
      -1

      $10 is your life savings?

      • SydStrand on 08/02/2021 - 00:30
        +2

        If you're investing $10, what exactly do you think the return will be in your wildest dreams: $50? 100? This isn't a life changing amount of money, certainly not enough to moan on Ozbargain about.

        • kkpdp on 08/02/2021 - 01:38

          I think he's referring to the people who invested $10 in 2009/10 and that investment is now worth a few hundred k.

          • [Deactivated] on 08/02/2021 - 08:00

            @kkpdp: Many accounts got hacked back in the day. So zero.

          • samfisher5986 on 08/02/2021 - 11:17

            @kkpdp: With all the huge dips in Bitcoin, I would say most if not all people who actively knew they had $10 invested would have cashed out.

            It seems most of the people who got rich forgot they invested that $10.

  • dylanando on 07/02/2021 - 18:59

    A little for sure but you can certainly still make some nice money now. Buying a few each of the top crypto alts and forgetting about them is something I’m doing.
    Even eth did a massive jump recently.

    • kkpdp on 08/02/2021 - 08:15

      Which exchange are you using? I've tried binance but none of the credit card payments seem to go through

      • dylanando on 08/02/2021 - 10:13
        +1

        Btcmarkets is solid.

      • highdealer on 08/02/2021 - 13:47

        BTCmarket is very solid, but their fees are really high. I have been using coinspot recently, fees are high on none marketable altcoin but 0.1% on the rest.

  • Cheaplikethebird on 07/02/2021 - 19:10
    +1

    So it's never paid off for you but still the guys invested in index funds are suckers LOL!

  • Jimothy Wongingtons on 07/02/2021 - 19:23
    +1

    Got in around 2017, failed to cash out at original ATHs before the great crash. Finally was able to pull out some of originals investment. Made a marginal profit but looking at the CGT involved … was it really worth it ?

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