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

  • Ithinkimtheking on 07/02/2021 - 11:46
    +73

    Meh

    • Scrooge McDuck on 07/02/2021 - 23:19
      +18

      That's what people said when I told them about it in 2009.

    • ItsMeAgro on 08/02/2021 - 09:45
      +67

      Yep. Why envy people who bought BTC at 1 cent each? All of them sold when it hit 5 cents or 10 cents or something, and you would have, too.

      Anyone who bought that cheap and held on until 50k was lucky, not clever.

      Regret has literally zero benefit (unless you find something to learn from it).

      • Momotsuki on 09/02/2021 - 12:05
        +8

        This.. 100% this comment

      • sAmiZZle on 09/02/2021 - 14:37
        -2

        Thou hast not heard of the term "Hodl"? This is legit my motto. To the moooooonnnn! 😁

      • Scrobo on 10/02/2021 - 11:32
        +3

        Yep.
        Most people that invested say $5000 would have pulled out when that investment quadrupled in size and they had 20 grand there that they could pull out.
        Hell, most people would pull out when they doubled their money, and that's a good call, you doubled your investment.

        I regretted for a while that I had the chance to be paid $1000 I was a owed in bitcoin instead of cash, back in 2012, as it would be worth an unfathomable amount of money now, but if I am honest with myself, I would have probably sold it once it was worth a few grand and have been stoked at the time.

        • supersabroso on 11/02/2021 - 22:50

          That's true, not many people would have held on when their investment doubled/quadrupled it would have been too risky to hold on. Even with Tesla announcing it as a payment platform "soon", there is no benefit in paying with bitcoins when normal cash works the same way (if not better due to credit card points). This is definitely a bubble, it's just a matter of time. Governments will incentive the use of their own digital currency or crack down on illegal transactions which is the only real benefit of bitcoin, thus it won't go anywhere. Right now, it's building up to the big short much like Gamestop, the only thing is, will it crash in 1 year, 2 years or a decade from now. Roll the dice.

          • whooah1979 on 12/02/2021 - 07:22

            @supersabroso:

            if not better due to credit card points)

            Top tier crypto cards have 8% crypto cashback.

          • daft009 on 12/02/2021 - 14:08

            @supersabroso: I recovered my costs back in 2013/14 after mining.
            I sold the gfx cards & PCs.
            I bought some BTC at $450 and sold at ~$1000 back then.

            whatever I have now is at 0 cost to me, as I "don't care" what happens.

  • cloudy on 07/02/2021 - 11:48
    +118

    Do I envy people who win lotto? No
    Do I envy people who I see pick up 5 bucks form the street gutter? No

    I don’t envy people making money there’s no way I could have made.

    Life really is about focusing on the things you can control. Bitcoin you can not, at least I feel I can not.

    • mbck on 07/02/2021 - 12:01
      +10

      If you're elon musk, you can buy something and then tweet about it and profit.

      There are plenty of people on Twitter redoing this too to build hype…then they jump ship once they've made money.

      Obviously not saying musk does this, I'm sure he's done his resesrch

      • Willco88 on 07/02/2021 - 13:17

        He's the richest man on earth I'm sure he knows what he's doing

        • SupeNintendoChalmers on 08/02/2021 - 16:30
          +9

          Technically not the richest, the majority of his money is tied to stocks.

          The real richest people are the families of multi-generational wealth, example Rothchilds, Vanderbilts, Bettencourts etc.

          • Willco88 on 08/02/2021 - 16:31
            -1

            @SupeNintendoChalmers: Aren't they dead

          • trapper on 08/02/2021 - 17:50

            @SupeNintendoChalmers: He's worth almost a quarter of a trillion AUD… who else is wealthier than that?

          • BuyOrNot on 08/02/2021 - 21:20

            @SupeNintendoChalmers: Does it really matter if you have 100 billion or 1 billion, you are rich.

            • quanticism on 09/02/2021 - 01:30
              +1

              @BuyOrNot: Depends on the ambition. Partying away on a retirement vacation island? Yes, they're pretty rich. Building rapidly reusable rockets? Might need more cash. What do you think Jeff Bezos will do now that he's stepping down from Amazon? Relax and enjoy his riches? Or push Blue Origin to catch up with SpaceX?

      • Roger Ramjet on 09/02/2021 - 16:53

        Thats called market manipulation and is illegal… for you and me.

        • mbck on 09/02/2021 - 17:07

          Oh they don't do it blatantly.

          Plenty of twitter "finance guru" does it. Ofc in essence pump and dump.

        • whooah1979 on 09/02/2021 - 17:23

          Market manipulation is only unlawful in regulated markets. The trading of DOGE isn't regulated.

    • RobBoss on 07/02/2021 - 14:46
      +2

      Well said, plenty of people, including me, are happy as it is

    • 28kb on 08/02/2021 - 17:58

      "Life really is about focusing on the things you can control", you did previously have the choice of buying bitcoin at a low price.

      So I guess it is living with regret? or telling one self ruminating about regret will not improve who you are.

      Or do you have any other better rational reasoning why we shouldn't regret or compare.

      • cloudy on 08/02/2021 - 21:58
        +4

        Yes you can buy bitcoin.

        You can also buy the winning numbers of lotto too, if you have that foresight.

        well done.

    • OzBrogains on 09/02/2021 - 11:27
      +2

      Location of said gutter? I uh… also want to observe others pick up the $5.

      • cloudy on 09/02/2021 - 19:15
        +2

        pfft, surprised you didnt ask for the number for the lotto

  • cloudy on 07/02/2021 - 11:49
    +13

    Also, please remember you don’t need to earn the biggest gains in a lifetime to make a killing in a lifetime. Earn money slowly works perfectly well.

    • sangohan on 07/02/2021 - 18:33
      +5

      of course you don't need to - but doing so faster is always good. It puts you ahead of the game.

      • 1Kenobi on 08/02/2021 - 07:03
        +1

        Play a different game

        • sangohan on 08/02/2021 - 09:50

          you'd have to reincarnate to another life for that…

      • cloudy on 08/02/2021 - 09:17
        +2

        This is wrong.

        Faster is not always better.

        Nothing sedates rationality like quick and fast effortless money.

        If you still want a good head on your shoulders you’d prefer to do it my way

        • freakatronic on 09/02/2021 - 08:00
          +4

          Who wants to be old and rich? No one.

          Better to be young and poor than old and rich.

          Better yet, be young and rich.

          • cloudy on 10/02/2021 - 09:03
            +2

            @freakatronic: Yea, who doesn’t? But life isn’t always about what you want is it?

            If it is about what we all want and we can do, we’d all be dung it already. And the novelty wouldn’t be there.

            In the end of the day we all want what we can’t have.

            • Scrobo on 10/02/2021 - 11:35

              @cloudy: I just want to be in a position to have enough money to not have to wait for 'elective' surgery when you need it.

      • Bob Svargis on 11/02/2021 - 10:14
        +1

        What "game" do you mean? The game of getting rich?

        Not everyone's into that. Many play a different game. It's only "always good" if you judge your life based on $$

    • zwolf on 08/02/2021 - 07:32
      +7

      Meh. The idea is to earn it fast so you can enjoy it, not say, spend 40 years toiling before muttering "Five days left to retirement… arghh, me heart"

    • [Deactivated] on 11/02/2021 - 11:23

      Live poor die rich

  • belesci on 07/02/2021 - 11:51
    +14

    Wouldn't say ENVY, but I wish I was one of them LOL
    Good on them.

    • djkelly69 on 07/02/2021 - 14:39
      +11

      Wouldn't say ENVY, but I wish I was one of them

      Isn't that what envy is??

      • Ridiculous Panda on 08/02/2021 - 00:29
        +6

        That is EXACTLY what it means. In fact, that is literally the definition of the word.

        • Bjingo on 08/02/2021 - 16:02

          Saying exactly is odd as there are multiple types of envy so there cannot be an exact meaning. I think he is referring to real/malicious envy which is synonymous with jealous. What he is saying is he has a benign envy which is closer to aspiration.

          • trapper on 08/02/2021 - 17:59
            +1

            @Bjingo: Envy is just desire to have what someone else has. This is independent of any resentment towards them.

            Jealousy is something else altogether - a fear that someone will take away what you have.

            • Bjingo on 09/02/2021 - 14:05

              @trapper: I refer to the word jealousy as in definition this definition;

              https://dictionary.cambridge.org/dictionary/english/jealousy

              of course a word can have multiple meanings per these definitions;

              https://dictionary.cambridge.org/dictionary/english/jealous

              I always believed when someone felt jealousy it was due actions of their partner, they were jealous of the affection/attention the other person received from their partner. Which is why they get angry at that person rather than their partner who is realistically the cause of the jealousy, if someone makes advances on your partner trying to take them away as you say, you only get jealous if your partner responds, even if they are just being courteous.

              Personally I believe your definition makes the act of being jealous towards the actions of your partner even worse as it adds this sick possessive layer to it.

              I said there are multiple types of envy and belesci was referring to one over the other, however upon further consideration I do not think he felt envy at all.

              Aristotle defined Envy by saying "Envy is the pain at the good fortune of others". To merely desire something another has would be to covet the item. Which is what I believe belesci is saying, he covets their good fortune but is not pained at the fact they got it.

              If envy was merely the desire of what someone else has you aren't really envious of them you just want something they happen to have whether or not someone has the item that feeling remains as there no emotion is directed at the person but at the the possessions or circumstances of that person. Envy if an emotion directed at the person who has the object of your desire not the object itself.

              I think that all makes sense if it doesn't let me know

              Quick edit: nothing changed in the original but as I discussed this with my brother I had something of a realisation. Envy is when you are pained due to the good fortune of another, but that pain, contrary to what I said above, does not have to be directed at them. I have felt pained due to the good fortune of my brother countless times but it was not directed at him, his good fortune in attaining something I desired made me feel bad personally but I was not mad or angry at him. I think this is the difference between jealousy and envy, Envy does not have to be directed at someone its just the pain of someone getting the item of your desire, whereas jealousy is when envy is directed at an individual you are jealous of that individual.

      • dsar on 09/02/2021 - 02:20

        Let's ask Homer https://www.youtube.com/watch?v=Tmx1jpqv3RA

    • [Deactivated] on 11/02/2021 - 11:24

      Still not late head on to bitaroo and dca

  • 87percent on 07/02/2021 - 12:01
    +20

    Friend bought bitcoin years ago, and recently cashed out. Bought a house on the Mornington Peninsula and is moving the family out there

    • dddddog on 07/02/2021 - 12:25

      wow

    • Trying2SaveABuck on 07/02/2021 - 12:34
      +5

      Good on your friend - why i like bitcoin is anyone could of got on it

      Most of the best investments are offered to the super rich 1st but Bitcoin was open season to anyone who saw value in it.

      Unfortunately i wasnt one good on your friend for make it work out

      • 87percent on 07/02/2021 - 12:54

        He was telling me that his son told him to take his life savings (at the time he was 7, and had about $10k) and buy Bitcoin. He didn’t do it, and the kid now 14, hates him

        • plmko on 07/02/2021 - 14:12
          +51

          If his son was 7 years old with "life savings" of $10k. I'm pretty sure that family wouldn't need bitcoin to afford a beachside home.

          • Ridiculous Panda on 08/02/2021 - 00:31
            +10

            @plmko: Kid used to get an allowance of $1250 a week when he was 4.

          • snackerjoe on 08/02/2021 - 20:59

            @plmko: And why would anyone take investment advice of a 7 year old seriously as well…

      • bio on 09/02/2021 - 13:13

        While technically true, the early adopters and the biggest winners are still the (super) rich (Jed McCaleb, Winklevoss twins, John McAfee, Elon Musk etc).

        You and I could have made a million or two but those guys are making billions.

      • [Deactivated] on 11/02/2021 - 11:27

        You are not late it still has a long way to go.. there are many like you who are still to get it.. just go to bitaroo exchange and setup a dollar cost average for some spare dollars daily or weekly.. and come back in a year or so.

    • Muzeeb on 07/02/2021 - 12:37
      +9

      Bought a house on the Mornington Peninsula

      Frankston is nothing to brag about

      • kale chips suck on 08/02/2021 - 08:46

        Well, I mean, it's not The Pines, so there's that… ;-)

      • freakatronic on 09/02/2021 - 08:01

        lol do you have a house?

    • Janko on 07/02/2021 - 13:03
      +2

      What if it goes up another 10-20x?

      • conan2000 on 07/02/2021 - 13:46
        +1

        Not quite the same as investing as when it was cents/a few dollars and selling at $20-40k. Even putting in $100k right now with 10-20x gains (never mind the risk of losing most of the investment), it's not enough for a lot of people to retire on.

        I know of a few folk that retired in their 30s from getting into Bitcoin very early and cashing out.

        • Janko on 07/02/2021 - 18:28
          +4

          Yeah, if 10x gains radically changes your standard of living, you probably gambled more than you could afford to lose.

          But everyone can regret decisions was the point with OP's thinking. Those buying the house on the penisula might find in the future they could have had 10 houses on the peninsula and regret cashing out. Or regret not investing more money.

        • [Deactivated] on 11/02/2021 - 11:29

          Some sell but most won't. It still has a long way to go.

    • SBOB on 07/02/2021 - 14:44
      +6

      What was his CGT bill like?

      • Jules_d1 on 08/02/2021 - 11:50
        +1

        so many people forget this part. they're in for a nasty surprise at tax time, especially if they held for a very short time.

        • RDY4ME on 08/02/2021 - 17:05
          +16

          Paying tax of 50% of $100,000 is better than having 100% of $0.

          • ProlapsedHeinous on 09/02/2021 - 02:56
            -1

            @RDY4ME: Its more like 25% if you held it for more than 3 years.

          • Jules_d1 on 09/02/2021 - 06:16
            +1

            @RDY4ME: Yes but people don't realise they have to pay tax and they screw themselves over. They take their profits, buy a car or other shit they don't need only for the ATO to tap them on the shoulder in July for an ungodly amount they don't have.

            • Kingfield on 09/02/2021 - 13:37
              +1

              @Jules_d1: ATO is pretty lenient, they'll just put you on a payment plan or some shit

              • Jules_d1 on 10/02/2021 - 11:31

                @Kingfield: Yes they will but if you made it big (Eg +$50k) and spent it all, $25k is not a fun amount to have to find over any amount of time.

          • cashless on 10/02/2021 - 12:32
            +1

            @RDY4ME: Am not a finance person at all, but as I understand it, you don't automatically pay 50% CGT if you sell in the first 12 months.
            The rule is that AFTER 12 months your liability is reduced to 50% of what it would have been had you disposed of the asset within 12 months.
            The rate of CGT that you pay is based on your maximum personal rate.

            This is OzBargain, surely there are a few mathemagicians around here?

            • MikeWhitneysHair on 11/02/2021 - 16:46
              +3

              @cashless: Yeah it's this. You get a 50% discount on the capital gains held over 12 months, and that (deducted) CG goes on top of your wages, then that amount gets taxed depending on the bracket.

              So if you bought at $1000, then sold at $4000 over a year later, that's a capital gains of $3000

              Because you owned it for longer than 12 months you only have to allocate $1500 to your total income.

              Your day job wage is $100,000, and assuming it's only these two sources of income, your assessable income (FY19/20) is now $101,500

              Using this calculator https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=ST…

              The tax owed is $25,052 (calculation is $20,797 plus 37c for each $1 over $90,000 and that broken down is = $20,797 + $4,255)

              If you didn't cash out and just had your $100,000 income for FY19/20 your tax would be $24,497, a difference of $555

              Guess what 37% of $1500 is!

              If you held it for less than 12 months you'd pay 37% of the full profit of $3000, $1110

              Consult the tax brackets if you want to know what tax you'd pay on a capital gains event:
              https://www.ato.gov.au/Rates/Individual-income-tax-rates/

              FWIW the tax rates are being "simplified" and made cheaper for most people next FY, but the rich do better in the long run with future legislated changes, surprise surprise

              • D3HUN on 12/02/2021 - 20:07

                @MikeWhitneysHair:

                but the rich do better in the long run with future legislated changes, surprise surprise

                THIS. Rich won't get richer because some changes in the mid-tiers of income tax. (Most) Rich people is not rich because of their income but due to capital gains ("surprise surprise", you'd pay 50% after holding the asset for one year).

                Just blows my mind when someone says that the rich will get better due to the tax changes. Not. It is the average working Joe, who is earning around the median salary and can't afford to channel his income through the family trust.

                All this thing about the tax rates - divide et impera?

    • Scrobo on 10/02/2021 - 11:36

      Hope he sorted it all correctly with the tax office.

    • cashless on 10/02/2021 - 12:25

      Looks like your mate sold too early

    • [Deactivated] on 10/02/2021 - 21:54

      Love how some salty loser downvoted you. Haha. Pathetic whoever did.

  • ihbh on 07/02/2021 - 12:02

    I don't envy you because you don't have enough.

    If you had enough, would you envy them? How about the tech or property development or mining billionaires?

    • Ridiculous Panda on 08/02/2021 - 07:26
      +1

      Those guys probably worked too hard in the beginning. Not many want to do that.

  • p1 ama on 07/02/2021 - 12:03
    +7

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

    If you're an emotional person, you shouldn't be investing. Most losers (investing-wise, of course) I know got into that situation because they're emotional and irrational. Always trying to jump onto the latest hype-train, usually jumping on way too late. The worst, worst characteristic in a speculative investor is FOMO - if you're the sort of person who feels shitty about missing out, never be a speculative investor because you have to look fowards, not backwards to be one.

    Put your money away in an index fund instead. If you still like to take risks, then I'd put my money in the NASDAQ.

  • ndea on 07/02/2021 - 12:09
    +6

    Bitcoin is near record highs, as are house prices, the stock market, fine art, well anything which can't be created at whim.

    Envy will eventually be replaced by a realisation that the rules have changed. Governments will ensure that all asset bubbles will inflate into perpetuity, and bitcoin is simply an unintended beneficiary of that.

    • Toffees on 08/02/2021 - 11:03
      +1

      Unintended by governments, intended by the creator (s)

  • Godric on 07/02/2021 - 12:10
    +2

    Everyone has their own Hussle, good for them.

  • Ughhh on 07/02/2021 - 12:20
    +4

    You envy the (current) result, but you probably won't envy the emotional stress they went through in the process.

    • Leeroy Jenkins on 09/02/2021 - 12:36

      Exactly this! Very underrated comment!

    • Roger Ramjet on 09/02/2021 - 17:26

      Pretty much, I know a guy whos Mrs divorced him cos he took a $40k loan to buy crypto and didn't tell her while they were saving for a house. After the crash it was worth $2k and he diversified into junk coins to try and ride the wave, I don't expect he made anything near his losses in the recent increases.

  • dddddog on 07/02/2021 - 12:26
    +5

    I envy them but I'm also playing the crypto game.
    I'm up 100% of my starting capital from early December when I got into it.

      • tomleonhart on 07/02/2021 - 12:40
        +26

        Lol. Just because you feel a burning sensation because you miss out doesn't mean others will too and that doesn't make them dishonest.

        I've looked at Bitcoin, decided that I don't understand it and therefore will not get involve. Because I have done my homework, I don't envy them. They take a gamble and they win.

        • Trying2SaveABuck on 07/02/2021 - 12:45
          -5

          Fair enough bruv

          • Jugganautx on 07/02/2021 - 14:00
            +19

            @Trying2SaveABuck: Not everyone is a greedy sap that values money like its their entire livelihood.

            • [Deactivated] on 08/02/2021 - 01:11
              -3

              @Jugganautx: Without money, you are nothing. Of course it is your entire livelihood.

            • Trying2SaveABuck on 11/02/2021 - 14:17

              @Jugganautx: You make a load of assumptions of fair enough bruv

        • shamid202 on 08/02/2021 - 11:32
          -4

          I agree with you up to the point you call it a gamble.
          Gamble is double or nothing.
          Bitcoin has never been a gamble! Its like max lose 70% if you are a true idiot or gain 2000000%.

          • tomleonhart on 08/02/2021 - 11:38

            @shamid202: If I understand bitcoin then I wouldn't call it a gamble. I don't so it's a gamble to me.

            • redfox1200 on 09/02/2021 - 08:18
              +1

              @tomleonhart: Do you understand money and how money is created? Because holding fiat is still a gamble

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

                @redfox1200: I understand all investors should know where their limit lies and knowing what and what not to invest in based on their knowledge.

                If you understand crypto and have made an informed decision to invest in it then obviously it isn’t gambling to you.

        • sauce2k on 08/02/2021 - 15:24

          100% agree with you! I also looked into BTC and I don't fully understand it. Personally I will never invest into something if I have no idea about the fundamentals.

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