If you were lucky enough to have bought a bitcoin for R$ 5, today you would have multiplied your capital by 2,422,800%, but for that you would need to have “diamond hands”. In this case, the live coins gathered a number of investors who sold Bitcoin too early and soon regretted it.
In most cases, such investors have not even paid for their coins. In short, almost all of them were miners who used their computers to earn extra income, without much expectation that Bitcoin would become as popular as it is today.
Others didn’t sell, but ended up spending their bitcoins anyway. In March 2011, Gavin Andresen, famous Bitcoin developer, tells that he bought woolen socks for BTC, perhaps the most expensive in history.
“Great lunch today with David who raises alpacas and sold me fantastic wool socks for bitcoin.”
Great lunch today with David who raises alpacas locally and sold me some fantastic wool socks for it #bitcoin http://tinyurl.com/46zr6j8
— Gavin Andresen (@gavinandresen) March 5, 2011
The most famous case of this type is the two pizzas bought for 10,000 bitcoins (R$1.2 billion today) by Laszlo Hanyecz. However, things are still happening, such as buying a house for 45,000 BTC, an amount that would buy any house in the world today and still have a few billion left.
“This month I represented a buyer and seller in the purchase and sale of a single-family home in Alameda County worth over 45,000 BTC.”
Bitcoin investors regret selling their coins
In addition to selling too early, these investors also regretted it prematurely. One of them, who sold his bitcoins for $5, couldn’t believe that after a few days in May 2011, the cryptocurrency was already worth almost twice as much.
“Bitcoin is now worth $9 per coin? Cool… I already sold mine a few days ago for $5 a coin. =( #sorry”
#bitcoin is now worth $9 per coin? Nice… I sold mine all for $5 a coin a few days ago. =( #sorry
— Jordan Michaels (@utdream) May 26, 2011
Another had the same regret a little later, but Bitcoin’s price in only double digits today would be a dream come true for any investor.
“I sold my bitcoin at 28, but it keeps rising to 32…”
My sold @bitcoin at 28 but it continues to 32…
— AKF (@a_fad_es) June 8, 2011
A third party does not believe that Bitcoin would continue to rise, he did not know that today US$27 is a small variation that happens in seconds and that 1 BTC would reach thousands of dollars.
“I sold some bitcoins for $27.22. I don’t see how this high can last.”
Sold a few #bitcoin @ $27.22. Don’t understand how this high can last.
— Gaping Head Wound (@Gaping Head Wound) June 8, 2011
“Right after almost all of my Bitcoin, the price recovered fairly steadily. #Screw my life”
Right after I sold almost all of my Bitcoin, the price rebounded pretty steadily. #FML #fb
— U-Zyn Chua (@uzyn) December 1, 2011
Finally, others showed no remorse. On the contrary, they celebrated their sale. At some point, however, they must have reconsidered their past choices.
“Wow, glad I decided yesterday that bitcoin crashed and sold everything. Now less than $10. ($~9.20 USD/BTC)”
Wow glad I decided yesterday that bitcoin was going to fall and sold everything. Now under $10. ($~9.20 USD/BTC)
— andrwyng.eth (@AndrwYng) August 3, 2011
“Almost done withdrawing some bitcoins. 2 BTC generated. I sold them for $29. Crazy!
Almost done cashing in some bitcoin. 2BTC generated. Sold them for $29. Crazy!
—Kenton Jacobsen (@kentonjacobsen) June 11, 2011
The latter, believe it or not, even took a loss buying Bitcoin at a very low price. In July 2015, after Bitcoin went through a major drop, an investor more impatient than the others couldn’t handle the pressure and sold all of his coins for just $14.
“Well, Bitcoin has stabilized at almost exactly $14/coin. I am tired of waiting for an increase, so I will take the loss and get my money back.”
Well, Bitcoin has stabilized at almost exactly $14/coin. I’m tired of waiting for a jump so I take the loss and get my money back
— @rockerest@social.rdl.ph (@rockerest) July 15, 2011
Later, in 2018, the same user returned to talk about the topic, noting that he was calm about his previous sale.
“Never. I don’t suffer from FOMO. I used to have a wallet with maybe 1.5 BTC that I got from different taps on a hard drive somewhere and thought I’d try to find it”vented “But I’m 95% sure the drive was erased, so it’s just not worth my time.”
Today, this 1.5 BTC is valued at R$183,000, so it might be a good idea to look for this old computer.
The socialist who criticized one of Bitcoin’s early crashes
Even today, Bitcoin crashes cause side effects in people. While some investors are taking the opportunity to “buy the dip”, several critics reappear to say that “they warned me it was a scam”.
One of these first instances occurred in October 2011, when a self-described “socialist and anti-fascist” user took advantage of Bitcoin’s drop from $30 to $3 to criticize the project.
“Bitcoin seems to be sinking hard. I was never really sold on the whole idea of cryptocurrency.”
Bitcoin seems to be tanking hard: http://t.co/jcI6Qg0N I was never really sold on the whole cryptocurrency idea.
— (@reset_by_peer) October 18, 2011
Finally, this is a reminder that Bitcoin is a long-term investment that requires patience. Dips in panic moments are also often good opportunities, something that critics should take into account.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
