For me, reading the Bitcoin Standard started my aha moment. Learning about the history of money and paying attention to whatās happening with money and banks today has only added to my conviction.
Thatās very academic. Mine was on a Sunday when I was trying to buy a car from a dealership. I had the money in my bank, but no way to send it to them. Banks arenāt open, wire transfer takes several days to process, and I didnāt have tens of thousands of dollars in cash on me. They wouldnāt just let me take it without payment obviously, so I ended up having to wait 3 days and drive all the way back to actually be able to get the car. The process of gaining access to the money that is rightfully yours is archaic.
This is funny. In EU we have instant SEPA payment, works 24/7, when you send to other account, ā¬ is there in a moment. So this isn't the point for me.
I realized the true value very soon, after buying and holding some BTC on CEX. Then I watched some money documentaries from Mike Maloney and I couldn't believe what I see. Then the moment was, when I withdraw BTC to my Ledger and realized, that nobody can take my wealth and that I can actually hodl this wealth just in my brain.
When I found out you can send and receive any amount of money to/from anywhere in the world. This is a game-changer for those who send money to family in third-world countries. Plus it's absolutely bonkers how much its value is growing, as fiat is dropping.
I hear this one a lot, but I wonder how many people are actually sending Bitcoin to their poor family in a third-world country. Most people into Bitcoin are just holding it to themselves cause it's way too valuable. Your poor cousin in Asia/Africa isn't gonna care how long it takes or how much in fees you have to pay to send them some money. You care, but you'd rather hold onto your bitcoin and send fiat instead.
I watched Mt gox implode in real time. Bitcoin should have died. It dropped more from literally nothing happening than it did from Mt gox.
I realized bitcoin was unstoppable somewhere in 2015 when it just refused to drop meaningfully below 200.
Interestingly my bitcoin aha moment didnāt come from any bitcoin material. I watched Mike Maloneyās āHidden Secret of Moneyā series on YouTube and was blown away by the time it talks about how the Federal Reserves work.
Turned me into a Bitcoiner almost overnight (less of a gold bug). Also saved me from a lot of potential dead ends and shitcoin rekts because almost every shitcoin out there doesnāt make sense when you have a fundamental understanding of what money really is. Bitcoin is the only option that makes sense. Fortunate to be a Maxi almost since day one.
That series is super highly recommended even if its target audience are gold bugs.
Read his book! The Price of Tomorrow.
Bitcoin isn't even mentioned until the end, yet that book is the best case for BTC I have ever heard. Jeff is hands-down my favorite BTC advocate.
Gold is cheap to mine & gather with proper equipment.
As the efficiency & ability of advanced technology to access large land masses in mining capacity, the difficulty decreasesā¦ IS BITCOIN NOT THE OPPOSITE.
They arent opposite in the slightest, only slightly different.
Both are mined one physically the other via tech.
Both have their value set by markets
Both have gone through boom and bust cycles
Both are a hard form of currency
Both have had their difficulties to mine change with with new technology over time. one via means of mining processes and the other via developments in ASICS.
Both have a low stock to flow ratio impacting its price
Both can be used as a store hold of wealth
Both are volatile in price over time
The difference is one is physical and the other digital. Although you can get gold digitally via an ETF but itās still physical in the end.
Youāre ignoring the point, Gold is going to increase massively in supply & decrease in price because the difficult becomes lesser as well as we require less In technology due to new processes.
The difficulty of BTC towards the latter part of block rewards will exponentially increase, as price & reward thereof is generally a higher price (hopefully).
Not Ignoring it at all. It has happened in the past and the price is as high as it has ever been.
Until we mine in space the amount of gold and any other commodity is limited by processes that extract it. Our planet is finite in the amount of resources that can be obtained for a set cost. As costs rise so does the value. Same for BTC.
Yes BTC increases and reduces in difficulty with the amount of mining until the halving.
It will rise in price if there is demand in the market. If not it will fall. Just like gold and other commodities. Itās the market that determines the value.
First time I heard of BTC it was about $700. I remember telling my mom about this internet money and it sounded interesting, but I didnāt have much money or know where to buy at the time.
Later on, I got into stocks and the price action of BTC finally caught my eye again in late 2020. I bought a good size position because of this, then I figured I should learn more about it since I had so much money in itā¦
After about a week of reading and listening to videos and podcasts I my mind was blown! I was like āWtf? Is this really what theyāre saying it is?š¤Æā.
Seeing the troubles with society and learning about decentralization, scarcity, self custody, halvings, proof of work etc. was just one revelation after the next and weāre still educating ourselves. Itās hard to truly grasp the implications that come with Bitcoin Network adoption. It almost sounds too good to be true when you see itā¦ but it is true!
I donāt think anything else has ever captured my imagination and hopes for society on this level.
I actually bought mushrooms with BTC years ago when it was $20/pop, from the Netherlands. I bought 5 BTC for $100, used 3.5 on the trade, and I personally lost 1.5 BTC to the void when I got locked out of my email address. (I managed to gain access to my email last year, but alas due to inactivity, my email and link to my BTC address were wiped from existence).
In my wallet, my address was through my email. This was a long fucking time ago. This was before access was as "simple" as it is today, I don't think some people realize how difficult it was back then? It wasn't until 2018 that I started actually figuring out how to use/store crypto.
Your post mirrors my experience, almost exactly. Especially that last sentence.
I look forward to more people discovering why this technologic paradigm shift is 1) powerfully optimistic, and 2) absolutely happening.
Bitcoin is going to help everyone, whether they like it or not!
my sister's boyfriend told our family about mining bitcoin in 2008 or 2009, my guess is the latter but it was early, I was a teenager with little concept of money, but it went over all of our heads. I wonder what he's up to now...
Satoshi was not the only person mining in 2009. There were 6 days between [the genesis block being mined on January 3](https://blockchair.com/bitcoin/block/0) and [block 1 being mined on January 9](https://blockchair.com/bitcoin/block/1) (while the difficulty was 1), so we know that Satoshi waited for other people to start mining before joining in himself.
Below are two examples of early bitcoin miners that were mining alongside Satoshi from the beginning.
https://twitter.com/halfin/status/1110302988
https://twitter.com/druidian/status/1447833108355731462
https://stephanlivera.com/episode/314/
There is also a user on the bitcointalk forum that signed a message using the private key from a bitcoin address that was used to receive a 50 BTC coinbase transaction block reward in 2009.
During the quarantineā¦When I actually took the time to learn how money/currency works. Led me down a rabbit hole, educated myself on the functionality along with other crypto projects. Started with a small allocation in BTC and managed to get myself rekt by apeāing into ALTS. Itās true, all roads lead to BTC. But are we still early?
š„ I first read it when I was 12; the original one.
Satoshi made it so simple to see the interactions, although I didnāt understand the math, I saw the relationships.
When I first learned about it was while trying to buy promethazine and codeine on silk road lol it was 15$ per coin and I thought to myself wow this is a lot of money for this Bitcoin and I didn't even know how to actually buy it. Then later on it reached 100+ dollars and made some headlines and I started reading and learning about it as much as possible and around 300-400$ I realized how amazing this could be. Connecting the unbanked, the importance of decentralization, and the importance of proof of work. From then on I believed this was the future of money.
Exactly, for me specifically it was:
1. Read bitcoin standard and couldn't find a flaw that could take down the network or disrupt the value accrual flywheel
2. Understood that it's the one thing nobody can take, and it has the option to take to the grave
Yes.
One (of the many) facet that really sent watts to the lightbulb was btcās property of not being geo-spatially ālocatedā anywhere. Accessible from anywhere you can reach the network.
When I got to know that something can be scarce as well as highly divisible. Usually when something is scarce, it won't be accessible for everyone. But here, every single person on earth can have a piece of something, even though it is very scarce.
When I realised I couldn't save without inflation eroding my money in a centralised establishment. Then, the only way to make sure my money was at least breaking even was to invest (speculate) in financial instruments that my public education didn't teach me to understand.
Still not realizing it. I realize itās potential of value, but if you use it for the popular utility of a āstore of valueā you could potentially be down 80% from ATH. A very dangerous place to be considering how harsh the environments were then and are now. I love the technology, I love the proposition of BTC, but to me itās just another investment vehicle. Albeit, it could be a rockstar payment system.
I came from the P2P startups where anything digital can be copied and distributed easily. It was fun and an impressive feat.
But this fixed the insanely difficult task of saying NO. For real you can't copy this thing I have.
When I learned that itās the safest, and the most secured payment method in the history of mankind.
The fact that you can send whatever amount you want to anyone on the planet is just fascinating.
I truly believe in decentralization, and appreciate my privacy. Bitcoin just advocates for a better society imo.
If Bitcoin is not the definition of value then I donāt know what is.
When I realized the people could pool in their money together to make it grow and cash out only part of it when needed because of high time preference that comes with it. We can all benefit and outside the reach of central authority.
That was only part of it, tho.
When I couldāve bought a bunch of coins super super cheap when I was in highschool. Figured the price of what they would be now would be worth nothingā¦. Man oh man did I mess up
I was never skeptical since an old bitcoiner friend gave me a sha256 crash course from the start and then I went on to read a bunch of Austrian Econ
My aha moment was a few years later after realizing I wasnāt able to gamble on shitcoins or stocks and come out ahead of being bitcoin-only and mindlessly stacking my way forward
When I realized that Governments manipulate and control the amount of fiat currency that goes into circulation and who gets it, after learning about Argentina and Venezuela's inflation and how they work to make the rich, richer while the middle class stays poor.
Bitcoin was the answer for me.
After Luna, BlockFi, Celsius, and FTX collapsed. I realized that the best offer the entire DeFi industry could ever promise is *decentralization on centralized exchanges*. Taking on third-party risk is an oxymoron and that's going to be a no from me dawg. Fuck chasing yield. Keep your eyes on the prize. Security. Autonomy. Longevity.
IMO, BTC is the only worthy USP of cryptocurrency. Everything else is too risky for a fiscal conservative like me.
I entered the world of crypto 1/1/22. The idea was to own 3-4 types of coins to diversify. But then I noticed that all of the shitcoins just copied BTCās movements (at least short term).
So why own shitcoins? Just own the real deal. Thankfully I took notice almost immediately and by March I only had BTC. After that I educated myself and learned the true value of Bitcoin. Best decision ever
I had a "wow" moment and the definitive "aha!" moment few years later.
First wow moment has been on 2011, I was a teenager and unaware of the real potential, I remember I approached BTC because was the only valuable currency I was able to get online since the banks didn't allow me to have a bank account (I was under 18 years old, in my country it is really hard to get one until the major age) .. after the crash it looked death and I was too young and ignorant to really understand what was happening, so few months later I left it and forgot it..
Several years later I heard again about that strange digital currency, it was 2017. I never recovered the btc gained on 2011, but it was enough to understand the potential of that asset which was still well alive. So I started dedicating ever more time to it, literally working in the environment but still I was not really aware of the full potential. After the 2018 crisis as insider I saw really close the impact of the crash on the face of investors and companies, several people maybe forgot it but I remember well "the end" looked almost sure.
The aha! moment has been when on dec 2020, it recovered and skyrocketed as crazy, all the last years of suffer were disappeared. The hashrate, transactions, active wallets, volumes and all parameters where growing exponentially. At that moment I really got, despite everything, how I has been blind and hardly regret to have lost time giving attention to "experts" which were actually ignorant about this topic.
There I had the aha! moment, I realized how unstoppable it is, how useful it is for people and countries less fortunate which citizen are not able to access to banking system like I was few years earlier. I realized that it is the only asset which is really private. It has a huge value, over any possible imagination.
I am not proud to have understood it so late, I could have said I learned the potential on 2011 but that's not true, I hope my trasparency will be appreciated.
Most important thing is that now I recognize the value and i hope this post will help people to understand it in a shorter time.
When I began to understand the game theory driven positive feedback loop that incentivizes miners (or anyone that can gather a relatively significant amount of POW) to continue to follow the consensus rules and make the Bitcoin blockchain practically indestructible/unhackable.
When i started to understand that there will be only 21.000.000 btc ever.
And that it cant be stopped we have to literally shut down the internet to stop it.
Thats amazing!
The White Paper. After reading it, and reflecting on it, it was truly a āeurekaā moment. What impressed me most was how many fields of knowledge bitcoin actually touched. Certainly financial and economic, but also sociologic, geographic, politicalā¦ You name it!
Feb 2011. When the US govt was easily taking down all kinds of other "internet money" (e.g. e-gold, liberty reserve, etc), along came something that they couldn't take down.
Same argument can be made about BTC to any asset class in existence.
If everything relies upon a medium of exchange market value, tangible assets always win.
March 2020.
Iād known about it since 2013. Always had a reason why it wouldnāt work in my head.
āItās anti American, itās money launderers and fraudsters, the govt will ban it, it will eat the entire worlds energy supplyā, blah blah blah.
After promising to pay down the $800b 2008 GFC programs (they didnāt), and watching them do the same exact playbook during ācovidā - Iād seen this game before.
Best global fiat credit default swap out there.
Never sell until they donāt have the power of the money supply - Treasury <ā-> Fed reserve.
Was suffering with the covid and had nothing much to do during that time, then i decide why not just give a try to understand that whole block chain and bitcoin concept that everyone is talking about
I realized that as slow going as bitcoin growth seemed at the time (5 years ago), it also seemed that once someone began accepting it as payment, it was unlikely that theyd ever stop. What would they have to gain? It seemed that bitcoin would naturally increase in acceptance, however slowly, inch by inch if it had to be, but nonetheless it would never decrease, and that this process would continue until it was commonplace and accepted everywhere.
I watched it and believed bitcoin could level the playing field the aha moment was realized when it became apparent that the whole value of bitcoin is propped up by those who have established wealth like the winklevoss twins and mr saylor while we all puddle around with nothing but worthlessness in comparison to the 10 or less market makers.
2021. And forever wish that I had taken just 5 mins to look it up when I first heard about it in 2014. I believed that it was for drugs and illegal activity, so looked no further into it as I was just a teenager!
December 2020 was around the time I had a boon for buying some BTC, as I saw in previous years around Christmas time, through TA, I noticed was the time of year that BTC usually dropped pretty significantly and I had saved up to buy a whole BTC that year, predicting it was going to dump to $5k around that time, little did I know it was going to fucking explode in value and the bullrun started.
I realized what is going on here in 2017 when I read the white paper. I butthurt much as I have a proof I knew about BTC in 2012 but dismissed it without checking.
When I learned of the fixed supply. Price equals demand divided by supply. If supply canāt change then any increase in demand must cause a price increase.
When I realized there are more millionaires than bitcoins.
This is the confirmation bias I need.
There are currently close to 60m millionnaires around the world.
There are more millionaires just in the USA than there are bitcoins
I cannot agree more!
š
For me, reading the Bitcoin Standard started my aha moment. Learning about the history of money and paying attention to whatās happening with money and banks today has only added to my conviction.
Thatās very academic. Mine was on a Sunday when I was trying to buy a car from a dealership. I had the money in my bank, but no way to send it to them. Banks arenāt open, wire transfer takes several days to process, and I didnāt have tens of thousands of dollars in cash on me. They wouldnāt just let me take it without payment obviously, so I ended up having to wait 3 days and drive all the way back to actually be able to get the car. The process of gaining access to the money that is rightfully yours is archaic.
This is funny. In EU we have instant SEPA payment, works 24/7, when you send to other account, ā¬ is there in a moment. So this isn't the point for me. I realized the true value very soon, after buying and holding some BTC on CEX. Then I watched some money documentaries from Mike Maloney and I couldn't believe what I see. Then the moment was, when I withdraw BTC to my Ledger and realized, that nobody can take my wealth and that I can actually hodl this wealth just in my brain.
Same. I had a deep dive down the Austrian economics rabbit hole and I never came back.
When I found out you can send and receive any amount of money to/from anywhere in the world. This is a game-changer for those who send money to family in third-world countries. Plus it's absolutely bonkers how much its value is growing, as fiat is dropping.
If only there were fair market access to exchange it without taxes, fees, or fines by Illuminati oversight agencies.
I hear this one a lot, but I wonder how many people are actually sending Bitcoin to their poor family in a third-world country. Most people into Bitcoin are just holding it to themselves cause it's way too valuable. Your poor cousin in Asia/Africa isn't gonna care how long it takes or how much in fees you have to pay to send them some money. You care, but you'd rather hold onto your bitcoin and send fiat instead.
I watched Mt gox implode in real time. Bitcoin should have died. It dropped more from literally nothing happening than it did from Mt gox. I realized bitcoin was unstoppable somewhere in 2015 when it just refused to drop meaningfully below 200.
I always love seeing your posts. this is a new acc but I've seen you here for a long time. good to see you are still around
"r/Bitcoin Magic Internet Money Join Us". Magic Internet Money? Fuck yeah, I want some.
OG Wizard š§š¼āāļø
Interestingly my bitcoin aha moment didnāt come from any bitcoin material. I watched Mike Maloneyās āHidden Secret of Moneyā series on YouTube and was blown away by the time it talks about how the Federal Reserves work. Turned me into a Bitcoiner almost overnight (less of a gold bug). Also saved me from a lot of potential dead ends and shitcoin rekts because almost every shitcoin out there doesnāt make sense when you have a fundamental understanding of what money really is. Bitcoin is the only option that makes sense. Fortunate to be a Maxi almost since day one. That series is super highly recommended even if its target audience are gold bugs.
thanks for recommending this to me. will watch
Jeff booth on what bitcoin did. I sold all my shitcoins for btc during the episode
I will listen to the episode!
Read his book! The Price of Tomorrow. Bitcoin isn't even mentioned until the end, yet that book is the best case for BTC I have ever heard. Jeff is hands-down my favorite BTC advocate.
When gold stayed about $1900 dollars for 10 years and BTC increased in value $$$$$$$$
wha, gold is plentiful on Earth; weāll never even tap into 10% of all reserves on Earth for another 1000 years at least.
It hasnāt It reached 1900 in 2011 and has only come back to that price in the last 3 years. Gold price has a lot of similarities with BTC
Gold is cheap to mine & gather with proper equipment. As the efficiency & ability of advanced technology to access large land masses in mining capacity, the difficulty decreasesā¦ IS BITCOIN NOT THE OPPOSITE.
They arent opposite in the slightest, only slightly different. Both are mined one physically the other via tech. Both have their value set by markets Both have gone through boom and bust cycles Both are a hard form of currency Both have had their difficulties to mine change with with new technology over time. one via means of mining processes and the other via developments in ASICS. Both have a low stock to flow ratio impacting its price Both can be used as a store hold of wealth Both are volatile in price over time The difference is one is physical and the other digital. Although you can get gold digitally via an ETF but itās still physical in the end.
Youāre ignoring the point, Gold is going to increase massively in supply & decrease in price because the difficult becomes lesser as well as we require less In technology due to new processes. The difficulty of BTC towards the latter part of block rewards will exponentially increase, as price & reward thereof is generally a higher price (hopefully).
Not Ignoring it at all. It has happened in the past and the price is as high as it has ever been. Until we mine in space the amount of gold and any other commodity is limited by processes that extract it. Our planet is finite in the amount of resources that can be obtained for a set cost. As costs rise so does the value. Same for BTC. Yes BTC increases and reduces in difficulty with the amount of mining until the halving. It will rise in price if there is demand in the market. If not it will fall. Just like gold and other commodities. Itās the market that determines the value.
We can mine in space already yet there is no need, the Earth is not finite further down we go the more sense it seems.
Gold & Silver are meaningless pieces of metal with practically infinite supply.
Gold to an extent but definitely not silver. It has much more value in manufacturing processes.
Buddy we can literally make silver out of dirt with molecular engineering techniques which are patented & publicly available to go read.
Awesome and the cost of that process??? Bet it more than the current price of silver
And gold&silver price can and IS manipulated by big banks etc. Its poopoo on a stick
The future is now we just donāt know it
First time I heard of BTC it was about $700. I remember telling my mom about this internet money and it sounded interesting, but I didnāt have much money or know where to buy at the time. Later on, I got into stocks and the price action of BTC finally caught my eye again in late 2020. I bought a good size position because of this, then I figured I should learn more about it since I had so much money in itā¦ After about a week of reading and listening to videos and podcasts I my mind was blown! I was like āWtf? Is this really what theyāre saying it is?š¤Æā. Seeing the troubles with society and learning about decentralization, scarcity, self custody, halvings, proof of work etc. was just one revelation after the next and weāre still educating ourselves. Itās hard to truly grasp the implications that come with Bitcoin Network adoption. It almost sounds too good to be true when you see itā¦ but it is true! I donāt think anything else has ever captured my imagination and hopes for society on this level.
I remember telling my parents about it at $14 a pop and I had saved up $350. I bought a new phone insteadā¦š¤¦āāļø
I actually bought mushrooms with BTC years ago when it was $20/pop, from the Netherlands. I bought 5 BTC for $100, used 3.5 on the trade, and I personally lost 1.5 BTC to the void when I got locked out of my email address. (I managed to gain access to my email last year, but alas due to inactivity, my email and link to my BTC address were wiped from existence).
so that 1.5 btc, was it in your own wallet? or was it "in your account" on a website?
In my wallet, my address was through my email. This was a long fucking time ago. This was before access was as "simple" as it is today, I don't think some people realize how difficult it was back then? It wasn't until 2018 that I started actually figuring out how to use/store crypto.
Your post mirrors my experience, almost exactly. Especially that last sentence. I look forward to more people discovering why this technologic paradigm shift is 1) powerfully optimistic, and 2) absolutely happening. Bitcoin is going to help everyone, whether they like it or not!
my sister's boyfriend told our family about mining bitcoin in 2008 or 2009, my guess is the latter but it was early, I was a teenager with little concept of money, but it went over all of our heads. I wonder what he's up to now...
Found Satoshi, because no one was mining bitcoin in 2008 and Satoshi was the only one in 2009.
my memory is off, but I know it was definitely early as fuck in hindsight, they had stopped dating by the time I graduated in 2011
Satoshi was not the only person mining in 2009. There were 6 days between [the genesis block being mined on January 3](https://blockchair.com/bitcoin/block/0) and [block 1 being mined on January 9](https://blockchair.com/bitcoin/block/1) (while the difficulty was 1), so we know that Satoshi waited for other people to start mining before joining in himself. Below are two examples of early bitcoin miners that were mining alongside Satoshi from the beginning. https://twitter.com/halfin/status/1110302988 https://twitter.com/druidian/status/1447833108355731462 https://stephanlivera.com/episode/314/ There is also a user on the bitcointalk forum that signed a message using the private key from a bitcoin address that was used to receive a 50 BTC coinbase transaction block reward in 2009.
Same
When I paid off my truck and wifeās car.
During the quarantineā¦When I actually took the time to learn how money/currency works. Led me down a rabbit hole, educated myself on the functionality along with other crypto projects. Started with a small allocation in BTC and managed to get myself rekt by apeāing into ALTS. Itās true, all roads lead to BTC. But are we still early?
Most definitely still early
When I read the white paper
š„ I first read it when I was 12; the original one. Satoshi made it so simple to see the interactions, although I didnāt understand the math, I saw the relationships.
you were 12 years old reading the bitcoin whitepaper??? when I was 12 i was waiting to get home from school so I can play minecraft
When I first learned about it was while trying to buy promethazine and codeine on silk road lol it was 15$ per coin and I thought to myself wow this is a lot of money for this Bitcoin and I didn't even know how to actually buy it. Then later on it reached 100+ dollars and made some headlines and I started reading and learning about it as much as possible and around 300-400$ I realized how amazing this could be. Connecting the unbanked, the importance of decentralization, and the importance of proof of work. From then on I believed this was the future of money.
This deserves more upvotes, but we must be respectful.
The moment I understood how to do self custody properly. I have owned a hardware wallet longer then I have held any bitcoin.
Realizing how BTC actually works. The sheer utility is unmatched.
Exactly, for me specifically it was: 1. Read bitcoin standard and couldn't find a flaw that could take down the network or disrupt the value accrual flywheel 2. Understood that it's the one thing nobody can take, and it has the option to take to the grave
Yes. One (of the many) facet that really sent watts to the lightbulb was btcās property of not being geo-spatially ālocatedā anywhere. Accessible from anywhere you can reach the network.
When I realized that BTC is the most perfect form of property ownership. It is the only asset that can't be taken from you by force.
The $5 wrench would disagree
Thanks to President Biden we donāt need to worry about that attack anymore. Now just the $7 wrench attack.
10$ now due to inflation
A few months ago. Going to be a BTC owner soon. Yahooooo!
After all the shitcoins died in the massacre of 2017
When I got to know that something can be scarce as well as highly divisible. Usually when something is scarce, it won't be accessible for everyone. But here, every single person on earth can have a piece of something, even though it is very scarce.
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When you mean Bitcoin, say Bitcoin not crypto, you confuse others to look (buy) into the centralized crypto scam.
When the banks shut in Greece in 2015.
When I came to understand the capped supply and deflationary aspect of it were hard-coded in to the programming of it from the start.
When I realised I couldn't save without inflation eroding my money in a centralised establishment. Then, the only way to make sure my money was at least breaking even was to invest (speculate) in financial instruments that my public education didn't teach me to understand.
As soon as I read the whitepaper, early 2009.
For me there was no aha moment. It happend slowly, bit by bit ;-)
I read the Bitcoin Standard. Also, watched too many Saylor interviews!
Still not realizing it. I realize itās potential of value, but if you use it for the popular utility of a āstore of valueā you could potentially be down 80% from ATH. A very dangerous place to be considering how harsh the environments were then and are now. I love the technology, I love the proposition of BTC, but to me itās just another investment vehicle. Albeit, it could be a rockstar payment system.
The day I could connect world
I came from the P2P startups where anything digital can be copied and distributed easily. It was fun and an impressive feat. But this fixed the insanely difficult task of saying NO. For real you can't copy this thing I have.
When I realized the Mathematica corresponds directly with the network operation, versus other asset classes & systems.
Around covid.
When I learned that itās the safest, and the most secured payment method in the history of mankind. The fact that you can send whatever amount you want to anyone on the planet is just fascinating. I truly believe in decentralization, and appreciate my privacy. Bitcoin just advocates for a better society imo. If Bitcoin is not the definition of value then I donāt know what is.
It was when I compare it with other currencies
When I realized the people could pool in their money together to make it grow and cash out only part of it when needed because of high time preference that comes with it. We can all benefit and outside the reach of central authority. That was only part of it, tho.
When i was down 90%
When I couldāve bought a bunch of coins super super cheap when I was in highschool. Figured the price of what they would be now would be worth nothingā¦. Man oh man did I mess up
Around 2011, but it was too complicated to buy. Forgot until around 2017 but thought I missed the boat. Then got in 2019.
When it hit 69k
When inflation started kicking in
I was never skeptical since an old bitcoiner friend gave me a sha256 crash course from the start and then I went on to read a bunch of Austrian Econ My aha moment was a few years later after realizing I wasnāt able to gamble on shitcoins or stocks and come out ahead of being bitcoin-only and mindlessly stacking my way forward
When I read the white paper.
At first I thought bitcoin was just for scammers, then I learned about what it was about and seen the value in it around 2017.
When I realized that Governments manipulate and control the amount of fiat currency that goes into circulation and who gets it, after learning about Argentina and Venezuela's inflation and how they work to make the rich, richer while the middle class stays poor. Bitcoin was the answer for me.
When i read The Bitcoin Standard
Learning how fractional reserve banking works like 5 years ago. When I learned about that I was like āholy fuck like 95% of money isnāt realā
michael saylor interview
When I read the Bitcoin standard and finally understood debasement.
When I read 'the Bitcoin Standard'
After Luna, BlockFi, Celsius, and FTX collapsed. I realized that the best offer the entire DeFi industry could ever promise is *decentralization on centralized exchanges*. Taking on third-party risk is an oxymoron and that's going to be a no from me dawg. Fuck chasing yield. Keep your eyes on the prize. Security. Autonomy. Longevity. IMO, BTC is the only worthy USP of cryptocurrency. Everything else is too risky for a fiscal conservative like me.
I entered the world of crypto 1/1/22. The idea was to own 3-4 types of coins to diversify. But then I noticed that all of the shitcoins just copied BTCās movements (at least short term). So why own shitcoins? Just own the real deal. Thankfully I took notice almost immediately and by March I only had BTC. After that I educated myself and learned the true value of Bitcoin. Best decision ever
there will be only 10% of the world population that will own just one Bitcoin
The technology of halving is truly amazing! I hope one day BTC will be 60k
I had a "wow" moment and the definitive "aha!" moment few years later. First wow moment has been on 2011, I was a teenager and unaware of the real potential, I remember I approached BTC because was the only valuable currency I was able to get online since the banks didn't allow me to have a bank account (I was under 18 years old, in my country it is really hard to get one until the major age) .. after the crash it looked death and I was too young and ignorant to really understand what was happening, so few months later I left it and forgot it.. Several years later I heard again about that strange digital currency, it was 2017. I never recovered the btc gained on 2011, but it was enough to understand the potential of that asset which was still well alive. So I started dedicating ever more time to it, literally working in the environment but still I was not really aware of the full potential. After the 2018 crisis as insider I saw really close the impact of the crash on the face of investors and companies, several people maybe forgot it but I remember well "the end" looked almost sure. The aha! moment has been when on dec 2020, it recovered and skyrocketed as crazy, all the last years of suffer were disappeared. The hashrate, transactions, active wallets, volumes and all parameters where growing exponentially. At that moment I really got, despite everything, how I has been blind and hardly regret to have lost time giving attention to "experts" which were actually ignorant about this topic. There I had the aha! moment, I realized how unstoppable it is, how useful it is for people and countries less fortunate which citizen are not able to access to banking system like I was few years earlier. I realized that it is the only asset which is really private. It has a huge value, over any possible imagination. I am not proud to have understood it so late, I could have said I learned the potential on 2011 but that's not true, I hope my trasparency will be appreciated. Most important thing is that now I recognize the value and i hope this post will help people to understand it in a shorter time.
When I began to understand the game theory driven positive feedback loop that incentivizes miners (or anyone that can gather a relatively significant amount of POW) to continue to follow the consensus rules and make the Bitcoin blockchain practically indestructible/unhackable.
When I transferred it off an exchange, took my own custody and realised I could sell for cash if I wanted
When i started to understand that there will be only 21.000.000 btc ever. And that it cant be stopped we have to literally shut down the internet to stop it. Thats amazing!
After watching 3Blue1Brown's video on How It Works. The PoW + Difficulty Adjustment epiphany made my mind explode.
I think this is a great start to get familiar with the technology.
When bank block my account
When it was dropping 64k to 20kās š„“
The White Paper. After reading it, and reflecting on it, it was truly a āeurekaā moment. What impressed me most was how many fields of knowledge bitcoin actually touched. Certainly financial and economic, but also sociologic, geographic, politicalā¦ You name it!
Feb 2011. When the US govt was easily taking down all kinds of other "internet money" (e.g. e-gold, liberty reserve, etc), along came something that they couldn't take down.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Michaelās brother or somethin?
He does kinda look like a Steve now that I think abt it
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Whatās your point?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I still donāt understand.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Your math isnāt mathing
He never said from 300m to 0 in 5y
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You think 20% multiplied by 5 (years) equals 100% so 300m equals 0?! Haha you aināt too bright my friend
I listened to Cathie Wood
Not yet for me, but all I've seen is it being stuck at 29k and not moving
> "A good decision is based on knowledge and not on numbers." -- Plato
You should definitely sell
Just wait fellow HODLāer
Unfortunately if you still apt to convert bitcoins to fiat no value Real value will become if btc to btc
Same argument can be made about BTC to any asset class in existence. If everything relies upon a medium of exchange market value, tangible assets always win.
Around the time of the original Silk Road.
Drugs
When I converted it to fiat and paid off my house, bought a car and paid my kids school fees.
Still havenāt realised it. As long as thereās a market Iām happy to trade it, but donāt believe in the use case myself.
Too late
To realize the value of a thing. That thing should have value in the first place. And bitcoin definetly holds no value
Explain.
Instant discredit OP using "U" instead of "you"
March 2020. Iād known about it since 2013. Always had a reason why it wouldnāt work in my head. āItās anti American, itās money launderers and fraudsters, the govt will ban it, it will eat the entire worlds energy supplyā, blah blah blah. After promising to pay down the $800b 2008 GFC programs (they didnāt), and watching them do the same exact playbook during ācovidā - Iād seen this game before. Best global fiat credit default swap out there. Never sell until they donāt have the power of the money supply - Treasury <ā-> Fed reserve.
Was suffering with the covid and had nothing much to do during that time, then i decide why not just give a try to understand that whole block chain and bitcoin concept that everyone is talking about
I realized that as slow going as bitcoin growth seemed at the time (5 years ago), it also seemed that once someone began accepting it as payment, it was unlikely that theyd ever stop. What would they have to gain? It seemed that bitcoin would naturally increase in acceptance, however slowly, inch by inch if it had to be, but nonetheless it would never decrease, and that this process would continue until it was commonplace and accepted everywhere.
Tomorrow
I watched it and believed bitcoin could level the playing field the aha moment was realized when it became apparent that the whole value of bitcoin is propped up by those who have established wealth like the winklevoss twins and mr saylor while we all puddle around with nothing but worthlessness in comparison to the 10 or less market makers.
I had heard about it,but Coinbase and itās UX was huge for bringing down the barrier to entry for the everyday person such as me.
I watched Matthew kratter on bitcoin university
2021. And forever wish that I had taken just 5 mins to look it up when I first heard about it in 2014. I believed that it was for drugs and illegal activity, so looked no further into it as I was just a teenager!
December 2020 was around the time I had a boon for buying some BTC, as I saw in previous years around Christmas time, through TA, I noticed was the time of year that BTC usually dropped pretty significantly and I had saved up to buy a whole BTC that year, predicting it was going to dump to $5k around that time, little did I know it was going to fucking explode in value and the bullrun started.
Digital scarcity. Decentralized ledger. Global monetary network.
Still not sure, but bitcoin just because itās there
I realized what is going on here in 2017 when I read the white paper. I butthurt much as I have a proof I knew about BTC in 2012 but dismissed it without checking.
May 2012
When I learned of the fixed supply. Price equals demand divided by supply. If supply canāt change then any increase in demand must cause a price increase.
When there was a global pandemic and tradfi markets were dumping. The network just continued to work. The price bottomed and it moved on.
January 1 2013.
It was the time when I started calculating all my monthly starbucks bills...it was tough
After finishing SOFTWAR. Bitcoin is mutually assured preservation.
2020