submitted by /u/EmergentCoding [link] [comments] |
source https://www.reddit.com/r/btc/comments/moloe0/bitcoin_cash_dominants_economic_activity_for_2/
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When I read articles, investor forums or tweets from known investment "guru's" writing positively about Bitcoin as an hedge against inflation or alternative asset, the reactions on these articles, forums or by their followers are still mainly negative about Bitcoin.
Most comments show these people are rather uninformed or misinformed about Bitcoin. People even dare to write: "I can design a Digital Money with limited supply too"
So I have the impression FOMO (Fear Of Missing Out) on Bitcoin hasn't yet started.
Will FOMO eventually start ? When ?
Probably when strong inflation becomes so obvious or the stock market can't increase anymore or even crashes significantly.
By then Bitcoin could cost $200,000 - $400,000. The higher the price the bigger the FOMO ?
When FOMO happens on a large scale the price of Bitcoin will be astronomical compared to today.
So I found an old bitcoin wallet key I saved in the cloud (read: gmail draft folder), and I knew I had some amount of bitcoin in it, so I downloaded the wallet from the play store and attempted to restore the backup.
I kept getting an "unreadable wallet" error when I entered the password, so I started googling to see if I could recover it. I came across this post and tried to follow the instructions. I'm not that good with linux, so I kinda gave up.
But in my attempt to follow the instructions, I went on GitHub and remembered that the original wallet app was on there. So I went to the GitHub page for the app and scrolled through the releases until I got to a version around the time of the backup (2013) and I installed it on my phone.
After doing that, I restored the wallet key successfully, then went to the play store and updated the app and made an updated backup. It took a pretty long time for the wallet to synchronize with the network, but after everything was said and done, I got my old wallet back and the $0.06 worth of bitcoin that was in it.
I hope this info helps someone who finds themselves in a similar situation. Loaded