Quote from: Majormax on May 13, 2019, 08:09:58 AM

Quote from: arcmetal on May 13, 2019, 04:19:13 AM

.....

You're comment reminded me of a conversation I had with a no-coiner a few summers back. He was certainly a negative nancy to all my comments about bitcoin. Finally it came down to me asking him "so would you ever consider buying some bitcoin?", to which he replied "yes, but not until it has become commonplace, and less volatile."

And so I says, that may not happen until it has reached $ 1 million, are you sure you'd wait until then? And his response was "yes". ...

He may have been serious, or maybe just spiteful, its tough to say. The best analysis I have of this is to compare it to the invention of the telephone. There are some that would buy it right away, to have the newest thing, and then there are some that would wait until everyone has a phone before buying it, because why would you own it if hardly anyone you knew had one. I realize the differences between these two inventions, but I'm just trying to rationalize of waiting to buy bitcoin at $ 1 million.

It might just be that some are happy to wait until it becomes a household item like a telephone, or a teapot, and they have no interest in making extra money on its path to that end.

I would say his responses are more indicative of his fear of loss as well as need to stay with the herd.

Many people exhibit this irrational response to a highly speculative investment. They are not willing to risk any small loss, even for the prospect of a very large gain. 'Safety' in that type of view, is worth more than any potential reward from a gamble.

Yes, this is something I've noticed with most. Naturally, why would they wish to risk anything on something they don't quite understand. I know I wouldn't spend money on something that didn't make sense to me or I didn't find a use for.

But as time passes, knowledge of a new technology slowly seeps into the common lexicon, and in turn creating new bull runs.