Quote from: Gavin Andresen on October 27, 2014, 01:41:23 PM

And I'm sure lots of early adopters thought:

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I bought 100 BTC at $1. They are now $10. I would be an idiot not to cash out half of them and lock in that insane, 10x return. I'll keep 50 just in case the price ever goes to $100.

I'm sure another bunch thought "The potential, if unlikely, future-value of the BTC I hold is enormous. It would be insane to throw that away for a few peanuts that I don't really need even if it is 10x what I put in."

My own strategy was to recoup my initial investment at 10x so I had 90% left to ride the wave (which I always consider unlikely to actually develop.) It must be said, though, that I got in after the $30 wave so I was at least aware that such waves were a demonstrated possibility. Actually I really did think it of value to soak up extra liquidity at the end of 2011 (and it was a hell of a lot easier than actually participating in development.) Man-oh-man was I well rewarded for my altruism on that one!

Another bunch of people seem to have thought that the best investment was to give the BTC away in an attempt to foster interest in the solution. Those who did so have my enduring respect for that action. You and Jeff come to mind. I myself used Bitcoin almost exclusively to make donations to further causes I saw as valuable in the early parts of my Bitcoin involvement, and the more involved persons who were similarly inclined were a motivation for me to do so.