Quote from: BitChick on October 19, 2013, 04:49:20 PM

Quote from: PassTheAmmo on October 19, 2013, 04:27:55 PM

Quote from: Erdogan on October 16, 2013, 11:45:08 PM

And the nice thing about the entrepreneurs, that we the savers are in supporting the value of bitcoin, is that if we make the wrong decisions, our prosperity will evaporate and we fall back to the ranks of the wage-earning masses, as we deserve.

The sweet thing about bitcoin is that you don't have to convince anyone that it is good. You just put your money where your mouth is and bitcoin will win the argument for you. I remember discussions like this with colleagues in 2011, where I was like "but shouldn't you buy at least a few, there is so much upside and you can only lose the money you buy for", and they were like "I just don't believe in the idea", "But surely it has *some* chance of succeeding?", "No". That was around $5, at $10 I could taunt him, after that it became too cruel to mention.

I have said that there is a risk in NOT investing too. That said, I did not purchase that low, unfortunately. My husband and I were worried about being associated with the negative aspects of Bitcoin and there was no regulation back then. That said, I believe it is still a great time to buy even at $200! We are just scratching the surface of what it can and most likely will become.

Just this morning my husband and I were discussing how "old money" really is not involved yet. We were thinking about the Bernie Madoff scam. How much money did people throw into that? We looked it up and there was over 50 billion that went through the fund. Granted it was a pyramid scheme as we know, but think about it. What is the cap on Bitcoin right now? 1 billion or so? Let' say that the Bitcoin Investment Trust by Second Market, or some other fund that comes along, starts getting some of the numbers like the Madoff fund (that was only in America BTW and not world wide like Bitcoin) and the old money holders start to see the growth potential? The price of Bitcoin will just start going through the roof!

Hang on people. It will only get more fun from here I believe. Grin

Yeah, this is the way I have thought about things from the beginning. Buy and hold, don't try to time the market, look at the big picture instead. BTC "market cap" just passed $2B again but there is far from that much money that has gone into buying them, because most were bought at lower prices. So the difference to Madoff is even bigger. Still, only invest money you can afford to lose, and don't speculate with funds you might need in the short term.

PassTheAmmo

Posts

Merits