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In 2013, China's government declared Bitcoin to be illegal, and Bitcoin crashed from $1,200 to $425. I figured that it would be impossible for Bitcoin to succe
by hnaparst 9y ago
In 2013, China's government declared Bitcoin to be illegal, and Bitcoin crashed from $1,200 to $425. I figured that it would be impossible for Bitcoin to succeed if China outlawed it, so I sold my Bitcoins at $425. I think I was the low trade. Now Bitcoin is at more than ten times that level. Let that story inform your decision making now.
- Taek 9y agoLow trade was $220, and I think that price was late 2015. There was plenty of time to get back in.
- CamelCaseName 9y agoThere might have been plenty of time, but no apparent reason at the time. You can be perfectly rational and wrong.
- hnaparst 9y agoThe moral of the story is not whether I sold at the low or when the low was, or whether there was time to get back in, or when I did get back in. The moral of the story is that one nation's policy is not sufficient to derail bitcoin.
- toephu2 9y agoWhy would anyone base their decision off one anecdotal piece of evidence from a rando on HN? P.S. I sold the 10 bitcoins I mined at $5 (got a $50 amazon gift card). Woulda, coulda, shoulda, e.g., "I should have bought AAPL at $XX".. etc. I don't lose any sleep over those type of situations anymore.