4 ms·

Millions of people bought bitcoins, that's true. But not because of the 'reliable store of value' philosophy, just because they were speculating on a quick fina

• agumonkey 9y ago
  After a month of btc, my conclusion: fear of missing out + group think + self reinforcing beliefs it's a strong force to be honest, our brains are tailored to seek for such situations, especially when real cost are passed on forward. The best (altruist) behavior is not to play, the second best (egotist) is to cash out early.
  • cocoa19 9y ago
    The problem with cashing out early is that you are doing something equivalent with timing the market, which is really difficult to do. The best minds can't successfully time the market every time. The best behavior in my opinion is to get educated in investments and finances. For people that want to start learning about investments, The Intelligent Investor book is a classic.
    • agumonkey 9y ago
      i'm not suggesting perfect exit, just exit when you are above an average profit.
  • hndamien 9y ago
    The altruist would play. By saying this you fundamentally misunderstand Bitcoin. The altruist that buys (and takes on the risk, joins the movement) is allowing somebody else to withdraw. Likely in a situation better than when they entered, (or at least in accordance with their desire to trade since they are doing this voluntarily). By doing this, we lift everybody up slowly out of debt, and provide a protocol for liberated transfer of wealth for trade and banking. Cashing out early is fine, but there is every chance that it will always be 'early'.