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> [...] one bitcoin purchased today (for 90 cents, last time I checked) [...] My financial advice is to not buy more than ten [...] That's a really strange pro
by bhaak 9y ago
> [...] one bitcoin purchased today (for 90 cents, last time I checked) [...] My financial advice is to not buy more than ten [...]
That's a really strange proposition. "It might be worth a lot more than now but don't spend more than 10 bucks on it"?
I imagine, back then buying bitcoin wasn't easy (it's still not) so going through all that hassle for 10 bucks is odd.
I would have expected a recommendation of maybe $100 or even $1000 if one was adventurous.
- Anderkent 9y agoI think it's consistent with the rest of the post. The claim is that long-term bitcoin is either going to be worth a shitton, in which case having 10 is enough, or 0, in which case having more than 10 is pointless. Buying more makes sense if you're planning to sell somewhere between, like if it gets to $10k.
- dankdurian 9y agoIt also has to do with risk and risk tolerance. I assume $10 was chosen as an amount that wouldn't hurt too much to lose for most people whereas some people might miss $100. The higher the upside is, the higher the chance you'll lose the money can be and still be worth investing. In this case the argument is that although you'll almost certainly lose all the money you invest into bitcoin, it's still worth it because the upside is so high if bitcoin does end up succeeding.