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> in order to make a 10000x return requires a strong belief that Bitcoin will actually go that high. Because to reach 10000x you have to resist the strong tempt
by Chathamization 9y ago
> in order to make a 10000x return requires a strong belief that Bitcoin will actually go that high. Because to reach 10000x you have to resist the strong temptation to cash out at 10x, 100x and 1000x.
Indeed. The article gives no rational explanation for why someone shouldn't have sold at $11,600, or why they shouldn't hold on and wait for $1,160,000. Saying "If you bought at the start of the bubble and sold at the peak you would have made a ton of money" is pretty meaningless, especially when the reasons for buying at the beginning weren't great ("If Bitcoin becomes the new global monetary system"/Bitcoin "eventually replacing a decent size fiat currency").
You could have a system for pulling money out (as a comment mentions), but that involves a different understanding of Bitcoin and also involves earning less money than the article mentions.
- tim333 9y agoYou can always buy an asset, bitcoin or whatever when you have money to invest and sell it when you need some to spend and not worry about the price fluctuations. It often works better than chopping about if the asset has good fundamentals. (with hindsight, bkr, amzn, appl shares, bitcoin, etherium etc)